Midterm exam solution
.docx
School
Academy for the Arts, Science, and Technology**We aren't endorsed by this school
Course
MANAGEMENT MA210
Subject
Marketing
Date
Jan 6, 2025
Pages
4
Uploaded by EarlSkunkMaster1075
Part (I)1)Marketing starts with identifying the customer’s needs and wants before developing the customer best product or service. The marketing process includes several essential activities, please describe the full marketing process using the appropriate sketch.Achieving organizational goals by determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competition.2)What are the different types of segmentation methods that can be used by companies to segment its market in the B2C markets? The National bank of Egypt (NBE) has a large number of branches in governorates outside Cairo and is aiming to target wealthy Egyptians living in these governorates. What is the most appropriate type of segmentation that the bank must use in segmentation its market? and which segments to target? Justify your answer with two reasons.Difference types of segmentation includes: Geographic, demographic, psychographic and behavioral, the most appropriate type of segmentation that the bank muse use in segmentation is demographic because the most thing it cares about is the income of the customer then his age and family size to see what is the type of the service they can tailor for him according to
his needs.3)Sketch the possible value propositions that companies can choose to position its products, are all the value propositions winning? For a new established factory in the processed meat industry, with production abilities to produce competitive products with lower cost what is the best value proposition that the factory can choose? Justify your answer with two reasons.The five green cells on the top and right are winning value propositionsThe best value proposition for that meat factory will be (The same for less) since it can produce competitive products with those of the competition but with lower cost and prices that the competition.Part (II):State(true) or (false) and correct the false answer:1.From a marketing point of view, needs are for essential products, while wants are for luxurious products (False).need are state of self-deprivation while the wants are the way to satisfy the needs.2.Today most companies are using mass marketing (False).Today most companies are using market segmentation.3.Customer value is the sum of all benefits and all cost of the marketing offerings. (False)Customer value is the sum of all benefits minus all costs incurred4.Lifestyle is a part of the demographic segmentation. (False)Lifestyle is a part of the psychographic segmentation.5.Demand is the want supported by the financial ability to purchase. (True)6.As the number of competitors increases in the market the power shifts from the buyer to the supplier. (False)As the number of competitors increases in the market the power shifts from the supplier to the buyer.7.All mobile operators are segmenting customers as (prepaid customers) and (post-paid customers), this type of segmentation is psychographic segmentation. (False)
All mobile operators are segmenting customers as (prepaid customers) and (post-paid customers), this type of segmentation is behavioral segmentation.8.A wealthy family with very strong financial abilities is always a member of the A+ social class. (True)9.In the marketing communication of the products marketers must focus on product features rather than benefits. (False)In the marketing communications of the products marketers must focus on product benefits rather features.10.The largest and most profitable market segments are always the best segments for companies to target. (False)The best segments that match the company’s long run objectives are the best segments for companies to target.Part (III):Choose the correct answer:1.All the following are needs for an i-phone except: (f)a.Prestigeb.Communicationc.Entertainmentd.Navigatione.Informationf.Transportation √2.Developing the marketing mix: (b)a.Comes before identifying the customer needs and wantsb.Comes after identifying the customer needs and wants √c.Is not related to identifying the customer needs and wants3.When targeting a specific market segment, the company must consider: (e)a.Segment size and segment profitsb.Level of competition in the segmentc.Segment growthd.The company’s own resources and abilitiese.All the above √4.A company that is using almost the same product, promotion and distribution for all consumers is practicing: (a)a.Mass marketing strategy √b.Segmentation strategyc.Niche marketing strategyd.Micro Marketing Strategye.Individual marketing strategy5.When using income in segmentation we are practicing: (b)a.Geographic segmentationb.Demographic segmentation √c.Psychographic segmentationd.Behavioral segmentation6.The owner of a five stars international hotel is having trouble providing the labor needs for the business. He read in the newspaper about recruitment
agencies that will help in identifying qualified receptionists. The owner’s secretary was asked to send requests to three recruitment agencies and organize the interviews with receptionists- with no less than 4 years of experience -and the final decision has to be approved by the owner. The role of the owner and the secretary are: (e)a.User and gatekeeperb.Buyer and deciderc.Influencer and gatekeeperd.Buyer and influencere.Decider and gatekeeper √7.The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. (a)a.Marketing √b.Productc.Productiond.Sellinge.Social marketing8.Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers? (a)a.customer-perceived value √b.customer equityc.share of customerd.customer profitabilitye.customer lifetime value9.Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________. (d)a.Developmentb.Positioningc.Diversificationd.Segmentation √e.Penetration10.In the targeting process the company assess the segment attractiveness, all the following are part of the segment attractiveness except: (d)a.Segment sizeb.Expected profitsc.Expected growthd.Company’s financial abilities √