Market Function

Question 1

is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others

Answer 1

marketing

Question 2

is to bring value to customers, whom the business seeks to identify, satisfy, and retain

Answer 2

marking function

Question 3

is themeasure of the benefit gained from a product or service relative tothe full cost of the item

Answer 3

value

Question 4

proposition is a clear and succinct statement to the customer of the value being offered by a company’s products or services
It should set the offering apart or differentiate it from other offerings

Answer 4

value proposition

Question 5

predicts how much profit the company will make from the customer during his or her lifetime relationship with the company

Answer 5

customer lifetime value

Question 6

is the process of splitting buyers into distinct, measurable groups that share similar wants and needs. Ex. geographic, demographic, psychographic, and behavioral criteria

Answer 6

Market segmentation

Question 7

segments are the peopleyou are trying to serve

Answer 7

target

Question 8

Identify the business need you address
Segment your totalmarket
Profile your target customer segment(s)
Research and validate your market oppportunity

Answer 8

defining a target market

Question 9

the process for identifying marketing opportunities and solving marketing problems, using customer insights

Answer 9

marketing research

Question 10

is a combination of people, technologies, and processes for managing marketing information, overseeing market research activities, and usingcustomer insights to guide marketing decisions andbroader management and strategy decisions

Answer 10

marketing information system

Question 11

Product: the goods and services offered
Promotion: communication and information
Place: distribution or delivery
Price: ensuring fair value in the transaction

Answer 11

marketing mix