Exam (elaborations)
MIE 201 Exam 4 NCSU/199 Questions and Answers 2024/2025
- Course
- Institution
MIE 201 Exam 4 NCSU/199 Questions and Answers 2024/2025
[Show more]
Content preview
MIE 201 Exam 4 NCSU/199 Questionsand Answers 2024/2025
marketing - -a group of activities designed to expedite transactions, by
creating, distributing, pricing, and promoting goods, services, and ideas
-exchange - -act of giving up one thing in return for something else
-functions of marketing - -buying, selling, transporting, storing, grading,
financing, marketing research, risk taking
-time utility - -ability to satisfy demand in a timely manner
-grading - -standardizing products by dividing them into subgroups and
displaying and labeling them so that consumers clearly understand their
nature and quality
-value - -a customers' subjective assessment of benefits relative to costs in
determining the worth of a product
-marketing concept - -the idea that an organization should try to satisfy
customers' needs through coordinated activities that also allow it to achieve
its ow goals
-production orientation - -second half of 19th century where new
management ideas, lots of efficiency, and a strong demand for manufactured
goods sprouted
-market orientation - -1950s when suppliers realized they must know what
customers want before they produce anything
-sales orientation - -first half of 20th century where supply surpassed
demand so suppliers had to sell products.
-market - -a group of people who have a need, purchasing power, and
desire and authority to spend money on goods, services, and ideas
-target market - -a more specific group of consumers on whose needs and
wants a company focuses its marketing efforts
-business to business marketing - -marketing products to customers who
will use the product for resale, direct use in daily operations, or direct use in
making other products
, -business to consumer marketing - -marketing directly to the end consumer
-total market approach - -firms tries to appeal to everyone and assume that
all buyers have similar needs and wants
-market segmentation - -dividing the total market into groups of people
-market segment - -a collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product
needs and desires
-concentration approach - -when a company develops one marketing
strategy for a single market segment
-multisegment approach - -marketer aims its marketing efforts at two or
more segments developing a marketing strategy for each
-niche marketing - -a narrow market segment focus when efforts are on one
small, well defined group that has a unique, specific set of needs
-variables of market segmentation - -demographic, geographic,
psychographic, behavioristic
-demographic - -age, sex, race, ethnicity, income, education, occupation,
family, seize, religion ,social class.
-geographic - -climate, terrain, natural resources, population density,
subcultural values
-psychographic - -personality characteristics, motives, lifestyles
-behavioristic - -some characteristic of the consumer's behavior. toward the
product
-marketing mix - -product, price, distribution, and promotion. firm control
these to achieve specific goals within a dynamic marketing environment.
-product - -a complex mix of tangible and intangible attributes that provide
satisfaction and benefits
-good - -a physical entity you can touch
-service - -application of human and mechanical efforts to people or objects
to provide intangible benefits to customers
-ideas - -concepts, philosophies, images, and issues
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 Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now