MKTG 3340

The marketing Mix correct answer: 4 controllable factors Price Product Promotion Place Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program Market Segments correct answer: Homogenous group of buyers that: 1) have common needs 2) respond similarly to marketing action Customer Value correct answer: the unique combination of benefits received by target buyers Quality, Convenience, On time deli...

How does idea generation play a role in the new product development process? correct answer: Crowd Sourcing, think of ideas, find a good idea, bring it to life Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content correct answer: Meet needs of airline passengers by creating an experience. AA: Understand the culture and religion SNAP: performance-based marketing: PI-personal identification. 1st person- email and phone #, 2nd person device ID and advertis...

STP correct answer: segment market target market positioning 1 product multiple segments correct answer: tums: you like spicy food you had too much fun last night multiple products and multiple segments correct answer: cars: minivan for family sports car for the CEO mass customization correct answer: dell: gamers students workers STP - M&Ms correct answer: children - sweets/halloween candy adults - richer/creamier chocolate consumption CANDYMAN COMMERCIAL - hits all t...

What are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver the receiver may not properly transform the set of symbols into the correct abstract idea feedback may be so delayed or distorted that it is of no use it the sender Encoding correct answer: process of having the sender transform...

Alternative Growth Strategies: • Marketing Penetration • Market Development • Product Development • Diversification Alternative Consolidation Strategies: • Harvesting • Pruning • Retrenchment • Divestment Final Exam Review Product Life Cycle: • Introduction • Growth • Maturity • Decline Branding: • Multiproduct vs. Multibranding • Private, Mixed, Sub-branding, Co-Branding • Line vs. Brand Extensions Final Exam Review Variables for Market Segment...

what is marketing? correct answer: the management process involved in identifying, anticipating, and satisfying customer wants profitably what are the 2 goals of marketing? correct answer: 1. discover (assess) the needs and wants of prospective customers 2. satisfy these needs & wants through EXCHANGE (each are better off after exchange) what are the 4 requirements for marketing to occur? correct answer: 1. two or more parties with unsatisfied needs 2. desire and ability to satisfy th...