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BYU Marketing 201 Exam 1/78 Questions and solutions
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BYU Marketing 201 Exam 1/78 Questions and solutions
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BYU Marketing 201 Exam 1/78Questions and solutions
BCG Growth-Share Matrix - -Cash Cow - High market share, low market
Growth
Stars - High market share, high market growth
?'s - High market growth, Low market share
Dog - Low market growth, low market share
-Corporate Strategy - -Asks the question - What businesses should we be
in?
-Strategic Business Unit Strategy - -Asks - How do we compete effectively
against the competitors?
-Functional Strategy - -strategy by which managers in specific areas decide
how best to achieve corporate goals through productivity
-Path to Profitability - -Marketing Environment--> Marketing Mix-->Capture
value-->Profits
-The most powerful marketing strategies begin by seeing the product
through the eyes of _________ - -Brand Champions/Love Group
-Product Market Expansion Matrix - -market penetration -Existing product
entering an existing market
product development - New product entering into an existing market market
development - Existing product entering into a new market
diversification - New product in a new market
-Customer Lifetime Value (CLV) - -approximate worth of a customer to a
company in economic terms; overall profitability of an individual consumer
-How does marketing create value for the customer? - -by meeting
customers functional and emotional needs
-Target Market - -a set of buyers sharing common needs or characteristics
that the company decides to serve
-Marketing Mix - -Product, Price, Place, Promotion
-What are the four profitability drivers? - -Customer Acquisition, Customer
Retention, Sales per Customer, margin
, -What is Customer Acquisition - -finding new, profitable ways to acquire
customers that are higher-value
-What is Customer Retention? - -To eliminate the root causes of customer
defections, develop loyalty initiatives and acquire more loyal customers
-What are sales per customer? - -How much the customer purchases of your
product. As a profitability driver it serves to increase their purchase of the
product
-What are margins? - -They help to cut down unneeded costs and drive
profitability in the firm
-Ways that the firm can drive profit - -Reward customers, Fire customers,
Identify cross-selling and up-selling opportunities
-Marketing Philosophies - -Product Orientation
Sales Orientation
Market Orientation
Societal Orientation
-Product Orientation - -All about the product - Ex. Apple
-Sales Orientation - -Aggressive sales techniques - Kohl's, Macy's
-Market Orientation - -Understanding customer needs, company
capabilities, knows competitors and wants to make a profit - Ex. Amazon
-Societal Orientation - -concerned about the enviornment - Ex. Tesla
-SWOT analysis - -strengths, weaknesses, opportunities, threats
-Strengths - -Internal and favorable
-Weaknesses - -Internal and unfavorable
-Oportunity - -External and favorable
-Threat - -External and unfavorable
-What are Porter's 5 forces? - -supplier power, threat of substitutes, buyer
power, threat of new entrants, degree of rivalry
-What are the 3 types of Income? - -Gross Income - Total amount of money
during a period
Disposable Income - Income after paying taxes
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