Mkt 3000 Final Exam Questions Answered Correctly Latest Update 2026

MKT 3000 FINAL EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Marketing research process - Answers define the problem/objective, design the research, collect the data, analyze and interpret data, and write the report and describe the action plan Secondary data - Answers information that already exists somewhere (internally or externally) (Dis)advantages of secondary data - Answers obtained more quickly, lower cost, but may lack accuracy Primary data - Answers information collected by the company for the specific purpose on hand (Dis)advantages of primary data - Answers relevant to the specific purpose on hand, usually expensive and time consuming, alternative methods of data collection available Observational research - Answers gathering data by observing people, actions, and situations Survey research - Answers asking individuals about attitudes, preferences, buying behaviors, and feelings Experimental research - Answers select matched group of subjects, give them different treatments, control related factors and check for differences in group responses Focus group - Answers trained moderator discusses a topic with a group of 8-12 people; discussions are usually videotaped and analyzed later Data collection - Answers usually representative of samples not whole populations. if using questionnaires, pay attention to design issues. objective is to increase response rate and decrease measurement error. analyze data by using appropriate statistical techniques and prepare a research report and action plan Big data - Answers data sets that are too large and complex to analyze with traditional data management software. e.g. data warehouses, data mining tools Descriptive analytics tools - Answers summarize historical data to understand what's happening Predictive analytics tools - Answers use historic data to forecast future Prescriptive analytics tools - Answers use simulations and find the most effective strategy Active analytics tools - Answers use AI algorithms to analyze data bases including the internet Product - Answers anything that is of value to a customer and can be offered through a voluntary exchange. is conceptualized at 3 levels: the core value, actual product, and augmented (additional) product Specialty products - Answers consumers are willing to make special efforts to obtain the product; will not settle for substitutes Shopping products - Answers bought only after making comparisons in competing stores Convenience products - Answers bought quickly with minimum effort Unsought products - Answers buyers do not normally think of buying or do not know about it Product mix - Answers complete set of all products offered including product lines (a group of similar products) Best product mix - Answers creates efficiency in production, selling, promotion, and distribution. depends on the firms engineering, production, marketing skills, etc. Brand name - Answers part of the brand that can be spoken Properties of a good brand name - Answers easy to pronounce and remember, suggest something about the product's benefits, appropriate for the product category, and suggest positive images to the consumer Brand mark - Answers part of a brand not made of words; often a symbol, design, character, etc. Trademark - Answers legal designation that the owner had exclusive use of a brand or part of a brand Legal aspects of branding - Answers a brand can be too successful; if the brand name becomes too descriptive of a product category it runs the risk of becoming public property and losing its trademark position Manufacturer's brands - Answers owned and managed by the manufacturers. producers are identified at the point of purchase Private labels - Answers developed and marketed by a retailer. e.g. cvs cough syrup, trader joes peanut butter Generic brand - Answers no frills unbranded products Lisensed brand - Answers one firm allows another to use its brand name in exchange for a fee or royalty, or both Brand equity - Answers the marketing and financial value associated with a brand's strength in a market Brand dilution - Answers the weakening of a brands identity or value when its overextended or associated with unrelated or poor quality products New product development process - Answers idea generation and screening, concept testing, product development, market testing, product launch, and evaluation New product planning - Answers developing and introducing new products is expensive and risky; 85% of new products fail Idea generation and screening - Answers creating and evaluating new product ideas; comes from internal sources, customers, competitors, distributors, suppliers, and other sources Concept testing - Answers a sample of potential buyers is presented with the product idea through written or oral description to determine their attitudes and their buying intentions Product development - Answers research and development and engineering departments turn the product concept into a physical product. functional tests are performed Market testing - Answers limited introduction of the product in a geographical area are chosen to represent the market Product launch - Answers product is usually introduced in stages, might take a year or two to launch the product nationally Alpha testing - Answers internal product testing done by the company before the release Beta testing - Answers product testing done by real users outside the company to gather feedback before launch Evaluation of results - Answers compare achieved sales and market share with objectives Factors effecting pricing - Answers company objectives, marketing mix strategy, costs Experience effect - Answers production costs decrease as a company gains experience making a product, allowing prices to be lowered over time