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BYU Marketing 201 Swenson Final questions with correct answers 2024/2025
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BYU Marketing 201 Swenson Final questions with correct answers 2024/2025
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BYU Marketing 201 Swenson FinalBCG Portfolio Model - ANS
Product-Market Expansion Matrix - ANS
Marketing Philosophies - ANSProduct Orientation,
Sales Orientation,
Market Orientation,
Societal Orientation
Product Orientation - ANSAll about the product. Does not consider competitors or the needs
of the market.
Sales Orientation - ANSAggressive sales techniques, may fail to understand customer
needs
Market Orientation - ANSUnderstand customer needs, company capabilities, knows
competitors, and wants to make a profit.
Societal Orientation - ANSConcerned about the environment, consider society's long-term
best interest
Competitive Rivalry - ANSRivalry among existing companies in a particular industry varies in
intensity based on the type and number of competitors and on the basis of
competition—price discounting, advertising, new product offerings, and service quality. High
competitive rivalry drives down industry profits. Delta vs. United
Power of Suppliers - ANSPowerful suppliers can drive down industry profits by charging
higher prices and/or reducing product and service quality. Oil Industry or Boeing
Power of Buyers - ANSPowerful buyers (customers) can use their clout to demand and
receive lower prices, increased product quality, and more services. Gold Medallions get
upgraded
Threat of Entrants - ANSNew entrants can shake up an industry and cause increased
competition as they seek to take market share from existing companies in the industry. New
Airline
Porter's Five Forces Model - ANSThreat of new entrants
Threat of substitutes
Bargaining power of buyers
Bargaining power of suppliers
Current rivalry
,Global Market Entry Strategies - ANSExporting
Licensing
Joint venture
Direct investment
Exporting - ANSGoods produced in the home country are exported to a foreign market
Licensing - ANSSelling the right to another company to use some process, trademark,
patent, or other skill
Joint Venture - ANSA company joins with a foreign market to create a local business in
which the company shares joint ownership and control.
Direct Investment - ANSBuild up wholly owned operations in other countries
The Fraud Triangle - ANSOpportunity: Condition that allows the fraudulent behavior to occur
Pressure: The weight of the burden felt by the person who commits fraud Rationalization:
The process of reconciling or justifying fraudulent behavior
Analysis of Variance - ANSAnalyze differences among group means
Purpose: testing for differences in group averages
Usage: evaluate effectiveness of marketing policies
Outcome: evidence to inform marketing decisions
Regression Analysis - ANSRelationship between a dependent variable and one or more
independent or predictor variables
Purpose: testing for effects of certain variables on an outcome
Usage: evaluate advertising, product, and pricing policies
Outcome: evidence to inform marketing decisions
Factor Analysis - ANSData reduction techniques
Identify highly correlated variables, group into factors
Purpose: group variables into factors-data reduction
Usage: create a metric for brand health, loyalty, etc.
Outcome: factors to inform marketing decisions
Cluster Analysis - ANSGrouping objects or people into groups based on similarities
Divide markets into segments
Purpose: groups respondents into clusters
Usage: Market segmentation
Outcome: segments to inform marketing decisions
Consumer Behavior Process - ANS1. Problem recognition: perceiving a need
2. Information search: Seeking Value
3. Evaluation of alternatives: Assessing Value
4. Purchase: Buying value
5. Post-purchase evaluation: Consuming, experiencing, using, and evaluating value
Perception>expectation
, Diffusion Process - ANS
Three Generic Segments - ANSHate
Swing
Love
(sell to the swing group through the eyes of the love group)
Ways to Segment the Market - ANSgeographic, demographic, psychographic, behavioral
(most used to most useful)
geographic segmentation - ANSthe grouping of consumers on the basis of where they live
demographic segmentation - ANSdividing the market into segments based on variables such
as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and
generation
psychographic segmentation - ANSsegmenting markets on the basis of personality, motives,
lifestyles, attitudes, and values
Behavioral Segmentation - ANSdividing a market into segments based on usage situations
or benefits
Ways to Position - ANS1. How you are just as good as the competition
2. How you beat all the competition
3. How you are loved by popular people
4. How you fit consumers' lifestyles
5. How you deliver what is most valued
(Most used to most useful)
Brand Types - ANSFunctional
Image
Experiential
Functional Brand - ANS-Superior performance or superior economy
-Physiological/safety needs, low involvement
Image Brand - ANS-Desirable image
-Promotion
-Social and esteem needs, moderate to high involvement
Experiential Brand - ANS-Unique, engaging experience
-Product and place (delivery and service)
-Self-actualization needs, moderate to high involvement
Marketing Mix - ANSProduct,
Price,
Place,
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