MKT 305 Exam questions and
answers graded 100%
Customer Excellence - ANS✅✅focuses on retaining loyal customers and excellent customer service
operational excellence - ANS✅✅achieved through efficient operations and excellent supply chain
and human resources management
product excellence - ANS✅✅having products with high perceived value and effective branding and
positioning
locational excellence - ANS✅✅having a good physical location and internet presence
market penetration - ANS✅✅a growth strategy that employs the existing marketing mix and
focuses the firm's efforts on existing customers
market development - ANS✅✅a growth strategy that employs the existing marketing offering to
reach new market segments, whether domestic or international
product development - ANS✅✅a growth strategy that offers a new product or service to a firm's
current target market
Diversification - ANS✅✅a growth strategy through starting up or acquiring businesses outside the
company's current products and markets
5 Step Consumer Decision Process - ANS✅✅1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post purchase behavior
need recognition - ANS✅✅occurs when consumers recognize they have an unsatisfied need and
want to go from their actual, needy state to a different, desired state
, functional needs - ANS✅✅pertain to the performance of a product or service
Psychological needs - ANS✅✅pertain to the personal gratification consumers associate with a
product or service
internal information search - ANS✅✅when the buyer examines his or her own memory and
knowledge about the product or service, gathered through experience
external information search - ANS✅✅when the buyer seeks information outside his or her
personal knowledge base to help make the buying decision
5 kinds of risks - ANS✅✅performance risk
financial risk
social risk
physiological risk
safety risk
Performance risk - ANS✅✅perceived danger inherent in a poorly performing product or service
financial risk - ANS✅✅risk associated with a monetary outlay; includes the initial cost of the
purchase, as well as the costs of using the item or service
Social risk - ANS✅✅the fears that consumers suffer when they worry others might not regard their
purchases positively
Physiological risk - ANS✅✅the fear of an actual harm should a product not perform properly
Safety risk - ANS✅✅see physiological risk
Universal set - ANS✅✅all possible choices for a product category
retrieval set - ANS✅✅those brands or stores that can be readily brought forth from memory
answers graded 100%
Customer Excellence - ANS✅✅focuses on retaining loyal customers and excellent customer service
operational excellence - ANS✅✅achieved through efficient operations and excellent supply chain
and human resources management
product excellence - ANS✅✅having products with high perceived value and effective branding and
positioning
locational excellence - ANS✅✅having a good physical location and internet presence
market penetration - ANS✅✅a growth strategy that employs the existing marketing mix and
focuses the firm's efforts on existing customers
market development - ANS✅✅a growth strategy that employs the existing marketing offering to
reach new market segments, whether domestic or international
product development - ANS✅✅a growth strategy that offers a new product or service to a firm's
current target market
Diversification - ANS✅✅a growth strategy through starting up or acquiring businesses outside the
company's current products and markets
5 Step Consumer Decision Process - ANS✅✅1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post purchase behavior
need recognition - ANS✅✅occurs when consumers recognize they have an unsatisfied need and
want to go from their actual, needy state to a different, desired state
, functional needs - ANS✅✅pertain to the performance of a product or service
Psychological needs - ANS✅✅pertain to the personal gratification consumers associate with a
product or service
internal information search - ANS✅✅when the buyer examines his or her own memory and
knowledge about the product or service, gathered through experience
external information search - ANS✅✅when the buyer seeks information outside his or her
personal knowledge base to help make the buying decision
5 kinds of risks - ANS✅✅performance risk
financial risk
social risk
physiological risk
safety risk
Performance risk - ANS✅✅perceived danger inherent in a poorly performing product or service
financial risk - ANS✅✅risk associated with a monetary outlay; includes the initial cost of the
purchase, as well as the costs of using the item or service
Social risk - ANS✅✅the fears that consumers suffer when they worry others might not regard their
purchases positively
Physiological risk - ANS✅✅the fear of an actual harm should a product not perform properly
Safety risk - ANS✅✅see physiological risk
Universal set - ANS✅✅all possible choices for a product category
retrieval set - ANS✅✅those brands or stores that can be readily brought forth from memory
