marketing

Question 1

Marketing concept

Answer 1

satisfying customer needs while meeting organizational goals

Question 2

Marketing

Answer 2

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 3

Two groupd of target Market

Answer 3

includes the consumer market (buyers who want the product for personal use) and
industrial market (buyers who want the product for use in making other products)

Question 4

consumer market

Answer 4

buyers who want the product for personal use)

Question 5

industrial market

Answer 5

buyers who want the product for use in making other products)

Question 6

Market segments

Answer 6

groups of potential customers with common characteristics that influence their buying decisions.

Question 7

Common ways to segment

Answer 7

• Demographic
• Geographic
• Behavorioul (attitude towards the product)
• Pyschographic (lifestyles of customer)

Question 8

Clustering

Answer 8

determining target markets by combining segmenting criteria

Question 9

Marketing mix (tool to develop a marketing program)

Answer 9

1. Product: developing it to segment
2. Price: setting it
3. Place (distribution)
4. Promotion

Question 10

Secondary data

Answer 10

information already collected (can come from external sources)

Question 11

Primary data

Answer 11

newly collected (by marketing team) (obtained through
surveys, personal interviews, focus groups)

Question 12

brand equity

Answer 12

added value generated by favorable consumer experiences with a product (ex: Chipotle had unfavorable customer experiences because of ingredient quality + Adidas had too because of Kanye West)

Question 13

How does Toys R Us work now?

Answer 13

Toys R Us is licensed property partnering with Macy’s and selling in its stores.