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BYU Marketing 201 Swenson Final questions with correct answers 2024/2025 $10.49   Add to cart

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BYU Marketing 201 Swenson Final questions with correct answers 2024/2025

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  • MKTG 201
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  • MKTG 201

BYU Marketing 201 Swenson Final questions with correct answers 2024/2025

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  • August 19, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
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  • mktg 201
  • MKTG 201
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BYU Marketing 201 Swenson Final

BCG 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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