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BYU |Marketing | 201 |[Swenson] |Midterm | 1 |
QUESTIONS |WITH |ANSWERS
Marketing |- |CORRECT |ANSWERS |✔✔the |activity, |set |of |institutions, | and |processes |for |creating, |communicating, |delivering, |and | exchanging |offerings |that |have |value |for |customers, |clients, | partners, |and |society |at |large Marketing |Strategy |- |CORRECT |ANSWERS |✔✔A |cohesive |marketing | mix |of |product, |place, |price, |and |promotion, |designed |for |a |specific | target |market. |Marketing |strategy |answers |the |question, |"How |do | we |orchestrate |the |marketing |mix |to |deliver |value |to |a |particular | market |segment?" Three |important |components |of |marketing |- |CORRECT |ANSWERS | ✔✔1) |Marketing |is |the |exchange |that |takes |place |between |sellers | and |buyers.
- |Marketing |creates, |communicates, |and |delivers |value |to |facilitate | exchanges. |3) |By |delivering |value, |marketing |satisfies |customer |needs |and | wants |at |a |profit |(marketing |concept)
Marketing |Concept |- |CORRECT |ANSWERS |✔✔By |delivering |value, | marketing |satisfies |customer |needs |and |wants |at |a |profit. Markets |- |CORRECT |ANSWERS |✔✔the |aggregate |of |individuals |and | organizations |that |have |(1) |needs |and |wants |and |(2) |the |ability, | willingness, |and |authority |to |purchase |products |and |services |that | satisfy |their |needs |and |wants. Business |Market |(business-to-business |market) |- |CORRECT | ANSWERS |✔✔individuals |within |organizations |and |companies | purchasing |products |and |services |for |use |or |consumption |within | their |organization |or |for |resale. Consumer |Market |(business-to-consumer |market) |- |CORRECT | ANSWERS |✔✔Individuals |buying |products |and |services |for |personal | consumption |or |use Strategic |Triangle |- |CORRECT |ANSWERS |✔✔Customer, |Company, | Competition |(customer |is |the |central |point) Corporate |Strategy |- |CORRECT |ANSWERS |✔✔What |businesses |should |we |be |in? |(Marketing |firm |considers |types |of |business |to |include | in |its |portfolio)
Place |- |CORRECT |ANSWERS |✔✔Where |products |are |purchased Price |- |CORRECT |ANSWERS |✔✔the |amount |of |money |made |for |a | product Promotion |- |CORRECT |ANSWERS |✔✔refers |to |many |different | marketing |activities, |such |as |advertising, |public |relations, |sales | promotions, |trade |promotions, |personal |selling, |and |digital | marketing. Brand |Champions |- |CORRECT |ANSWERS |✔✔Customers |who |love | the |firm's |products |and |then |advocate |or |champion |the |products | to |others. Market |Penetration |- |CORRECT |ANSWERS |✔✔selling |more |of |the | existing |products |in |existing |markets Product |Development |- |CORRECT |ANSWERS |✔✔introducing |new | products |to |existing |markets Market |Development |- |CORRECT |ANSWERS |✔✔introducing |existing | products |to |new |markets
Diversification |- |CORRECT |ANSWERS |✔✔Introducing |new |products | into |new |markets Marketing |Plan |- |CORRECT |ANSWERS |✔✔a |marketing |strategy |with | a |budget |and |a |timeline Customer |Lifetime |Value |(CLV) |- |CORRECT |ANSWERS |✔✔determines | the |economic |value |a |customer |brings |over |the |lifetime |with |the | business. 3 |Ways |marketers |can |boost |sales |per |customer |- |CORRECT | ANSWERS |✔✔(1) |persuading |customers |to |buy |more |of |their | products | (2) |generating |add-on |sales |(complementary |products |and |services), and |(3) |partnering |with |other |firms |to |create |add-on |sales | opportunities. Customer |Aquisition |- |CORRECT |ANSWERS |✔✔how |can |we |acquire | (and |keep) |customers Customer |Retention |- |CORRECT |ANSWERS |✔✔the |practice |of | keeping |customers |by |building |long-term |relationships
Societal |Orientation |- |CORRECT |ANSWERS |✔✔Based |on |the |belief | that |every |product |or |service |should |provide |value |to |the |customer | as |well |as |to |society |as |a |whole. Culture |- |CORRECT |ANSWERS |✔✔Shared |values, |attitudes |and | practices |that |shape |human |behavior Demographics |- |CORRECT |ANSWERS |✔✔statistical |data |that | describe |a |population Generational |Cohorts |- |CORRECT |ANSWERS |✔✔People |born |during | the |same |period |and |who |share |common |life |experiences. Which |generational |group |has |the |highest |buying |power? |- | CORRECT |ANSWERS |✔✔Baby |Boomers Gross |Income |- |CORRECT |ANSWERS |✔✔the |total |amount |of |income | received |by |a |person, |family |or |household Disposable |Income |- |CORRECT |ANSWERS |✔✔money |available |to | spend |or |save |after |taxes |have |been |paid Discretionary |Income |- |CORRECT |ANSWERS |✔✔money |left |after | taxes |and |necessities |have |been |bought |and |paid |for
Technology |- |CORRECT |ANSWERS |✔✔the |application |of |science |and | research |to |solve |a |problem |more |effectively Five |Forces |Model |- |CORRECT |ANSWERS |✔✔A |model |developed |by | Michael |Porter |that |helps |us |understand |the |five |competitive |forces | that |determine |the |level |of |competition |and |profitability |in |an | industry. What |are |the |five |forces? |- |CORRECT |ANSWERS |✔✔1) |competitive | rivalry
- |power |of |suppliers
- |power |of |buyers
- |threat |of |entrants
- |threat |of |substitutes Regulations |- |CORRECT |ANSWERS |✔✔Protect |consumers |and | businesses |by |promoting |competition |and |fair |business |practices. SWOT |Analysis |- |CORRECT |ANSWERS |✔✔a |planning |tool |used |to | analyze |an |organization's |strengths, |weaknesses, |opportunities, |and | threats
International |Marketing |- |CORRECT |ANSWERS |✔✔Exporting | products |to |one |or |more |countries |outside |the |domestic |market | while |remaining |invested |solely |in |the |domestic |country Global |Marketing |- |CORRECT |ANSWERS |✔✔Selling |or |licensing | products |for |sale |in |countries |throughout |the |world What |are |the |four |risks |of |global |market |expansion? |- |CORRECT | ANSWERS |✔✔Competitive, |economic, |legal |and |political Competitive |Risk |- |CORRECT |ANSWERS |✔✔competitors' |responses | to |the |new |product's |entry |into |the |local |market. Economic |Risk |- |CORRECT |ANSWERS |✔✔Considers |the |potential | mismanagement |of |a |country's |economy |as |exhibited |in |inflation | and |government |debt Legal |Risk |- |CORRECT |ANSWERS |✔✔inadequate |protection |of | contracts |and |intellectual |property. Political |Risk |- |CORRECT |ANSWERS |✔✔demonstrations, |strikes, |civil | strife, |abrupt |government |changes, |violence, |or |terrorism |that | influences |business |performance.
Market |Entry |Strategies |- |CORRECT |ANSWERS |✔✔exporting, | licensing, |joint |venture, |foreign |direct |investment Exporting |- |CORRECT |ANSWERS |✔✔Shipping |goods |produced |in |the | home |country |to |a |distributor |or |retailer |in |the |foreign |market Licensing |- |CORRECT |ANSWERS |✔✔A |firm |in |one |country |(the | licensor) |agrees |to |allow |a |firm |in |another |country |(the |licensee) |to | use |its |manufacturing, |processing, |trademark, |know |how, |patent |or | some |other |skill |or |value. Joint |Ventures |- |CORRECT |ANSWERS |✔✔Two |or |more |businesses | agree |to |create |a |new |business, |jointly |owned |by |the |participating | companies. Foreign |Direct |Investment |- |CORRECT |ANSWERS |✔✔Companies | decide |to |make |direct |investments |in |building |up |wholly |owned | operations |in |other |countries. Standardization |- |CORRECT |ANSWERS |✔✔the |firm |uses |the |same | marketing |mix |in |the |foreign |market |as |it |does |in |its |domestic | market
- |customers |are |no |match |for |the |power |of |marketing
- |marketing |is |deceptive |and |not |truthful |or |honest
- |marketers |believe |in |planned |obsolesce |(purposefully |making | sure |a |product |becomes |obsolete |over |time) The |Fraud |Triange |- |CORRECT |ANSWERS |✔✔Opportunity, |Motivation | (Pressure), | Rationalization Opportunity |- |CORRECT |ANSWERS |✔✔condition |or |situation |that | allows |fraud |to |occur Motivation |(Pressure) |- |CORRECT |ANSWERS |✔✔pressure |or |need | felt |by |person |who |commits |fraud Rationalization |- |CORRECT |ANSWERS |✔✔the |process |of |reconciling | or |justifying |fraudulent |behavior What |is |the |framework |for |ethics? |- |CORRECT |ANSWERS | ✔✔Personal |ethical |understanding, |applications |of |ethics |to | business |situations, | ethical |courage, |and |ethical |leadership.
Social |Responsibility |- |CORRECT |ANSWERS |✔✔businesses |and | organizations |are |part |of |a |larger |society |and |that |they |are | accountable |to |that |society |for |their |actions. Sustainability |- |CORRECT |ANSWERS |✔✔the |creation |of |alternatives |to |the |depletion |of |natural |resources Green |Marketing |- |CORRECT |ANSWERS |✔✔When |companies | engage |in |the |production |and |promotion |of |environmentally |safe | products. What |are |the |five |steps |of |the |marketing |research |process? |- | CORRECT |ANSWERS |✔✔1) |define |problem
- |design |research |project
- |collect |data
- |analyze |data
- |take |action Exploratory |Research |- |CORRECT |ANSWERS |✔✔general; |identify | problems |and |opportunities, |small |groups |(ex: |personal |interviews | or |focus |groups) Conclusive |Research |- |CORRECT |ANSWERS |✔✔specific; |confirm | impressions |and |insights, |large |and |objective |sample |(ex: |surveys)
Null |Hypothesis |- |CORRECT |ANSWERS |✔✔states |that |"the |differences |we |observe |are |due |only |to |random |error." Random |Error |- |CORRECT |ANSWERS |✔✔error |that |comes |about | from |taking |a |sample |from |the |population |rather |than |getting |data | from |every |member |of |the |population. |Chance |of |random |error | decreases |when |sample |size |increases. Nominal |Scale |- |CORRECT |ANSWERS |✔✔classifies |data |into |distinct | categories Ordinal |Scale |- |CORRECT |ANSWERS |✔✔uses |numbers |ordered |into | an |increasing |size |like |finishers |in |a |foot |race |(1 |is |better |than |2, | 2 | is |better |than |3) Interval |Scale |- |CORRECT |ANSWERS |✔✔Assumes |an |equal |distance | between |numbers. Ratio |Scale |- |CORRECT |ANSWERS |✔✔have |equal |intervals |and |equal | ratios. Screener |Questions |- |CORRECT |ANSWERS |✔✔basic |information |and | a |set |of |short |questions |that |will |either |qualify |or |disqualify |the | person |from |participating |in |the |study.
Sampling |Error |- |CORRECT |ANSWERS |✔✔the |probability |that | differences |in |averages |or |percentages |are |due |to |the |random | chance |of |drawing |a |bad |sample |rather |than |some |real |difference. Validity |- |CORRECT |ANSWERS |✔✔the |extent |to |which |measurement | is |free |from |systematic |error. Construct |Validity |- |CORRECT |ANSWERS |✔✔the |measurement | matches |up |with |things |we |know |from |marketing |theory. Content |(face) |validity |- |CORRECT |ANSWERS |✔✔the |measurement | matches |up |with |an |expert |opinion. Concurrent |validity |- |CORRECT |ANSWERS |✔✔a |similar |study |is |done | at |the |same |point |in |time |and |gives |similar |results. Reliability |- |CORRECT |ANSWERS |✔✔the |extent |to |which |a | measurement |is |consistent |and |free |from |random |errors |not |due | to |sampling |or |other |explainable |phenomena. Predictive |validity |- |CORRECT |ANSWERS |✔✔the |measurement |can | predict |appropriate |outcomes.
Stratified |Random |Sample |- |CORRECT |ANSWERS |✔✔splitting | population |into |subgroups |called |strata Consumer |Insight |- |CORRECT |ANSWERS |✔✔the |capacity |to |gain |an | accurate |and |deep |intuitive |understanding |of |a |consumer Focus |Groups |- |CORRECT |ANSWERS |✔✔a. |Purpose: |explore | marketing |ideas |within |a |group |dynamic b. |Usage: |Advertising, |new |product |development, |etc. c. |Outcome: |refined |marketing |ideas |to |research |further Depth |Interviews |- |CORRECT |ANSWERS |✔✔a. |Purpose: |explore | marketing |ideas |in-depth |and |one-on-one b. |Usage: |Sensitive |or |technical |marketing |concepts c. |Outcome: |Refined |marketing |ideas |to |research |further Cross |Tabulations |- |CORRECT |ANSWERS |✔✔a. |Purpose: |Look |for | possible |relationships |between |variables b. |Usage: |Exploring |quantitative |data c. |Outcome: |Possible |relationships |to |research |further
Analysis |of |Variance |(ANOVA) |- |CORRECT |ANSWERS |✔✔a. |Purpose: | Testing |for |differences |in |group |averages b. |Usage: |Evaluate |effectiveness |of |marketing |policies c. |Outcome: |Evidence |to |inform |marketing |decisions Regression |Analysis |- |CORRECT |ANSWERS |✔✔a. |Purpose: |Testing | for |effects |of |certain |variables |on |an |outcome. b. |Usage: |Evaluate |advertising, |product, |and |pricing |policies. c. |Outcome: |Evidence |to |inform |marketing |decisions. Factor |Analysis |- |CORRECT |ANSWERS |✔✔a. |Purpose: |Group | variables |into |factors—data |reduction. b. |Usage: |Create |a |metric |for |brand |health, |loyalty, |etc. c. |Outcome: |Factors |to |inform |marketing |decisions. Cluster |Analysis |- |CORRECT |ANSWERS |✔✔a. |Purpose: |Group | respondents |(people) |into |clusters. b. |Usage: |Market |segmentation c. |Outcome: |Segments |to |inform |marketing |decisions. Discriminant |Analysis |- |CORRECT |ANSWERS |✔✔a. |Purpose: |use | predictor |variables |to |discriminate |between |categories b. |Usage: |Generate |perceptual |maps |depicting |brands
