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MIE 201 Exam 4 (11,12,13) Makanui/90 Questions with Solutions
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MIE 201 Exam 4 (11,12,13) Makanui/90 Questions with Solutions
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MIE 201 Exam 4 (11,12,13)Makanui/90 Questions with Solutions
marketing - -a group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
-exchange - -the act of giving up one thing ($, credit, labor, goods) in return
for something else (goods, services, or ideas)
-marketing activities - -buying, selling, transporting, storing, grading,
financing, marketing, research, risk-taking
-value - -A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
-marketing concept - -the idea that an organization should strive to satisfy
the needs of consumers while also trying to achieve the organization's goals
-market orientation - -requires organizations to gather information about
customer needs, share the information throughout the entire firm, and sue it
to help build long-term relationships with customers
-marketing strategy - -a plan of action for developing, pricing, distributing,
and promoting products that meet the needs of specific customers
-market - -a group of people who have a need, purchasing power, and the
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
-total-market approach - -they try to appeal to everyone and assume that
all buyers have similar needs and wants
-market segmentation - -divides 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
-The four bases for segmenting markets - -Demographic (age, sex, race,
income, education, religion, social class), Geographic (climate, terrain),
Psychographic (personality, lifestyle), Behavioristic (consumer's behavior
towards product)
, -marketing mix - -four marketing activities (product, price, distribution,
promotion) that the firm can control to achieve specific goals with in a
dynamic marketing environment
-price - -a value based on an object exchanged between a buyer and seller
-distribution - -making products available to customer in the quantities
desired
-promotion - -a persuasive form of communication that attempts to
expedite a marketing exchange by influencing individuals, groups, and
organizations to accept goods, services, and ideas
-marketing research - -a systematic, objective process of getting
information about potential customers to guide marketing decisions
-primary data - -observed, recorded, or collected directly from respondents
-secondary data - -compiled both inside and outside the organization for
some purpose other than the current investigation
-buying behavior - -The decision processes and actions of people involved in
buying and using products
-Psychological variables of buying behavior - -perception, motivation,
learning, attitude, personality
-social roles - -a set of expectations for individuals based on some position
they occupy (roles = parent, spouse, student, executive) (social factors =
reference groups, social class, culture)
-external forces influencing the development of marketing strategies - -
political, legal, and regulatory forces; sales force; competitive and economic
forces; technological forces
-marketing mix (pt 2) - -the part of marketing strategy that involves
decisions regarding controllable variables
-Product Development Process - -idea development -> new idea screening -
> business analysis -> product development -> test marketing ->
commercialization
-product development - -if product survives 1st 3 steps, it is developed into
a prototype that should reveal the intangible attributes it possess as
perceived by the consumer; is expensive; few products make it here
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