WKU MKT 220 EXAM 1 QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+

5 Step Target Market Selction - 1) Identify Appropriate Strategy 2) Determine which Segmentation Variables in use 3) Develop Markets Segment Profiles 4) Evaluate Relevant Market Segmants 5) Select Specific Target Markets Business Cylce - Fluctuation in the normal flow if the economy Buying Power - amount of resources that can be traded in an exchange Ex: Income, Credit, Wealth Company Sales Potential - Max. % of market potential that on individual firm within an industry can expect to obtain for a specific period Competiton - Other firms selling the same or similar products in the same geographical area Concentrated Strategy through Market Segmentation - Divided the whole into smaller groups, uses a single marketing mix for a specific market EX: Old Rolls Royce cars Consumer Market - Individuals get a product for personal use Consumer Protection Legislation - Laws for the consumer dealing with saftey Customer Relationship Management - Using information about customers to create marketing strategies that develop and sustain desirable customer relationshipsCustomers - The people who buy goods and services Depression - As Bad as it gets Differentiated Strategy through Market Segmentation - Multiple marketing mixes for different markets EX: Chevrolet Exchange - The provision or transfer of goods, services, or ideas in return for something of value Green Marketing - A strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting, and enhancing the natural environment