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Marketing | 201 |(Swenson |@ |BYU) |- |FINAL |
EXAM |QUESTIONS |WITH |ANSWERS
Chapter | 1 |- |Marketing |Strategy What |is |marketing? |- |CORRECT |ANSWERS |✔✔The |exchange |that | creates |and |delivers |value |for |customers |at |a |profit Star |(BCG |Matrix) |- |CORRECT |ANSWERS |✔✔High |growth |and |high | market |share Cash |Cows |(BCG |Matrix) |- |CORRECT |ANSWERS |✔✔High |market |share |but |low |growth Question |Mark |(BCG |Matrix) |- |CORRECT |ANSWERS |✔✔Low |market | share |but |high |growth Dog |(BCG |Matrix) |- |CORRECT |ANSWERS |✔✔Low |market |share |and | low |growth 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 | to |new |markets Product |Orientation |- |CORRECT |ANSWERS |✔✔A |belief |that |supply | generates |demand. |The |sole |focus |is |on |the |product Sales |Orientation |- |CORRECT |ANSWERS |✔✔A |belief |that |marketing's | purpose |is |to |sell |products. |Uses |aggressive |sales |techniques Market |Orientation |- |CORRECT |ANSWERS |✔✔The |belief |that | products |should |focus |on |satisfying |customer |needs |at |a |profit Societal |Orientation |- |CORRECT |ANSWERS |✔✔The |belief |that | products |should |provide |value |to |both |the |customer |as |well |as |to | society |as |a |whole. |Concerned |about |the |enviroment Path |to |Profitability |- |CORRECT |ANSWERS |✔✔
Technological |Forces |- |CORRECT |ANSWERS |✔✔New |science |and | research Competitive |Forces |- |CORRECT |ANSWERS |✔✔Attractiveness |of |the | industry Competitive |Rivalry |- |CORRECT |ANSWERS |✔✔Reactions |taken |by | competitors Power |of |Suppliers |- |CORRECT |ANSWERS |✔✔Powerful |suppliers |can | drive |down |profits |by |charging |high |prices |and/or |reducing | product |quality Power |of |Buyers |- |CORRECT |ANSWERS |✔✔Customers |can |demand | lower |prices |or |increased |quality Threat |of |Entrants |- |CORRECT |ANSWERS |✔✔New |entrants |can | shake |up |an |industry |and |cause |increased |competition |as |they | seek |to |take |market |share |from |existing |companies Threat |of |Substitues |- |CORRECT |ANSWERS |✔✔Substitute |products | can |replace |existing |products |by |performing |a |similar |function
Regulatory |Forces |- |CORRECT |ANSWERS |✔✔Changes |in |laws |and | trade |regulations Strengthes |(SWOT) |- |CORRECT |ANSWERS |✔✔Essential |competencies | of |the |firm |[internal] Opportunities |(SWOT) |- |CORRECT |ANSWERS |✔✔Favorable |market | conditions |[external] Weaknesses |(SWOT) |- |CORRECT |ANSWERS |✔✔Firm |specific | limitations |[internal] Threats |(SWOT) |- |CORRECT |ANSWERS |✔✔Conditions |that |hinder | profitability |[external] Chapter | 3 |- |Global |Marketing Exporting |- |CORRECT |ANSWERS |✔✔selling |domestically |produced | products |to |buyers |in |other |countries Licensing |- |CORRECT |ANSWERS |✔✔selling |the |right |to |use |a | process, |trademark, |patent, |or |other |right |for |a |fee |or |royalty
Customization |- |CORRECT |ANSWERS |✔✔adapt |or |modify |the | marketing |mix |to |suit |the |local |market. Glocalization |- |CORRECT |ANSWERS |✔✔go |global |but |act |local Chapter | 4 |- |Ethics |and |Social |Responsibilities Marketing |Myths |- |CORRECT |ANSWERS |✔✔basically |if |it |sounds |bad | it |is |not |true Fraud |Triangle |- |CORRECT |ANSWERS |✔✔ Chapter | 5 |- |CORRECT |ANSWERS |✔✔Marketing |Research Syndicated |Data |- |CORRECT |ANSWERS |✔✔collected |in |a |standard | format |and |made |available |to |all |subscribers Secondary |Data |- |CORRECT |ANSWERS |✔✔information |collected |for | other |purposes |and |readily |available Primary |Data |- |CORRECT |ANSWERS |✔✔collected |specifically |for |the | purpose |at |hand
Data |Wrangling |- |CORRECT |ANSWERS |✔✔cleaning |and |preparing | unorganized |data |into |something |useful Data |Extrapolation |- |CORRECT |ANSWERS |✔✔discovering | relationships |between |variables Data |Modeling |- |CORRECT |ANSWERS |✔✔transforming |the |data |to | provide |insights Screening |Questions |- |CORRECT |ANSWERS |✔✔asks |about |a | person's |demographics |to |qualify |them |for |the |study Cross |Tabs |(Analysis) |- |CORRECT |ANSWERS |✔✔a |count |of |frequency | of |conditions |or |behaviors Variance |(Analysis) |- |CORRECT |ANSWERS |✔✔how |averages |are | variable Regression |(Analysis) |- |CORRECT |ANSWERS |✔✔relationship |between | dependent |and |independent |variables Factor |(Analysis) |- |CORRECT |ANSWERS |✔✔groups |based |on |factors
Problem |Recognition |- |CORRECT |ANSWERS |✔✔noticing |a |difference | between |an |actual |conditions |and |a |consumer's |ideal |state Information |Search |- |CORRECT |ANSWERS |✔✔consumer |seeks | information |about |products |after |a |problem |has |been |recognized Evaluation |of |Alternatives |- |CORRECT |ANSWERS |✔✔information |is | used |to |eliminate |options Purchase |- |CORRECT |ANSWERS |✔✔to |buy Post-Purchase |Evaluation |- |CORRECT |ANSWERS |✔✔determining | whether |a |purchase |has |been |a |delight |(product |> |expense), | satisfactory |(p |= |e), |or |unsatisfactory |(p |< |e) Cultural |Factors |- |CORRECT |ANSWERS |✔✔influence |behavior |the | most. |subcultures |and |class |are |also |influential Social |Factors |- |CORRECT |ANSWERS |✔✔family, |reference |groups | (friends, |colleagues, |etc), |and |opinion |leader Psychological |Factors |- |CORRECT |ANSWERS |✔✔motivation, | perception, |learning, |beliefs |and |attitudes
Individual |Factors |- |CORRECT |ANSWERS |✔✔gender, |age, |and |family | life-cycle Situational |Factors |- |CORRECT |ANSWERS |✔✔based |on |the |specific | situation |the |buyer |is |in |when |considering |a |purchase Influencers |- |CORRECT |ANSWERS |✔✔affect |the |outcome |decision | with |their |opinions Deciders |- |CORRECT |ANSWERS |✔✔have |the |final |decision |to |buy Buyers |- |CORRECT |ANSWERS |✔✔purchasers Users |- |CORRECT |ANSWERS |✔✔the |ones |who |use |the |product Gatekeepers |- |CORRECT |ANSWERS |✔✔control |the |flow |of | information Chapter | 8 |- |CORRECT |ANSWERS |✔✔Market |segmentation, | targeting, |and |positioning
Behavioral |Segmentation |- |CORRECT |ANSWERS |✔✔the |market |is | divided |based |on |differences |in |the |core |benefits |customers |seek, | usage |situations, |brand |loyalty, |usage |rates |and |price |sensitivity Love |Group |- |CORRECT |ANSWERS |✔✔brand |champions; |seek |to | understand |benefits Swing |Group |- |CORRECT |ANSWERS |✔✔sell |to |the |swing |group | through |the |eyes |of |the |love |group Hate |Group |- |CORRECT |ANSWERS |✔✔ignore Positioning |- |CORRECT |ANSWERS |✔✔ Unique |Selling |Proposition |(USP) |- |CORRECT |ANSWERS | ✔✔differentiating |a |product |by |communicating |its |unique | attributes; |often |becomes |the |common |theme |or |slogan |in |the | entire |advertising |campaign Perceptual |Mapping |- |CORRECT |ANSWERS |✔✔getting |a |feel |for | how |customers |perceive |brands
Gap |Analysis |- |CORRECT |ANSWERS |✔✔compares |brands |based |on | the |importance |and |performance |of |their |differentiating |features | and |benefits Hierarchical |Values |Analysis |- |CORRECT |ANSWERS |✔✔interviewing | customers |to |discover |their |core |motivations |or |beliefs |behind | purchasing |decisions Chapter | 9 |- |CORRECT |ANSWERS |✔✔Product |Strategy |and |Branding Need |to |Believe |- |CORRECT |ANSWERS |✔✔which |significant |pain | point |does |the |product |address |that |is |personally |relevant |to |the | target |audience? Reason |to |Believe |- |CORRECT |ANSWERS |✔✔how |effective |is |the | demonstration |of |the |product's |problem-solving |benefits |in | capturing |the |imagination |of |the |target |audience? Dominant |Situations |- |CORRECT |ANSWERS |✔✔which |usage |or | buying |situations |does |the |product |dominate |in |a |way |that |delivers | superior |value? Quantifiable |Support |- |CORRECT |ANSWERS |✔✔what |are |the | relevant |facts |and |figures |that |are |used |to |support |or |enhance | product |claims?
Product |Line |- |CORRECT |ANSWERS |✔✔group |of |closely |related | product |items |competing |in |the |same |general |product |category | (ex: |other |cars) Product |Mix |- |CORRECT |ANSWERS |✔✔all |products |offered |by |a | company Product |Life |Cycle |- |CORRECT |ANSWERS |✔✔ Diffusion |Process |- |CORRECT |ANSWERS |✔✔ Product |Development |Process |- |CORRECT |ANSWERS |✔✔concept | testing |is |the |most |critical |stage |in |the |process |because |this |is |the | first |time |the |idea |is |tested |with |customers Function |(Brand |Type) |- |CORRECT |ANSWERS |✔✔focus |on |functional | benefits |that |help |customers |achieve |basic |goals |related |to |their | needs Image |(Brand |Type) |- |CORRECT |ANSWERS |✔✔focus |on |the |distinct | and |admired |image |they |create |for |their |customers Experiential |(Brand |Type) |- |CORRECT |ANSWERS |✔✔focus |on |how | the |product |or |service |makes |the |customer |feel
The |Brand |Matrix |- |CORRECT |ANSWERS |✔✔ Brand |Awareness |- |CORRECT |ANSWERS |✔✔consumers |know |about | the |brand Brand |Image |- |CORRECT |ANSWERS |✔✔consumers |have |an | impression |about |the |brand Brand |Loyalty |- |CORRECT |ANSWERS |✔✔consumers |purchase |only | their |favored |brand |(ex: |I |only |buy |iPhones) Brand |Equity |- |CORRECT |ANSWERS |✔✔Brand |loyalty |is |transferred |to |new |products |(ex: |all |of |my |electronics |are |apple) Chapter | 10 |- |CORRECT |ANSWERS |✔✔Services |Marketing Intangible |- |CORRECT |ANSWERS |✔✔services |cannot |easily |be | displayed |or |communicated Inseperable |- |CORRECT |ANSWERS |✔✔consumer |and |provider |are | part |of |the |service
Tangibles |- |CORRECT |ANSWERS |✔✔include |the |appearance |of | physical |facilities, |equipment, |and |personnel Chapter | 11 |- |CORRECT |ANSWERS |✔✔pricing |strategy Consumer |Price |Range |- |CORRECT |ANSWERS |✔✔perceived |value |> | price Seller |Price |Range |- |CORRECT |ANSWERS |✔✔price |> |COGS External |Reference |Price |- |CORRECT |ANSWERS |✔✔what |other |people |pay |for |the |products Internal |Reference |Price |- |CORRECT |ANSWERS |✔✔what |the | consumer |things |they |should |pay |for |a |product Break-Even |Volume |(BEV) |- |CORRECT |ANSWERS |✔✔fixed |costs |/ | (price |- |unit |variable |cost) Price |Skimming |- |CORRECT |ANSWERS |✔✔selling |at |a |high |price |then |gradually |decreasing |the |price
Price |Penetration |- |CORRECT |ANSWERS |✔✔low |entry |price |to | capture |market |share |quickly Four |Pricing |Approaches |- |CORRECT |ANSWERS |✔✔ Percent |Margin |- |CORRECT |ANSWERS |✔✔(price |- |unit |variable | cost) |/ |price Chapter | 12 |- |CORRECT |ANSWERS |✔✔promotion |strategy Push |Promotion |Strategy |- |CORRECT |ANSWERS |✔✔business |to | business |strategy |that |focuses |on |selling |to |channel |distribution Pull |Promotion |Strategy |- |CORRECT |ANSWERS |✔✔business |to | consumer |strategy |that |focuses |marketing |directly |to |final | consumers Cognitive |(Advertising |Objective) |- |CORRECT |ANSWERS |✔✔builds | awareness Affective |(Advertising |Objective) |- |CORRECT |ANSWERS |✔✔gain | interest |or |liking
