MARKETING 201 (SWENSON @ BYU) - FINAL EXAM WITH COMPLETE
QUESTIONS AND ANSWERS RATED A+
S
Chapter 1 - Marketing Strategy
What is marketing? - The exchange that creates and delivers value for customers
at a profit
Star (BCG Matrix) - High growth and high market share
Cash Cows (BCG Matrix) - High market share but low growth
Question Mark (BCG Matrix) - Low market share but high growth
Dog (BCG Matrix) - Low market share and low growth
Market Penetration - Selling more of the existing products in existing markets
Product Development - Introducing new products to existing markets
Market Development - Introducing existing products to new markets
Diversification - Introducing new products to new markets
Product Orientation - A belief that supply generates demand. The sole focus is on
the product
Sales Orientation - A belief that marketing's purpose is to sell products. Uses
aggressive sales techniques
Market Orientation - The belief that products should focus on satisfying customer
needs at a profit
Societal Orientation - The belief that products should provide value to both the
customer as well as to society as a whole. Concerned about the enviroment
Path to Profitability -
Marketing Mix - Product, Price, Place, Promotion
Chapter 2 - The Marketing Environment
External Enviroment - Social forces, Economic forces, Technological forces,
Competitive forces, Regulatory forces
, Social Forces - Culture and demographics
Baby Boomers - age 54 - 72
Gen X - age 38 - 53
Millennials (Gen Y) - age 22 - 37
Gen Z - age 16 - 21
Economic Forces - Gross, disposable, and discretionary income
Technological Forces - New science and research
Competitive Forces - Attractiveness of the industry
Competitive Rivalry - Reactions taken by competitors
Power of Suppliers - Powerful suppliers can drive down profits by charging high
prices and/or reducing product quality
Power of Buyers - Customers can demand lower prices or increased quality
Threat of Entrants - New entrants can shake up an industry and cause increased
competition as they seek to take market share from existing companies
Threat of Substitues - Substitute products can replace existing products by
performing a similar function
Regulatory Forces - Changes in laws and trade regulations
Strengthes (SWOT) - Essential competencies of the firm [internal]
Opportunities (SWOT) - Favorable market conditions [external]
Weaknesses (SWOT) - Firm specific limitations [internal]
Threats (SWOT) - Conditions that hinder profitability [external]
Chapter 3 - Global Marketing
Exporting - selling domestically produced products to buyers in other countries
Licensing - selling the right to use a process, trademark, patent, or other right for a
fee or royalty
Joint Venture - A domestic firm partners with a foreign company to create a new
entity
Foreign Direct Investment - Building a wholly owned operation in a foreign country
QUESTIONS AND ANSWERS RATED A+
S
Chapter 1 - Marketing Strategy
What is marketing? - The exchange that creates and delivers value for customers
at a profit
Star (BCG Matrix) - High growth and high market share
Cash Cows (BCG Matrix) - High market share but low growth
Question Mark (BCG Matrix) - Low market share but high growth
Dog (BCG Matrix) - Low market share and low growth
Market Penetration - Selling more of the existing products in existing markets
Product Development - Introducing new products to existing markets
Market Development - Introducing existing products to new markets
Diversification - Introducing new products to new markets
Product Orientation - A belief that supply generates demand. The sole focus is on
the product
Sales Orientation - A belief that marketing's purpose is to sell products. Uses
aggressive sales techniques
Market Orientation - The belief that products should focus on satisfying customer
needs at a profit
Societal Orientation - The belief that products should provide value to both the
customer as well as to society as a whole. Concerned about the enviroment
Path to Profitability -
Marketing Mix - Product, Price, Place, Promotion
Chapter 2 - The Marketing Environment
External Enviroment - Social forces, Economic forces, Technological forces,
Competitive forces, Regulatory forces
, Social Forces - Culture and demographics
Baby Boomers - age 54 - 72
Gen X - age 38 - 53
Millennials (Gen Y) - age 22 - 37
Gen Z - age 16 - 21
Economic Forces - Gross, disposable, and discretionary income
Technological Forces - New science and research
Competitive Forces - Attractiveness of the industry
Competitive Rivalry - Reactions taken by competitors
Power of Suppliers - Powerful suppliers can drive down profits by charging high
prices and/or reducing product quality
Power of Buyers - Customers can demand lower prices or increased quality
Threat of Entrants - New entrants can shake up an industry and cause increased
competition as they seek to take market share from existing companies
Threat of Substitues - Substitute products can replace existing products by
performing a similar function
Regulatory Forces - Changes in laws and trade regulations
Strengthes (SWOT) - Essential competencies of the firm [internal]
Opportunities (SWOT) - Favorable market conditions [external]
Weaknesses (SWOT) - Firm specific limitations [internal]
Threats (SWOT) - Conditions that hinder profitability [external]
Chapter 3 - Global Marketing
Exporting - selling domestically produced products to buyers in other countries
Licensing - selling the right to use a process, trademark, patent, or other right for a
fee or royalty
Joint Venture - A domestic firm partners with a foreign company to create a new
entity
Foreign Direct Investment - Building a wholly owned operation in a foreign country
