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BUSML 3250 Exam 2 - Textbook
Questions with 100% Correct Answers
Situation Analysis Correct Answer: Taking stock of where the firm or product has
been recently, where it is now, and where it is headed in terms of the
organization's marketing plans and the external forces and trends affecting it.
Company (5 C's of Marketing) Correct Answer: Products, competitive
advantages, brands, objectives, performance
Context (5 C's of Marketing) Correct Answer: Laws and regulations, social and
economic trends, technological trends
Customer (5 C's of Marketing) Correct Answer: Target audience, motivations
and behaviors, communication channels
Collaborators (5 C's of Marketing) Correct Answer: Suppliers, partners, investors,
distributors
Competition (5 C's of Marketing) Correct Answer: Direct and indirect
competitors, competitive positioning, strategies and tactics
SWOT Analysis Correct Answer: An acronym describing an organization's
appraisal of its internal Strengths and Weaknesses and its external Opportunities
and Threats.
Market Research Correct Answer: The process of defining a marketing problem
and opportunity, systematically collecting and analyzing information, and
recommending actions
:
vPretest - Stuvia US
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Steps:
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
Primary Research Correct Answer: Conducting research to collect new data to
solve a marketing information need.
Secondary Research Correct Answer: Analyzing information from previously
conducted research projects.
Insights (Spotlight Lecture) Correct Answer: A deep truth, relevant to your brand
and audience, that if solved has the power to move the customer to a desired
future state
How to identify:
1. Peel it back (keep asking questions)
2. Go beyond words (observe consumer behavior)
:
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3. Find commonalities (find underlying themes)
4. Uncover and discover (insights will result in off-target marketing strategy)
[CHAPTER 9] Market Segmentation Correct Answer: Involves aggregating
prospective buyers into groups, or segments, that (1) have common needs and
(2) will respond similarly to a marketing action.
Market Segments Correct Answer: The relatively homogeneous groups of
prospective buyers who (1) have common needs and (2) will respond similarly to
a marketing action
Target Market Correct Answer: One or more specific groups of potential
consumers toward which an organization directs its marketing program.
Product Differentiation Correct Answer: A marketing strategy that involves a firm
using different marketing mix actions to help consumers perceive a product as
being different and better than competing products.
Mass Customization Correct Answer: tailoring products or services to meet the
needs of individual customers on a high-volume scale
Build-to-Order Correct Answer: manufacturing a product only when there is an
order from a customer
Cannibalization Correct Answer: a situation that occurs when sales of a new
product cut into sales of a firm's existing products
Geographic Segmentation Correct Answer: Zip code, country, city
Demographic Segmentation Correct Answer: Age, gender, income
:
vPretest - Stuvia US
BUSML 3250 Exam 2 - Textbook
Questions with 100% Correct Answers
Situation Analysis Correct Answer: Taking stock of where the firm or product has
been recently, where it is now, and where it is headed in terms of the
organization's marketing plans and the external forces and trends affecting it.
Company (5 C's of Marketing) Correct Answer: Products, competitive
advantages, brands, objectives, performance
Context (5 C's of Marketing) Correct Answer: Laws and regulations, social and
economic trends, technological trends
Customer (5 C's of Marketing) Correct Answer: Target audience, motivations
and behaviors, communication channels
Collaborators (5 C's of Marketing) Correct Answer: Suppliers, partners, investors,
distributors
Competition (5 C's of Marketing) Correct Answer: Direct and indirect
competitors, competitive positioning, strategies and tactics
SWOT Analysis Correct Answer: An acronym describing an organization's
appraisal of its internal Strengths and Weaknesses and its external Opportunities
and Threats.
Market Research Correct Answer: The process of defining a marketing problem
and opportunity, systematically collecting and analyzing information, and
recommending actions
:
vPretest - Stuvia US
,2
Steps:
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
Primary Research Correct Answer: Conducting research to collect new data to
solve a marketing information need.
Secondary Research Correct Answer: Analyzing information from previously
conducted research projects.
Insights (Spotlight Lecture) Correct Answer: A deep truth, relevant to your brand
and audience, that if solved has the power to move the customer to a desired
future state
How to identify:
1. Peel it back (keep asking questions)
2. Go beyond words (observe consumer behavior)
:
vPretest - Stuvia US
, 3
3. Find commonalities (find underlying themes)
4. Uncover and discover (insights will result in off-target marketing strategy)
[CHAPTER 9] Market Segmentation Correct Answer: Involves aggregating
prospective buyers into groups, or segments, that (1) have common needs and
(2) will respond similarly to a marketing action.
Market Segments Correct Answer: The relatively homogeneous groups of
prospective buyers who (1) have common needs and (2) will respond similarly to
a marketing action
Target Market Correct Answer: One or more specific groups of potential
consumers toward which an organization directs its marketing program.
Product Differentiation Correct Answer: A marketing strategy that involves a firm
using different marketing mix actions to help consumers perceive a product as
being different and better than competing products.
Mass Customization Correct Answer: tailoring products or services to meet the
needs of individual customers on a high-volume scale
Build-to-Order Correct Answer: manufacturing a product only when there is an
order from a customer
Cannibalization Correct Answer: a situation that occurs when sales of a new
product cut into sales of a firm's existing products
Geographic Segmentation Correct Answer: Zip code, country, city
Demographic Segmentation Correct Answer: Age, gender, income
:
vPretest - Stuvia US
