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Overview: The Major Fields Test (MFT) will assess your understanding of various subject matters from courses you have taken during your undergraduate experience. The study materials listed in this course have been divided into six content folders by subject matter and are intended to be a refresher to help you prepare for the questions on the MFT. To help you study efficiently, the resources in each folder have several modules which you will need to go thru and complete prior to taking the Major Fields Test. You will need to pass each module before you can take your MFT.
awards on the walls of Carl's office, Sam hires Carl to be his real estate agent. In this example, which one of the 7Ps of service marketing did Sam use to evaluate the quality of Carl's real estate services? a) Physical evidence Area 1: Segmenting Consumer & Organizational Markets Review the resources in this folder to refresh your understanding of how to segment consumer and organizational markets. To help you retain the most important concepts, think about the reflective questions below. ➢ What is market segmentation? ➢ How can segmentation be used to improve marketing effectiveness? ➢ What are different types of market segmentation? ➢ How does consumer (B2C) and organizational (B2B) segmentation differ? https://www.qualtrics.com/experience-management/brand/what-is-market-segmentation/ Market segmentation The process of putting prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action Target market One or more specific groups of potential consumers toward which an organization directs its marketing program Positioning The place a product occupies in consumers' minds based on important attributes relative to competitive products Why do businesses segment markets? To respond to the wants of groups of potential buyers in hopes of increasing the company's sales and profits What are 3 market segmentation strategies? (1) One product with multiple market segments (2) Multiple products with multiple market segments (3) Mass customization Mass customization Tailoring products/services to the tastes of individual customers; for instance, build to order products (making the product only when there is an order from a customer) What are some ways to segment B2C markets? Demographic segmentation Geographic segmentation Psychographic segmentation Behavioral segmentation B2C Demographic segmentation Grouping consumers by characteristics, such
as age, gender, ethnicity, income, occupation, etc. B2C Geographic segmentation Grouping consumers by where they work or live, such as zip code, city, state, rural vs. urban areas, etc. B2C Psychographic segmentation Grouping consumers by subjective mental or emotional attributes, such as lifestyle, personality, interests, attitudes, preferences, etc. B2C Behavioral segmentation Grouping consumers by observable actions, such as where and how frequently people buy. What are some ways to segment B2B markets? Geographic segmentation by statistical area, behavioral segmentation by usage, and/or demographic segmentation (such as NAICS code or number of employees) B2B Geographical segmentation by statistical area Firms located in a city might receive a personal sales call, whereas those in a distant rural area might be contacted by telephone. B2B Demographic segmentation by NAICS code Firms categorized by the North American Industry Classification System (NAICS) code as manufacturers that deal with customers throughout the world might have different needs than companies that only serve local customers. B2B Demographic segmentation by number of employees The size of the firm is related to the volume of products/services needed, so firms with different numbers of employees can be classified in different B2B segments. B2B Behavioral segmentation by usage rate Businesses that frequently buy products/services may be put in a different segment than companies that buy less frequently. Area 2: Consumer Behavior Review the resources in this folder to refresh your understanding of consumer and organizational behavior. To help you retain the most important concepts, think about the reflective questions below. ➢ What is consumer behavior? ➢ What are the 5 stages of the consumer decision making process? ➢ What factors influence the consumer decision making process?
and the identification/evaluation of alternatives Limited decision process Consumers typically seek some information or rely on a friend or family member to help them evaluate alternatives Routine decision process Consumers spend little effort seeking external information and evaluating alternatives Consumer involvement The personal, social, and economic significance of the purchase to the consumer High involvement purchases Purchases that tend to be (1) expensive, (2) have serious personal consequences, and/or (3) reflect on one's social image Low involvement purchases Purchases not associated with much cost or risk Factors that influence the consumer purchase decision process Marketing mix influences Psychological influences Situational influences Sociocultural influences Selective exposure When people choose to only be around information that is consistent with their attitudes and beliefs, avoiding inconsistent messages Selective perception When people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them Selective retention When consumers don't remember what they see, read, and/or hear Opinion leaders Individuals who exert direct or indirect social influence over others Reference groups People consumers look to for insight; reference groups influence the information, attitudes, and aspiration levels of individuals 3 Types of reference groups Associative, aspirational, and dissociative groups Associative reference groups Groups that a person actually belongs to Aspirational reference groups Groups the person would like to identify with
Dissociative reference groups Groups a person does NOT want to be associated with Maslow's Hierarchy of Needs A theory that explains how various needs affect people's behavior 5 Levels of Maslow's Hierarchy of Needs Physiological, safety, social, personal, and self-actualization needs Buyer's remorse The feeling of regret after making a purchase Area 3: Marketing Research & Information Technology Tools Review the resources in this folder to refresh your understanding of marketing research and information technology tools. To help you retain the most important concepts, think about the reflective questions below. ● What is market research? ● Why do companies conduct market research? ● How do primary and secondary data differ? ● How does qualitative and quantitative research differ? ● How does information technology help with market research? ● What is a customer relationship management system? Marketing research The process of defining a marketing problem, collecting/analyzing information, and recommending actions to improve marketing decisions 5 Steps of the market research process Define the problem, develop the research plan, collect relevant information, develop the findings, and take marketing actions Secondary data Facts and figures that have already been recorded prior to the project at hand Primary data Facts and figures that are newly collected for the project What are the 2 main types of data? (1) Primary (2) Secondary Strengths of secondary data Saves time Saves money Limitations of secondary data (1) May be out of date and (2) may not provide the right information Strengths of primary data (1) More flexible and (2) specific to the
Strengths of quantitative research Relatively easy to analyze, allows comparisons, identifies trends, etc. Limitations of quantitative research Does not explain the reasons behind numerical trends; may not be reliable if the sample size is small, etc. Information technology All of the computing resources that collect, store, and analyze market research data Examples of market research related information technology Barcode scanners at checkout counters, online tracking software on computers, usage histories on smart phones, customer databases, etc Data mining The practice of examining large databases to find statistical relationships between consumer purchasing patterns How does a customer relationship management system help with market research? (1) Provides a central database of all customer information, (2) tracks revenue from specific leads, and (3) coordinates marketing strategy, sales, and customer service Area 4: International Marketing Review the resources in this folder to refresh your understanding of international marketing. To help you retain the most important concepts, think about the reflective questions below. ➢ What are different approaches to entering a global market? ➢ What are different ways products can be sold internationally? ➢ What are environmental forces that shape international marketing? ➢ What is the difference between standardization and customization when developing a worldwide marketing program? Major developments influencing global marketing Increased protectionism Growing competition Increased use of internet technology Growing economic espionage Environmental forces that shape international marketing Cultural, economic, and political-regulatory forces Gross domestic product (GDP) The monetary value of all products and services produced in a country during one
year Balance of trade The difference between the monetary value of a nation's exports and imports Protectionism The practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas Tariff A government tax on products or services entering a country, primarily serve to raise prices on imports Quota A restriction placed on the amount of a product allowed to enter or leave a country Bilateral trade agreement An agreement to regulate trade between 2 countries Multilateral trade agreement An agreement to regulate trade between 3 or more countries Trade war A situation in which countries try to damage each other's trade, typically by imposition of tariff and quota restrictions 3 Ways to sell a product globally Sell the product (1) in the same form as in its home market, (2) with some adaptations, or (3) as a totally new product 4 Ways to enter a global market Exporting Licensing Joint venture Direct investment Exporting Producing products in one country and selling them in another country Licensing When a company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or a fee Joint venture When a foreign company and a local firm invest together to create a local business Direct investment When a domestic firm invests in or owns a foreign subsidiary/division World Trade Organization (WTO) A permanent institution that sets rules governing trade between its members
Perishability Services cannot be stored for sale in the future. Heterogeneity Services are unique to each consumer or situation and cannot be mass produced. 7 Ps of service marketing Product, price, promotion, place + people, process, and physical evidence 7 Ps - Product Service provided to the customer 7 Ps - Price Amount a customer pays for the service 7 Ps - Place Ease of access to a service 7 Ps - Promotion Ways the service is communicated to consumers 7 Ps - People Employees directly or indirectly involved in the delivery of the service 7 Ps - Physical evidence Any tangible evidence that provides information about the service 7 Ps - Process The standard operating procedures used when the customer and service provider interact Marketing Post-test :
has a 20% off coupon for people who shop on Black Friday. After discussing the sale with his wife, Brad decides to camp outside of Best Buy so he can purchase a copy of the game during the Black Friday sale. Which one of the factors below appears to have influenced Brad's decision to buy the video game? a. All of these factors appear to have influenced Brad
The annual production and sales of Product A is 2,700 units and of Product B is 1, units. There are three activity cost pools, with estimated costs and expected activity as follows:What is the cost per unit of Cost Pool #3? a. 59.
a. 50, Accounting Study Guide print out Accounting Post-Test (BBA)
Finance (BBA) Pre-Test https://quizlet.com/61432530/mft-finance-flash-cards/