GMU MKTG 303 Final Exam Questions And Answers | 100% Correct Answers | 2024 Updated Quiz

Marketing always entails an: - Answer-Exchange Purpose of Marketing is to create: - Answer-Value The 4 P's of Marketing - Answer-1) Product 2) Place 3) Promotion 4) Price Competitive Advantage consists of: - Answer-Excellence in all areas of 4 P's The Marketing Plan - Answer-Consists of 3 phases 1) Planning Phase 2) Implementation Phase 3) Control Phase The Strategy Pyramid - Answer-VMOST -Vision -Mission -Objectives -Strategy -Tactics SWOT Analysis - Answer-Evaluates an organization's Strengths, Weaknesses, Opportunities, and Threats S-T-P - Answer-A three-step approach to building a targeted marketing plan- Segmentation - Targeting - Positioning The BCG Matrix - Answer-Used to evaluate strategic position of products within a business and how strong they are - Stars - Question Marks - Dogs - Cash Cows Stars - Answer-High Growth Rate , High Market Share Question Marks - Answer-High Growth Rate , Low Market Share Dogs - Answer-Low Growth Rate , Low Market Share Cash Cows - Answer-Low Growth Rate , High Market Share Growth Strategies (for New and Current Markets) - Answer-- Market Penetration - Product Development - Diversification - Market Development Porter's Five Forces Model - Answer-Used to analyze competition of a business 1) Rivalry among competitors 2) Threat of Substitutes 3) Buyer Power 4) Threat of New Entrants5) Supplier Power Culture - Answer-Shared meanings, beliefs, morals, values, and customs of a group of people Regional Culture - Answer-The culture of the area within the country - McDonald's in India not serving beef Country Culture - Answer-Easy to spot nuances - Dress, Language Current Social Trends - Answer-1) Health and Wellness 2) Environmental Consciousness 3) Privacy Secondary Data - Answer-Data collected PRIOR to the start of a research project - External and internal sources Primary Data - Answer-Data collected to address SPECIFIC RESEARCH NEEDS - Focus groups, interviews, surveys Quantitative Research - Answer-Structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data Qualitative Research - Answer-Informal research methods, including observation, following social media sites, in depth interviews, focus groups, and projective techniques Factors that Influencing Consumer Decisions: - Answer-- Marketing Mix (4 P's) - Psychological Factors (Attitudes, Lifestyle) - Situational Factors- Social Factors (Family, Culture) Business-To-Business - Answer-Buying and selling of goods and services for: -Production - Consumption - Resale