BMGT 110 Exam 2 questions well
answered to pass
Marketing - correct answer ✔✔The process of planning, executing, conceptualizing, and
distributing ideas
The 4 P's of marketing - correct answer ✔✔1. Product
2. Price
3. Place
4. Promotion
New Product Development - correct answer ✔✔Extremely difficult task, 80% are failures
6 Steps to Product Development - correct answer ✔✔1. Idea Generation
2. Product Screening
3. Product Analysis
4. Development
5. Testing
6. Commercialization
Product Line - correct answer ✔✔Groups of individual product that are closely related in some
way.
Example- different types of cars are known for different types of people
Product Mix - correct answer ✔✔Combination of product lines offered by a company, relies on
product differentiation.
,Product Differentiation - correct answer ✔✔Attempts to make a close substitute appear
different, customers no longer regard products as the same, pricing and promotion are big
factors that set them apart.
Branding - correct answer ✔✔Key difference component.
- Name
- Symbol
- Design
- Logo
Trademark - correct answer ✔✔Brand that has been given legal exclusivity to their name and
logo
Packaging - correct answer ✔✔Important for product offering, helps decide whether to buy or
not to buy.
Pricing strategies - correct answer ✔✔1. Cost Based
2. Demand Based
3. Competition Based
Product Life Cycle - correct answer ✔✔1. Intro
2. Growth
3. Maturity (remarketing)
4. Decline
Pricing objectives - correct answer ✔✔Hardest of the Ps, most important to customers.
, 1. Return of Investment (ROI)- set to maximize profits in long run
2. Build traffic- lower pricing, attract customers
3. Image Support- price can add to the status
4. Increased market share
5. Social Impact
Place - correct answer ✔✔Usually described in terms of utility (value) to consumers: form, time,
place, possession, information, and service.
Non-selling retail stores - correct answer ✔✔internet, telemarketing, vending, kiosks, direct
selling and multilevel marketing
Promotion - correct answer ✔✔Involves disseminating information about a product, brand, or
company to the target market and to persuade them to participate in an exchange.
Integrated Marketing Communications (IMC) - correct answer ✔✔Combines all promotional
tools into competitiveness strategy, lead to creation of positive product image and meeting
goals.
Helps define objectives for the promotional mix, assess budget needs, assess budget needs,
create unifying message, evaluate strategy effectiveness.
Advertising - correct answer ✔✔The paid, non-personal, promotion of goods, services,
companies and ideas by an identified sponsor.
About how much does advertising cost in a given year? - correct answer ✔✔Advertising in the
US exceeds $225 billion per year
Advertisement Mediums - correct answer ✔✔Newspapers, direct mail, radio, yellow pages, etc.,
but television is where the most money is spent.
answered to pass
Marketing - correct answer ✔✔The process of planning, executing, conceptualizing, and
distributing ideas
The 4 P's of marketing - correct answer ✔✔1. Product
2. Price
3. Place
4. Promotion
New Product Development - correct answer ✔✔Extremely difficult task, 80% are failures
6 Steps to Product Development - correct answer ✔✔1. Idea Generation
2. Product Screening
3. Product Analysis
4. Development
5. Testing
6. Commercialization
Product Line - correct answer ✔✔Groups of individual product that are closely related in some
way.
Example- different types of cars are known for different types of people
Product Mix - correct answer ✔✔Combination of product lines offered by a company, relies on
product differentiation.
,Product Differentiation - correct answer ✔✔Attempts to make a close substitute appear
different, customers no longer regard products as the same, pricing and promotion are big
factors that set them apart.
Branding - correct answer ✔✔Key difference component.
- Name
- Symbol
- Design
- Logo
Trademark - correct answer ✔✔Brand that has been given legal exclusivity to their name and
logo
Packaging - correct answer ✔✔Important for product offering, helps decide whether to buy or
not to buy.
Pricing strategies - correct answer ✔✔1. Cost Based
2. Demand Based
3. Competition Based
Product Life Cycle - correct answer ✔✔1. Intro
2. Growth
3. Maturity (remarketing)
4. Decline
Pricing objectives - correct answer ✔✔Hardest of the Ps, most important to customers.
, 1. Return of Investment (ROI)- set to maximize profits in long run
2. Build traffic- lower pricing, attract customers
3. Image Support- price can add to the status
4. Increased market share
5. Social Impact
Place - correct answer ✔✔Usually described in terms of utility (value) to consumers: form, time,
place, possession, information, and service.
Non-selling retail stores - correct answer ✔✔internet, telemarketing, vending, kiosks, direct
selling and multilevel marketing
Promotion - correct answer ✔✔Involves disseminating information about a product, brand, or
company to the target market and to persuade them to participate in an exchange.
Integrated Marketing Communications (IMC) - correct answer ✔✔Combines all promotional
tools into competitiveness strategy, lead to creation of positive product image and meeting
goals.
Helps define objectives for the promotional mix, assess budget needs, assess budget needs,
create unifying message, evaluate strategy effectiveness.
Advertising - correct answer ✔✔The paid, non-personal, promotion of goods, services,
companies and ideas by an identified sponsor.
About how much does advertising cost in a given year? - correct answer ✔✔Advertising in the
US exceeds $225 billion per year
Advertisement Mediums - correct answer ✔✔Newspapers, direct mail, radio, yellow pages, etc.,
but television is where the most money is spent.
