BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
BUAD 307 Final Exam Questions With
Correct Answers
Types of competitive advantage - answer✔✔Cost
Product/Service Differentiation
Niche Strategies
Steps in consumer decision making - answer✔✔Problem Recognition --> Information Search -->
Evaluation of Alternatives --> Purchase --> Postpurchase Evaluation/Behavior
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
Benefits
Usage rate
Other behavior
Positioning - answer✔✔Developing a specific marketing mix to influence potential customers'
overall perception of a brand, product line, or organization in general
Repositioning Caveats - answer✔✔Changing established position may be difficult--It will take a
great deal of advertising support. There is no guarantee that customers will cooperate
Survey Research - answer✔✔The most popular technique for gathering primary data in which a
researcher interacts with people to obtain facts, opinions, and attitudes
Requirements to qualify as an experiment - answer✔✔1) Different groups of people must be
treated differently -or- 2) The same people must be treated differently at different times
Advantages of experiments - answer✔✔-Subjects in different groups treated differently
-Can help isolate causes
-Subjects not biased by questions--does not know how others are treated
Scanner Data Research - answer✔✔A system for gathering information from a single group of
respondents by continuously monitoring the advertising, promotion, and pricing they are exposed
to and the things they buy
Corporate Social Responsibility - answer✔✔Economic: Be profitable --> Legal: Obey the law --
> Ethical: Do what is right --> Philanthropic: Be a good citizen
Sustainability - answer✔✔Idea that socially responsible companies will outperform their peers
by focusing on the world's social problems and viewing them as opportunities to build profits
and help the world at the same time
Sum of PV[X(subscript t), i](subscript t) > C
-C is the additional cost incurred by taking on the social responsibility
-X(subscript t) is the additional profit received t years later because of the goodwill created from
being socially responsible - answer✔✔Formula for sustainability
Factors that affect the marketing enviroment - answer✔✔Social
Demographic
Economic
Technological
Political and Legal
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