MKT 315 Midterm Study Guide – Complete With
Solutions
Brand Loyalty Right Ans - Develops when customers prefer one brand
over others and stick to the brand whenever possible.
Competitive Advantage Right Ans - Refers to the extent to which firms
exploit opportunities, neutralize threats, and reduce expenses relative to
the competition.
Growth Stage Right Ans - During the product lifecycle, when product
awareness continues to build and consumers develop an understanding of
the value of the product.
Introduction Stage Right Ans - When a product is new to the market.
Maturity Stage Right Ans - When a product is familiar to most
consumers in the target market.
Packaging Right Ans - The physical container in which the product
arrives to the customer.
Product Life Cycle Right Ans - Consists of four stages: introduction,
growth, maturity, and decline.
Product Line Right Ans - A group of similar products that may be sold to
the same market segment or to different market segments to meet similar
needs.
Marketing Mix Right Ans - The marketing mix consists of four elements:
product, place, price, and promotion, also called the 4 Ps.
Product Mix Right Ans - The combination of different offerings an
organization provides.
Products Right Ans - The tangible or intangible items of value
consumers receive in purchase transactions.
, Decline Stage Right Ans - Stage in the product life cycle when a product
dissolves as a result of decreased or negative growth.
Marketing Right Ans - The activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large.
Qualitative Research Right Ans - Open-ended research meant to better
understand consumer reasoning and behavior.
Marketing Concept Right Ans - The business orientation model that
involves creating value and satisfying consumer needs.
SWOT Analysis Right Ans - A tool an organization uses to analyze its
strengths, weaknesses, opportunities, and threats.
Data Collection Right Ans - Gathering of information in a structured way
in order to answer marketing research questions.
Differentiation Right Ans - Creating points of difference in the mind of
the consumer that allow a company to stand apart from its competitors.
Without differentiation, a company's product or service is just like
everyone else, which can mean a slow demise in the marketplace.
Likert Scale Right Ans - When an interviewer asks a question based on a
scale "from one to five," this is known as a Likert scale.
Market Segmentation Right Ans - Dividing of the entire available market
into groups of consumers with similar characteristics.
Marketing Research Right Ans - The collection, recording, and analysis
of information to aid in making marketing decisions (Marketing research,
n.d.).
Perceptual Map Right Ans - A tool that uses two or three variables to
graph the position of a brand in comparison to its competitors based upon
consumer perceptions.
Solutions
Brand Loyalty Right Ans - Develops when customers prefer one brand
over others and stick to the brand whenever possible.
Competitive Advantage Right Ans - Refers to the extent to which firms
exploit opportunities, neutralize threats, and reduce expenses relative to
the competition.
Growth Stage Right Ans - During the product lifecycle, when product
awareness continues to build and consumers develop an understanding of
the value of the product.
Introduction Stage Right Ans - When a product is new to the market.
Maturity Stage Right Ans - When a product is familiar to most
consumers in the target market.
Packaging Right Ans - The physical container in which the product
arrives to the customer.
Product Life Cycle Right Ans - Consists of four stages: introduction,
growth, maturity, and decline.
Product Line Right Ans - A group of similar products that may be sold to
the same market segment or to different market segments to meet similar
needs.
Marketing Mix Right Ans - The marketing mix consists of four elements:
product, place, price, and promotion, also called the 4 Ps.
Product Mix Right Ans - The combination of different offerings an
organization provides.
Products Right Ans - The tangible or intangible items of value
consumers receive in purchase transactions.
, Decline Stage Right Ans - Stage in the product life cycle when a product
dissolves as a result of decreased or negative growth.
Marketing Right Ans - The activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large.
Qualitative Research Right Ans - Open-ended research meant to better
understand consumer reasoning and behavior.
Marketing Concept Right Ans - The business orientation model that
involves creating value and satisfying consumer needs.
SWOT Analysis Right Ans - A tool an organization uses to analyze its
strengths, weaknesses, opportunities, and threats.
Data Collection Right Ans - Gathering of information in a structured way
in order to answer marketing research questions.
Differentiation Right Ans - Creating points of difference in the mind of
the consumer that allow a company to stand apart from its competitors.
Without differentiation, a company's product or service is just like
everyone else, which can mean a slow demise in the marketplace.
Likert Scale Right Ans - When an interviewer asks a question based on a
scale "from one to five," this is known as a Likert scale.
Market Segmentation Right Ans - Dividing of the entire available market
into groups of consumers with similar characteristics.
Marketing Research Right Ans - The collection, recording, and analysis
of information to aid in making marketing decisions (Marketing research,
n.d.).
Perceptual Map Right Ans - A tool that uses two or three variables to
graph the position of a brand in comparison to its competitors based upon
consumer perceptions.
