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COB 300 Marketing Tokman Final Exam questions with verified solutions
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COB 300 Marketing Tokman Final Exam questions with verified solutions
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COB 300 Marketing Tokman Final ExamWhat are the five stages in the consumer decision making process? - correct answer ✔✔1. Problem
Recognition - perceiving a need
2. Information Search - seeking value
3. Alternative Evaluation - assessing value
4. Purchase Decision - buying value
5. Post-purchase Behavior - using value
Explain the two types of consumer behavior - correct answer ✔✔Habitual - buying products consistently
overtime
Impulsive - buying stuff on a last second decision, or something that you don't purchase often
Explain heuristics - correct answer ✔✔Simple phrases or rules that people use to make judgements or
make decisions. Used when you don't have access to required information.
What influences the consumer decision process? - correct answer ✔✔1. Marketing Mix - product, price,
place, promotion
2. Psychological - motivation, perception, beliefs
3. Situational - surroundings, purchase task
4. Sociocultural - family, culture, social class
5. Consumer Involvement - extended, limited, routine
How does the organization buying process differ from consumer buying process? - correct answer ✔✔It
doesn't, same five stages
What is SWAM? - correct answer ✔✔Small Women and Minority owned businesses
What are the 3 different buying situations that affect business behavior? - correct answer ✔✔1. New
buy - long process with many people involved, looking for the best solution
, 2. Straight Rebuy - short process with one person involved, just looking for low prices
3. Modified Rebuy - medium length process, only a few people involved. Looking for low prices.
Explain Buyer-Seller Relationships vs. Supply Partnerships - correct answer ✔✔Buyer-Seller -
transactional with short term agreements
Partnerships - strategic alliances with long term agreements
Do American companies make most of their revenues from domestic sales? - correct answer ✔✔Not
always, many large companies in the U.S. have greater foreign sales than U.S. sales. (Apple, IBM)
What are some examples of trade barriers that prevent global trading? - correct answer ✔✔1. Tariffs -
taxes
2. Boycotts and embargoes - prohibit purchases from a specific country (North Korea, Cuba)
3. Monetary Barriers
4. Subsidies - subsidies given to domestic corn farmers, allows corn to be exported very cheap
What are some obstacles that make it difficult for international markets to enter the domestic market? -
correct answer ✔✔Self Reference Criterion - unconscious reference to your own cultural values and
knowledge as a basis for decisions.
Ethnocentrism - belief that your own culture knows best
What are five global marketing strategies? - correct answer ✔✔1. Product Extension
2. Product Adaptation
3. Communication Adaptation
4. Dual Adaptation
5. Product Invention
Explain the different types of consumer products, give examples - correct answer ✔✔1. Convenience
products - purchased frequently, minimum effort (paper towels)
2. Shopping products - compares several alternatives based on price, quality, and style (cameras, TVs)
3. Specialty products - items you search out to buy (rolex watch)
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