BMGT 110 EXAM 2 QUESTIONS AND
ANSWERS 100% CORRECT
Marketing - ANSWER-The process of planning, executing, conceptualizing, and
distributing ideas
The 4 P's of marketing - ANSWER-1. Product
2. Price
3. Place
4. Promotion
New Product Development - ANSWER-Extremely difficult task, 80% are failures
6 Steps to Product Development - ANSWER-1. Idea Generation
2. Product Screening
3. Product Analysis
4. Development
5. Testing
6. Commercialization
Product Line - ANSWER-Groups of individual product that are closely related in some
way.
Example- different types of cars are known for different types of people
Product Mix - ANSWER-Combination of product lines offered by a company, relies on
product differentiation.
Product Differentiation - ANSWER-Attempts to make a close substitute appear different,
customers no longer regard products as the same, pricing and promotion are big factors
that set them apart.
Branding - ANSWER-Key difference component.
- Name
- Symbol
- Design
- Logo
Trademark - ANSWER-Brand that has been given legal exclusivity to their name and
logo
Packaging - ANSWER-Important for product offering, helps decide whether to buy or
not to buy.
, Pricing strategies - ANSWER-1. Cost Based
2. Demand Based
3. Competition Based
Product Life Cycle - ANSWER-1. Intro
2. Growth
3. Maturity (remarketing)
4. Decline
Pricing objectives - ANSWER-Hardest of the Ps, most important to customers.
1. Return of Investment (ROI)- set to maximize profits in long run
2. Build traffic- lower pricing, attract customers
3. Image Support- price can add to the status
4. Increased market share
5. Social Impact
Place - ANSWER-Usually described in terms of utility (value) to consumers: form, time,
place, possession, information, and service.
Non-selling retail stores - ANSWER-internet, telemarketing, vending, kiosks, direct
selling and multilevel marketing
Promotion - ANSWER-Involves disseminating information about a product, brand, or
company to the target market and to persuade them to participate in an exchange.
Integrated Marketing Communications (IMC) - ANSWER-Combines all promotional tools
into competitiveness strategy, lead to creation of positive product image and meeting
goals.
Helps define objectives for the promotional mix, assess budget needs, assess budget
needs, create unifying message, evaluate strategy effectiveness.
Advertising - ANSWER-The paid, non-personal, promotion of goods, services,
companies and ideas by an identified sponsor.
About how much does advertising cost in a given year? - ANSWER-Advertising in the
US exceeds $225 billion per year
Advertisement Mediums - ANSWER-Newspapers, direct mail, radio, yellow pages, etc.,
but television is where the most money is spent.
Product Placement - ANSWER-Advertisers pay to have their product appear in movies
and television shows. Extra can be paid to have the product actually used by an actor
on-screen.
Infomercials / Product Sales Networks - ANSWER-A full length TV program, or cable
channel, dedicated to promoting product(s)
ANSWERS 100% CORRECT
Marketing - ANSWER-The process of planning, executing, conceptualizing, and
distributing ideas
The 4 P's of marketing - ANSWER-1. Product
2. Price
3. Place
4. Promotion
New Product Development - ANSWER-Extremely difficult task, 80% are failures
6 Steps to Product Development - ANSWER-1. Idea Generation
2. Product Screening
3. Product Analysis
4. Development
5. Testing
6. Commercialization
Product Line - ANSWER-Groups of individual product that are closely related in some
way.
Example- different types of cars are known for different types of people
Product Mix - ANSWER-Combination of product lines offered by a company, relies on
product differentiation.
Product Differentiation - ANSWER-Attempts to make a close substitute appear different,
customers no longer regard products as the same, pricing and promotion are big factors
that set them apart.
Branding - ANSWER-Key difference component.
- Name
- Symbol
- Design
- Logo
Trademark - ANSWER-Brand that has been given legal exclusivity to their name and
logo
Packaging - ANSWER-Important for product offering, helps decide whether to buy or
not to buy.
, Pricing strategies - ANSWER-1. Cost Based
2. Demand Based
3. Competition Based
Product Life Cycle - ANSWER-1. Intro
2. Growth
3. Maturity (remarketing)
4. Decline
Pricing objectives - ANSWER-Hardest of the Ps, most important to customers.
1. Return of Investment (ROI)- set to maximize profits in long run
2. Build traffic- lower pricing, attract customers
3. Image Support- price can add to the status
4. Increased market share
5. Social Impact
Place - ANSWER-Usually described in terms of utility (value) to consumers: form, time,
place, possession, information, and service.
Non-selling retail stores - ANSWER-internet, telemarketing, vending, kiosks, direct
selling and multilevel marketing
Promotion - ANSWER-Involves disseminating information about a product, brand, or
company to the target market and to persuade them to participate in an exchange.
Integrated Marketing Communications (IMC) - ANSWER-Combines all promotional tools
into competitiveness strategy, lead to creation of positive product image and meeting
goals.
Helps define objectives for the promotional mix, assess budget needs, assess budget
needs, create unifying message, evaluate strategy effectiveness.
Advertising - ANSWER-The paid, non-personal, promotion of goods, services,
companies and ideas by an identified sponsor.
About how much does advertising cost in a given year? - ANSWER-Advertising in the
US exceeds $225 billion per year
Advertisement Mediums - ANSWER-Newspapers, direct mail, radio, yellow pages, etc.,
but television is where the most money is spent.
Product Placement - ANSWER-Advertisers pay to have their product appear in movies
and television shows. Extra can be paid to have the product actually used by an actor
on-screen.
Infomercials / Product Sales Networks - ANSWER-A full length TV program, or cable
channel, dedicated to promoting product(s)
