The marketing Mix correct answer: 4 controllable factors
Price
Product
Promotion
Place
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program
Market Segments correct answer: Homogenous group of buyers ...
Marketing 3340 Exam 1 (Summer) Questions
With Complete Solutions
The marketing Mix correct answer: 4 controllable factors
Price
Product
Promotion
Place
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program
Market Segments correct answer: Homogenous group of buyers
that:
1) have common needs
2) respond similarly to marketing action
Customer Value correct answer: the unique combination of benefits received by target buyers
Quality, Convenience, On time delivery, Service
-firms seek to build long-term relationships with loyal customers
competitive advantage correct answer: a unique strength relative to competitors that provides superior returns, often based on quality, time cost or innovation
BCG portfolio analysis correct answer: -boston consulting group -an organization can locate themselves on the growth share matrix -horizontal part = market share
-vertical part = market growth rate
diversification correct answer: diversification analysis is a technique that helps a firm search for growth opportunities from among current and new markets, and current and new products (graph think ben and jerrys examples)
market penetration correct answer: current product in a current environment
ex) selling more Ben and Jerrys ice cream to americans
product development correct answer: new product in a current market
ex) ben and jerrys children's clothing in america
situation analysis correct answer: -taking stock of where the firm or product past present and future.. SWOT analysis
Strengths, Weaknesses, Opportunities, and Threats (internal external, favorable unfavorable)
marketing segmentation correct answer: aggregating buyers into
groups or segments (common needs and similar responses)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.