MKTG 201 Rackham Exam 1 Questions and Answers

MKTG 201 Rackham Exam 1 Questions and
Answers
MarketA-ACORRECTAANSWERSA-
TheAaggregateAofAindividualsAandAorganizationsAthatAhaveA(1)AneedsAandAwantsAandA(2)A
theAability,Awillingness,AandAauthorityAtoApurchaseAproductsAandAservicesAthatAsatisfyAtheir
AneedsAandAwants

MarketingA-ACORRECTAANSWERSA-
TheAactivity,AsetAofAinstitutions,AandAprocessesAforAcreating,Acommunicating,Adelivering,Aa
ndAexchangingAofferingsAthatAhaveAvalueAforAcustomers,Aclients,Apartners,AandAsocietyAatAl
arge
StrategicATriangleA-ACORRECTAANSWERSA-Customer,ACompany,ACompetition
ComponentsAofAmarketingAstrategyA-ACORRECTAANSWERSA-
1.ACorporateAStrategy
2.AStrategicABusinessAUnitAStrategy
3.AMarketingAStrategy
MarketingAMixA-A4APsA-ACORRECTAANSWERSA-
1.AProduct
2.APrice
3.APlace
4.APromotion
MarketingAthroughAbrandAchampionsA-ACORRECTAANSWERSA-
BrandAchampionsAareAcustomersAwhoAloveAtheAproductsAandAthenAchampionAtheAproducts
AtoAotherApeople

4AmarketingAphilosophiesA-ACORRECTAANSWERSA-
1.AMarketApenetration
2.AProductAdevelopment
3.AMarketAdevelopment
4.ADiversification
3AcomponentsAofAmarketingAconceptA-ACORRECTAANSWERSA-
1.ATheAexchangeAthatAtakesAplaceAbetweenAsellersAandAbuyers
2.ACreates,Acommunicates,AandAdeliversAvalueAtoAfacilitateAexchanges
3.ASatisfiesAcustomerAneedsAandAwantsAatAaAprofit
CorporateAStrategyA-ACORRECTAANSWERSA-
AnswersAtheAquestionA"WhatAbusinessAshouldAweAbeAin"?
StrategicABusinessAUnitAStrategyA-ACORRECTAANSWERSA-
AnswersAtheAquestionA"HowAdoAweAcompeteAeffectivelyAinAaAgivenAbusiness"?
MarketingAStrategyA-ACORRECTAANSWERSA-
AnswersAtheAquestionA"HowAdoAweAorchestrateAtheAmarketingAmixAtoAdeliverAvalueAtoAaApa
rticularAmarketAsegment"?
StarsA-ACORRECTAANSWERSA-HighAmarketAgrowthArate,AhighArelativeAmarketAshare
QuestionAmarksA-ACORRECTAANSWERSA-
HighAmarketAgrowthArate,AlowArelativeAmarketAshare

, CashAcowsA-ACORRECTAANSWERSA-
LowAmarketAgrowthArate,AhighArelativeAmarketAshare
DogsA-ACORRECTAANSWERSA-LowAmarketAgrowthArate,AlowArelativeAmarketAshare
ProductA-ACORRECTAANSWERSA-ProductsAorAservice
PriceA-ACORRECTAANSWERSA-TheAamountApaidAforAaAproduct
PromotionA-ACORRECTAANSWERSA-MarketingAcommunicationAactivities
PlaceA-ACORRECTAANSWERSA-WhereAproductsAareApurchased
MarketApenetrationA-ACORRECTAANSWERSA-
SellingAmoreAofAtheAexistingAproductsAinAexistingAmarkets
ProductAdevelopmentA-ACORRECTAANSWERSA-
IntroducingAnewAproductsAtoAexistingAmarkets
MarketAdevelopmentA-ACORRECTAANSWERSA-
IntroducingAexistingAproductsAtoAnewAmarkets
DiversificationsA-ACORRECTAANSWERSA-IntroducingAnewAproductsAtoAnewAmarkets
ProfitabilityADriversA-ACORRECTAANSWERSA-1.ACustomerAAcquisition
2.ACustomerARetention
3.ASalesAperAcustomer
4.AMargin
CustomerAAcquisitionA-ACORRECTAANSWERSA-AcquireAandAkeepAcustomers
CustomerARetentionA-ACORRECTAANSWERSA-
TheApracticeAofAkeepingAcustomersAbyAbuildingAlong-termArelationships
SalesAperACustomerA-ACORRECTAANSWERSA-
TheAamountAofAsalesAfromAaAparticularAcustomer.
MarginA-ACORRECTAANSWERSA-TheAdifferenceAbetweenApriceAandAcosts
ProductionAOrientationA-ACORRECTAANSWERSA-SupplyAgeneratesAitsAownAdemand
SalesAOrientationA-ACORRECTAANSWERSA-
Marketing'sAonlyAroleAisAtoAsellAproductsAonceAtheyAareAmade
MarketAOrientationA-ACORRECTAANSWERSA-
EveryAproductAorAserviceAshouldAfocusAonAsatisfyingAcustomerAneedsAandAwantsAatAaAprofi
t
SocietalAOrientationA-ACORRECTAANSWERSA-
EveryAproductAorAserviceAshouldAprovideAvalueAtoAtheAcustomerAasAwellAasAtoAsocietyAasAa
Awhole

SocialAForcesA-ACORRECTAANSWERSA-1.ACulture
2.ADemographics
ExternalAForcesA-ACORRECTAANSWERSA-1.ASocial
2.AEconomic
3.ATechnological
4.ACompetitive
5.ARegulatory
SWOTAAnalysisA-ACORRECTAANSWERSA-Strengths
Weaknesses
Opportunities
Threats
CultureA-ACORRECTAANSWERSA-
SharedAvalue,Aattitudes,AandApracticesAthatAshapeAhumanAbehaviors