MKTG 3340 Final Exam Questions and Answers Rated A+ 2024

Role of Marketing Generate profitable revenue When a marketer can describe something it is called a product concept After buying an item we experience what? cognitive dissonance Ways to engage consumers, directly or indirectly -Directly: physically, email newsletters, one to one basis, calling, sending direct ads/texting, create relationship, personalizing advertising toward you -Indirectly: social media, PR, content marketing, commercials, billboards Role of the internet in terms of marketing capabilities -quicker speed -less expensive -reach more people more readily -better target/micro target -more efficient Why digital marketing works..." better than non-digital" -overall efficiency -less expensive -dynamic/more immediate -can change it -FASTEST GROWING FORM OF MARKETING Advantages of direct and digital -Buyers and Sellers: convenience, ready access to many products, access to comparative information about companies, products and competitors, interactive and immediate -Sellers: tool to build customer relationships, low-cost, efficient, fast alternative to reach markets, flexible, access to buyers not reachable through other channels Advantages of transacting online -quick feedback -convenient -immediate -collects info about buyer -effective and efficient Role of a non-transactional website -inform/advertise to the consumer -create brand awareness -trusted source -charitable cause -can provide information/advertise One to one marketing and personalization -possible through email -made possible by AI -sales person to brand trying to connect and persuade you to buy their product or service Role of viral marketing, how and why it works -creating videos, ads, and other marketing content that are so infectious that customers will seek them out or pass them along to their friends -can be very inexpensive -content is more likely to be viewed if it comes from a friend Example of viral marketing video in class Gangnam Style Why blogs work and advantages -strong following leads to higher engagement -offer a fresh, person, cheap, and original way to enter consumer online and social media conversations -similar to viral marketing -ex. Mommy blogs sponsored by Walmart What is spam? -unsolicited/unwanted commercial email messages -usually through email -Spam was generally unwanted during WWII (the food) so when email became a thing, unwanted emails were also deemed spam Omni-channel is -One person likes to buy the product by going to a blog/tv/store and then finally buys it. Another person talks to their friend and sees the bike on the road then decides to buy it. All those persuasions have an effect, so you must have content and a presence in each of those places. -Complete and consistent in all representations of our product and that there are representations of our product in all places people would look to buy our product -Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping -Buyers shift seamlessly across online and in-store channels throughout the buying process -Ex: Walmart, Target, and Macy's offer apps that pull customers to both their websites and stores. Steps in the consumer behavior buying process: the process by which consumers evaluate making a purchase decision 1. need recognition/identify the problem 2. information search/information gathering 3. Identification/evaluation of alternatives] 4. Purchase decision 5. post-purchase evalutation Where do people get information in the information gathering step in the consumer buying process? -internal (what do I know about this product) -external (search engines like google) What happens in the evaluation of alternatives step in the consumer buying process? -considerations are set -create decision criteria and evaluate it -consumer uses information to evaluate alternative brands What is big data? -the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies -two sources: primary and secondary What are methods of collecting primary data? -surveys -interviews -experiments -observation What does experimental research provide? -very reliable as it links a cause and an effect -experiment is when you change something and then see the effect you have on it -best suited for gathering causal information What does a motive become when directed at a particular stimulus? -becomes a drive to set an objective -drive to compel you to purchase something How to assess social class -measured by a combination of occupation, income, education, wealth, influence, and others -important factor: societal role -ex. mayor of Dallas doesn't have the same wealth as Jerry Jones and other businesspeople, but he's still part of the social circle