Marketing mix variables - Study guides, Class notes & Summaries

What are the 5 major decisions in marketing? correct answers 1) Should we go abroad? 2) Which markets should we enter? 3) How should we enter the market? 4) With what type of marketing mix? 5) With what type of marketing organization? Decision 1 "Should we go abroad?" correct answers - Customer issues - Company issues - Competition issues 'Which markets should we enter?' considerations correct answers - Company objectives - Environmental analysis (Economic, Political/Legal, Cu...

Market segment - ANSWER A __________ is a relatively homogeneous group of customers who will respond to a marketing mix in a similar way. All of the above - ANSWER The role of price in a meeker directed economy is____. Whether the whole company is customer oriented - ANSWER The main difference between the "marketing department era" and the "marketing company era" is: The people and different segments should be as heterogeneous as possible with respect to their likely response market...

______ is a customer's subjective assessment of benefits relative costs in determining the worth of a product - value A market orientation is an organization-wide effort that includes all of the following activities except - focusing on the marketing department only A marketing manager decides what combination of variables is needed to satisfy customers needs for a general type of product. What are the essential variables that the marketing manager combines? - Product, price, ...

Marketing Management Verified Solutions Consumer Markets Purchasers and household members who intend to consume or benefit from purchased products and do not buy products to make profits Business Markets Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products or use in general daily operations Market segment Individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product n...

MGMT 323 Purdue Exam 2 Latest Update Graded A+ Geographic Segmentation the grouping of consumers on the basis of where they live demographic segmentation grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education psychogrpahic segmentation method of segmenting customers based on how they spend their time and money, what activities the pursue, and their attittudes and opinions about the world in which they live psychographics used i...

BUSML 3250 Final Exam Review Questions Solved 100% Correct What is a price? - The amount of money charged for a product or service. What is value-based pricing? - Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? - 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver v...

Target customers - CORRECT ANSWER Customers based on a predefined geographic boundary Market segmentation - CORRECT ANSWER Dividing a market through variables such as age, gender, education level, family size, occupation, income, and more Psychographic - CORRECT ANSWER Focus on the intrinsic traits the target customer has, such as values, personalities, interests, attitudes, conscious and subconscious motivators, lifestyles, and opinions Behavioral - CORRECT ANSWER The way cust...

Fundamentals of Marketing ICEV Assessment Questions and Answers 100% Pass Which of the following is NOT affected by marketing? The product regulations Which of the following is distribution focused on when thought of as a function of marketing? Getting products to the best place for customers to locate and obtain them Marketing, put simply attempts to do which of the following? Satisfy people's needs Which of the following descriptions accurately describes the difference betwee...

Market Segmentation - correct answer The process of dividing consumers into groups with similar consumer characteristics and product needs. Market Segmentation - correct answer Allows managers to break the market into small manageable groups, so that firms can tailor their offerings to satisfy different needs and wants. Three Marketing Strategies - correct answer Undifferentiated (Mass Marketing), Differentiated (Product-Variety), Concentrated (Target) Undifferentiated (Mass Marketing) ...

What is a price? : The amount of money charged for a product or service. What is value-based pricing? : Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? : 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value at target price What is cost-based pricing? : Setti...