MAR 3023 FINAL EXAM QUESTIONS AND CORRECT
ANSWERS
Exchange c- cCORRECT cANS✔✔- c2+ centities
- cthe centities cshould chave csomething cof cvalue
Marketing cOrientations cand cPhilosophies c- cCORRECT cANS✔✔1. cProduction cOrientation: cfocus con cwhat cyou're cgood cat;
cinternal cfocus
2. cSales cOrientation: caggressively cselling
3. cMarket cOrientation: chow cpeople care creacting; cexternal cfocus
4. cSocietal cOrientation: clooks cat ccustomers, cBUT clooks cmore cat cbigger cgoals; cgreater cgood!
Customer cValue c- cCORRECT cANS✔✔The cunique ccombination cof cbenefits creceived cby ctargeted cbuyers cthat cincludes
cquality, cconvenience, con-time cdelivery, cand cboth cbefore-sale cand cafter-sale cservice cat ca cspecific cprice
Customer cSatisfaction c- cCORRECT cANS✔✔Function cof cwhat cyou're cgetting c(Offerings; cexpectations)
→ cExpectations clow c= cmore csatisfaction
→ cExpectations chigh c= cdissatisfied
Strategic cMarketing cManagement c- cCORRECT cANS✔✔1. cProduction c- cwhat cyou're c"good" cat
2. cSales c- cdiscounts, ctransnational
3. cMarket c- cfocuses con ccustomer cneeds/wants
4. cSocietal c- ccustomer cAND csocietal cneeds/wants
Controllable cand cUncontrollable cvariables c- cCORRECT cANS✔✔- cCONTROLLABLE
→ cProduct
→ cPrice
→ cPromotion
→ cPlace; cdistribution
- cUNCONTROLLABLE
→ cCompetition
→ cTechnology
→ cGeographical cfactors
→ cCustomer ctrends
→ cEconomy cfactors
→ cPolitical c/regulatory
→ cHistorical cfactors
SWOT canalysis c- cCORRECT cANS✔✔STRENGTHS: cGives cyou can cadvantage/edge cover ccompetition
WEAKNESSES: cDisadvantage; cgoes cagainst cyou
OPPORTUNITIES: cExternal cfactors cthat ccan cbe cbeneficial
THREATS: cExternal
Elements cof cthe cMarketing cMix c- cCORRECT cANS✔✔Price, cProduct, cPromotion, cand cPlace
External cEnvironmental cFactors c- cCORRECT cANS✔✔social, cdemographic, ceconomic, ctechnological, cpolitical cand clegal, cand
ccompetitive.
Sources cof cCompetitive cAdvantage c- cCORRECT cANS✔✔Cost cadvantage, cdifferentiation cadvantage, cmarketing cadvantage
, Portfolio cMatrix: c'Star' c- cCORRECT cANS✔✔high cmarket cgrowth crate
high cmarket cshare
Portfolio cMatrix: c'Cash' c- cCORRECT cANS✔✔low cmarket cgrowth crate
high cmarket cshare
Portfolio cMatrix: c'Problem cChild' cor c'?' c- cCORRECT cANS✔✔high cmarket cgrowth crate
low cmarket cshare
Portfolio cMatrix: c'Dog' c- cCORRECT cANS✔✔low cmarket cgrowth crate
low cmarket cshare
External cEnvironment c- cCORRECT cANS✔✔factors csurrounding can corganization cthat cinfluence cits cchoices cand cdetermine cits
copportunities cand crisks
Consumer cDecision-Making cProcess cand cassociated csteps c- cCORRECT cANS✔✔1. cneed crecognition c
2. cinformation csearch c
3. cevaluations cof calternatives c4. cpurchase c
5. cpost-purchase cbehavior
Cognitive cDissonance c- cCORRECT cANS✔✔the cstate cof chaving cinconsistent cthoughts cafter ca cpurchase
Involvement cand cFactors cdetermining cLevel cof cInvolvement c- cCORRECT cANS✔✔1) cPrevious cexperience: clow clevel cof
cinvolvement
2) cInterest: chighly cinvolved
3) cPerceived crisk cof cnegative cconsequences: cas cthe crisk cincreases, cso cdoes cthe clevel cof cinvolvement
4) cSituation: cthe ccircumstances cmay ctransform ca clow-involvement cinto ca chigh-involvement
5) cSocial cvisibility: cinvolvement cincreases cas cthe csocial cvisibility cincreases c(cloths, ccars, cetc.)
Marketing cImplications cof cInvolvement c- cCORRECT cANS✔✔high-involvement cpurchases crequire: cextensive cand cinformative
cpromotion cto ctarget cmarket
low-involvement cpurchases crequire: cin-store cpromotion, ceye-catching cdesign, ccoupons, cBOGO's
Types cof cBuying cDecisions c- cCORRECT cANS✔✔1. cRoutine cResponse cBehavior
(less cinvolvement)
2. cLimited cDecision cMaking
(moderate) c
3. cExtensive cDecision cMaking
(more cinvolvement)
Factors cInfluencing cBuying cDecisions c- cCORRECT cANS✔✔cultural, csocial, cindividual, cpsychological, c& cmotivational
Components cand cEffects cof cCulture c- cCORRECT cANS✔✔Culture cis cpervasive, cfunctional, clearned, cdynamic. c
Values
Language
Myths
Customs
Rituals
Laws
Social cInfluences con cConsumer cBuying cDecisions c- cCORRECT cANS✔✔- cOpinion cleader c(celebrities)
- cInternet c(looking cup cthings cprior cto cbuying)
- cFamily
- cReference cgroups c(friends, ccoworkers, cclubs, cFacebook)
Maslow's cHierarchy cof cNeeds c- cCORRECT cANS✔✔Physiological c—> cSecurity/Safety c—> cSocial c—> cEsteem c—> cSelf
cActualization
Customer cLifetime cValue c(CLM) c- cCORRECT cANS✔✔longterm crelationship, cbuying c& cselling, cfuture cincome; chow cmuch
cbusiness ca ccustomer cwill cgive cyou
Market cSegmentation c- cCORRECT cANS✔✔process cof cdividing cthe cmarket cinto cmeaningful csub-groups
Importance cof cMarket cSegmentation c- cCORRECT cANS✔✔allows ca cbusiness cto cprecisely creach ca cconsumer cwith cspecific
cneeds cand cwants
ANSWERS
Exchange c- cCORRECT cANS✔✔- c2+ centities
- cthe centities cshould chave csomething cof cvalue
Marketing cOrientations cand cPhilosophies c- cCORRECT cANS✔✔1. cProduction cOrientation: cfocus con cwhat cyou're cgood cat;
cinternal cfocus
2. cSales cOrientation: caggressively cselling
3. cMarket cOrientation: chow cpeople care creacting; cexternal cfocus
4. cSocietal cOrientation: clooks cat ccustomers, cBUT clooks cmore cat cbigger cgoals; cgreater cgood!
Customer cValue c- cCORRECT cANS✔✔The cunique ccombination cof cbenefits creceived cby ctargeted cbuyers cthat cincludes
cquality, cconvenience, con-time cdelivery, cand cboth cbefore-sale cand cafter-sale cservice cat ca cspecific cprice
Customer cSatisfaction c- cCORRECT cANS✔✔Function cof cwhat cyou're cgetting c(Offerings; cexpectations)
→ cExpectations clow c= cmore csatisfaction
→ cExpectations chigh c= cdissatisfied
Strategic cMarketing cManagement c- cCORRECT cANS✔✔1. cProduction c- cwhat cyou're c"good" cat
2. cSales c- cdiscounts, ctransnational
3. cMarket c- cfocuses con ccustomer cneeds/wants
4. cSocietal c- ccustomer cAND csocietal cneeds/wants
Controllable cand cUncontrollable cvariables c- cCORRECT cANS✔✔- cCONTROLLABLE
→ cProduct
→ cPrice
→ cPromotion
→ cPlace; cdistribution
- cUNCONTROLLABLE
→ cCompetition
→ cTechnology
→ cGeographical cfactors
→ cCustomer ctrends
→ cEconomy cfactors
→ cPolitical c/regulatory
→ cHistorical cfactors
SWOT canalysis c- cCORRECT cANS✔✔STRENGTHS: cGives cyou can cadvantage/edge cover ccompetition
WEAKNESSES: cDisadvantage; cgoes cagainst cyou
OPPORTUNITIES: cExternal cfactors cthat ccan cbe cbeneficial
THREATS: cExternal
Elements cof cthe cMarketing cMix c- cCORRECT cANS✔✔Price, cProduct, cPromotion, cand cPlace
External cEnvironmental cFactors c- cCORRECT cANS✔✔social, cdemographic, ceconomic, ctechnological, cpolitical cand clegal, cand
ccompetitive.
Sources cof cCompetitive cAdvantage c- cCORRECT cANS✔✔Cost cadvantage, cdifferentiation cadvantage, cmarketing cadvantage
, Portfolio cMatrix: c'Star' c- cCORRECT cANS✔✔high cmarket cgrowth crate
high cmarket cshare
Portfolio cMatrix: c'Cash' c- cCORRECT cANS✔✔low cmarket cgrowth crate
high cmarket cshare
Portfolio cMatrix: c'Problem cChild' cor c'?' c- cCORRECT cANS✔✔high cmarket cgrowth crate
low cmarket cshare
Portfolio cMatrix: c'Dog' c- cCORRECT cANS✔✔low cmarket cgrowth crate
low cmarket cshare
External cEnvironment c- cCORRECT cANS✔✔factors csurrounding can corganization cthat cinfluence cits cchoices cand cdetermine cits
copportunities cand crisks
Consumer cDecision-Making cProcess cand cassociated csteps c- cCORRECT cANS✔✔1. cneed crecognition c
2. cinformation csearch c
3. cevaluations cof calternatives c4. cpurchase c
5. cpost-purchase cbehavior
Cognitive cDissonance c- cCORRECT cANS✔✔the cstate cof chaving cinconsistent cthoughts cafter ca cpurchase
Involvement cand cFactors cdetermining cLevel cof cInvolvement c- cCORRECT cANS✔✔1) cPrevious cexperience: clow clevel cof
cinvolvement
2) cInterest: chighly cinvolved
3) cPerceived crisk cof cnegative cconsequences: cas cthe crisk cincreases, cso cdoes cthe clevel cof cinvolvement
4) cSituation: cthe ccircumstances cmay ctransform ca clow-involvement cinto ca chigh-involvement
5) cSocial cvisibility: cinvolvement cincreases cas cthe csocial cvisibility cincreases c(cloths, ccars, cetc.)
Marketing cImplications cof cInvolvement c- cCORRECT cANS✔✔high-involvement cpurchases crequire: cextensive cand cinformative
cpromotion cto ctarget cmarket
low-involvement cpurchases crequire: cin-store cpromotion, ceye-catching cdesign, ccoupons, cBOGO's
Types cof cBuying cDecisions c- cCORRECT cANS✔✔1. cRoutine cResponse cBehavior
(less cinvolvement)
2. cLimited cDecision cMaking
(moderate) c
3. cExtensive cDecision cMaking
(more cinvolvement)
Factors cInfluencing cBuying cDecisions c- cCORRECT cANS✔✔cultural, csocial, cindividual, cpsychological, c& cmotivational
Components cand cEffects cof cCulture c- cCORRECT cANS✔✔Culture cis cpervasive, cfunctional, clearned, cdynamic. c
Values
Language
Myths
Customs
Rituals
Laws
Social cInfluences con cConsumer cBuying cDecisions c- cCORRECT cANS✔✔- cOpinion cleader c(celebrities)
- cInternet c(looking cup cthings cprior cto cbuying)
- cFamily
- cReference cgroups c(friends, ccoworkers, cclubs, cFacebook)
Maslow's cHierarchy cof cNeeds c- cCORRECT cANS✔✔Physiological c—> cSecurity/Safety c—> cSocial c—> cEsteem c—> cSelf
cActualization
Customer cLifetime cValue c(CLM) c- cCORRECT cANS✔✔longterm crelationship, cbuying c& cselling, cfuture cincome; chow cmuch
cbusiness ca ccustomer cwill cgive cyou
Market cSegmentation c- cCORRECT cANS✔✔process cof cdividing cthe cmarket cinto cmeaningful csub-groups
Importance cof cMarket cSegmentation c- cCORRECT cANS✔✔allows ca cbusiness cto cprecisely creach ca cconsumer cwith cspecific
cneeds cand cwants
