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MKTG 201 Final BYU questions with correct answers 2024/2025
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MKTG 201 Final BYU questions with correct answers 2024/2025
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MKTG 201 Final BYUChapter 1 - ANSMarketing Strategy
3 levels of Strategy - ANS1. Corporate
- What business should we be in?
2. Strategic Business Unit (SBU)
- How do we compete in this business?
3. Marketing
- How to deliver value to a particular market segment?
Boston Consulting Group Model - ANS$ Cow = generates more cash than it needs
* = new fads/trends
Path to profitability - ANS- Segmentation = grouping customers
- Targeting = selecting which segments to serve
- Positioning = positions product offerings for target customers
Marketing Mix 4 P's - ANSProduct, Price, Place, Promotion
Market penetration - ANSExisting products, existing markets
Product development - ANSNew products, existing market
Market development - ANSExisting product, new market
Diversification - ANSNew products, new market
4 marketing philosophies - ANS1. Product orientation (build it and they'll come)
2. Sales orientation (door to door selling)
3. Market orientation ( customer is king --> focus on satisfying customer needs and wants at
a profit)
4. Social orientation (do well by doing good, ex sandcloud)
Chapter 2 - ANSThe Marketing Environment
5 forces of the external environment - ANS1. Social
2. Economic
3. Technological
4. Competitive
5. Regulatory
Social forces - ANS- Affects attitudes, beliefs, lifestyles
- Demographics, generational cohorts
, Economic Forces - ANS- Relationship between income and ability to pay
- Gross income = total $ received
- Disposable income = $ after taxes
- Discretionary income = $ after taxes and necessities
Technological forces - ANS
Competitive forces - ANS1. Competitive rivalry
2. Power of suppliers
3. Power of buyers
4. Threat of entrants (can shake up industry and increase competition)
5. Threat of substitutions
Regulatory forces - ANSEx: Gov regulations
SOWT Analysis - ANSStrengths Weaknesses = internal
Opportunities Threats = external
Chapter 3 - ANSGlobal Marketing
3 types of geographic marketing - ANS1. Domestic
2. International = exporting products to countries outside domestic market, top priority still
home country
3. Global = selling/licensing throughout the world --> ability to adapt to local markets
Market entry strategies (4) - ANS1. Exporting
2. Licensing
3. Joint ventures
4. Foreign direct investment
Exporting - ANS- Shipping goods to distributor
- Pro = Low $ risk
- Con = little control over what happens to product
Licensing - ANS- Firm in one country allows firm in another country to use its manufacturing,
trademark, etc
- Pro = risk is on licensee
- Con = licensor only receives small portion of sales revenue
Joint venture - ANS- 2+ companies create new business that's jointly owned
- Pro = Share expenses and risks, combine strengths
- Con = sometimes joining w/ another company can lower customer perceived product
quality
Foreign direct investment - ANS- Building up wholly owned operations in other countries
- Pro = complete control
- Con = high cost, risk
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