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Marketing 205: Final Exam questions and answers graded A+ correct 2024/2025
Marketing 205: Final Exam questions and answers graded A+ correct 2024/2025
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Marketing 205: Final ExamDefinition of Marketing
Marketing is the process by which companies create value for customers and build strong relationships
in order to capture value from customers in return.
Value Proposition
The set of benefits or values a company promises to deliver to customers to satisfy their needs. It also
provides differentiation and positions a product.
Strategic Business Unit
the business level, company division
Product Market Expansion Grid
Existing product in an existing market= market penetration
Existing product in a new market= market development
New product in existing market= product development
New product in a new market= diversification
Boston Consulting Group (Growth Share Matrix)
Cash Cow: a mature product that has a high market share in a low market that isn't growing. The
revenue from the cash cow can be fueled to stars to question marks
Star: A product with a high market share in a high growing market.
Question mark: a product with a low market share in a high growing market. the company can decide to
invest or divest the product because its kinda a gamble
Dog: a product with a low market share in a low, slow growing market. This product should be "killed" or
discontinued.
3 parts of Strategic Planning
The process of developing and maintaing a strategic fit between the organizations goals and capabilities
& its changing marketing opportunities. Define Company's mission, setting company goals and
objectives, designing the business portfolio.
, Microenvironmental factors
includes suppliers, marketing intermediaries, customer markets, competitors, and the publics the
company is located in and does business in (controllable elements)
Macroenvironmental factors
uncontrollable elements, large societal forces that affect the microenvironment - demographic,
economic, natural, technological, political, and cultural forces
Steps in Buyer Decision Process
Problem Recognition: perceiving a need
Information Search: Seeking Value of product
Alternative evaluation: assessing value and comparing
Purchase Decision: buying the product/ value
Post-purchase Behavior: Consuming and using value
4 Types of Buying Behavior
Habitual Buying Behavior: few differences between brands and there is low involvement
Variety Seeking: low involvement and many differences between brands
Dissonance-Reducing: high involvement but little differences between brands
Complex: High involvement in purchase and there are many differences between brand.
Steps in Business Buying decision process
Problem Recognition
general need description
product specification
supplier search
requests for proposals (RFP)
supplier selection
purchase decision order
performance review
Segmentation Bases
Selecting Customers to Serve:
1. Segmentation: divid the total market into segments
-people with common needs and will respond similarly to the marketing
2. Targeting: select the segment/s to enter
Decide on a Value Proposition:
3. Differentiation: differentiate the product offering to create superior customer value
4. Positioning: Position the product offering in the minds of target customers
CREATE VALUE FOR TARGET MARKET
Segmentation Strategies
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