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BYU Marketing 201 Swenson Final Exam Q’s and A’s
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BYU Marketing 201 Swenson Final Exam Q’s and A’s
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BYU Marketing 201 Swenson FinalExam Q’s and A’s
BCG Portfolio Model - -
-Product-Market Expansion Matrix - -
-Marketing Philosophies - -Product Orientation,
Sales Orientation,
Market Orientation,
Societal Orientation
-Product Orientation - -All about the product. Does not consider competitors
or the needs of the market.
-Sales Orientation - -Aggressive sales techniques, may fail to understand
customer needs
-Market Orientation - -Understand customer needs, company capabilities,
knows competitors, and wants to make a profit.
-Societal Orientation - -Concerned about the environment, consider
society's long-term best interest
-Competitive Rivalry - -Rivalry 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 - -Powerful suppliers can drive down industry profits by
charging higher prices and/or reducing product and service quality. Oil
Industry or Boeing
-Power of Buyers - -Powerful 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 - -New 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 - -Threat of new entrants
Threat of substitutes
,Bargaining power of buyers
Bargaining power of suppliers
Current rivalry
-Global Market Entry Strategies - -Exporting
Licensing
Joint venture
Direct investment
-Exporting - -Goods produced in the home country are exported to a foreign
market
-Licensing - -Selling the right to another company to use some process,
trademark, patent, or other skill
-Joint Venture - -A company joins with a foreign market to create a local
business in which the company shares joint ownership and control.
-Direct Investment - -Build up wholly owned operations in other countries
-The Fraud Triangle - -Opportunity: 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 - -Analyze 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 - -Relationship 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 - -Data 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 - -Grouping 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 - -1. 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 - -
-Three Generic Segments - -Hate
Swing
Love
(sell to the swing group through the eyes of the love group)
-Ways to Segment the Market - -geographic, demographic, psychographic,
behavioral
(most used to most useful)
-geographic segmentation - -the grouping of consumers on the basis of
where they live
-demographic segmentation - -dividing the market into segments based on
variables such as age, life-cycle stage, gender, income, occupation,
education, religion, ethnicity, and generation
-psychographic segmentation - -segmenting markets on the basis of
personality, motives, lifestyles, attitudes, and values
-Behavioral Segmentation - -dividing a market into segments based on
usage situations or benefits
-Ways to Position - -1. 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 - -Functional
Image
Experiential
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