CHAPTER 5: MANAGING THE MARKETING FUNCTION

Question 1

A group of activities designed to facilitate and expedite the selling of goods and services

Answer 1

Marketing

Question 2

States that the engineer must try to satisfy the needs of his CLIENTS by means of a set of coordinated activities.

Answer 2

Marketing Concept

Question 3

Key Marketing Concepts

Answer 3

1. Customer
2. Wants/Needs
3. Value
4. Exchange
5. Market

Question 4

Is generally understood to be the person who makes the decision to purchase a product, and/or pays for it.

Answer 4

Customer

Question 5

Refers to something which is deep rooted in an individual’s personality.

Answer 5

Wants/Needs

Question 6

It is usually represented by payment received for suppliers of goods and services. For customers, it is represented by the ratio of perceived benefits to price paid.

Answer 6

Value

Question 7

Usually takes the form of a product being exchanged for money.

Answer 7

Exchange

Question 8

Traditionally been used to describe a place where buyers and sellers gather to exchange goods and services, economists define a market in terms of a more abstract concept of interaction between buyers and sellers.

Answer 8

Market

Question 9

4 P’s of Marketing

Answer 9

1. Product
2. Price
3. Place
4. Promotion

Question 10

Tangible (or intangible) item and its capacity to satisfy a specific need of the customers.

Answer 10

Product

Question 11

Money or other considerations in exchanged a product, idea, or service which could be influenced by operational costs.

Answer 11

Price

Question 12

Business location should be in places where they can be easily reached by their customers to provide convenience.

Answer 12

Place

Question 13

communicating information between seller and potential buyer.

Answer 13

Promotion

Question 14

A distinct group of customers who will require a unique set of marketing strategy and tactics

Answer 14

Market Segment

Question 15

A subgroup of people or organizations that have one or more characteristics in common that cause them to have the SAME product needs

Answer 15

Market Segment

Question 16

Dividing the market into meaningful and measurable segments according to: Customer needs, Past behaviors, Demographic information, Psychographic profiles

Answer 16

Market Segmentation

Question 17

5 Most Common Variables in Market Segmentation

Answer 17

1. Demographics
2. Behavioral
3. Geographic
4. Lifestyle
5. Channel Preferences

Question 18

personal attributes such as age, gender, ethnicity, religion, marital status, education, occupation, social class, income etc.

Answer 18

Demographics

Question 19

how they behave, response and engage as well as their usage rate, readiness stage and loyalty

Answer 19

Behavioral

Question 20

customers are grouped based on geographical indicators such as region, nation, urban/rural, climate, population density and neighborhood

Answer 20

Geographic

Question 21

refers to hobbies, entertainment, extracurricular and other unprofessional activities.

Answer 21

Lifestyle

Question 22

determining which channels to reach the customers will enable to save time and money on campaigns

Answer 22

Channel Preferences

Question 23

Criteria for Successful Segmentation

Answer 23

1. Substantial
2. Identifiable
3. Measurable
4. Accessible
5. Responsive

Question 24

size and profit potential of a market segment have to be large enough to economically justify separate marketing activities for the segment.

Answer 24

Substantial

Question 25

market segments have to be diverse that they show different reactions to different marketing mixes

Answer 25

Identifiable

Question 26

size, profile and other relevant characteristics of the segment must be measurable

Answer 26

Measurable

Question 27

customer segments can be accessed through various target-group specific advertising media such as magazines or websites the target audience likes to use.

Answer 27

Accessible

Question 28

possible to approach each segment with a particular marketing program and to draw advantages from that

Answer 28

Responsive

Question 29

enables businesses to build related campaigns to the individuals of those segments according to their behaviors, likes and attributes.

Answer 29

Targeting

Question 30

segment where a business chooses to focus its marketing effort.

Answer 30

Target Market

Question 31

enables businesses to identify which campaigns were successful on which segments and re-select your customers for a new marketing activity according to this information.

Answer 31

Retargeting

Question 32

Selection of Target Market

Answer 32

1. Undifferentiated Mass Marketing 2. Single-Segment Specialization 3. Multiple-Segment Specialization

Question 33

does not really involved segmentation and targeting at all, as a company seeks to satisfy the entire market with a single formulation of its product. (ex. food, etc)

Answer 33

Undifferentiated Mass Marketing

Question 34

By this strategy, the company gets to know the needs of its target segment extremely well and puts all of its efforts into satisfying their needs.

Answer 34

Single-Segment Specialization

Question 35

For a company to seek to serve multiple markets, but to differentiate its products in a way that meets the needs of each of the segments which it seeks to serve. (ex. Jollibee, Alaska)

Answer 35

Multiple-Segment Specialization