Which of the following is an element of the external market environment?
There are four areas of the external market environment: technological, economic, cultural and social, and political and legal. The direct market environment includes customers, the company, and competitors.
Which of the following is part of the marketing mix?
The 4Ps make up a typical marketing mix – Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.
What focuses on using information about the customer to create marketing strategies that develop and sustain desirable customer relationships?
Which of the following uses information about customers to create marketing strategies that develop and sustain desirable customer relationships? … marketing concept.
What are the five stages of the consumer buying decision process in chronological order when deciding what to purchase?
The 5 stages which a consumer often goes through when they are considering a purchase: problem or need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior.
Which is the first step in market segmentation?
the first step in market segmentation; carefully examine the market to determine the specific needs being satisfied by current offerings, the needs current offerings fail to adequately satisfy, and the needs that may not yet be recognized.
What is the first and most important question to ask when evaluating product/market opportunities?
The first and most important question to ask when evaluating product-market opportunities is: Select one: a. “How much profit will we make this year?”
What are the elements of product mix?
The four dimensions to a company’s product mix include width, length, depth and consistency.
- Width: Number of Product Lines. …
- Length: Total Products. …
- Depth: Product Variations. …
- Consistency is Relationship. …
- Product Market Mix Strategy.
What are the 7 P’s of marketing mix?
Once you’ve developed your marketing strategy, there is a “Seven P Formula” you should use to continually evaluate and reevaluate your business activities. These seven are: product, price, promotion, place, packaging, positioning and people.17 мая 2004 г.
Which part of the marketing mix do you think is the most important?
I believe this highlights why the product is the most important aspect of the four P’s of marketing – Product, Price, Place, and Promotion. Without a product, you cannot implement any one of the other three elements of the marketing mix. And great products are easy to market as they serve both a need and want.
What are three kinds of pricing methods?
Three Major Pricing Strategies
- Customer Value-Based Pricing.
- Cost-Based Pricing.
- Competition-Based Pricing.
Are more consumer driven than traditional media?
Traditional marketing media are more consumer-driven than digital media. Marketers can use digital media to promote their companies, but marketers should not use this medium to address problems.
Who is the customer of an organization?
Customers are the individuals and businesses that purchase goods and services from another business. To understand how to better meet the needs of its customers, some businesses closely monitor their customer relationships to identify ways to improve service and products.
What are the 5 stages of consumer buying process?
5 Essential Steps in the Consumer Buying Process
- Stage 1: Problem Recognition.
- Stage 2: Information Gathering.
- Stage 3: Evaluating Solutions.
- Stage 4: Purchase Phase.
- Stage 5: The Post-Purchase Phase.
What are the 7 steps of decision making?
- Step 1: Identify the decision. You realize that you need to make a decision. …
- Step 2: Gather relevant information. …
- Step 3: Identify the alternatives. …
- Step 4: Weigh the evidence. …
- Step 5: Choose among alternatives. …
- Step 6: Take action. …
- Step 7: Review your decision & its consequences.