MGCR352 FINAL EXAM | 100 CORRECT ANSWERS | LATES UPDATEMGCR352 FINAL EXAM | 100 CORRECT ANSWERS | LATES UPDATE

What is a market? ANSWER: - The set of actual and potential customers for a good or service - People have desire and ability to buy Product Orientation ANSWER: Assumes the product will sell itself - Mass production of consumer goods - Usually innovation products (telephone) Sales Orientation ANSWER: Focuses on acquiring customers - Invest in advertisements and sales staff Market Orientation ANSWER: Needs/wants of consumers guides the firms actions Value-Based Orientation ANSWER: Focus on retaining customers (value) - Create a better relationship and reputation with customers Customer Lifetime Value (CLV) ANSWER: The profitability of an individual consumer - Companies want to retain their CLV - It costs 25x more to attract a new customer vs retain an existing one The 4 P's of the Marketing Mix ANSWER: Product, Price, Place, Promotion The 3 C's of Marketing ANSWER: Customer, Company, Competition SWOT Analysis ANSWER: - Internal analysis: Strengths and Weaknesses - External analysis: Opportunities and Threats Marketing Myopia ANSWER: A lack of insight of what a business is doing for the customers - Focusing on selling things, not the big picture Market Product Grid (Ansoff Matrix) ANSWER: Market Penetration: Existing market and product Product Development: Current Market, New Product Market Development: New Market, Same Product Diversification: New market and product CD-STEP ANSWER: - culture (macro) - Demographics (macro environment