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BYU |Marketing | 201 |Exam | 1 |questions |with |
answers
BCG |Growth-Share |Matrix |- |CORRECT |ANSWERS |✔✔Cash |Cow |- | High |market |share, |low |market |Growth Stars |- |High |market |share, |high |market |growth ?'s |- |High |market |growth, |Low |market |share Dog |- |Low |market |growth, |low |market |share Corporate |Strategy |- |CORRECT |ANSWERS |✔✔Asks |the |question |- | What |businesses |should |we |be |in? Strategic |Business |Unit |Strategy |- |CORRECT |ANSWERS |✔✔Asks |- | How |do |we |compete |effectively |against |the |competitors? Functional |Strategy |- |CORRECT |ANSWERS |✔✔strategy |by |which | managers |in |specific |areas |decide |how |best |to |achieve |corporate | goals |through |productivity Path |to |Profitability |- |CORRECT |ANSWERS |✔✔Marketing | Environment--> |Marketing |Mix-->Capture |value-->Profits
The |most |powerful |marketing |strategies |begin |by |seeing |the | product |through |the |eyes |of |_________ |- |CORRECT |ANSWERS | ✔✔Brand |Champions/Love |Group Product |Market |Expansion |Matrix |- |CORRECT |ANSWERS |✔✔market | penetration |-Existing |product |entering |an |existing |market product |development |- |New |product |entering |into |an |existing | market |market |development |- |Existing |product |entering |into |a |new | market | diversification |- |New |product |in |a |new |market Customer |Lifetime |Value |(CLV) |- |CORRECT |ANSWERS | ✔✔approximate |worth |of |a |customer |to |a |company |in |economic | terms; |overall |profitability |of |an |individual |consumer How |does |marketing |create |value |for |the |customer? |- |CORRECT | ANSWERS |✔✔by |meeting |customers |functional |and |emotional |needs Target |Market |- |CORRECT |ANSWERS |✔✔a |set |of |buyers |sharing | common |needs |or |characteristics |that |the |company |decides |to |serve Marketing |Mix |- |CORRECT |ANSWERS |✔✔Product, |Price, |Place, | Promotion
Market |Orientation Societal |Orientation Product |Orientation |- |CORRECT |ANSWERS |✔✔All |about |the | product |- |Ex. |Apple Sales |Orientation |- |CORRECT |ANSWERS |✔✔Aggressive |sales | techniques |- |Kohl's, |Macy's Market |Orientation |- |CORRECT |ANSWERS |✔✔Understanding | customer |needs, |company |capabilities, |knows |competitors |and | wants |to |make |a |profit |- |Ex. |Amazon Societal |Orientation |- |CORRECT |ANSWERS |✔✔concerned |about |the | enviornment |- |Ex. |Tesla SWOT |analysis |- |CORRECT |ANSWERS |✔✔strengths, |weaknesses, | opportunities, |threats Strengths |- |CORRECT |ANSWERS |✔✔Internal |and |favorable Weaknesses |- |CORRECT |ANSWERS |✔✔Internal |and |unfavorable
Oportunity |- |CORRECT |ANSWERS |✔✔External |and |favorable Threat |- |CORRECT |ANSWERS |✔✔External |and |unfavorable What |are |Porter's | 5 |forces? |- |CORRECT |ANSWERS |✔✔supplier | power, |threat |of |substitutes, |buyer |power, |threat |of |new |entrants, | degree |of |rivalry What |are |the | 3 |types |of |Income? |- |CORRECT |ANSWERS |✔✔Gross | Income |- |Total |amount |of |money |during |a |period Disposable |Income |- |Income |after |paying |taxes Discretionary |income |- |Income |after |all |necessities |are |paid |off What |are |the | 5 |external |factors? |- |CORRECT |ANSWERS | ✔✔Regulatory, |Social, |Competitive, |Technological, |Economic What |are |the |controllable |variables |when |responding |to |the | External |Environment? |- |CORRECT |ANSWERS |✔✔Product, |Price, | Promotion, |Place What |is |Domestic |Marketing? |- |CORRECT |ANSWERS |✔✔Focused |on | home |country, |and |usually |don't |do |joint |ventures
What |are |the |risks |when |going |global? |- |CORRECT |ANSWERS | ✔✔Competitive, |Economic, |Legal, |Political What |are |the |three |sides |of |the |fraud |triangle? |- |CORRECT | ANSWERS |✔✔opportunity, |pressure, |rationalization Myth |or |truth: |Marketers |push |products |consumers |don't |want |to | buy |- |CORRECT |ANSWERS |✔✔Myth Myth |or |truth: |Consumers |are |no |match |for |the |power |of |marketing |- |CORRECT |ANSWERS |✔✔Myth Myth |or |truth: |Marketing |is |deceptive |and |not |truthful |or |honest |- | CORRECT |ANSWERS |✔✔Myth Myth |or |truth: |Marketers |believe |in |planned |obsolescence |- | CORRECT |ANSWERS |✔✔Myth What |is |primary |research? |- |CORRECT |ANSWERS |✔✔Information | collected |specifically |for |the |purpose |at |hand |- |expensive |and |time | consuming
What |is |secondary |research? |- |CORRECT |ANSWERS |✔✔Info |collected | for |other |purposes |and |usually |readily |availalble |- |Ex. |the |U.S. | Census |Bureau. What |is |exploratory |information? |- |CORRECT |ANSWERS |✔✔Collected | from |qualitative |data. |Very |in |depth |personally |collected |usually What |is |Conclusive |information? |- |CORRECT |ANSWERS | ✔✔Quantitative |and |based |on |large |samples |of |respondents |and | very |objective Marketing |research |process |- |CORRECT |ANSWERS |✔✔1. |Define | Problem, |
- |Design |Research |Project, |
- |Collect |Data, |
- |Analyze |Data, |
- |Take |Action Cross |Tabs |Analysis |- |CORRECT |ANSWERS |✔✔Frequency |counts |Conditions, |attitudes, |and/or |behaviors |that |occur |most |often Analysis |of |vairiance |- |CORRECT |ANSWERS |✔✔looking |for |variability | around |an |average. |Ex. |Graph |showing |visibility |level |of |grocery | store |items
What |is |Big |Data? |- |CORRECT |ANSWERS |✔✔extremely |large |data | sets |that |may |be |analyzed |computationally |to |reveal |patterns, | trends, |and |associations, |especially |relating |to |human |behavior |and | interactions. What |is |Data |Wrangling? |- |CORRECT |ANSWERS |✔✔Cleaning, | unifying |and |preping |unorganized |and |scattered |data |sets |for |easy | access |and |analysis What |is |Data |Exploration? |- |CORRECT |ANSWERS |✔✔Discovery | through |numerical |summaries |and |visualizations What |is |Data |Modeling? |- |CORRECT |ANSWERS |✔✔Transform |data |to | extract |insights, |create |theories, |and |analyze |data |to |show | relationships What |is |the |Nominal |Scale? |- |CORRECT |ANSWERS |✔✔A |label |like | male |or |female What |is |The |Ordinal |Scale? |- |CORRECT |ANSWERS |✔✔uses |numbers | or |least |to |greatest |in |an |increasing |order |to |show |which |is |the | favorite
What |is |the |Interval |Scale? |- |CORRECT |ANSWERS |✔✔Assumes |an | equal |distance |between |numbers What |is |the |Ratio |Scale? |- |CORRECT |ANSWERS |✔✔Data |have |equal | intervals, |but |also |have |equal |ratios What |are |the |different |types |of |errors |that |can |come |up |in | surveys/ |research? |- |CORRECT |ANSWERS |✔✔Sampling |Error |- |can | be |decreased |with |sample |size Measurement |error |- |Invalid |measurement |or |unreliable | measurement Coverage |Error |- |if |they |don't |represent |right Nonresponse |Error |- |People |just |don't |answer |a |questionnaire All |markets |are |untimately |__________ |- |CORRECT |ANSWERS | ✔✔People What |are |the |stimuli |in |the |environment |of |the |black |box |model? |- | CORRECT |ANSWERS |✔✔Product, |price, |promotion, |place, |Economic, | Technological, |Social, |Cultural. What |is |in |the |Buyer's |black |box? |- |CORRECT |ANSWERS |✔✔Buyer's | characteristics |and |buyer's |decision |process
What |is |a |modified |rebuy? |- |CORRECT |ANSWERS |✔✔Routinely | purchased |products |with |slight |modifications |to |price, |terms |or | suppliers New |task |purchase |- |CORRECT |ANSWERS |✔✔first-time |purchase | decision What |is |the |Multi-attribute |model? |- |CORRECT |ANSWERS |✔✔How | consumers |evaluate |alternatives, |weighing |their |options. |Ex. | Selecting |a |car |- |comparing |all |the |different |car |companies
