MKT 300 Exam questions and
answers well graded 100%
What are micro environmental factors? - ANS✅✅elements in a firm's immediate environment
which affect its performance and decision-making
What are macro environmental factors? - ANS✅✅uncontrollable, external forces which affect a
firm's performance and decision-making
What is a SWOT analysis? - ANS✅✅analyzes strengths, weaknesses, opportunities, and threats
What is environmental scanning? - ANS✅✅process of collecting info about forces in the marketing
environment
What is environmental analysis? - ANS✅✅process of assessing and interpreting info gathered
through environmental scanning
What factors are examined during environmental analysis? - ANS✅✅accuracy, consistency,
significance, and relevance
What is the reactive approach to environmental response? - ANS✅✅passive view of environment
as uncontrollable
current strategy is cautiously adjusted to accommodate environmental changes
What is the proactive approach to environmental response? - ANS✅✅actively attempts to shape
and influence environment
strategies are constructed to overcome market challenges and take advantage of opportunities
What is Porter's five forces model? - ANS✅✅framework that helps organizations understand their
current competitors as well as organizations that could become competitors in the future
, What are brand competitors? - ANS✅✅products with similar features and benefits to the same
customers at similar prices
What are industry competitors? - ANS✅✅compete in the same product class, but their products
have different features, benefits, and prices
What are form competitors? - ANS✅✅provide very different products that solve the same
problem or satisfy the same basic customer need
What are generic competitors? - ANS✅✅compete for the limited financial resources of the same
customers
What does STP stand for? - ANS✅✅segmenting, targeting, and positioning
What are the five steps of the STP process? - ANS✅✅1) establish strategic objectives
2) determine which segmentation variables to use
3) evaluate relevant market segments
4) select specific target markets
5) develop positioning strategy
What is segmenting? - ANS✅✅identifying a group of customers in your market who share a similar
set of needs and wants
What is demographic segmentation? - ANS✅✅segmenting buyers by characteristics such as age,
occupation, gender, income, ethnicity, geography, and family life cycle
What is psychographic segmentation? - ANS✅✅segmenting buyers by values, lifestyle, personality,
activities, interests, and/or opinions
What are the three VALS orientations? - ANS✅✅ideals (thinkers and believers), achievement
(achievers and strivers), and self-expression (experiencers and makers)
What separates the subgroups of each VALS orientation? - ANS✅✅resource level
answers well graded 100%
What are micro environmental factors? - ANS✅✅elements in a firm's immediate environment
which affect its performance and decision-making
What are macro environmental factors? - ANS✅✅uncontrollable, external forces which affect a
firm's performance and decision-making
What is a SWOT analysis? - ANS✅✅analyzes strengths, weaknesses, opportunities, and threats
What is environmental scanning? - ANS✅✅process of collecting info about forces in the marketing
environment
What is environmental analysis? - ANS✅✅process of assessing and interpreting info gathered
through environmental scanning
What factors are examined during environmental analysis? - ANS✅✅accuracy, consistency,
significance, and relevance
What is the reactive approach to environmental response? - ANS✅✅passive view of environment
as uncontrollable
current strategy is cautiously adjusted to accommodate environmental changes
What is the proactive approach to environmental response? - ANS✅✅actively attempts to shape
and influence environment
strategies are constructed to overcome market challenges and take advantage of opportunities
What is Porter's five forces model? - ANS✅✅framework that helps organizations understand their
current competitors as well as organizations that could become competitors in the future
, What are brand competitors? - ANS✅✅products with similar features and benefits to the same
customers at similar prices
What are industry competitors? - ANS✅✅compete in the same product class, but their products
have different features, benefits, and prices
What are form competitors? - ANS✅✅provide very different products that solve the same
problem or satisfy the same basic customer need
What are generic competitors? - ANS✅✅compete for the limited financial resources of the same
customers
What does STP stand for? - ANS✅✅segmenting, targeting, and positioning
What are the five steps of the STP process? - ANS✅✅1) establish strategic objectives
2) determine which segmentation variables to use
3) evaluate relevant market segments
4) select specific target markets
5) develop positioning strategy
What is segmenting? - ANS✅✅identifying a group of customers in your market who share a similar
set of needs and wants
What is demographic segmentation? - ANS✅✅segmenting buyers by characteristics such as age,
occupation, gender, income, ethnicity, geography, and family life cycle
What is psychographic segmentation? - ANS✅✅segmenting buyers by values, lifestyle, personality,
activities, interests, and/or opinions
What are the three VALS orientations? - ANS✅✅ideals (thinkers and believers), achievement
(achievers and strivers), and self-expression (experiencers and makers)
What separates the subgroups of each VALS orientation? - ANS✅✅resource level
