ADMN 400 Final UNH UPDATED Exam
Questions and CORRECT Answers
Marketing Matrix - CORRECT ANSWER - product, placing, pricing, and promotion
Value - CORRECT ANSWER - Benefit/Cost
Utility - CORRECT ANSWER - ability of a product to meet someones wants or needs
Types of Utility - CORRECT ANSWER - form, place, time, possession
Consumer Goods - CORRECT ANSWER - tangible products purchased by customers for
personal use
industrial goods - CORRECT ANSWER - Products used in the production of other
products. Sometimes called business goods or B2B goods.
Services - CORRECT ANSWER - intangible products
Political-Legal Environment - CORRECT ANSWER - involves government legislation
and regulation as well as political movements, creates new markets and products for emerging
companies
Sociocultural Environment - CORRECT ANSWER - buying behaviors, the customs,
values, and demographic characteristics of the society in which the organization functions
Technological Environment - CORRECT ANSWER - advances in computer technology
and telecommunication, new products make existing products obsolete, and many products
change our values and lifestyles - lifestyle changes stimulate new products not directly related to
new tech itself
,Economic Environment - CORRECT ANSWER - economic factors that affect consumer
purchasing power and spending patterns, ex) inflation, recession, employment rates
competitive environment - CORRECT ANSWER - system in which businesses compete
for consumers and commercial buyers
3 types of competition - CORRECT ANSWER - substitute product, brand competition,
international competition
subsitute products - CORRECT ANSWER - different from competitors, fills same need,
ex) which gym membership to get
brand competition - CORRECT ANSWER - appeals to consumer perceptions of benefits
offered by particular companies, ex) deciding between google and bing
international competition - CORRECT ANSWER - domestic products against foreign
products, ex) ford vs volkswagen
competitive advantage - CORRECT ANSWER - a set of unique features of a company and
its products that are perceived by the target market as significant and superior to those of the
competition
4 types of competitive advantage - CORRECT ANSWER - cost, product differentiation,
service differentiation, niche
cost - CORRECT ANSWER - maintaining profit margin on lower costs
product differentiation - CORRECT ANSWER - includes brand names, image, product
reliability
, Service Differentiation - CORRECT ANSWER - customer reviews can make or break a
company
niche - CORRECT ANSWER - serving a specific segment of the population and doing it
well
marketing mix strategies - CORRECT ANSWER - product- choosing brand name,
packaging, colors, warranty, accessories
price- demand for product and cost of producing product, lower prices not always best
place- where and how the product will be sold
promotion- personal selling, ads, etc
SWOT analysis - CORRECT ANSWER - strengths, weaknesses, opportunities, threats
marketing research - CORRECT ANSWER - planning, collecting, and analyzing data
relevant to a marketing decision ex) consumer preferences, perceived benefits, consumer
lifestyles
Buyer Behavior - CORRECT ANSWER - need recognition to information search to
evaluation of alternatives to purchase to post purchase behavior
market segementation - CORRECT ANSWER - the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
Influences on Consumer Decision Making - CORRECT ANSWER - culture, social
factors, individual influences, psychological influences
Stages of market research - CORRECT ANSWER - 1) Define the problem
2) Develop your plan
3) Collect relevant data and information
Questions and CORRECT Answers
Marketing Matrix - CORRECT ANSWER - product, placing, pricing, and promotion
Value - CORRECT ANSWER - Benefit/Cost
Utility - CORRECT ANSWER - ability of a product to meet someones wants or needs
Types of Utility - CORRECT ANSWER - form, place, time, possession
Consumer Goods - CORRECT ANSWER - tangible products purchased by customers for
personal use
industrial goods - CORRECT ANSWER - Products used in the production of other
products. Sometimes called business goods or B2B goods.
Services - CORRECT ANSWER - intangible products
Political-Legal Environment - CORRECT ANSWER - involves government legislation
and regulation as well as political movements, creates new markets and products for emerging
companies
Sociocultural Environment - CORRECT ANSWER - buying behaviors, the customs,
values, and demographic characteristics of the society in which the organization functions
Technological Environment - CORRECT ANSWER - advances in computer technology
and telecommunication, new products make existing products obsolete, and many products
change our values and lifestyles - lifestyle changes stimulate new products not directly related to
new tech itself
,Economic Environment - CORRECT ANSWER - economic factors that affect consumer
purchasing power and spending patterns, ex) inflation, recession, employment rates
competitive environment - CORRECT ANSWER - system in which businesses compete
for consumers and commercial buyers
3 types of competition - CORRECT ANSWER - substitute product, brand competition,
international competition
subsitute products - CORRECT ANSWER - different from competitors, fills same need,
ex) which gym membership to get
brand competition - CORRECT ANSWER - appeals to consumer perceptions of benefits
offered by particular companies, ex) deciding between google and bing
international competition - CORRECT ANSWER - domestic products against foreign
products, ex) ford vs volkswagen
competitive advantage - CORRECT ANSWER - a set of unique features of a company and
its products that are perceived by the target market as significant and superior to those of the
competition
4 types of competitive advantage - CORRECT ANSWER - cost, product differentiation,
service differentiation, niche
cost - CORRECT ANSWER - maintaining profit margin on lower costs
product differentiation - CORRECT ANSWER - includes brand names, image, product
reliability
, Service Differentiation - CORRECT ANSWER - customer reviews can make or break a
company
niche - CORRECT ANSWER - serving a specific segment of the population and doing it
well
marketing mix strategies - CORRECT ANSWER - product- choosing brand name,
packaging, colors, warranty, accessories
price- demand for product and cost of producing product, lower prices not always best
place- where and how the product will be sold
promotion- personal selling, ads, etc
SWOT analysis - CORRECT ANSWER - strengths, weaknesses, opportunities, threats
marketing research - CORRECT ANSWER - planning, collecting, and analyzing data
relevant to a marketing decision ex) consumer preferences, perceived benefits, consumer
lifestyles
Buyer Behavior - CORRECT ANSWER - need recognition to information search to
evaluation of alternatives to purchase to post purchase behavior
market segementation - CORRECT ANSWER - the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
Influences on Consumer Decision Making - CORRECT ANSWER - culture, social
factors, individual influences, psychological influences
Stages of market research - CORRECT ANSWER - 1) Define the problem
2) Develop your plan
3) Collect relevant data and information
