MCS*1000 UNIVERSITY OF GUELPH (SOLVED)
CORRECTLY TO SCORE A+.
relational orientation Answer - based on the philosophy that buyers and sellers
should develop a long-term relationship
control phase Answer - the part of the strategic marketing planning process
when managers evaluate the performance of the marketing strategy and take
any necessary corrective actions
implementation phase Answer - the part of the strategic marketing planning
process when marketing managers (1) identify and evaluate different
opportunities by engaging in segmentation, targeting, and positioning and (2)
implement the marketing mix using the four Ps
market development strategy Answer - a growth strategy that employs the
existing marketing offering to reach new market segments, whether domestic
or international
market penetration strategy Answer - a growth strategy that employs the
existing marketing mix and focuses the firm's efforts on existing customers
market segment Answer - a group of consumers who respond in a similar way
to a given set of marketing efforts
, Market Segmentation Answer - the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
relative market share Answer - a measure of the product's strength in a
particular market, defined as the sales of the focal product divided by the sales
achieved by the largest firm in the industry
macroenvironmental factors Answer - aspects of the external environment
that affect a company's business, such as the culture, demographics, social
trends, technological advances, economic situation, and political/regulatory
environment
affective component Answer - the emotional or feeling segment of an attitude
Behavioural component Answer - refers to the way in which an attitude is
expressed through our actions
cognitive component Answer - a component of attitude that reflects what a
person believes to be true
compensatory decision rule Answer - at work when the consumer is evaluating
alternatives and trades off one characteristic against another, such that good
characteristics compensate for bad ones
Decision Heuristics Answer - Mental shortcuts that help consumers narrow
down choices; examples include price, brand, and product presentation.
external locus of control Answer - refers to when consumers believe that fate
or other external factors control all outcomes
CORRECTLY TO SCORE A+.
relational orientation Answer - based on the philosophy that buyers and sellers
should develop a long-term relationship
control phase Answer - the part of the strategic marketing planning process
when managers evaluate the performance of the marketing strategy and take
any necessary corrective actions
implementation phase Answer - the part of the strategic marketing planning
process when marketing managers (1) identify and evaluate different
opportunities by engaging in segmentation, targeting, and positioning and (2)
implement the marketing mix using the four Ps
market development strategy Answer - a growth strategy that employs the
existing marketing offering to reach new market segments, whether domestic
or international
market penetration strategy Answer - a growth strategy that employs the
existing marketing mix and focuses the firm's efforts on existing customers
market segment Answer - a group of consumers who respond in a similar way
to a given set of marketing efforts
, Market Segmentation Answer - the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
relative market share Answer - a measure of the product's strength in a
particular market, defined as the sales of the focal product divided by the sales
achieved by the largest firm in the industry
macroenvironmental factors Answer - aspects of the external environment
that affect a company's business, such as the culture, demographics, social
trends, technological advances, economic situation, and political/regulatory
environment
affective component Answer - the emotional or feeling segment of an attitude
Behavioural component Answer - refers to the way in which an attitude is
expressed through our actions
cognitive component Answer - a component of attitude that reflects what a
person believes to be true
compensatory decision rule Answer - at work when the consumer is evaluating
alternatives and trades off one characteristic against another, such that good
characteristics compensate for bad ones
Decision Heuristics Answer - Mental shortcuts that help consumers narrow
down choices; examples include price, brand, and product presentation.
external locus of control Answer - refers to when consumers believe that fate
or other external factors control all outcomes
