MBA 706-M Kim-Summer AP1 -23 Exam with Questions and Correct Answers 2025.

MBA 706-M Kim-Summer AP1 '23 Exam
with Questions and Correct Answers 2025




Segmentation ,& ,Target ,Marketing ,- ,CORRECT ,ANSWER-~consider ,markets ,as
,individuals, ,institutions, ,or ,groups ,of ,ppl. ,have ,similar ,needs ,that ,can ,be ,met ,by
,specific ,offering
~aim ,to ,identify ,specific ,customer ,needs ,& ,design ,marketing ,programs ,to ,satisfy
,needs
~firms ,must ,comprehensively ,understand ,current ,& ,potential ,customers, ,motivations,
,behaviors, ,needs, ,wants
~segmentation ,allows ,marketers ,to ,more ,precisely ,define ,and ,understand ,customer
,needs, ,& ,gives ,them ,the ,ability ,to ,tailor ,products ,to ,suit ,those ,needs. ,marketers ,are
,unable ,to ,fully ,understand ,all ,customers ,needs/wants


Buyer ,Behavior ,in ,Consumer ,Markets ,- ,CORRECT ,ANSWER--irrational ,&
,unpredictable
-5 ,stages

Diff ,b/w ,want ,& ,need ,from ,consumer ,buying ,process' ,perspective ,- ,CORRECT
,ANSWER--Need: ,when ,customer's ,existing ,level ,of ,satisfaction ,& ,desired ,level ,of
,satisfaction ,are ,not ,same ,(based ,on ,internal ,& ,external ,stimuli)
-Want: ,consumer's ,desire ,for ,specific ,product ,that ,will ,satisfy ,need
-Demand: ,when ,consumers ,ability ,& ,willingness ,to ,purchase ,product ,backs ,up ,the
,want ,for ,product


External ,Stimuli ,- ,CORRECT ,ANSWER-advertising, ,window ,shopping, ,interacting ,with
,salespeople


Internal ,Stimuli ,- ,CORRECT ,ANSWER-hunger, ,thirst, ,fatigue

Buying ,process ,begins ,when... ,- ,CORRECT ,ANSWER-consumers ,recognize ,they
,have ,an ,"unmet ,need"

,Relationship ,b/w ,Need ,& ,Want ,- ,CORRECT ,ANSWER-people ,argue ,they ,NEED ,a
,car ,when ,"real ,need" ,is ,transportation. ,need ,for ,car ,is ,a ,"want"


Difference ,b/w ,Want ,& ,Demand ,- ,CORRECT ,ANSWER-customers ,"want" ,luxury ,care,
,but ,only ,few ,are ,able ,& ,willing ,to ,buy ,one(EX: ,demand)


Consumer ,Buying ,Process: ,Evaluation ,of ,Alternatives ,- ,CORRECT ,ANSWER--
consumers ,eval ,products ,as ,bundles ,of ,attributes: ,each ,has ,diff ,level ,of ,importance.
,priority ,of ,choice ,criteria ,can ,change ,during ,the ,process
-important ,considerations: ,products ,must ,be ,in ,the ,evoked ,set. ,consumers ,choice
,criteria ,must ,be ,understood
-marketing ,programs ,must ,be ,designed ,to ,change ,priority ,of ,choice ,criteria, ,and
,change ,consumers ,opinions ,about ,product/brand ,image.
-at ,this ,stage, ,consumer ,translates ,need ,into ,want

Consumer ,Buying ,Process: ,Purchase ,Decision ,- ,CORRECT ,ANSWER--after
,consumer ,evaluates ,each ,alternative ,in ,the ,evoked ,set, ,they ,form ,an ,intention ,to
,purchase ,a ,product/brand
-purchase ,intention ,& ,actual ,act ,of ,buying ,are ,distinct ,concepts
-unforeseen ,circumstances ,can ,interfere ,w/consumer's ,decision ,to ,buy ,product

Marketers ,overcome ,unforeseen ,circumstances ,by: ,- ,CORRECT ,ANSWER--reducing
,risk ,of ,purchase: ,warranties, ,guarantees
-making ,purchase ,easy
-finding ,creative ,solutions ,to ,unexpected ,problems

Issues ,in ,purchase ,decision ,stage ,- ,CORRECT ,ANSWER--product ,availability: ,related
,to ,distribution ,component ,of ,marketing ,program, ,CONVENIENCE.
Goal: ,to ,put ,product ,within ,consumer's ,reach ,where ,they ,are
-possession ,utility: ,easy ,for ,customers ,to ,find ,product; ,ease ,of ,taking ,possession ,of
,the ,product.
EX: ,layaway ,or ,financing, ,delivery, ,installation, ,proper ,packaging, ,prompt ,shipment
,(newspapers, ,pizza)


4 ,Outcomes ,that ,Consumers ,Experience ,in ,Post-Purchase ,stage ,(how ,are ,they ,diff?)
,- ,CORRECT ,ANSWER-1. ,delight
2. ,satisfaction
3. ,dissatisfaction
4. ,cognitive ,dissonance(post-purchase ,doubt)

1. ,delight ,- ,CORRECT ,ANSWER-product's ,performance ,"greatly ,exceeds" ,buyer's
,expectations


2. ,satisfaction ,- ,CORRECT ,ANSWER-product's ,performance ,"matches" ,buyer's
,expectations

, 3. ,dissatisfaction ,- ,CORRECT ,ANSWER-product's ,performance ,"falls" ,short ,of ,buyer's
,expectations


4. ,cognitive ,dissonance ,(post-purchase ,doubt) ,- ,CORRECT ,ANSWER-buyer ,is
,"unsure" ,of ,product's ,performance ,relative ,to ,their ,"expectations"


high ,likelihood ,of ,experiencing ,dissatisfaction ,or ,cognitive ,dissonance ,when: ,-
,CORRECT ,ANSWER--dollar ,value ,of ,purchase ,increases
-opportunity ,costs ,of ,rejected ,alternatives ,are ,high
-purchase ,decision ,is ,emotionally ,involving

firms ,can ,manage ,responses ,(dissatisfaction ,or ,cognitive ,dissonance) ,by: ,-
,CORRECT ,ANSWER--offering ,liberal ,return ,policies
-providing ,extensive ,post-sale ,support
-reinforcing ,the ,wisdom ,of ,consumer's ,purchase ,decision

Issues ,in ,the ,buying ,process ,- ,CORRECT ,ANSWER-1. ,consumers ,dont ,always ,follow
,stages ,in ,the ,sequence ,& ,can ,be ,swayed ,by ,brand ,loyalty ,(also ,impulse ,purchases)
2. ,making ,parallel ,decisions: ,what ,to ,buy ,and ,where ,to ,buy?
3. ,bias ,towards ,a ,merchant ,limits ,purchasing ,powers

The ,Buying ,Process ,- ,CORRECT ,ANSWER--describes ,possible ,range ,of ,activities
,that ,may ,occur ,in ,consumers ,making ,purchase ,decisions


Need ,Recognition ,- ,CORRECT ,ANSWER--1st ,stage ,of ,buyer ,decision ,process ,where
,consumer ,recognizes ,need
-based ,on ,internal ,& ,external ,stimuli

Characteristics ,of ,Information ,Search ,in ,CONSUMER ,Buying ,Process ,- ,CORRECT
,ANSWER-marketing ,activities ,can ,stimulate ,desire ,for ,info:
~~~passive ,info ,search
~~~active ,info ,search
sources ,of ,info:
~~~internal ,sources
~~~external ,sources
amount ,of ,time, ,effort, ,& ,expense ,dedicated ,to ,info ,search ,depends ,on:
~~~degree ,of ,risk
~~~amount ,of ,expertise ,w/product ,category
~~~actual ,cost ,of ,search ,(time ,& ,money)

Characteristics ,of ,Information ,Search ,in ,Consumer ,Buying ,Process
PASSIVE ,INFORMATION ,SEARCH ,- ,CORRECT ,ANSWER-consumer ,becomes ,more
,attentive ,& ,receptive ,to ,info
EX: ,noticing ,car ,ads

Characteristics ,of ,Information ,Search ,in ,Consumer ,Buying ,Process