CLEP - Principles of Marketing questions and answers 2022 100% correct

CLEP - Principles of Marketing questions and answers 2022 100% correct

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Marketing - ANSWER Process of planning and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals Market - ANSWER Made up of all the p... eople or organizations who want or need a product and have the willingness and ability to buy Marketing Concept - ANSWER Customer-oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals Marketing Functions - ANSWER 1. Environmental Analysis 2. Consumer Analysis 3. Product Planning 4. Price Planning 5. Promotion Planning 6. Physical Distribution (Place) Planning Marketing Mix - ANSWER Combination of four variables that comprise an organization's marketing program: product, price, promotion, and physical distribution Market Segmentation - ANSWER Process of dividing the total market into distinct submarkets or groups based on similarities in their wants, needs, behaviors, or other characteristics Market Segment - ANSWER Groups of customers who are similar to each other in a meaningful way and who will respond to a firm's marketing mix similarly Target Market - ANSWER One particular group of potential customers that the organization seeks to satisfy with a product [Show More]