Marketing 306 Core Concepts Exam Questions With
Answers #4
Marketing Concept - correct answer The Idea that a firm's long-term success must
include a companywide effort to satisfy customer needs and wants.
Marketing Mix - correct answer A combination of activities that represent everything a
firm can do to influence demand for its good, service, or idea; often referred to as the
four Ps of marketing (product, price, place, and promotion)
Marketing Analytics - correct answer The practice of measuring, managing, and
analyzing market performance.
(Customer) Value - correct answer The perceived benefits, both monetary and
nonmonetary, that a customer receives from a product compared with the cost of
obtaining it.
Return on Marketing Investment (ROMI) - correct answer A measure of a firm's
effectiveness in using the resources allocated to its marketing effort.
External Factors Affecting the Marketing Environment - correct answer Economic
Demographic
Sociocultural
Political
Legal
Technological
Economic (as it pertains to external factors affecting the marketing environment) -
correct answer Gross Domestic Product (GDP), Income Distribution, Inflation, and
Consumer Confidence.
Demographic (as it pertains to external factors affecting the marketing environment) -
correct answer The characteristics of human populations that can be used to identify
consumer markets like: Age, Gender, Ethnicity, and Education Level.
Sociocultural (as it pertains to the external factors affecting the marketing environment)
- correct answer The combination of social and cultural factors that affect individual
development.
Political (as it pertains to the external factors affecting the marketing environment) -
correct answer --Firms must understand how the changing political climate affects them.
They then can develop marketing strategies that will lead to success under various
conditions.
--The political climate in the United States can change directions of government policy
quickly. Such change also can affect how marketers position their products.
, --Firms need not be completely passive when it comes to political decision that affect
their businesses. It's becoming increasingly possible for firms to affect politics.
Legal (as it pertains to the external factors affecting the marketing environment) -
correct answer U.S. Laws that Affect Marketers: Sherman Antitrust Act (1890),
Robinson-Patman Act (1936), Wheeler-Lea Amendment (1938), Fair Packaging and
Labeling Act (1966), Telephone Consumer Protection Act (1991), Credit Card
Accountability, Responsibility, and Disclosure Act (2009)
Technological (as it pertains to the external factors that affect the marketing
environment) - correct answer --Technology influences how consumers satisfy their
needs and wants, the basic concept underlying all marketing activities.
--Technology also changes how firms promote their products.
Consumer Decision Making Process - correct answer 1. Problem Recognition
2. Information Search
3. Alternative Evaluation
4.Outlet selection and purchase
5. Post-purchase process.
Problem Recognition (part of consumer decision making process) - correct answer --
The stage of the buying process in which consumers recognize a gap between their
current situation and a desired end-state.
--What need do I have to satisfy?
Information Search (part of consumer decision making process) - correct answer --
Consumers seek information that will help them identify and sort through available
alternatives.
-- What products are available to satisfy my need? What alternative solutions exist?
What are the appropriate criteria for evaluating potential solutions? How well does each
solution perform on the evaluative criteria?
Alternative Evaluation (part of consumer decision making process) - correct answer -- In
this process, Consumers use a set of evaluative criteria: the attributes they consider
most important. Evaluative criteria can differ from consumer to consumer.
-- Which product will best satisfy my need?
Outlet Selection and Purchase (part of consumer decision making process) - correct
answer -- After selecting the brand, the consumer must next choose a retail outlet.
Selecting a retail outlet involves comparing options based on a consumer's evaluative
criteria. Commonly considered factors include store location or convenience, price,
merchandise quality and selection, service levels, attractiveness of physical facilities (or
website), shopping atmosphere, return policies, marketing promotions, and retailer
reputation.
-- Where should I purchase from? How much should I pay?
Answers #4
Marketing Concept - correct answer The Idea that a firm's long-term success must
include a companywide effort to satisfy customer needs and wants.
Marketing Mix - correct answer A combination of activities that represent everything a
firm can do to influence demand for its good, service, or idea; often referred to as the
four Ps of marketing (product, price, place, and promotion)
Marketing Analytics - correct answer The practice of measuring, managing, and
analyzing market performance.
(Customer) Value - correct answer The perceived benefits, both monetary and
nonmonetary, that a customer receives from a product compared with the cost of
obtaining it.
Return on Marketing Investment (ROMI) - correct answer A measure of a firm's
effectiveness in using the resources allocated to its marketing effort.
External Factors Affecting the Marketing Environment - correct answer Economic
Demographic
Sociocultural
Political
Legal
Technological
Economic (as it pertains to external factors affecting the marketing environment) -
correct answer Gross Domestic Product (GDP), Income Distribution, Inflation, and
Consumer Confidence.
Demographic (as it pertains to external factors affecting the marketing environment) -
correct answer The characteristics of human populations that can be used to identify
consumer markets like: Age, Gender, Ethnicity, and Education Level.
Sociocultural (as it pertains to the external factors affecting the marketing environment)
- correct answer The combination of social and cultural factors that affect individual
development.
Political (as it pertains to the external factors affecting the marketing environment) -
correct answer --Firms must understand how the changing political climate affects them.
They then can develop marketing strategies that will lead to success under various
conditions.
--The political climate in the United States can change directions of government policy
quickly. Such change also can affect how marketers position their products.
, --Firms need not be completely passive when it comes to political decision that affect
their businesses. It's becoming increasingly possible for firms to affect politics.
Legal (as it pertains to the external factors affecting the marketing environment) -
correct answer U.S. Laws that Affect Marketers: Sherman Antitrust Act (1890),
Robinson-Patman Act (1936), Wheeler-Lea Amendment (1938), Fair Packaging and
Labeling Act (1966), Telephone Consumer Protection Act (1991), Credit Card
Accountability, Responsibility, and Disclosure Act (2009)
Technological (as it pertains to the external factors that affect the marketing
environment) - correct answer --Technology influences how consumers satisfy their
needs and wants, the basic concept underlying all marketing activities.
--Technology also changes how firms promote their products.
Consumer Decision Making Process - correct answer 1. Problem Recognition
2. Information Search
3. Alternative Evaluation
4.Outlet selection and purchase
5. Post-purchase process.
Problem Recognition (part of consumer decision making process) - correct answer --
The stage of the buying process in which consumers recognize a gap between their
current situation and a desired end-state.
--What need do I have to satisfy?
Information Search (part of consumer decision making process) - correct answer --
Consumers seek information that will help them identify and sort through available
alternatives.
-- What products are available to satisfy my need? What alternative solutions exist?
What are the appropriate criteria for evaluating potential solutions? How well does each
solution perform on the evaluative criteria?
Alternative Evaluation (part of consumer decision making process) - correct answer -- In
this process, Consumers use a set of evaluative criteria: the attributes they consider
most important. Evaluative criteria can differ from consumer to consumer.
-- Which product will best satisfy my need?
Outlet Selection and Purchase (part of consumer decision making process) - correct
answer -- After selecting the brand, the consumer must next choose a retail outlet.
Selecting a retail outlet involves comparing options based on a consumer's evaluative
criteria. Commonly considered factors include store location or convenience, price,
merchandise quality and selection, service levels, attractiveness of physical facilities (or
website), shopping atmosphere, return policies, marketing promotions, and retailer
reputation.
-- Where should I purchase from? How much should I pay?
