POM FINAL EXAM STUDY GUIDE
Market - Answers - People with both the desire and the ability to buy a specific offering
Market Segment - Answers - Groups of prospective buyers that:
1) have common needs
2) will respond similarly to a marketing action
Technological Forces - Answers - Innovations and inventions from applied science or
engineering research
Target Market - Answers - one or more specific groups of potential consumers toward
which an organization directs its marketing program
The Marketing Mix - Answers - Product, Price, Place, Promotion
Customer Value Proposition - Answers - The unique combination of benefits an
organization promises to its targeted buyers
Environmental Forces - Answers - Social, Economic, Technological, Competitive and
Regulatory Forces
Social Forces - Answers - Trends in demographics, culture
Economic Forces - Answers - The income, expenditures, and resources that affect the
cost of running a business
Competitive Forces - Answers - Alternative firms that could provide a product to satisfy
a specific market's needs
Regulatory Forces - Answers - Restrictions state and federal laws place on business
Evolution of the Market Orientation - Answers - 1. production era
2. sales era
3. marketing concept era
4. customer relationship management era
Environmental Scanning - Answers - The process of continually acquiring information
on events occurring outside the organization to identify and interpret potential trends
Pure Competition - Answers - Many sellers and each has a similar product
Monopolistic Competition - Answers - Many sellers with substitutable products within a
price range
Oligopoly - Answers - A few companies control the majority of industry sales
, Pure Monopoly - Answers - One firm sells the product
Barriers to Entry - Answers - Business practices or conditions that make it difficult for
new firms to enter the market
Power of Buyers and Suppliers - Answers - 1) Buyers have power when they are few
in number, many different competing options and switching costs are low
2) Suppliers have power when the product is critical to the buyer's existence, and few
options
Existing Competitors and Substitutes - Answers - rate of industry growth affects
urgency of competition; high fixed costs motivate strong competition
Segmentation Variables - Answers - geographic, demographic, psychographic,
behavioral
Product Positioning - Answers - the place a product occupies in consumers minds
based on important attributes relative to competitive products
Perceptual Map - Answers - where the product positioning can be graphically
represented
Positioning Statement - Answers - The full positioning of a brand; the mix of benefits
on which it is differentiated and positioned
Consumer Behavior - Answers - The actions a person takes in purchasing and using
products and services, including the mental and social processes that come before and
after these actions
Consumer Purchase Decision Process - Answers - 1. problem recognition
2. information search
3. alternative evaluation
4. purchase decision
5. post purchase behavior
Internal Search - Answers - Scanning your memory for previous experiences with
products or brands
External Search - Answers - Information gathered beyond personal experience
Cognitive Dissonance (Postpurchase behavior) - Answers - The unease or
psychological tension felt after buying a service
Market - Answers - People with both the desire and the ability to buy a specific offering
Market Segment - Answers - Groups of prospective buyers that:
1) have common needs
2) will respond similarly to a marketing action
Technological Forces - Answers - Innovations and inventions from applied science or
engineering research
Target Market - Answers - one or more specific groups of potential consumers toward
which an organization directs its marketing program
The Marketing Mix - Answers - Product, Price, Place, Promotion
Customer Value Proposition - Answers - The unique combination of benefits an
organization promises to its targeted buyers
Environmental Forces - Answers - Social, Economic, Technological, Competitive and
Regulatory Forces
Social Forces - Answers - Trends in demographics, culture
Economic Forces - Answers - The income, expenditures, and resources that affect the
cost of running a business
Competitive Forces - Answers - Alternative firms that could provide a product to satisfy
a specific market's needs
Regulatory Forces - Answers - Restrictions state and federal laws place on business
Evolution of the Market Orientation - Answers - 1. production era
2. sales era
3. marketing concept era
4. customer relationship management era
Environmental Scanning - Answers - The process of continually acquiring information
on events occurring outside the organization to identify and interpret potential trends
Pure Competition - Answers - Many sellers and each has a similar product
Monopolistic Competition - Answers - Many sellers with substitutable products within a
price range
Oligopoly - Answers - A few companies control the majority of industry sales
, Pure Monopoly - Answers - One firm sells the product
Barriers to Entry - Answers - Business practices or conditions that make it difficult for
new firms to enter the market
Power of Buyers and Suppliers - Answers - 1) Buyers have power when they are few
in number, many different competing options and switching costs are low
2) Suppliers have power when the product is critical to the buyer's existence, and few
options
Existing Competitors and Substitutes - Answers - rate of industry growth affects
urgency of competition; high fixed costs motivate strong competition
Segmentation Variables - Answers - geographic, demographic, psychographic,
behavioral
Product Positioning - Answers - the place a product occupies in consumers minds
based on important attributes relative to competitive products
Perceptual Map - Answers - where the product positioning can be graphically
represented
Positioning Statement - Answers - The full positioning of a brand; the mix of benefits
on which it is differentiated and positioned
Consumer Behavior - Answers - The actions a person takes in purchasing and using
products and services, including the mental and social processes that come before and
after these actions
Consumer Purchase Decision Process - Answers - 1. problem recognition
2. information search
3. alternative evaluation
4. purchase decision
5. post purchase behavior
Internal Search - Answers - Scanning your memory for previous experiences with
products or brands
External Search - Answers - Information gathered beyond personal experience
Cognitive Dissonance (Postpurchase behavior) - Answers - The unease or
psychological tension felt after buying a service
