MKTG 3010 FINAL EXAM REVIEW QUESTIONS
Marketing Definition - Answers - presenting & maintaining a product image and/ or idea
in a way that convinces consumers that the product is worth their trade (aka money)
Managing profitable customer relationships - Answers - maintaining a product and
brand in a way that keeps customers coming back and happy with their purchase
SWOT analysis - Answers - Strengths, Weaknesses, Opportunities, Threats
Very subjective
Consumer Behavior (5 steps) - Answers - 1) Need Recognition
2) Information Search
3) Evaluate Alternatives
4) Purchase
5) Post-Purchase Behavior
Low v. High Involvement - Answers - Low = pack of gum
High = car
4 types of Products - Answers - Convenience - milk
Shopping - clothes
Specialty - luxury
Unsought - coffins
Diffusion of Innovation - Answers - same product changes from creator to creator and
improves as it goes
7 stages of New Product Development - Answers - 1) Strategies - internal or external
company
2) Idea Generation - internal or external
3) Screening & evaluating - good or bad idea
4) Business Analysis - economic viability
5) Development - point of no return; high $$$
6) Market Testing - beta or slow release
7) Commercialization - mass release
Adoption Curve & each group - Answers - Also a complete chasm in second phase
1) Innovators
2) Early Adopters
3) Early Majority
, 4) Late Majority
5) Laggards
STP - Answers - Segmentation
Targeting
Positioning
Segmentation - Answers - How you're dividing consumers
- Demographics
- Phsycographics
Positioning - Answers - Defining how your offering will be perceived by the target market
Mission statements are a part of this
Targeting - Answers - "If you chase 2 rabbits, you'll catch neither"
Which segment you want to go after
Marketing Research - Answers - research to see what strategy or medium or ad is most
worth the time and value to what the customer actually wants and will buy.
7 Marketing Research Steps - Answers - 1) ID Problem
2) Plan Research Design = Does this make sense?
3) Decide Sampling Procedure = Where & Who
4) Collect Data
5) Analyze Data
6) Report Data = Here's what we learned
7) Follow Up = Here's what we'll do
Primary v. Secondary Data - Answers - Primary = newly acquired and done
Secondary = already existing but still applicable
Qualitative v. Quantitative - Answers - Qualitative = information (think blue v. green)
Quantitative = numbers (think 1 to 5 scale)
Product Life Cycle (PLC) - Answers - 1) Introduction - gain awareness
2) Growth - stress differentiation
3) Maturity - maintain brand loyalty
4) Decline - harvest & deletion
PLC Marketing Tasks - Answers -
Distribution - Answers -
Marketing Definition - Answers - presenting & maintaining a product image and/ or idea
in a way that convinces consumers that the product is worth their trade (aka money)
Managing profitable customer relationships - Answers - maintaining a product and
brand in a way that keeps customers coming back and happy with their purchase
SWOT analysis - Answers - Strengths, Weaknesses, Opportunities, Threats
Very subjective
Consumer Behavior (5 steps) - Answers - 1) Need Recognition
2) Information Search
3) Evaluate Alternatives
4) Purchase
5) Post-Purchase Behavior
Low v. High Involvement - Answers - Low = pack of gum
High = car
4 types of Products - Answers - Convenience - milk
Shopping - clothes
Specialty - luxury
Unsought - coffins
Diffusion of Innovation - Answers - same product changes from creator to creator and
improves as it goes
7 stages of New Product Development - Answers - 1) Strategies - internal or external
company
2) Idea Generation - internal or external
3) Screening & evaluating - good or bad idea
4) Business Analysis - economic viability
5) Development - point of no return; high $$$
6) Market Testing - beta or slow release
7) Commercialization - mass release
Adoption Curve & each group - Answers - Also a complete chasm in second phase
1) Innovators
2) Early Adopters
3) Early Majority
, 4) Late Majority
5) Laggards
STP - Answers - Segmentation
Targeting
Positioning
Segmentation - Answers - How you're dividing consumers
- Demographics
- Phsycographics
Positioning - Answers - Defining how your offering will be perceived by the target market
Mission statements are a part of this
Targeting - Answers - "If you chase 2 rabbits, you'll catch neither"
Which segment you want to go after
Marketing Research - Answers - research to see what strategy or medium or ad is most
worth the time and value to what the customer actually wants and will buy.
7 Marketing Research Steps - Answers - 1) ID Problem
2) Plan Research Design = Does this make sense?
3) Decide Sampling Procedure = Where & Who
4) Collect Data
5) Analyze Data
6) Report Data = Here's what we learned
7) Follow Up = Here's what we'll do
Primary v. Secondary Data - Answers - Primary = newly acquired and done
Secondary = already existing but still applicable
Qualitative v. Quantitative - Answers - Qualitative = information (think blue v. green)
Quantitative = numbers (think 1 to 5 scale)
Product Life Cycle (PLC) - Answers - 1) Introduction - gain awareness
2) Growth - stress differentiation
3) Maturity - maintain brand loyalty
4) Decline - harvest & deletion
PLC Marketing Tasks - Answers -
Distribution - Answers -
