MAR 3023 Final Exam |173 Questions and
Answers
Exchange - -- 2+ entities
- the entities should have something of value
-Marketing Orientations and Philosophies - -1. Production Orientation: focus on what
you're good at; internal focus
2. Sales Orientation: aggressively selling
3. Market Orientation: how people are reacting; external focus
4. Societal Orientation: looks at customers, BUT looks more at bigger goals; greater good!
-Customer Value - -The unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service
at a specific price
-Customer Satisfaction - -Function of what you're getting (Offerings; expectations)
→ Expectations low = more satisfaction
→ Expectations high = dissatisfied
-Strategic Marketing Management - -1. Production - what you're "good" at
2. Sales - discounts, transnational
3. Market - focuses on customer needs/wants
4. Societal - customer AND societal needs/wants
-Controllable and Uncontrollable variables - -- CONTROLLABLE
→ Product
→ Price
→ Promotion
→ Place; distribution
- UNCONTROLLABLE
→ Competition
→ Technology
→ Geographical factors
→ Customer trends
→ Economy factors
→ Political /regulatory
,→ Historical factors
-SWOT analysis - -STRENGTHS: Gives you an advantage/edge over competition
WEAKNESSES: Disadvantage; goes against you
OPPORTUNITIES: External factors that can be beneficial
THREATS: External
-Elements of the Marketing Mix - -Price, Product, Promotion, and Place
-External Environmental Factors - -social, demographic, economic, technological, political
and legal, and competitive.
-Sources of Competitive Advantage - -Cost advantage, differentiation advantage,
marketing advantage
-Portfolio Matrix: 'Star' - -high market growth rate
high market share
-Portfolio Matrix: 'Cash' - -low market growth rate
high market share
-Portfolio Matrix: 'Problem Child' or '?' - -high market growth rate
low market share
-Portfolio Matrix: 'Dog' - -low market growth rate
low market share
-External Environment - -factors surrounding an organization that influence its choices
and determine its opportunities and risks
-Consumer Decision-Making Process and associated steps - -1. need recognition
2. information search
3. evaluations of alternatives 4. purchase
5. post-purchase behavior
-Cognitive Dissonance - -the state of having inconsistent thoughts after a purchase
-Involvement and Factors determining Level of Involvement - -1) Previous experience:
low level of involvement
2) Interest: highly involved
, 3) Perceived risk of negative consequences: as the risk increases, so does the level of
involvement
4) Situation: the circumstances may transform a low-involvement into a high-involvement
5) Social visibility: involvement increases as the social visibility increases (cloths, cars, etc.)
-Marketing Implications of Involvement - -high-involvement purchases require: extensive
and informative promotion to target market
low-involvement purchases require: in-store promotion, eye-catching design, coupons,
BOGO's
-Types of Buying Decisions - -1. Routine Response Behavior
(less involvement)
2. Limited Decision Making
(moderate)
3. Extensive Decision Making
(more involvement)
-Factors Influencing Buying Decisions - -cultural, social, individual, psychological, &
motivational
-Components and Effects of Culture - -Culture is pervasive, functional, learned, dynamic.
Values
Language
Myths
Customs
Rituals
Laws
-Social Influences on Consumer Buying Decisions - -- Opinion leader (celebrities)
- Internet (looking up things prior to buying)
- Family
- Reference groups (friends, coworkers, clubs, Facebook)
-Maslow's Hierarchy of Needs - -Physiological —> Security/Safety —> Social —> Esteem
—> Self Actualization
-Customer Lifetime Value (CLM) - -longterm relationship, buying & selling, future income;
how much business a customer will give you
-Market Segmentation - -process of dividing the market into meaningful sub-groups
Answers
Exchange - -- 2+ entities
- the entities should have something of value
-Marketing Orientations and Philosophies - -1. Production Orientation: focus on what
you're good at; internal focus
2. Sales Orientation: aggressively selling
3. Market Orientation: how people are reacting; external focus
4. Societal Orientation: looks at customers, BUT looks more at bigger goals; greater good!
-Customer Value - -The unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service
at a specific price
-Customer Satisfaction - -Function of what you're getting (Offerings; expectations)
→ Expectations low = more satisfaction
→ Expectations high = dissatisfied
-Strategic Marketing Management - -1. Production - what you're "good" at
2. Sales - discounts, transnational
3. Market - focuses on customer needs/wants
4. Societal - customer AND societal needs/wants
-Controllable and Uncontrollable variables - -- CONTROLLABLE
→ Product
→ Price
→ Promotion
→ Place; distribution
- UNCONTROLLABLE
→ Competition
→ Technology
→ Geographical factors
→ Customer trends
→ Economy factors
→ Political /regulatory
,→ Historical factors
-SWOT analysis - -STRENGTHS: Gives you an advantage/edge over competition
WEAKNESSES: Disadvantage; goes against you
OPPORTUNITIES: External factors that can be beneficial
THREATS: External
-Elements of the Marketing Mix - -Price, Product, Promotion, and Place
-External Environmental Factors - -social, demographic, economic, technological, political
and legal, and competitive.
-Sources of Competitive Advantage - -Cost advantage, differentiation advantage,
marketing advantage
-Portfolio Matrix: 'Star' - -high market growth rate
high market share
-Portfolio Matrix: 'Cash' - -low market growth rate
high market share
-Portfolio Matrix: 'Problem Child' or '?' - -high market growth rate
low market share
-Portfolio Matrix: 'Dog' - -low market growth rate
low market share
-External Environment - -factors surrounding an organization that influence its choices
and determine its opportunities and risks
-Consumer Decision-Making Process and associated steps - -1. need recognition
2. information search
3. evaluations of alternatives 4. purchase
5. post-purchase behavior
-Cognitive Dissonance - -the state of having inconsistent thoughts after a purchase
-Involvement and Factors determining Level of Involvement - -1) Previous experience:
low level of involvement
2) Interest: highly involved
, 3) Perceived risk of negative consequences: as the risk increases, so does the level of
involvement
4) Situation: the circumstances may transform a low-involvement into a high-involvement
5) Social visibility: involvement increases as the social visibility increases (cloths, cars, etc.)
-Marketing Implications of Involvement - -high-involvement purchases require: extensive
and informative promotion to target market
low-involvement purchases require: in-store promotion, eye-catching design, coupons,
BOGO's
-Types of Buying Decisions - -1. Routine Response Behavior
(less involvement)
2. Limited Decision Making
(moderate)
3. Extensive Decision Making
(more involvement)
-Factors Influencing Buying Decisions - -cultural, social, individual, psychological, &
motivational
-Components and Effects of Culture - -Culture is pervasive, functional, learned, dynamic.
Values
Language
Myths
Customs
Rituals
Laws
-Social Influences on Consumer Buying Decisions - -- Opinion leader (celebrities)
- Internet (looking up things prior to buying)
- Family
- Reference groups (friends, coworkers, clubs, Facebook)
-Maslow's Hierarchy of Needs - -Physiological —> Security/Safety —> Social —> Esteem
—> Self Actualization
-Customer Lifetime Value (CLM) - -longterm relationship, buying & selling, future income;
how much business a customer will give you
-Market Segmentation - -process of dividing the market into meaningful sub-groups
