BADM 320 Exam 1 Study Guide with Complete Solutions.
What are the 4 Ps of Marketing otherwise known as the Marketing Mix? correct answers
Product, Price, Place, Promotion
If you sell your old Nintendo video games to someone on ebay or another alone sales website,
you are taking part in what type of marketing? correct answers C2C Marketing- Consumer to
Consumer Marketing
(T/F): Giving customers incredible customer service will always lead to more sales and profits.
correct answers False
The University of Illinois offers an incredible education, a way way for young people to get
ahead in the world, a fun environment for learning, and a way for people to prepare for the
working world. This is an example of what? correct answers The U of I's Value Propositions
"Pure Michigan" is the marketing slogan used by the State of Michigan to inspire people to visit
Michigan on their vacation. This would be an example of which general type of marketing?
correct answers Place Marketing
When politicians develop advertisements and campaigns, they are trying to get voters to like
them, and vote for them. What would be the best type of marketing that they should use? correct
answers Person Marketing
Why do people buy things? correct answers They have a problem and they see your product as
an opportunity for growth.
When Coca-Cola develops multiple flavors of soda, develops different can and bottle designs to
fit different soda drinking situation, and they developed a Coca-Cola brand, they are focusing on
which of the four Ps of marketing? correct answers Product
When a firm organizes their store to better serve their customers, and make it easier for their
customers to shop and find products in the store, they are adding value in which part of the four
Ps of marketing? correct answers Place
If a product fails, because potential customers never hear about the product. Where would the
most likely issue be within the 4 Ps of marketing? correct answers Promotion
When firms divide up their customer base, it is called what? correct answers Segmentation
When a firm only focuses on the product and developing the best product possible in the firms
opinion without considering what the end customer want, what is the main issue that the firm
might have? correct answers Marketing Myopia
Why do marketers fail? correct answers All of these;
- Underestimating the competition.
, - Not doing enough research on the market.
- Have the incorrect pricing model.
Which sustainable competitive advantage focuses on creating long-term value for the customers
so they return again and again to business? correct answers Customer Excellence
When Starbucks buys up as many retail locations as they can in downtown Chicago to make sure
that all the workers have easy access to Starbucks coffee Starbucks is going for what type of
sustainable competitive advantage? correct answers Locational Excellence
The GIES College of business has a strong human resources department that helps faculty grow
into better researchers and better educators. GIES also have a top-notch management team whose
head was named Dean of the year. Looking at which type of sustainable competitive advantage is
the GIES College of Business going for? correct answers Operational excellence
Which is a bonus of having long-term loyal customers? correct answers All of these;
- They tend to purchase more products and services
- They are willing to pay more of what they want from the firm.
- They know how the firm works and require less time and energy answering questions.
Traditionally the University of Illinois will only receive tuition from students, however overtime
the university added university housing for students, and University bookstore where students
could buy their textbooks, they also started selling University of Illinois clothing to students as
well. In the situation the University of Illinois is trying to do what? correct answers Increase their
share of a students wallet.
Delta airlines knows that college students do not fly a lot of times per year, and that college
students do not show much loyalty to airlines. However, Delta does know that students are
willing to spend a lot of money on flights for spring break. In this sense, when it comes to Delta
Airlines relationship with college students delta would see college students as part of which
customer relationship group? correct answers Butterflies
Harvard university is one of the most popular and well-known universities in the world. You can
see people wearing Harvard University sweatshirts in every country, even if none of them
actually went to Harvard for school. In terms of the customer relationship groups, how would
Harvard University label the people that buy a Harvard University sweatshirt but do not actually
go to Harvard. The best answer please. correct answers Barnacles
The Nolan family are huge fans of the University of Illinois, they both went to the University of
Illinois, they sent her son to the University of Illinois, they buy season tickets to the basketball
and football games. The Nolans would be considered in which customer relationship group by
the University of Illinois? correct answers True Friends
The opportunities and threats that are analyzed in a SWOT analysis are located where? Inside or
outside the firm? correct answers Outside the firm
What are the 4 Ps of Marketing otherwise known as the Marketing Mix? correct answers
Product, Price, Place, Promotion
If you sell your old Nintendo video games to someone on ebay or another alone sales website,
you are taking part in what type of marketing? correct answers C2C Marketing- Consumer to
Consumer Marketing
(T/F): Giving customers incredible customer service will always lead to more sales and profits.
correct answers False
The University of Illinois offers an incredible education, a way way for young people to get
ahead in the world, a fun environment for learning, and a way for people to prepare for the
working world. This is an example of what? correct answers The U of I's Value Propositions
"Pure Michigan" is the marketing slogan used by the State of Michigan to inspire people to visit
Michigan on their vacation. This would be an example of which general type of marketing?
correct answers Place Marketing
When politicians develop advertisements and campaigns, they are trying to get voters to like
them, and vote for them. What would be the best type of marketing that they should use? correct
answers Person Marketing
Why do people buy things? correct answers They have a problem and they see your product as
an opportunity for growth.
When Coca-Cola develops multiple flavors of soda, develops different can and bottle designs to
fit different soda drinking situation, and they developed a Coca-Cola brand, they are focusing on
which of the four Ps of marketing? correct answers Product
When a firm organizes their store to better serve their customers, and make it easier for their
customers to shop and find products in the store, they are adding value in which part of the four
Ps of marketing? correct answers Place
If a product fails, because potential customers never hear about the product. Where would the
most likely issue be within the 4 Ps of marketing? correct answers Promotion
When firms divide up their customer base, it is called what? correct answers Segmentation
When a firm only focuses on the product and developing the best product possible in the firms
opinion without considering what the end customer want, what is the main issue that the firm
might have? correct answers Marketing Myopia
Why do marketers fail? correct answers All of these;
- Underestimating the competition.
, - Not doing enough research on the market.
- Have the incorrect pricing model.
Which sustainable competitive advantage focuses on creating long-term value for the customers
so they return again and again to business? correct answers Customer Excellence
When Starbucks buys up as many retail locations as they can in downtown Chicago to make sure
that all the workers have easy access to Starbucks coffee Starbucks is going for what type of
sustainable competitive advantage? correct answers Locational Excellence
The GIES College of business has a strong human resources department that helps faculty grow
into better researchers and better educators. GIES also have a top-notch management team whose
head was named Dean of the year. Looking at which type of sustainable competitive advantage is
the GIES College of Business going for? correct answers Operational excellence
Which is a bonus of having long-term loyal customers? correct answers All of these;
- They tend to purchase more products and services
- They are willing to pay more of what they want from the firm.
- They know how the firm works and require less time and energy answering questions.
Traditionally the University of Illinois will only receive tuition from students, however overtime
the university added university housing for students, and University bookstore where students
could buy their textbooks, they also started selling University of Illinois clothing to students as
well. In the situation the University of Illinois is trying to do what? correct answers Increase their
share of a students wallet.
Delta airlines knows that college students do not fly a lot of times per year, and that college
students do not show much loyalty to airlines. However, Delta does know that students are
willing to spend a lot of money on flights for spring break. In this sense, when it comes to Delta
Airlines relationship with college students delta would see college students as part of which
customer relationship group? correct answers Butterflies
Harvard university is one of the most popular and well-known universities in the world. You can
see people wearing Harvard University sweatshirts in every country, even if none of them
actually went to Harvard for school. In terms of the customer relationship groups, how would
Harvard University label the people that buy a Harvard University sweatshirt but do not actually
go to Harvard. The best answer please. correct answers Barnacles
The Nolan family are huge fans of the University of Illinois, they both went to the University of
Illinois, they sent her son to the University of Illinois, they buy season tickets to the basketball
and football games. The Nolans would be considered in which customer relationship group by
the University of Illinois? correct answers True Friends
The opportunities and threats that are analyzed in a SWOT analysis are located where? Inside or
outside the firm? correct answers Outside the firm
