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MKTG 524 midterm questions and answers complete solution 100% 2024/2025
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MKTG 524 midterm questions and answers complete solution 100% 2024/2025
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MKTG 524 midterm target marketing includes 3 activities: segmentation targeting positioning STP Marketers market 10 main types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. American Marketing Association definition of marketing research the function that links the consumer, customer, and public to the marketer through information —information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; an d improve understanding of marketing as a process. Marketing Information System (MIS) def consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers Value Delivery Process market segment def a group of customers who share a similar set of needs and wants products create value through _______ - consequences Marketing - AMA definition activity of, set of instructions, and process used to communicate, create, deliver, and exchange offerings to clients, customers, partners and society at large. Porter's Value Chain market segments includes 4 variables: may be used by marketers singly or in combination -geographic -demographic -psycho graphic -behavioral. what are the important things of modern marketing today? -co creation of values among business and consumers -importance of value sharing/creation What occurs during each stage? 1. choosing the value 2.providing the value 3.communication the value 1. customer segmentation, market selection/focus, value positioning 2. product development, service development, pricing, sourcing/making, distributing/servicing 3. sales force, sales promotion, advertising customer's value judgements are highly influenced and best determined how? within constraints of a particular use situation define marketing intelligence system a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment What are the components of a Modern Marketing Information System (MIS) Internal company records Marketing intelligence activities Marketing research Internal Records include: -internal reports of orders -sales -prices -costs -inventory levels -receivables -payable what is the heart of the internal records system? order -to-payment cycle What are the primary (5) and supporting (4) activities of the value chain model? PRIMARY: 1. inbound logistics 2. operations 3. outbound logistics 4. marketing 5. service SUPPORTING: 1.procurement 2.technology development 3. HR management 4. firm infrastructure A company can take 8 possible actions to improve quantity and quality of its marketing intelligence. List. -train and motivate sales force to report new developments -Motivate intermediaries to pass along intelligence -Hire external experts to collect intelligence -Network internally and externally -Set up a customer advisory panel -Take advantage of government -related data
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