MARK 3000 Final—McManus questions with verified
answers
4 P's Ans✓✓✓ product, price, place, promotion
5 C's of Pricing Ans✓✓✓ company
customers
costs
competition
channel members
5 dimensions of quality Ans✓✓✓ reliability
responsiveness
assurance
empathy
tangibles
Admired observer test Ans✓✓✓ would I want the person I admire
most to see me doing this?
Advertising Ans✓✓✓ - most visible element of IMC
- extremely effective at creating awareness and generating interest
- must first get your attention
,Advertising goals/objectives Ans✓✓✓ inform, persuade, remind
Agent and/or broker Ans✓✓✓ facilitates sale between manufacturing
and others. Does not take title
Aided recall Ans✓✓✓ refers to consumers recognizing a brand name
when they see or hear it
AMA Code of ethics cont Ans✓✓✓ - first, do no harm
- foster trust and consumer confidence in the marketing system
- values of honesty, responsibility, fairness, respect, openness, and
citizenship
AMA code of ethics Ans✓✓✓ - generally accepted code in marketing
- flows from general norms of conduct to specific values
- subareas within marketing have their own code of ethics to deal with
specific issues
Assessing Global Markets Ans✓✓✓ Economics
Infrastructure and tech
Government actions
sociocultural factors
,Assurance Ans✓✓✓ the ability of employees to convey trust and
confidence, performed "like you know what you are doing"
Available budget Ans✓✓✓ marketers forecast their sales and
expenses, excluding communication, during the budgeting period. The
difference between the forecast sales and expenses plus desired profit
is reserved for the communication budget. That is, the communication
budget is the money available after operating costs and profits have
been budgeted
Awareness Ans✓✓✓ refers to a potential customer's ability to recall
that the brand name is a particular type of retailer, product, or service
Bait and switch Ans✓✓✓ lure customers through false or misleading
price advertising
Basic business values Ans✓✓✓ - consumer has right to safety, to be
informed, to choose, and to be heard
- no longer caveat emptor: may the buyer beware
BCGGM Ans✓✓✓ helps determine how to allocate resources, classify
current business units/products
Benefits of JIT System Ans✓✓✓ - reduced lead time
, - increased product availability and lower inventory investment
Big Mac Index Ans✓✓✓ purchasing power parity
Brainstorm and evaluate alternative Ans✓✓✓ all parties relevant to
the decision should come together to brainstorm any alternative
courses of action
Brand awareness Ans✓✓✓ measures how many consumers in a
market are familiar with the brand and what it stands for; created
through repeated exposures of the various brand elements
Brand dilution Ans✓✓✓ when a brand extension adversely affects
consumer perceptions about the attributes the core brand is believed
to hold
Brand extension Ans✓✓✓ the use of the same brand name for new
products being introduced to the same or new markets
Brand loyalty Ans✓✓✓ - consumers are often less sensitive to price
- marketing costs are much lower
- firm insulated from the competition
answers
4 P's Ans✓✓✓ product, price, place, promotion
5 C's of Pricing Ans✓✓✓ company
customers
costs
competition
channel members
5 dimensions of quality Ans✓✓✓ reliability
responsiveness
assurance
empathy
tangibles
Admired observer test Ans✓✓✓ would I want the person I admire
most to see me doing this?
Advertising Ans✓✓✓ - most visible element of IMC
- extremely effective at creating awareness and generating interest
- must first get your attention
,Advertising goals/objectives Ans✓✓✓ inform, persuade, remind
Agent and/or broker Ans✓✓✓ facilitates sale between manufacturing
and others. Does not take title
Aided recall Ans✓✓✓ refers to consumers recognizing a brand name
when they see or hear it
AMA Code of ethics cont Ans✓✓✓ - first, do no harm
- foster trust and consumer confidence in the marketing system
- values of honesty, responsibility, fairness, respect, openness, and
citizenship
AMA code of ethics Ans✓✓✓ - generally accepted code in marketing
- flows from general norms of conduct to specific values
- subareas within marketing have their own code of ethics to deal with
specific issues
Assessing Global Markets Ans✓✓✓ Economics
Infrastructure and tech
Government actions
sociocultural factors
,Assurance Ans✓✓✓ the ability of employees to convey trust and
confidence, performed "like you know what you are doing"
Available budget Ans✓✓✓ marketers forecast their sales and
expenses, excluding communication, during the budgeting period. The
difference between the forecast sales and expenses plus desired profit
is reserved for the communication budget. That is, the communication
budget is the money available after operating costs and profits have
been budgeted
Awareness Ans✓✓✓ refers to a potential customer's ability to recall
that the brand name is a particular type of retailer, product, or service
Bait and switch Ans✓✓✓ lure customers through false or misleading
price advertising
Basic business values Ans✓✓✓ - consumer has right to safety, to be
informed, to choose, and to be heard
- no longer caveat emptor: may the buyer beware
BCGGM Ans✓✓✓ helps determine how to allocate resources, classify
current business units/products
Benefits of JIT System Ans✓✓✓ - reduced lead time
, - increased product availability and lower inventory investment
Big Mac Index Ans✓✓✓ purchasing power parity
Brainstorm and evaluate alternative Ans✓✓✓ all parties relevant to
the decision should come together to brainstorm any alternative
courses of action
Brand awareness Ans✓✓✓ measures how many consumers in a
market are familiar with the brand and what it stands for; created
through repeated exposures of the various brand elements
Brand dilution Ans✓✓✓ when a brand extension adversely affects
consumer perceptions about the attributes the core brand is believed
to hold
Brand extension Ans✓✓✓ the use of the same brand name for new
products being introduced to the same or new markets
Brand loyalty Ans✓✓✓ - consumers are often less sensitive to price
- marketing costs are much lower
- firm insulated from the competition
