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MKTG 3340 Exam Bundle

MKTG 3340 Exam Bundle

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MKTG 3340 EXAM 1 Questions with Complete Answers

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what is marketing? - the management process involved in identifying, anticipating, and satisfying customer wants profitably what are the 2 goals of marketing? - 1. discover (assess) the needs and wants of prospective customers 2. satisfy these needs & wants through EXCHANGE (each are bette...

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MKTG 3340 Quiz Questions with Correct Answers Rated A+

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Alternative Growth Strategies: Marketing Penetration - increase of sales of current products in existing markets, focus on advertising, promotion, and price reductions Alternative Growth Strategies: Market Development - sell existing products to new markets (demographic segments or geog...

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MKTG 3340 EXAM 1 QUESTIONS WITH 100% COMPLETE SOLUTIONS | A+

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Role of Marketing - marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return goal: attract new customers by promising superior value and to keep and grow current cust...

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MKT 3340 Exam 1 Questions with 100% Correct Answers, Graded A+

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Formal definition of Marketing - process of planning and executing the conception, pricing, promotion, and distribution of stuff to create exchanges that satisfy people The goal of marketing is - exchange exchange - people giving up something to receive something they would rather hav...

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MKTG 3340 Final - SMU Questions with Complete Solutions

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What are Some Errors in Communication? - sources may not adequately transform the abstract idea into an effective set of symbols a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver the receiver may not properly transform the set ...

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Marketing 3340 Exam 2 Quiz Questions with Correct Answers, Rated A+

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Market Segmentation - Aggregating consumers into groups that have similar needs and will be react similarly to a marketing action Product Differentiation - Involves the firm using different marketing mix actions such as product features and advertising, to help consumers perceive the produc...

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Marketing 3340 Test Questions with Correct Solutions, A+

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Marketing - Generate demand and make money Production Concept - - High production efficiency and wide distribution coverage - Low consumer cost "Consumers will buy any car so long as it is black and under $500." - Henry Ford, Sr. Product Concept - - Focus on producing superi...

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MKTG 3340 Exam 1 -- Chapters 1, 2, 3, 5, and 8 Questions and Answers

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Target Market - one or more specific groups of potential consumers that an organization focuses its marketing efforts on The Marketing Mix Four P's - used together to develop a marketing plan; controllable factors in marketing (Product, Price, Promotion, Place) Product - A good servi...

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MKTG 3340 Exam 2 Questions with Complete Answers Rated A+

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Market Segmentation - aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action Segmentation Strategies - - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) - multiple products/ m...

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MKTG 3340 Quiz 1 Questions with Complete Solutions Graded to Pass

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Marketing - Delivery of customer satisfaction at a profit Goals of marketing - Attract new customers with value and keep current customers with satisfaction Requirements for Marketing - Two or more parties with unsatisfied needs Desire and ability to satisfy needs A way to communica...

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MKTG 3340 Quiz 1 Chapters 1 and 2 Questions with Complete Answers

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discover, satisfy - goals of marketing - _______ needs and wants of customers and _______ them market - people with both the desire and the ability to buy a specific offering value proposition - a promise to your target customer of the value that your product/service will deliver p...

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MKTG 3340 Final Exam Questions and Answers Rated A+ 2024

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Role of Marketing Generate profitable revenue When a marketer can describe something it is called a product concept After buying an item we experience what? cognitive dissonance Ways to engage consumers, directly or indirectly -Directly: physically, email newsletters, one to one b...

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MKTG 3340 Orosy SMU Exam 2 (2 part) Questions with Correct Solutions

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Role of Marketing Generate profitable revenue When a marketer can describe something it is called a product concept After buying an item we experience what? cognitive dissonance Ways to engage consumers, directly or indirectly -Directly: physically, email newsletters, one to one b...

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MKTG 3340 EXAM 1 Questions wih 100% Correct Answers Passed!!

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Elements necessary in order for marketing to occur - -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) -DESIRE & ABILITY to satisfy those needs ("whats your budget?" - A way for the parties to COMMUNICATE - Something to exchange (that both parties agree is valuable) ...

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MKTG 3340 FINAL TEST QUESTIONS WITH ANSWERS

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common mistakes in pricing price is too cost oriented price is not revised often enough price doesn't take into account the rest of the marketing mix prices are not varied enough throughout the product line, market segments, distribution channels marketers perspective vs consumers perspective ...

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MKTG 3340 EXAM 2 Test Questions with Complete Solutions

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how does idea generation play a role in the new product development process? - new product development process: strong new product planning, systematic and customer driven for finding and growing new products STEPS: 1. idea generation 2. idea screening 3. concept development and testing 4....

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MKTG 3340 Exam 3 Test Questions with 100% Complete Answers, A+

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How do intermediaries create value? - Transactional Function: buying/selling/risk taking Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting Facilitating: financing/grading/marketing info and research ...

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MKTG 3340 Test 1 Questions with Graded A+ Answers

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definition of marketing - two definitions: 1. process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others (Philip Kotler) 2. Marketing is so basic that it cannot be considered a separate function. It is the who...

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Marketing 3340 chapter 22 Questions with Answers

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4 basic business management practices - 1) strategy 2) execution 3) culture 4) structure sales response function - relates the expense of the marketing effort to the marketing results obtained. share points - percentage points of market share, as the common basis of comparison to a...

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MKTG 3340 Test 1 Orosy Terms Questions and Answers

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Marketing - A process by which companies create value for customers and build strong relationships in order to capture value from customers Needs - states of felt deprivation Wants - The form human needs take as shaped by culture and personality Demands - Human wants backed by b...

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MKTG 3340 Exam 1 (1,2,3,5,8) Questions with Correct Answers

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Marketing - Delivery of customer satisfaction at a profit Goals of marketing - Attract new customers with value and keep current customers with satisfaction Requirements for Marketing - Two or more parties with unsatisfied needs Desire and ability to satisfy needs A way to communica...

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MKTG 3340 Midterm 1 Questions with Correct Solutions

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The Customer is... - everyone's responsibility. Goals of Marketing - (1) Discover (assess) the needs and wants of prospective customers. (2) Satisfy these needs and wants through EXCHANGES Requirements for Marketing to Occur - -Two + Parties with Unsatisfied Needs -A Desire and A...

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MKTG 3340 final exam Questions with 100% Correct Answers A+

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possession utility - getting a product or service to consumers so they can own or use it depth of product line - -stores that carry a considerable assortment of a related line of items are limited-line stores -ex: Sports Authority carries a considerable amount of sports equipment from wei...

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MKTG 3340 Exam #2 Questions with Correct Answers,

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generate profitable Revenue - The purpose of marketing is to... B - Which statement is most likely true about idea generation in the new product development process? A. A company can either develop ideas through internal or external sources but not through both. B. Idea generation is usua...

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Day 2 Orosy Exam MKTG 3340 Questions with Correct Solutions

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services vs products - The differences of products and services are based on tangibility, perishability, heterogeneity, and variability. Products are often tangible but can be intangible and are put on the market for acquisition, attention and consumption. Services are only intangible and are act...

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MKTG 3340 Final Exam Questions with 100% Complete Solutions , A+

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what is the role of marketing generate profitable revenue what are the five steps in the marketing process model 1. Understand the marketplace and customer needs and wants 2. Design a customer value driven marketing strategy 3. Construct an integrated marketing program 4. Engage customers,...

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Marketing 3340 Exam 2 (Summer SMU) Questions with Correct Solutions

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Fixed Costs - The sum of the expenses in a firm that are STABLE and DO NOT CHANGE WITH THE QUANTITY OF PRODUCT THAT IS PRODUCED AND SOLD Direct Channels - - producer and consumer deal directly with eachother - ex) Schwans Food Company - employed when buyers are large and well defined -p...

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MKTG 3340 Final Mysore Questions with Correct Solutions , Rated A+

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Six Steps in Setting Price Skimming Price Strategy strategy in which a new product is priced high to make optimum profit while there's little competition Penetration Price Strategy uses low pricing to help capture a large market share early Prestige Price Strategy setting a hig...

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MKTG 3340 - Final Exam Questions with 100% Complete Solutions Graded to Pass

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Possession Utility - The value of making an item easy to purchase through the provision of credit cards or financial arrangements Make the purchases easier The benefit customers get from a company's product once they have purchased Possession Utility - CarMax provides financing or ...

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