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Marketing 524 Test 1 UL Complete Questions and Verified Answers A+ Level
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Marketing 524 Test 1 UL Complete Questions and Verified Answers A+ Level
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Marketing 524 Test 1 UL- Submarkets
- Size and Growth
- Profitability
- Cost Structure
- Distribution Systems
- Market Trends
- Key Success Factors
Super Strong People Can Do Many Kicks - correct answer-What are the Dimensions you
would consider when doing a Market Analysis?
- What are their objectives and strategies? Their levels of commitment? Their exit barriers?
- What are their cost structures? Do they have cost advantages or disadvantages?
- What are their images and positioning strategies?
- Which are the most successful/unsuccessful competitors over time? Why?
- What are the strengths and weaknesses of each competitor or strategic group?
- What leverage points (or strategic weaknesses or customer problems or unmet needs)
could competitors exploit to enter the market or become more serious competitors?
- How strong or weak is each competitor with respect to their assets and competencies?
Generate a competitor strength - correct answer-What are some questsions you would ask
when doing Competitor Analysis?
- Try to Name 5
1. Company brand and its Partners
2. The customers themselves
3. Social/External Sources - correct answer-What are the 3 touchpoint factors that can affect
customer experience?
1. Company Strengths and Weaknesses
2. Competitor Strengths and Weaknesses
3. Assessment of Enviornmental and Market Context - correct answer-What are the 3 types
of assessments that should be done before making a strategic decision?
1. Competition Among Existing Firms
2. Threat of Potential Entrants
3. Threat of Substitute Products
4. Bargaining Power of Customers
5. Bargaining Powers of Suppliers - correct answer-What are Porters 5 Forces of Market
Profitability?
1. Create Scenarios
2. Relate Scenarios to Existing or Proposed Strategies
3. Estimate Scenario Probabilities - correct answer-What are the 3 General Steps of
Scenario Analysis?
, 1. Customer Characteristics
- Geographic
- Type of Organization
- Size of Firm
- Lifestyle
- Sex
- Age
- Occupation
2. Product Related Approaches
- User Type
- Usage
- Benefits Sought
- Price Sensitivity
- Competitor
- Application
- Brand Loyalty - correct answer-What are the 2 major ways that market segments are
defined? Give at least 3 examples of each.
1. Customer Trends
2. Business and Technology Trends
3. Government and Policy Trends
4. Economic Trends - correct answer-What are the 4 main trends to look for when doing an
Environmental Analysis?
1. Differentiate from the competition
2. Resist imitation attempts from competition
3. Add value to core products and services
4. Build a memorable brand - correct answer-What are 4 things that great customer
experience can help a company do?
1. Identification
- What to evaluate outside of the firm. Things like trends, threats, and strategic uncertainties
2. Analysis
- Identifying areas where more information is needed and coming up with different scenarios
to cover these areas where there is a lack of information
3. Strategic Decisions
- Deciding on where to compete and how to compete using the previous information - correct
answer-What are the 3 steps of External Analysis?
1. Information Gathering
2. Consideration set
3. Preference
4. Purchase
5. Post Purchase Decision
- If the customer likes it, they will stay in the loyalty loop and also advocate for the product to
people they know
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