MKT 6301 MIDTERM UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MKT 6301 MIDTERM UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS

Question:
1. Marketing concept
Answer:
emphasizes a customer focus/organizing the resources of the firm toward understanding customers'
needs/wants and offering products/services that meet those needs

Question:
2. Marketing philosophies: Sales driven
Answer:
-More aggressive; "what we make, we sell"
-Focused on volume more so than sales or customer

Question:
3. Marketing philosophies: Technology/product driven
Answer:
-Focus on research & development as well as sales
-Technology isn't bad; just might not solve anyone's problem
-Having great technology doesn't guarantee a demand

Question:
4. Feature fatigue
Answer:
over-engineering phenomenon where more product features are added to products than customers really
want

Question:
5. Marketing philosophies: Marketing driven
Answer:
-Reliance on customers to tell them what they wants instead of taking risks to anticipate customer needs
-Multiple brand managers and several rounds of decision making
-Extremely slow to respond to changes in the marketplace

Question:
6. Marketing philosophies: Customer oriented approach
Answer:
-Prevalent when companies respond to a crisis
-Blame customers or care for customers?
-Make key investments in customers and long-term satisfaction

Question:
7. Marketing plan

,Answer:
a written document containing the guidelines for the product's marketing programs and allocations over the
planning period

Question:
8. "Buzz marketing" methods
Answer:
-using word-of-mouth to amplify product
-Can be positive or negative

Question:
9. BRIC countries
Answer:
Brazil, Russia, India, China

Question:
10. BRIC countries: China
Answer:
-Monstrous market w/ 1⁄5 of the world's population
-Low wages ’ can undercut the prices of most of the rest of the world's companies
-Not yet a major supplier of global brands, but is a buyer

Question:
11. BRIC countries: India
Answer:
-Largest impact is outsourcing; successful companies w/ computer programming, customer service, brain
scan analyses, tax preparation, etc remotely
-English-language capabilities
-Significant market for consumer goods; growing middle class ’ market for automobiles, financial
products, more expensive goods
-Huge market for global goods but few Indian brands are well known globally

Question:
12. Lifetime customer value
Answer:
present value of a stream of profits that can be produced by a customer

Question:
13. Database marketing
Answer:
databases created through transactions, surveys, warranty cards, etc

Question:
14. Mass customization
Answer:
take products that are traditionally mass marketed and make them appear to be targeted to individual
customers

, Question:
15. Components of a marketing strategy
Answer:
-Objective
-customer targets
-competitor targets
-core strategy
-marketing mix

Question:
16. Value proposition
Answer:
summarizes customer and competitor targets, defines product category, makes succinct statement of how
the product/service is differentiated

Question:
17. Product positioning
Answer:
how value proposition is operationalized and represented in the customers' minds

Question:
18. 4 Ps of marketing
Answer:
Product, Price, Place, Promotion

Question:
19. Market penetration strategy
Answer:
targets current customers of the product/service (of yours and competitors)

Question:
20. Market development strategy
Answer:
targets customers who haven't been persuaded to buy or who haven't been targeted at all by
you/competitors

Question:
21. Important early decisions in foreign involvement
Answer:
-Choice of country/countries to enter
-Timing of entry
-How to operate in these countries

Question:
22. 5 factors to consider when deciding how to enter a foreign market