Marketing 2400 Final Exam Complete Questions With Verified Guaranteed Answers.

Exchange - correct answer An exchange can take place only if the following five conditions exist- 1. There must be at least two parties 2. Each party has something that might be of value to the other party 3. Each party is capable of communication and delivery 4. Each party is free to accept or reject the exchange offer 5. Each party believes it is appropriate or desirable to deal with the other party Four Marketing Philosophies - correct answer 1. Production Orientation 2. Sales Orientation 3. Marketing Orientation 4. Social Marketing Marketing Concept - correct answer The idea that the social and economical justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives Customer satisfaction - correct answer customers' evaluation of a good or service in terms of whether it has met their needs and expectations Customer Value - correct answer Buyers' benefits, including the quality, convenience, on-time delivery, and before-and after-sale service as a specific price. Expectations - correct answer The anticipations of consumers, firms, and others about future economic conditions. Target market - correct answer one or more specific groups of potential consumers toward which an organization directs its marketing program Marketing mix - correct answer The controllable factors: product, price, promotion, and place that the marketing manager use to solve a marketing problem Environmental scanning - correct answer Collection and interpretation of information about forces, events and relationships is the external environment that may affect the future of the organization of the implementation of the marketing plan. Strategic planning - correct answer The managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. Marketing plans - correct answer a written document that acts as a guidebook of marketing activities for the marketing manager External environments - correct answer all events outside a company that have the potential to influence or affect it BCG Model/Matrix - correct answer Star- in the portfolio matrix, a business unit that is a fast-growing market leader Problem Child-in the portfolio matrix, a business unit that shows rapid growth but poor profit margins Dog-in the portfolio matrix, a business unit that has low growth potential and a small market share Cash Cow-in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share SWOT analysis - correct answer Identifying internal strengths (S) and weakness (W) and also examining external opportunities (O) and threats (T) Competitive advantage - correct answer One or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors. A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition Inflation - correct answer A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year Recession - correct answer A period of economic activity characterized by negative growth, which reduces demand for goods and services Depression - correct answer A long-term economic state characterized by unemployment and low prices and low levels of trade and investment Basic research - correct answer pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon Applied research - correct answer research that attempts to develop new or improved products Business ethics - correct answer principles and standards that determine acceptable conduct in business Ethical development and theories - correct answer Deontology-adhere to obligations and duties Utilitarianism-predict consequences of an action Casuist-compares with similar ethical dilemmas Moral Relativism-time and place ethics Corporate social responsibility - correct answer a business's concern for society's welfare Quota - correct answer A limit on the amount of a specific product that can enter a country Boycott - correct answer the exclusion of all products from certain countries or companies Tariff - correct answer a tax levied on goods entering a country Exchange control - correct answer regulation of a country's currency exchange rate Multinational firms - correct answer a firm that owns or controls production or service facilities in more than one country, beyond importing and exporting Global marketing standardization - correct answer Production of uniform products that can be sold the same way all over the world Exporting - correct answer selling domestically produced products to buyers in other countries Joint ventures - correct answer when two or more companies join forces - sharing resources, risks, and profits, but not actually merging companies - to pursue specific opportunities Direct investment - correct answer Entering a foreign market by developing foreign-based assembly or manufacturing facilities Contract manufacturing - correct answer private-label manufacturing by a foreign company Licensing - correct answer The legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge Countertrade - correct answer a form of trade in which all or parts of the payment for goods or services is in the form of other goods or services Consumer decision making process - correct answer a five step process used by consumers when buying goods and services 1. need recognition 2. information search 3. evaluation of alternatives 4. purchase 5. post purchase behavior Needs and wants - correct answer need- basic requirement for survival, want- something not needed for survival Cognitive dissonance - correct answer Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions Evoked set - correct answer A group of brands resulting from an information search from which a buyer can choose Internal stimulus - correct answer A change from within an organism, such as hunger and thirst, that causes the organism to respond External stimulus - correct answer Anything outside the body of the organism that can cause a response in an organism Types of decision making - correct answer routine, limited, extensive Involvement - correct answer The amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior Culture - correct answer The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, of that behavior as they are transmitted from one generation to the next Subculture - correct answer A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group Social class - correct answer A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, who share behavior norms Family life cycle - correct answer a series of stages determined by a combination of age, marital status, and the presence or absence of children Personality - correct answer A way of organizing and grouping the consistencies of an individual's reactions to situations Self-concept - correct answer How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations Perception - correct answer The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture Motivation - correct answer A character's incentive or reason for behaving in a certain manner; that which impels a character to act Opinion leaders - correct answer An individual who influences the opinions of others Types of reference groups - correct answer Direct and Indirect Direct - primary (family, friends) or secondary (clubs, religion) Indirect- Aspirational (want to be like Mike) and Non-Aspirational (If I buy one of these cars people will think...) Business vs. consumer products - correct answer Business Product: A product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other customers Consumer Product: A product bought to satisfy an individual's personal wants or needs Business vs. consumer markets - correct answer Business Marketing: The marketing of goods and services to individuals and organizations for purposes other than personal consumption Types of business products - correct answer 1. major equipment 2. accessory equipment 3. raw materials 4. component parts 5. processed materials 6. supplies 7. business services NAICS - correct answer (North American Industry Classification system)- A detained numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes Derived demand - correct answer The demand for business products Joint demand - correct answer The demand for two or more items used together in a final product Fluctuating demand Fluctuating demand - correct answer the demand for any given business product can change in response to consumer demand changes Elastic and inelastic demand - correct answer Inelastic: An increase of decrease in the price of the product will not significantly affect demand for the product. Elastic: An increase of decrease in the price of the product will affect demand for the product. Buying centers - correct answer all the people in an organization who become involved in the purchase decision