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MIE 201 Exam 4 NCSU/199 Questions and Answers 2024/2025
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MIE 201 Exam 4 NCSU/199 Questions and Answers 2024/2025
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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
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