MKTG 3340

Role of Marketing correct answer: Generate profitable revenue When a marketer can describe something it is called a correct answer: product concept After buying an item we experience what? correct answer: cognitive dissonance Ways to engage consumers, directly or indirectly correct answer: -Directly: physically, email newsletters, one to one basis, calling, sending direct ads/texting, create relationship, personalizing advertising toward you -Indirectly: social media, PR, content m...

Market Segmentation correct answer: aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action Segmentation Strategies correct answer: - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) - multiple products/ multiple segments (utility mini van vs. excitement sports car) - mass customization (dell built to order laptop) Criteria for effective market segmentation correct answer: ...

How do intermediaries create value? correct answer: Transactional Function: buying/selling/risk taking Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting Facilitating: financing/grading/marketing info and research We use intermediaries to: correct answer: make a product or service available by consumers or industrial use be more efficient: reduce # of contacts allow firms to focus on core comp...

The purpose of marketing is to... correct answer: generate profitable Revenue Which statement is most likely true about idea generation in the new product development process? A. A company can either develop ideas through internal or external sources but not through both. B. Idea generation is usually followed by procedures that reduce the total number of ideas. C. Most companies set a limit for the number of ideas generated to simplify the process. D. Idea generation is most effective w...

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...

The Customer is... correct answer: everyone's responsibility. Goals of Marketing correct answer: (1) Discover (assess) the needs and wants of prospective customers. (2) Satisfy these needs and wants through EXCHANGES Requirements for Marketing to Occur correct answer: -Two + Parties with Unsatisfied Needs -A Desire and Ability to be Satisfied -A Way for the Parties to Communicate -Something to Exchange customer value proposition correct answer: a promise to the target consume...

_______ needs and wants of customers and _______ them correct answer: discover, satisfy - goals of marketing people with both the desire and the ability to buy a specific offering correct answer: market a promise to your target customer of the value that your product/service will deliver correct answer: value proposition the 4 p's correct answer: product, price, promotion, place personal relationship between organization and its individual customers correct answer: relationship...

Elements necessary in order for marketing to occur -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) -DESIRE & ABILITY to satisfy those needs ("whats your budget?" - A way for the parties to COMMUNICATE - Something to exchange (that both parties agree is valuable) societal marketing concept calls upon marketers to balance 3 considerations in setting their marketing policies: - consumer wants & satisfaction -company profits -public interest (ex. toms, so...

Marketing correct answer: Delivery of customer satisfaction at a profit Goals of marketing correct answer: Attract new customers with value and keep current customers with satisfaction Requirements for Marketing correct answer: Two or more parties with unsatisfied needs Desire and ability to satisfy needs A way to communicate Something to exchange Target market correct answer: One or more specific groups of potential customers towards which an organization directs its marketing p...

how does idea generation play a role in the new product development process? correct answer: new product development process: strong new product planning, systematic and customer driven for finding and growing new products STEPS: 1. idea generation 2. idea screening 3. concept development and testing 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization idea generation: starts new product development, the systematic se...