MKTG 2500 FINAL EXAM (ALL CHAPTERS)
QUESTIONS WITH VERIFIED ANSWERS
5 Developments in the Changing Marketing Landscape - Answers - 1. The Digital Age
2. The Changing Economic Environment
3. The Growth for Non-For Profit Marketing
4. Rapid Globalization
5. Sustainable Marketing
Targeting - Answers - Process of evaluating each markets attractiveness and selecting
one or more segments to enter
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in minds of consumers
Differentiation - Answers - Differentiating the market offering to create superior
customer value
4 P's of Marketing - Answers - Product
Price
Place
Promotion
Motive / Drive - Answers - Need directly related to satisfaction
Attitude - Answers - Positive/negative feelings or evaluations
Cognitive Dissonance - Answers - Buyer discomfort caused by post purchase conflict
Factors that influence consumer behavior - Answers - Cultural
Social
Personal
Psychological
Types of market segmentation - Answers - geographic, demographic, psycho-graphic,
behavioral
Requirements for effective segmentation (5) - Answers - Measurable
Accessible
Substantial (market is large/profitable enough to serve)
Differential (market is distinguishable and able to serve)
Actionable
, What firms should look at when evaluating potential market segments - Answers - Size
and growth
Structural Attractiveness
Company objectives and resources
Types of Differentiation - Answers - Product
Service
Channel
People
Criteria for deciding which differentiation to promote - Answers - Important
Distinctive
Superior
Communicable
Preemptive
Affordable (for buyers)
Profitable (for company)
Value proposition - Answers - The full positioning of the brand; the full mix of benefits on
which its positioned
Answers, "Why should I buy your brand?"
Positioning Statement & Components - Answers - To (target segment and need) our
(brand) is (concept) that (point of difference)
3 Levels of a Product - Answers - Core Customer Value
Actual Product
Augmented Product
Level 1 of a Product - Answers - Core customer value
"What's the buyer really buying?"
Level 2 of a Product - Answers - Actual product "tangible items"
ex.) brand name, quality level, design, features
Level 3 of a Product - Answers - Augmented Product
Before, during, or after sale that add additional value
ex.) warranty, product support, delivery
Convenience Products - Answers - Frequent purchases with little planning
Low prices
Widespread distribution
ex.) toothpaste, laundry detergent
Shopping Products - Answers - Less frequently purchased
QUESTIONS WITH VERIFIED ANSWERS
5 Developments in the Changing Marketing Landscape - Answers - 1. The Digital Age
2. The Changing Economic Environment
3. The Growth for Non-For Profit Marketing
4. Rapid Globalization
5. Sustainable Marketing
Targeting - Answers - Process of evaluating each markets attractiveness and selecting
one or more segments to enter
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in minds of consumers
Differentiation - Answers - Differentiating the market offering to create superior
customer value
4 P's of Marketing - Answers - Product
Price
Place
Promotion
Motive / Drive - Answers - Need directly related to satisfaction
Attitude - Answers - Positive/negative feelings or evaluations
Cognitive Dissonance - Answers - Buyer discomfort caused by post purchase conflict
Factors that influence consumer behavior - Answers - Cultural
Social
Personal
Psychological
Types of market segmentation - Answers - geographic, demographic, psycho-graphic,
behavioral
Requirements for effective segmentation (5) - Answers - Measurable
Accessible
Substantial (market is large/profitable enough to serve)
Differential (market is distinguishable and able to serve)
Actionable
, What firms should look at when evaluating potential market segments - Answers - Size
and growth
Structural Attractiveness
Company objectives and resources
Types of Differentiation - Answers - Product
Service
Channel
People
Criteria for deciding which differentiation to promote - Answers - Important
Distinctive
Superior
Communicable
Preemptive
Affordable (for buyers)
Profitable (for company)
Value proposition - Answers - The full positioning of the brand; the full mix of benefits on
which its positioned
Answers, "Why should I buy your brand?"
Positioning Statement & Components - Answers - To (target segment and need) our
(brand) is (concept) that (point of difference)
3 Levels of a Product - Answers - Core Customer Value
Actual Product
Augmented Product
Level 1 of a Product - Answers - Core customer value
"What's the buyer really buying?"
Level 2 of a Product - Answers - Actual product "tangible items"
ex.) brand name, quality level, design, features
Level 3 of a Product - Answers - Augmented Product
Before, during, or after sale that add additional value
ex.) warranty, product support, delivery
Convenience Products - Answers - Frequent purchases with little planning
Low prices
Widespread distribution
ex.) toothpaste, laundry detergent
Shopping Products - Answers - Less frequently purchased
