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MAR 3023 Final Exam Questions with Correct Answer2
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MAR 3023 Final Exam Questions with Correct Answer2
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MAR 3023 Final Exam Questions with CorrectAnswers
Exchange Correct Answer-- 2+ entities
- the entities should have something of value
Marketing Orientations and Philosophies Correct Answer-1. Production
Orientation: focus on what you're good at; internal focus
2. Sales Orientation: aggressively selling
3. Market Orientation: how people are reacting; external focus
4. Societal Orientation: looks at customers, BUT looks more at bigger
goals; greater good!
Customer Value Correct Answer-The unique combination of benefits
received by targeted buyers that includes quality, convenience, on-time
delivery, and both before-sale and after-sale service at a specific price
Customer Satisfaction Correct Answer-Function of what you're getting
(Offerings; expectations)
→ Expectations low = more satisfaction
→ Expectations high = dissatisfied
,Strategic Marketing Management Correct Answer-1. Production - what
you're "good" at
2. Sales - discounts, transnational
3. Market - focuses on customer needs/wants
4. Societal - customer AND societal needs/wants
Controllable and Uncontrollable variables Correct Answer--
CONTROLLABLE
→ Product
→ Price
→ Promotion
→ Place; distribution
- UNCONTROLLABLE
→ Competition
→ Technology
→ Geographical factors
→ Customer trends
→ Economy factors
→ Political /regulatory
→ Historical factors
,SWOT analysis Correct Answer-STRENGTHS: Gives you an
advantage/edge over competition
WEAKNESSES: Disadvantage; goes against you
OPPORTUNITIES: External factors that can be beneficial
THREATS: External
Elements of the Marketing Mix Correct Answer-Price, Product,
Promotion, and Place
External Environmental Factors Correct Answer-social, demographic,
economic, technological, political and legal, and competitive.
Sources of Competitive Advantage Correct Answer-Cost advantage,
differentiation advantage, marketing advantage
Portfolio Matrix: 'Star' Correct Answer-high market growth rate
high market share
Portfolio Matrix: 'Cash' Correct Answer-low market growth rate
high market share
, Portfolio Matrix: 'Problem Child' or '?' Correct Answer-high market
growth rate
low market share
Portfolio Matrix: 'Dog' Correct Answer-low market growth rate
low market share
External Environment Correct Answer-factors surrounding an
organization that influence its choices and determine its opportunities
and risks
Consumer Decision-Making Process and associated steps Correct
Answer-1. need recognition
2. information search
3. evaluations of alternatives 4. purchase
5. post-purchase behavior
Cognitive Dissonance Correct Answer-the state of having inconsistent
thoughts after a purchase
Involvement and Factors determining Level of Involvement Correct
Answer-1) Previous experience: low level of involvement
2) Interest: highly involved
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