MGT 8803 Marketing exam with correct answers

Marketing - correct answer ✔The creation and satisfaction of demand for a
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product/service
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Marketing Functions - correct answer ✔- Buying
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- Selling
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- Transporting
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- Market Information
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- Risk Taking
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- Storing
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- Financing
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- Standardization & Grading (Sorting products)
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5 Cs of Marketing - correct answer ✔Company, Customers, Collaborators,
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Competitors, Context
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Target Market - correct answer ✔a set of buyers sharing common needs or
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characteristics that the company decides to serve
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Marketing Mix - correct answer ✔Product, Price, Place, Promotion
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, Customer Market Model - correct answer ✔1. Awareness
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2. Engagement
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3. Acquisition
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4. Customer segmentation (differentiate between segments of customers)
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5. Customer retention
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6. Support & Advocacy
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customer profile - correct answer ✔- Demographics
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- Geographic
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- Psychographic
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- Behavioral
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- RFM (Monetary, Frequency, Recency)
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Buyer Journey - correct answer ✔Discovery
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Consideration
Decision


Marketing Plan - correct answer ✔A written document composed of an analysis
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of the current marketing situation, opportunities and threats for the firm,
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marketing objectives and strategy specified in terms of the four Ps, action
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programs, and projected or pro forma income (and other financial) statements.
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Customer Lifetime Value (CLV) - correct answer ✔approximate worth of a
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customer to a company in economic terms; overall profitability of an individual
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consumer
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