BYU Marketing 201 Swenson Final questions and solutions

BYU Marketing 201 Swenson Final questions and
solutions

BCG Portfolio Model - answers
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Product-Market Expansion Matrix - answers wu wu wu wu




Marketing Philosophies - answersProduct Orientation, wu wu wu wu




Sales Orientation, wu




Market Orientation, wu




Societal Orientation wu




Product Orientation - answersAll about the product. Does not consider competitors or the needs of the market.
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Sales Orientation - answersAggressive sales techniques, may fail to understand customer needs
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Market Orientation - answersUnderstand customer needs, company capabilities, knows competitors, and wants
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to make a profit.
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Societal Orientation - answersConcerned about the environment, consider society's long-term best interest
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Competitive Rivalry - answersRivalry among existing companies in a particular industry varies in intensity based
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on the type and number of competitors and on the basis of competition—price discounting, advertising, new
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product offerings, and service quality. High competitive rivalry drives down industry profits. Delta vs. United
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Power of Suppliers - answersPowerful suppliers can drive down industry profits by charging higher prices and/or
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reducing product and service quality. Oil Industry or Boeing
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Power of Buyers - answersPowerful buyers (customers) can use their clout to demand and receive lower prices,
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increased product quality, and more services. Gold Medallions get upgraded
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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 in the industry. New Airline
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Porter's Five Forces Model - answersThreat of new entrants
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Threat of substitutes wu wu




Bargaining power of buyers wu wu wu




Bargaining power of suppliers wu wu wu




Current rivalry wu




Global Market Entry Strategies - answersExporting
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Licensing
Joint venture wu




Direct investment wu

,Exporting - answersGoods produced in the home country are exported to a foreign market
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Licensing - answersSelling the right to another company to use some process, trademark, patent, or other skill
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Joint Venture - answersA company joins with a foreign market to create a local business in which the company
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shares joint ownership and control.
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Direct Investment - answersBuild up wholly owned operations in other countries
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The Fraud Triangle - answersOpportunity: Condition that allows the fraudulent behavior to occur Pressure: The
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weight of the burden felt by the person who commits fraud Rationalization: The process of reconciling or justifying
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fraudulent behavior
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Analysis of Variance - answersAnalyze differences among group means
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Purpose: testing for differences in group averages wu wu wu wu wu wu




Usage: evaluate effectiveness of marketing policies
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Outcome: evidence to inform marketing decisions wu wu wu wu wu




Regression Analysis - answersRelationship between a dependent variable and one or more independent or
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predictor variables
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Purpose: testing for effects of certain variables on an outcome
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Usage: evaluate advertising, product, and pricing policies
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Outcome: evidence to inform marketing decisions wu wu wu wu wu




Factor Analysis - answersData reduction techniques
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Identify highly correlated variables, group into factors
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Purpose: group variables into factors-data reduction wu wu wu wu wu




Usage: create a metric for brand health, loyalty, etc.
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Outcome: factors to inform marketing decisions wu wu wu wu wu




Cluster Analysis - answersGrouping objects or people into groups based on similarities
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Divide markets into segments
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Purpose: groups respondents into clusters wu wu wu wu




Usage: Market segmentation wu wu




Outcome: segments to inform marketing decisions wu wu wu wu wu




Consumer Behavior Process - answers1. Problem recognition: perceiving a need wu wu wu wu wu wu wu wu wu




2. Information search: Seeking Value
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3. Evaluation of alternatives: Assessing Value
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4. Purchase: Buying value
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5. Post-purchase evaluation: Consuming, experiencing, using, and evaluating value
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Perception>expectation

Diffusion Process - answers wu wu wu




Three Generic Segments - answersHate
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Swing
Love wu




(sell to the swing group through the eyes of the love group)
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, Ways to Segment the Market - answersgeographic, demographic, psychographic, behavioral
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(most used to most useful)
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geographic segmentation - answersthe grouping of consumers on the basis of where they live
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demographic segmentation - answersdividing the market into segments based on variables such as age, life-
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cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
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psychographic segmentation - answerssegmenting markets on the basis of personality, motives, lifestyles,wu wu wu wu wu wu wu wu wu wu wu




attitudes, and values
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Behavioral Segmentation - answersdividing a market into segments based on usage situations or benefits
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Ways to Position - answers1. How you are just as good as the competition
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2. How you beat all the competition
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3. How you are loved by popular people
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4. How you fit consumers' lifestyles
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5. How you deliver what is most valued
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(Most used to most useful)
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Brand Types - answersFunctional
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Image
Experiential

Functional Brand - answers-Superior performance or superior economy
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-Physiological/safety needs, low involvement wu wu wu




Image Brand - answers-Desirable image
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-Promotion
-Social and esteem needs, moderate to high involvement
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Experiential Brand - answers-Unique, engaging experience wu wu wu wu wu




-Product and place (delivery and service)wu wu wu wu wu




-Self-actualization needs, moderate to high involvement wu wu wu wu wu




Marketing Mix - answersProduct, wu wu wu wu




Price, wu




Place, wu




Promotion

Brand Awareness - answersConsumers know about the brand
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Brand Image - answersConsumers have a definite impression about the brand
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Brand Loyalty - answersConsumers only purchase their favored brand
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Brand Equity - answersBrand loyalty is transferred to new products
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