MARKETING 201 EXAM 1 QUESTIONS WITH ACCURATE
ANSWERS
2 types Culture correct answer Country vs. Regional Culture
3 phases of a strategic plan correct answer 1.) planning
2.) implementing
3.) controlling
4 growth strategies correct answer 1.) Market penetration
2.) Product development
3.) Market development
4.) Diversification
4 P's of marketing correct answer Product
Price
Place
Promotion
4 strategies of sustainable competitive advantage correct answer customer
excellence
operational excellence
product excellence
locational excellence
,5 steps of the marketing plan correct answer 1.) Define the business Mission
2.) SWOT analysis
3.) STP
4.) 4 p's
5.) evaluate performance and make adjustments
5 steps of the marketing research process correct answer 1.) defining the
objectives and research needs.
2.) Designing the research.
3.) Collecting data
4.) Analyzing data and developing insights
5.) Developing and implementing an action plan.
6 positioning steps correct answer 1.) Determine customers perceptions and
evaluations in relation to competitors'.
2.) Identify the market's ideal points and size.
3.) Identify competitors' positions
4.) Determine consumer preferences.
5.) Select the position
6.) Monitor the positioning strategy.
Alpha testing correct answer Testing where the firm attempts to determine
whether the product will perform according to its design and whether it satisfies
the need for which it was intended.
, Behavioral segmentation correct answer Divides customers into groups based on
how they use the product or service.
Benefit Segmentation correct answer Groups consumers on the basis of the
benefits they drive from products or services.
Beta testing correct answer Uses potential consumers who examine the product
prototype in a "real use" setting to determine its functionality, performance,
potential problems, and other issues specific to its use.
Brand Association correct answer Reflects the mental links that consumers make
between a brand and its key product attributes, such as a logo, slogan, or famous
personality.
Brand Dilution correct answer Occurs when the brand extension adversely affects
consumer perceptions about the attributes the core brand is believed to hold.
Brand Equity correct answer The set of assets and liabilities linked to a brand that
add to or subtract from the value provided by the product or service.
Brand Extension correct answer Refers to the use of the same brand name for
new products being introduced to the same or new markets.
Brand Licensing correct answer A contractual agreement between firms, where
one firm allows another to use its brand/logo/symbol/characters in exchange for
a negotiated fee.
ANSWERS
2 types Culture correct answer Country vs. Regional Culture
3 phases of a strategic plan correct answer 1.) planning
2.) implementing
3.) controlling
4 growth strategies correct answer 1.) Market penetration
2.) Product development
3.) Market development
4.) Diversification
4 P's of marketing correct answer Product
Price
Place
Promotion
4 strategies of sustainable competitive advantage correct answer customer
excellence
operational excellence
product excellence
locational excellence
,5 steps of the marketing plan correct answer 1.) Define the business Mission
2.) SWOT analysis
3.) STP
4.) 4 p's
5.) evaluate performance and make adjustments
5 steps of the marketing research process correct answer 1.) defining the
objectives and research needs.
2.) Designing the research.
3.) Collecting data
4.) Analyzing data and developing insights
5.) Developing and implementing an action plan.
6 positioning steps correct answer 1.) Determine customers perceptions and
evaluations in relation to competitors'.
2.) Identify the market's ideal points and size.
3.) Identify competitors' positions
4.) Determine consumer preferences.
5.) Select the position
6.) Monitor the positioning strategy.
Alpha testing correct answer Testing where the firm attempts to determine
whether the product will perform according to its design and whether it satisfies
the need for which it was intended.
, Behavioral segmentation correct answer Divides customers into groups based on
how they use the product or service.
Benefit Segmentation correct answer Groups consumers on the basis of the
benefits they drive from products or services.
Beta testing correct answer Uses potential consumers who examine the product
prototype in a "real use" setting to determine its functionality, performance,
potential problems, and other issues specific to its use.
Brand Association correct answer Reflects the mental links that consumers make
between a brand and its key product attributes, such as a logo, slogan, or famous
personality.
Brand Dilution correct answer Occurs when the brand extension adversely affects
consumer perceptions about the attributes the core brand is believed to hold.
Brand Equity correct answer The set of assets and liabilities linked to a brand that
add to or subtract from the value provided by the product or service.
Brand Extension correct answer Refers to the use of the same brand name for
new products being introduced to the same or new markets.
Brand Licensing correct answer A contractual agreement between firms, where
one firm allows another to use its brand/logo/symbol/characters in exchange for
a negotiated fee.
