MKT 320F EXAM 1 QUESTIONS AND ANSWERS
GRADED A+ PASS
MKT 320F EXAM 1 QUESTIONS AND ANSWERS
GRADED A+ PASS
what are the 5 cs - Answer customer
company
collaborators
competition
context
the 4 Ps make up the ___ ___ - Answer marketing mix
what are the 4 Ps - Answer product
promotion
place
price
what elements make up the aspiration decision - Answer segmenting
targeting
positioning
firms dont ___ segments, they ___ them - Answer create
uncover
why do companies segment? (basic) - Answer limited resources
how many market segments are there typically - Answer 5-10
what is the criteria for segmentation (6) - Answer identifiable and measurable
substantial
accessible
stable
differentiable
actionable
diversity in a single georgraphic area is ___ overtime; is this a good thing or bad thing
for businesses - Answer shrinking
good
what are the dimensions for segmenting consumer markets (5) - Answer geographic
demographic
psychographics
behavioral
benefits sought
,MKT 320F EXAM 1 QUESTIONS AND ANSWERS
GRADED A+ PASS
what is an example of a company who considers the family life cycle while segmenting -
Answer target
companies segment markets differently based on their ___ ____ - Answer situation
analysis
SWOT analysis AKA - Answer situation analysis
what strategic analytical tool is considered the "big daddy" - Answer SWOT
what elements are considered in SWOT analysis - Answer strengths
weaknesses
opportunities
threats
what segmentation variable is useful for athletic shoe companies - Answer benefit
Which of the following is not one of the Five C's from the Framework for Market Strategy
Formation?
collaborators
capital
context
competition
company - Answer capital
M.A.C. cosmetics used previously collected data from earlier studies and conducted
surveys, in-person interviews, and focus groups to help inform their positioning strategy.
Which of the following did they use?
Primary data only
Secondary data only
Both primary and secondary data
Neither primary nor secondary data
Collaborator research methods - Answer both primary and secondary data
Based on the HBP reading, which of the following is NOT required to achieve a
customer-centric culture?
,MKT 320F EXAM 1 QUESTIONS AND ANSWERS
GRADED A+ PASS
A manufacturer of fashion accessories hopes to improve its brand image by upgrading
the leather it uses in handbags, gloves, and wallets. When the firm decides to buy a
higher quality leather from a vendor with which it already works, it will most likely be
engaged in which of the following types of purchases?
Which of the following is NOT likely to be true of low-involvement purchases?
They are routine
They require little effort
They are quick transactions
The buyer has high confidence in their ability to understand the offering
They are in the mid to high-price range - Answer they are in the mid to high price range
AMA definition of marketing - Answer the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
what are the 2 core activities of marketing - Answer discover customer needs
satisfy customer needs
what is the overall goal of marketing - Answer generate revenue for the organization
according to Kotler, what is the problem that marketing solves - Answer shortage of
customers
what happens when the number of goods offered exceeds the number of willing buyers
- Answer hypercompetition
what is a product that suffers from hyper competition - Answer deodorant
what are the 4 marketing managing philosophies - Answer production
sales
market
societal
which market philosophy: focus on internal capabilities of a firm - Answer production
which market philosophy: focus on aggressive sales techniques - Answer sales
, MKT 320F EXAM 1 QUESTIONS AND ANSWERS
GRADED A+ PASS
which market philosophy: believe that high sales result in higher profits - Answer sales
which market philosophy: satisfy customer needs/wants while meeting objectives -
Answer market
which market philosophy: satisfy customer needs/wants while enhancing individual and
societal well being - Answer societal
which market philosophy: what can we make/do our best - Answer production
which market philosophy: how can we sell more aggressively - Answer sales
which market philosophy: what do our customers want and need - Answer marketing
which market philosophy: what can we do to benefit society and what do customers
want - Answer societal
name maslows hierarchy of needs (bottom to top) - Answer physiological
safety
social
personal
self fullfillment
what hierarchy of need: food, water, shelter - Answer physiological
what hierarchy of need: freedom from harm, financial security - Answer safety
what hierarchy of need: friendship, belonging, love - Answer social
what hierarchy of need: self fullfillment - Answer self actualization
what hierarchy of need: status, respect, prestige - Answer personal
what hierarchy of need: UT student purchasing a football ticket - Answer social
what hierarchy of need: big alumni buying a football ticket - Answer personal
what hierarchy of need: die hard fan buying a football ticket - Answer self actualization
what 3 things satisfy people's needs - Answer products
services
experiences
define products - Answer anything offered to a market for attention, acquisition, use, or
consumption
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