Mktg 3310 - Study guides, Class notes & Summaries

what is segmentation? correct answers aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action -two things are stressed: meaningful groups and customized marketing mix what is the purpose of segmentation? correct answers a business group segments its marketing so it can respond more effectively to the wants of groups potential buyers to increase sales and profitability how prevalent is the idea of segmentation? correct answers 58%...

Types of Service Levels correct answers self-service: serve customers who are willing to perform their own locate-compare-select process. limited-service: carries more shopping goods about which customers need information, provides more sales assistance. full-service: carries more specialty goods, assist customers in every phase of the shopping process omnichannel retailing correct answers creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shoppin...

Who determines the value of a product? correct answers the customer What do companies do? correct answers offer value propositions customer perceived value correct answers the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers What is satisfaction drive by? correct answers disconformation ACSI correct answers American Customer Satisfaction Index Market correct answers the set of all actual ...

Simple Trade Era correct answers pre-industry, blacksmiths and tradesmen Production Era correct answers () how fast can you make things is what makes you successful - "If we make it, it will sell" Sales Era correct answers () this is where you get your traditional depiction of sales men Marketing Department Era correct answers () began to focus on the customer Marketing Company Era correct answers () focus on the customer became the most important thing. Customer's views becomes t...

Consumer Behavior is how correct answers 1. Consumers make purchase decisions 2. Consumers use and dispose of a product 5 Stages of the Consumer Decision-Making Process correct answers 1. Need Recognition 2. Information Search 3. Evaluation of Alternatives 4. Purchase 5. Postpurchase Behavior Need Recognition correct answers A want is the recognition of a need-- created through an imbalance between actual and desired states large enough to drive a consumer to action-- and a ...

marketing correct answers creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its shareholders and society 2 objectives to serve buyers/sellers correct answers 1) discover needs and wants of prospective customers 2) satisfy them exchange correct answers trade of valuable things between buyer and seller so that each is better off after trade 4 factors needed for marketing to occur correct answers 1) 2+ parties with unsatisfied need...

MKTG 3310 // CH 3 Practice Test BRAND NEW!! [QUESTIONS AND CORRECT ANSWERS) VERIFIED ANSWERS 1) Which of the following terms is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers? A) the marketing environment B) strategic planning C) target markets D) the marketing mix E) none of the above - CORRECT ANSWER Answer: A Diff: 1 Page Ref: 66 Skill: Concept 2) You ...

parts of the communication process correct answers sender encoding message media decoding receiver response feedback noise How do the parts of the communication process translate into marketing promotions? correct answers For the message to be effective, the senders encoding process must mesh with the receiver's decoding process. The more the sender's field of experience overlaps with that of the receiver, the more effective the message is likely to be. What must marketers und...

Marketing Research correct answers The process of planning, collecting, and analyzing data relevant to a marketing decision Steps in the marketing research process correct answers 1) Define the problem 2) Plan design/ primary data 3) Specify sampling procedure 4) Collect data 5) Analyze data 6) Prepare and present report 7) Follow up Secondary Data correct answers Data collected from someone other than the user Sources: internal corporate information, government agencies, trade and indust...

amount of money charged for a product or service correct answers price What differentiates price from other aspects of marketing? correct answers it is the only thing that generates revenue and can be adjusted quickly Should companies sell price or value? correct answers value What are potential consequences of price reduction? (2) correct answers 1. cut profits and initiate price wars 2. cheapen perceptions of brand quality no profits below this price correct answers price floor ...