MKTG 3340 - Exam 1 fully solved

MKTG 3340 - Exam 1 relationship marketing - correct answer Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit Marketing mix - correct answer Also known as the Four Ps: product, price, place, promotion. Product: a good, service, or idea to satisfy the consumer's needs Price: what is exchanged for the product Promotion: a means of communication between the seller and buyer Place: a means of getting the product to the consumer Defined as the controllable factors - product, price, place, and promotion - that can be used by the marketing manager to solve a marketing problem Powerpoint definitions Product: much more than tangible items that the customers sees (packaging, brand, services, return policies) Price: tools that determine how much and when the customer pays Promotion: all communications with potential customers that are intended to influence their attitudes, beliefs, and purchase decisions Place: how and when the customer gets the product target market - correct answer one or more specific groups of potential consumers toward which an organization directs its marketing program utility - correct answer the benefits or customer value received by users of the product Market Segmentation - correct answer aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action approaches include geographical, demographic, psychographic, and behavioral promotion strategy - correct answer In the marketing mix, promotion refers to advertising, personal selling, public relations, sales promotion, and direct marketing; to develop the promotion strategy for your marketing plan, you should identify the target audience, specify the promotion objectives, set the budget, select the right tools, design the promotion, and schedule it - you should also specify the desired pre and post testing procedures and include a description of how each of your promotional tools is integrated to provide a consistent message Evaluation phase - correct answer seeks to keep the marketing program moving in the direction set for it by comparing results of the marketing program to the goals in the written plans to identify deviations and act on these deviations BCG Portfolio analysis - correct answer a technique that managers use to quantify performance measures and growth targets to analyze their firms' SBUs as though they were a collection of separate investments based on market growth rate and market share Market penetration - correct answer a marketing strategy that tries to increase market share among existing customers current products in current markets product development - correct answer a marketing strategy that entails the creation of new products for present markets questions marks - correct answer these have unstable earnings, a low market share, and high growth rate. you should invest or sell these. situation analysis (SWOT) - correct answer 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 the external forces and trends affecting it