Marketing 201 (Swenson @ BYU) - FINAL EXAM questions and solutions

Marketing 201 (Swenson @ BYU) - FINAL EXAM
questions and solutions

Chapter 1 - answersMarketing Strategy wu wu wu wu




What is marketing? - answersThe exchange that creates and delivers value for customers at a profit
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Star (BCG Matrix) - answersHigh growth and high market share
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Cash Cows (BCG Matrix) - answersHigh market share but low growth
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Question Mark (BCG Matrix) - answersLow market share but high growth
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Dog (BCG Matrix) - answersLow market share and low growth
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Market Penetration - answersSelling more of the existing products in existing markets
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Product Development - answersIntroducing new products to existing markets
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Market Development - answersIntroducing existing products to new markets
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Diversification - answersIntroducing new products to new markets wu wu wu wu wu wu wu




Product Orientation - answersA belief that supply generates demand. The sole focus is on the product
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Sales Orientation - answersA belief that marketing's purpose is to sell products. Uses aggressive sales
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techniques
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Market Orientation - answersThe belief that products should focus on satisfying customer needs at a profit
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Societal Orientation - answersThe belief that products should provide value to both the customer as well as to
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society as a whole. Concerned about the enviroment
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Path to Profitability - answers
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Marketing Mix - answersProduct, Price, Place, Promotion wu wu wu wu wu wu




Chapter 2 - answersThe Marketing Environment wu wu wu wu wu




External Enviroment - answersSocial forces, Economic forces, Technological forces, Competitive forces,
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Regulatory forces
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Social Forces - answersCulture and demographics
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Baby Boomers - answersage 54 - 72
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, Gen X - answersage 38 - 53
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Millennials (Gen Y) - answersage 22 - 37 wu wu wu wu wu wu wu




Gen Z - answersage 16 - 21
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Economic Forces - answersGross, disposable, and discretionary income
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Technological Forces - answersNew science and research wu wu wu wu wu wu




Competitive Forces - answersAttractiveness of the industry wu wu wu wu wu wu




Competitive Rivalry - answersReactions taken by competitors wu wu wu wu wu wu




Power of Suppliers - answersPowerful suppliers can drive down profits by charging high prices and/or reducing
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product quality
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Power of Buyers - answersCustomers can demand lower prices or increased quality
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Threat of Entrants - answersNew entrants can shake up an industry and cause increased competition as they
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seek to take market share from existing companies
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Threat of Substitues - answersSubstitute products can replace existing products by performing a similar function
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Regulatory Forces - answersChanges in laws and trade regulations wu wu wu wu wu wu wu wu




Strengthes (SWOT) - answersEssential competencies of the firm [internal]
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Opportunities (SWOT) - answersFavorable market conditions [external] wu wu wu wu wu wu




Weaknesses (SWOT) - answersFirm specific limitations [internal] wu wu wu wu wu wu




Threats (SWOT) - answersConditions that hinder profitability [external]
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Chapter 3 - answersGlobal Marketing wu wu wu wu




Exporting - answersselling domestically produced products to buyers in other countries
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Licensing - answersselling the right to use a process, trademark, patent, or other right for a fee or royalty
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Joint Venture - answersA domestic firm partners with a foreign company to create a new entity
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Foreign Direct Investment - answersBuilding a wholly owned operation in a foreign country
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Competitive Risk - answerscompetitors' responses to the new product's entry into the local market.
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Economic Risk - answerspotential mismanagement of a country's economy, exhibited in inflation and
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government debt.
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