MKTG3340 Demith Final fully solved graded A+ 2023/2024

MKTG3340 Demith Final Marketing - correct answer the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing Mix (4 P's) - correct answer The balance of product, price, promotion, and place decisions that makes up a marketing plan. Personal Value Equation - correct answer value = benefits received - [price + hassle] Value - correct answer -benefits buyers receive that meet their needs -determined by customer -what the customer gets from purchasing and consuming a company's offering Hassle - correct answer the time and effort the consumer puts into the shopping process Offering - correct answer The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers. Two primary goals of marketing - correct answer 1. Discover needs and wants of customers 2. Satisfy them 4ps —> value - correct answer Product—> creating value Price—> Exchanging Value Place—> Delivering Value Promotion—> Communicating Value value proposition - correct answer the unique value that a product or service provides to its customers and how it is better than and different from those of competitors; answers "why should I buy from you?" "why should I hire you?"- "Elevator speech" Situational Analysis (SWOT) - correct answer Involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and external forces and trends affecting it. SWOT - correct answer strengths, weaknesses, opportunities, and threats internally and externally Objectives - correct answer What an organization wants to accomplish in a given time frame, should be realistic and measurable, gives a company preference points for evaluating marketing actions, and should be consistent with the company's objectives Strategies - correct answer What a firm is going to do to achieve its objectives Tactics - correct answer Specific actions that will be used to carry out strategies marketing strategy - correct answer the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it (statement) marketing tactics - correct answer detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies (actions) 4 growth strategies - correct answer market penetration (more sales of current products in current markets), market development (enter new markets), product development (new products in current markets), diversification (new products in new markets) Portfolio Planning - correct answer analyzing a firm's entire collection of businesses relative to one another Boston Consulting Group (BCG) Matrix - correct answer A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates.