Mrkt 5000 Midterm
1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.
Product, distribution, promotion, and price are what make up the mix, while the marketing managers are the ones who control the variables. It is their job to match the needs of the customers with the desired marketing mix, and it’s crucial for the marketing managers to look at their target group and decide the level each variable needs to be used to achieve maximum return on a product.
2) What are the key components of a marketing plan? List and describe each component briefly.
The key components are the executive summary, environmental analysis, SWOT analysis, and the …show more content…
The first process is to identify the appropriate targeting strategy such as undifferentiated targeting strategy, concentrated targeting strategy, or differentiated targeting strategy. The second step is determining which segmentation variables to use such as demographic, geographic, psychographic, or behavioristic. The third step is to develop market segment profiles that describe the similarities among customers in a segment. The fourth step is to evaluate relevant market segments such as market sales and potential sales. The fifth step is select specific target markets such as deciding if there are enough differences in consumers’ wants to use market segmentation, and also to consider if the company has the right staff to handle the segments.
7) How does culture affect a person's buying behavior? Give a specific example.
Societies accumulate knowledge, customs, beliefs, values, objects, and concepts based on its environment and these societies pass on these ideals to future generations. Because of these ideas, people of certain cultures are more likely to buy certain things that other cultures would not. Fast food establishments came out with fish sandwiches to appeal to religions where people could not eat port or beef.
8) Describe three of the international entry modes in global marketing. (There are 6 approaches to international