MKTG 181 Midterm EXAM – Qs And As Target Market ✔️Ans - A set of buyers sharing common needs or characteristics that the company decides to serve Marketing Mix (The 4 Ps) ✔️Ans - Product, Price, Place, Promotion Customer Value Proposition ✔️Ans - A cluster of benefits that an organization promises customers to satisfy their needs Environmental Forces ✔️Ans - Uncontrollable forces; social, competitive, economic, regulatory, technological Customer Value ✔️Ans - The relationship between benefits and the sacrifice necessary to obtain those benefits Relationship Marketing ✔️Ans - A strategy that focuses on keeping and improving relationships with current customers Marketing Program ✔️Ans - A plan the integrates the marketing mix to provide a good, service, or idea to prospective buyers Market Segments ✔️Ans - The relatively homogeneous groups of prospective buyers that result from the market segmentation process Marketing Concept Era ✔️Ans - Manufacturers met consumer needs while achieving organization's goals Societal Marketing Concept ✔️Ans - The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests Ultimate Consumers ✔️Ans - People who personally use a good or service to satisfy their own wants Organizational Buyers ✔️Ans - Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale 1 / 2
Business Portfolio Analysis (BCG Matrix) ✔️Ans - A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) as though they were a collection of separate investments Diversification Analysis ✔️Ans - A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products Situation (SWOT) Analysis ✔️Ans - Strengths, weaknesses, opportunities, threats Market Segmentation ✔️Ans - The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups Points of Difference ✔️Ans - Characteristics of a product that make it superior to competitive substitutes Environmental Scanning ✔️Ans - Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan Social Forces ✔️Ans - The demographic characteristics of the population and its culture Demographics ✔️Ans - Describes a population according to selected characteristics such as age, gender, ethnicity, income, and occupation Multicultural Marketing ✔️Ans - Consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races Disposable Income ✔️Ans - Income remaining to use for whatever after a consumer has paid for taxes and necessities (food, housing, transportation) Discretionary Income ✔️Ans - income remaining after the deduction of taxes, other mandatory charges, and expenditure on necessary items
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