BUSML 3250 Exam 2 – Textbook
Questions with Correct Answers
Situation Analysis - Answer-Taking stock of where the firm or product has been
recently, where it is now, and where it is headed in terms of the organization's marketing
plans and the external forces and trends affecting it.
Company (5 C's of Marketing) - Answer-Products, competitive advantages, brands,
objectives, performance
Context (5 C's of Marketing) - Answer-Laws and regulations, social and economic
trends, technological trends
Customer (5 C's of Marketing) - Answer-Target audience, motivations and behaviors,
communication channels
Collaborators (5 C's of Marketing) - Answer-Suppliers, partners, investors, distributors
Competition (5 C's of Marketing) - Answer-Direct and indirect competitors, competitive
positioning, strategies and tactics
SWOT Analysis - Answer-An acronym describing an organization's appraisal of its
internal Strengths and Weaknesses and its external Opportunities and Threats.
Market Research - Answer-The process of defining a marketing problem and
opportunity, systematically collecting and analyzing information, and recommending
actions
Steps:
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
Primary Research - Answer-Conducting research to collect new data to solve a
marketing information need.
Secondary Research - Answer-Analyzing information from previously conducted
research projects.
Insights (Spotlight Lecture) - Answer-A deep truth, relevant to your brand and audience,
that if solved has the power to move the customer to a desired future state
, How to identify:
1. Peel it back (keep asking questions)
2. Go beyond words (observe consumer behavior)
3. Find commonalities (find underlying themes)
4. Uncover and discover (insights will result in off-target marketing strategy)
[CHAPTER 9] Market Segmentation - Answer-Involves aggregating prospective buyers
into groups, or segments, that (1) have common needs and (2) will respond similarly to
a marketing action.
Market Segments - Answer-The relatively homogeneous groups of prospective buyers
who (1) have common needs and (2) will respond similarly to a marketing action
Target Market - Answer-One or more specific groups of potential consumers toward
which an organization directs its marketing program.
Product Differentiation - Answer-A marketing strategy that involves a firm using different
marketing mix actions to help consumers perceive a product as being different and
better than competing products.
Mass Customization - Answer-tailoring products or services to meet the needs of
individual customers on a high-volume scale
Build-to-Order - Answer-manufacturing a product only when there is an order from a
customer
Cannibalization - Answer-a situation that occurs when sales of a new product cut into
sales of a firm's existing products
Geographic Segmentation - Answer-Zip code, country, city
Demographic Segmentation - Answer-Age, gender, income
Psychographic Segmentation - Answer-Interests, activities, opinions, values
Behavioral Segmentation - Answer-Purchasing habits, customer loyalty, brand
interactions
80/20 Rule - Answer-A concept that suggests 80 percent of a firm's sales are obtained
from 20 percent of its customers
Customer Lifetime Value - Answer-Represents the financial worth of a customer to a
company over the course of their relationship
Questions with Correct Answers
Situation Analysis - Answer-Taking stock of where the firm or product has been
recently, where it is now, and where it is headed in terms of the organization's marketing
plans and the external forces and trends affecting it.
Company (5 C's of Marketing) - Answer-Products, competitive advantages, brands,
objectives, performance
Context (5 C's of Marketing) - Answer-Laws and regulations, social and economic
trends, technological trends
Customer (5 C's of Marketing) - Answer-Target audience, motivations and behaviors,
communication channels
Collaborators (5 C's of Marketing) - Answer-Suppliers, partners, investors, distributors
Competition (5 C's of Marketing) - Answer-Direct and indirect competitors, competitive
positioning, strategies and tactics
SWOT Analysis - Answer-An acronym describing an organization's appraisal of its
internal Strengths and Weaknesses and its external Opportunities and Threats.
Market Research - Answer-The process of defining a marketing problem and
opportunity, systematically collecting and analyzing information, and recommending
actions
Steps:
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
Primary Research - Answer-Conducting research to collect new data to solve a
marketing information need.
Secondary Research - Answer-Analyzing information from previously conducted
research projects.
Insights (Spotlight Lecture) - Answer-A deep truth, relevant to your brand and audience,
that if solved has the power to move the customer to a desired future state
, How to identify:
1. Peel it back (keep asking questions)
2. Go beyond words (observe consumer behavior)
3. Find commonalities (find underlying themes)
4. Uncover and discover (insights will result in off-target marketing strategy)
[CHAPTER 9] Market Segmentation - Answer-Involves aggregating prospective buyers
into groups, or segments, that (1) have common needs and (2) will respond similarly to
a marketing action.
Market Segments - Answer-The relatively homogeneous groups of prospective buyers
who (1) have common needs and (2) will respond similarly to a marketing action
Target Market - Answer-One or more specific groups of potential consumers toward
which an organization directs its marketing program.
Product Differentiation - Answer-A marketing strategy that involves a firm using different
marketing mix actions to help consumers perceive a product as being different and
better than competing products.
Mass Customization - Answer-tailoring products or services to meet the needs of
individual customers on a high-volume scale
Build-to-Order - Answer-manufacturing a product only when there is an order from a
customer
Cannibalization - Answer-a situation that occurs when sales of a new product cut into
sales of a firm's existing products
Geographic Segmentation - Answer-Zip code, country, city
Demographic Segmentation - Answer-Age, gender, income
Psychographic Segmentation - Answer-Interests, activities, opinions, values
Behavioral Segmentation - Answer-Purchasing habits, customer loyalty, brand
interactions
80/20 Rule - Answer-A concept that suggests 80 percent of a firm's sales are obtained
from 20 percent of its customers
Customer Lifetime Value - Answer-Represents the financial worth of a customer to a
company over the course of their relationship
