MARK 3336 MIDTERM VERIFIED STUDY GUIDE
Primary Data - Answers - information collected for the specific purpose at hand.
Secondary Data - Answers - information that already exists somewhere, having been
collected for another purpose.
cognitive dissonance - Answers - buyer discomfort caused by post purchase conflict
Product - Answers - The total package of benefits the customer obtains when making a
purchase
4 P's of Marketing Mix - Answers - Product, Price, Place, Promotion
Price - Answers - The amount of money exchanged for a good or service
Place - Answers - how it will make the offering available to target consumers
Promotion - Answers - Communication by marketers that informs, persuades, and
reminds potential buyers of a product in order to influence an opinion or elicit a
response
Capital Item - Answers - industrial products that aid in the buyer's production or
operations, including installations and accessory equipment.
competitive marketing intelligence - Answers - Is the systematic collection and analysis
of publicly available information about consumers, competitors and developments in the
marketplace
straight rebuy purchase - Answers - A business buying situation in which the buyer
routinely reorders something without modifications.
modified rebuy purchase - Answers - A business buying situation in which the buyer
wants to modify product specifications, prices, terms, or suppliers.
Market Segmentation - Answers - Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors and who might require separate
marketing strategies or mixes.
ethographic research - Answers - involves sending trained observers to watch and
interact with consumers in their "natural environments."
, New Task - Answers - A business buying situation in which the buyer purchases a
product or service for the first time.
System selling (or solutions selling) - Answers - Buying a packaged solution to a
problem from a single seller, thus avoiding all the separate decisions involved in a
complex buying situation
In B2B situation selling - Answers - straight rebuy
modified rebuy
new task
system selling (solution selling)
experimental research - Answers - involves gathering primary data by selecting
matched groups of subjects, giving them different treatments, controlling related factors,
and checking for differences in group responses.
Survey research - Answers - involves gathering primary data by asking people
questions about their knowledge, attitudes, preferences, and buying behavior.
observational research - Answers - involves gathering primary data by observing
relevant people, actions, and situations
descriptive research - Answers - Marketing research to better describe marketing
problems, situations, or markets, such as the market potential for a product or the
demographics and attitudes of consumers.
exploratory research - Answers - Marketing research to gather preliminary information
that will help define problems and suggest hypotheses.
Causal Research - Answers - Marketing research to test hypotheses about cause-and-
effect relationships.
The Boston Consulting Group (BCG) Matrix - Answers - analysis analyzes a firm's
business units (SBUs) or products/brands as though they were a collection of separate
investments.
The technique locates SBUs on a market growth-relative market share matrix. Then the
SBUs are classified as either "question marks," "stars," "cash cows," or "dogs."
Marketing research - Answers - the systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an organization
market penetration - Answers - Company growth by increasing sales of current products
to current market segments without changing the product.
Primary Data - Answers - information collected for the specific purpose at hand.
Secondary Data - Answers - information that already exists somewhere, having been
collected for another purpose.
cognitive dissonance - Answers - buyer discomfort caused by post purchase conflict
Product - Answers - The total package of benefits the customer obtains when making a
purchase
4 P's of Marketing Mix - Answers - Product, Price, Place, Promotion
Price - Answers - The amount of money exchanged for a good or service
Place - Answers - how it will make the offering available to target consumers
Promotion - Answers - Communication by marketers that informs, persuades, and
reminds potential buyers of a product in order to influence an opinion or elicit a
response
Capital Item - Answers - industrial products that aid in the buyer's production or
operations, including installations and accessory equipment.
competitive marketing intelligence - Answers - Is the systematic collection and analysis
of publicly available information about consumers, competitors and developments in the
marketplace
straight rebuy purchase - Answers - A business buying situation in which the buyer
routinely reorders something without modifications.
modified rebuy purchase - Answers - A business buying situation in which the buyer
wants to modify product specifications, prices, terms, or suppliers.
Market Segmentation - Answers - Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors and who might require separate
marketing strategies or mixes.
ethographic research - Answers - involves sending trained observers to watch and
interact with consumers in their "natural environments."
, New Task - Answers - A business buying situation in which the buyer purchases a
product or service for the first time.
System selling (or solutions selling) - Answers - Buying a packaged solution to a
problem from a single seller, thus avoiding all the separate decisions involved in a
complex buying situation
In B2B situation selling - Answers - straight rebuy
modified rebuy
new task
system selling (solution selling)
experimental research - Answers - involves gathering primary data by selecting
matched groups of subjects, giving them different treatments, controlling related factors,
and checking for differences in group responses.
Survey research - Answers - involves gathering primary data by asking people
questions about their knowledge, attitudes, preferences, and buying behavior.
observational research - Answers - involves gathering primary data by observing
relevant people, actions, and situations
descriptive research - Answers - Marketing research to better describe marketing
problems, situations, or markets, such as the market potential for a product or the
demographics and attitudes of consumers.
exploratory research - Answers - Marketing research to gather preliminary information
that will help define problems and suggest hypotheses.
Causal Research - Answers - Marketing research to test hypotheses about cause-and-
effect relationships.
The Boston Consulting Group (BCG) Matrix - Answers - analysis analyzes a firm's
business units (SBUs) or products/brands as though they were a collection of separate
investments.
The technique locates SBUs on a market growth-relative market share matrix. Then the
SBUs are classified as either "question marks," "stars," "cash cows," or "dogs."
Marketing research - Answers - the systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an organization
market penetration - Answers - Company growth by increasing sales of current products
to current market segments without changing the product.
