MGCR 352 FINAL EXAM | 100% CORRECT ANSWERS | LATES UPDATE | RATED 100%

Market Product Strategies ANSWER: Market Penetration Product Development Market Development Diversification Market Penetration ANSWER: selling MORE products in EXISTING markets Product Development ANSWER: selling NEW products in EXISTING markets Market Development ANSWER: selling EXISTING products in NEW markets (either geographic or new segments) Diversification ANSWER: selling NEW products in NEW markets The Strategic Marketing Process (3) ANSWER: 1. Swot Analysis 2. Market-Product Focus and Goal Setting 3. Marketing Program Marketing exchanges are driven by... ANSWER: 1. Needs - physical, social, individual 2. Wants - needs shaped by culture 3. Demands - wants combined with buying power - getting what you want the most for the best price What can you sell in Marketing? ANSWER: products, services, experiences What are the Five Marketing Philosophies? ANSWER: 1. Production Philosophy 2. Product Philosophy 3. Selling Philosophy 4. Marketing Philosophy 5. Societal Marketing Philosophy Production Philosophy ANSWER: focus on affordability and availability of their products (toothpaste) Product Philosophy ANSWER: focus on quality and innovation (macbook) Selling Philosophy ANSWER: focus on promoting and hard selling a product (marketing something you don't want, like life insurance) **Marketing Philosophy ANSWER: focus on customer satisfaction and relationships with the consumer (harley davidson) Societal Marketing Philosophy ANSWER: focus on a long term value to both consumer and society (terms) Push Strategy ANSWER: inside out selling -