MKT 3401 LEDET FINAL EXAM QUESTIONS WITH 100% VERIFIED SOLUTIONS

MKT 3401 LEDET FINAL EXAM QUESTIONS WITH 100% VERIFIED SOLUTIONS What is one of the limitations of marketing in social media? Select one: A. Marketers often do not control social media content B. Marketers must incorporate the 80/20 rule and use 80% of their budget on social media C. Marketers need to be on at least three platforms to market properly D. Marketers need a budget large enough to have a social media impact - ANSWER -Marketers often do not control social media content M7 Which is not a benefit of being involved in sponsorship? Select one: A. Exclusivity B. Drive sales C. Onsite promotions D. Co-branding - ANSWER -Exclusivity Which of the following is not part of the AIDA Model? Select one: A. Desire B. Attention C. Information D. Action - ANSWER -Information ( Attention, Interest, Desire, Action are part of AIDA) M7Ch16 Which is not a type of Promotion? Select one: A. Personal Presentation B. Public Relations C. Sales Promotions D. Advertising - ANSWER -Personal Presentation Which promotional program gives consumers the chance to try a product for free? Select one: A. Charity B. Touchpoints C. Sampling D. Point of sale - ANSWER -Sampling M7Ch15.6 The careful coordination of all promotional messages is called: Select one: A. AIDA B. The Marketing Mix C. Integrated Marketing Communication D. Effective Advertising - ANSWER -Integrated Marketing Communication M7Ch17.4 Which is the final step in personal selling? Select one: A. Follow up B. Ask questions C. Post settlement agreement D. Close the deal - ANSWER -Follow up Ch8.1 Market - ANSWER -People or organizations with needs or wants and the willingness and ability to buy. Ch8.1 Market Segment - ANSWER -A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs Ch8.1 Market Segmentation - ANSWER -Process of dividing the market into meaningful, similar, and identifiable segments or groups. The purpose is to enable the marketer to tailor marketing mixes to meet the needs of one or more specific segments Ch8.3Pg149/138 Criteria for segmentation scheme to be useful - ANSWER -1. SUBSTANTIALITY - a segment must be large enough to warrant development and maintaining a special market mix. 2. IDENTIFIABILITY/MEASURABILITY - demographic, geographic data. 3. ACCESSIBILITY - firm must be able to reach members of targeted segments with customized marketing mixes. 4. RESPONSIVENESS - use any criteria that seem logical Ch8.4Pg149/138 5 Bases for Segmenting Consumer Markets - ANSWER -1. Geographic Segmentation 2. Demographic Segmentation 3. Psychographic Segmentation 4. Benefit Segmentation Ch8.4e 80/20 Principle - ANSWER -20% of all customers generate 80% of the demand. Ch8.7Pg158/147 Three general strategies for targeting markets - ANSWER -1. UNDIFFERNTIATED TARGETING - views market as one big market with no individual segments and thus uses a single marketing mix 2. CONCENTRATED TARGETING - Select one segment of a market (niche) for targeting marketing efforts. Concentrate on understanding needs, motives, and satisfactions of that niche. 3. MULTISEGMENT TARGETING - chooses two or more well-defined market segments and develops a distinct marketing mix for each. *cannibalization: sales of new product cut into sales of existing products Ch8.9bPg161/150 Positioning Bases - ANSWER -1. ATTRIBUTE- product feature, or customer benefit 2. PRICE AND QUALITY - high price as signal of quality or low price as indication of value 3. USE OR APPLICATION - what and how much can it be used for? 4. PRODUCT USER- who will use it 5. PRODUCT CLASS - associate the product with a particular category of products (margarine with butter)