MKT 100 FINAL EXAM Questions And
Answers With Verified Solutions Already
Passed 100% Correct!!!
Examples of Market Strategies:
Market Development: This refers to expanding into new markets with
existing products. For example:
o Tim Hortons opening new stores in Mexico is an example of market
development because they are introducing their existing business
model into a new geographic market.
o Ryerson University offering online courses is also market
development as it expands its education offerings to a new customer
segment (online students).
Diversification: When a company introduces new products into new
markets. For example:
o Nintendo developing a new smartphone is diversification because
they are entering the smartphone market, which is completely
different from their core gaming business.
o TELUS starting its own bank is diversification into a completely
new industry (banking).
Market Penetration: This strategy focuses on increasing market share with
existing products in existing markets. For example:
o Rogers Wireless offering bigger data plans is market penetration as
they aim to increase their share in the wireless market by improving
existing product offerings.
o Cadbury India pushing chocolates as small gifts targets an existing
market in a new way by focusing on a cultural shift.
Product Development: When a company develops new products for
existing markets. For example:
, o KFC introducing salads to its menu and Sony producing games
for both Playstation 4 and Nintendo Wii U are both examples of
product development, as they introduce new products to satisfy
existing customer needs.
Marketing Environments & External Influences:
Economic Impact: The example of Canadians taking fewer extended
vacations due to the recession is an example of the economic environment
affecting consumer behavior. Economic downturns impact consumer
spending habits and preferences.
Competitors: Tim Hortons and McDonald's running simultaneous
promotions is an example of competition in the marketing
microenvironment. Both brands are trying to attract the same customers
through similar offers.
External vs. Internal Factors:
o Opportunities and Threats are external factors that could impact a
company, such as changes in market conditions or competition.
o Strengths and Weaknesses are internal factors, like a company’s
resources, capabilities, and limitations.
Consumer Behavior and Adoption:
Consumer Adoption Groups: These groups show the different stages at
which consumers adopt new products:
o Laggards (e.g., Barry) are the last to adopt a product and typically do
so after widespread adoption.
o Early Adopters (e.g., Andrew) are the trendsetters, often respected
for their knowledge and influence.
o Early Majority (e.g., Arnold) adopts products before the average
person and looks to early adopters for advice.
, Marketing Concepts:
Positioning: This refers to how a company influences consumers'
perceptions of its product in comparison to competitors. It is about
differentiating the product to appeal to a target market.
Segmentation: The process of dividing a larger market into smaller groups
based on shared characteristics (e.g., demographics, psychographics).
Marketing Mix (The 4 P’s):
o Product: What is being sold, including its functionality and
packaging.
o Price: How much customers pay, which can include discounts or
bundling.
o Place: Distribution channels and logistics involved in delivering the
product to customers.
o Promotion: Advertising, public relations, sales promotions, and other
methods to inform customers about the product.
Consumer Needs & Motivation:
Needs vs. Wants: A need is something essential for survival (e.g., food,
shelter), while a want is a desire for something additional or luxurious (e.g.,
high heels as a psychological need).
Maslow’s Hierarchy of Needs: This model helps marketers understand
consumer motivations, from physiological needs (basic survival needs) to
self-actualization (fulfillment of personal potential).
Risk Reduction Strategies:
Companies often use tactics like free trials, endorsements, and seals of
approval to reduce perceived risks and encourage consumers to make a
purchase.
Marketing Channels:
Answers With Verified Solutions Already
Passed 100% Correct!!!
Examples of Market Strategies:
Market Development: This refers to expanding into new markets with
existing products. For example:
o Tim Hortons opening new stores in Mexico is an example of market
development because they are introducing their existing business
model into a new geographic market.
o Ryerson University offering online courses is also market
development as it expands its education offerings to a new customer
segment (online students).
Diversification: When a company introduces new products into new
markets. For example:
o Nintendo developing a new smartphone is diversification because
they are entering the smartphone market, which is completely
different from their core gaming business.
o TELUS starting its own bank is diversification into a completely
new industry (banking).
Market Penetration: This strategy focuses on increasing market share with
existing products in existing markets. For example:
o Rogers Wireless offering bigger data plans is market penetration as
they aim to increase their share in the wireless market by improving
existing product offerings.
o Cadbury India pushing chocolates as small gifts targets an existing
market in a new way by focusing on a cultural shift.
Product Development: When a company develops new products for
existing markets. For example:
, o KFC introducing salads to its menu and Sony producing games
for both Playstation 4 and Nintendo Wii U are both examples of
product development, as they introduce new products to satisfy
existing customer needs.
Marketing Environments & External Influences:
Economic Impact: The example of Canadians taking fewer extended
vacations due to the recession is an example of the economic environment
affecting consumer behavior. Economic downturns impact consumer
spending habits and preferences.
Competitors: Tim Hortons and McDonald's running simultaneous
promotions is an example of competition in the marketing
microenvironment. Both brands are trying to attract the same customers
through similar offers.
External vs. Internal Factors:
o Opportunities and Threats are external factors that could impact a
company, such as changes in market conditions or competition.
o Strengths and Weaknesses are internal factors, like a company’s
resources, capabilities, and limitations.
Consumer Behavior and Adoption:
Consumer Adoption Groups: These groups show the different stages at
which consumers adopt new products:
o Laggards (e.g., Barry) are the last to adopt a product and typically do
so after widespread adoption.
o Early Adopters (e.g., Andrew) are the trendsetters, often respected
for their knowledge and influence.
o Early Majority (e.g., Arnold) adopts products before the average
person and looks to early adopters for advice.
, Marketing Concepts:
Positioning: This refers to how a company influences consumers'
perceptions of its product in comparison to competitors. It is about
differentiating the product to appeal to a target market.
Segmentation: The process of dividing a larger market into smaller groups
based on shared characteristics (e.g., demographics, psychographics).
Marketing Mix (The 4 P’s):
o Product: What is being sold, including its functionality and
packaging.
o Price: How much customers pay, which can include discounts or
bundling.
o Place: Distribution channels and logistics involved in delivering the
product to customers.
o Promotion: Advertising, public relations, sales promotions, and other
methods to inform customers about the product.
Consumer Needs & Motivation:
Needs vs. Wants: A need is something essential for survival (e.g., food,
shelter), while a want is a desire for something additional or luxurious (e.g.,
high heels as a psychological need).
Maslow’s Hierarchy of Needs: This model helps marketers understand
consumer motivations, from physiological needs (basic survival needs) to
self-actualization (fulfillment of personal potential).
Risk Reduction Strategies:
Companies often use tactics like free trials, endorsements, and seals of
approval to reduce perceived risks and encourage consumers to make a
purchase.
Marketing Channels:
