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Marketing 201 (Swenson @ BYU) - FINAL EXAM questions with correct answers 2024/2025
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Marketing 201 (Swenson @ BYU) - FINAL EXAM questions with correct answers 2024/2025
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Marketing 201 (Swenson @ BYU) -FINAL EXAM
Chapter 1 - ANSMarketing Strategy
What is marketing? - ANSThe exchange that creates and delivers value for customers at a
profit
Star (BCG Matrix) - ANSHigh growth and high market share
Cash Cows (BCG Matrix) - ANSHigh market share but low growth
Question Mark (BCG Matrix) - ANSLow market share but high growth
Dog (BCG Matrix) - ANSLow market share and low growth
Market Penetration - ANSSelling more of the existing products in existing markets
Product Development - ANSIntroducing new products to existing markets
Market Development - ANSIntroducing existing products to new markets
Diversification - ANSIntroducing new products to new markets
Product Orientation - ANSA belief that supply generates demand. The sole focus is on the
product
Sales Orientation - ANSA belief that marketing's purpose is to sell products. Uses
aggressive sales techniques
Market Orientation - ANSThe belief that products should focus on satisfying customer needs
at a profit
Societal Orientation - ANSThe belief that products should provide value to both the customer
as well as to society as a whole. Concerned about the enviroment
Path to Profitability - ANS
Marketing Mix - ANSProduct, Price, Place, Promotion
Chapter 2 - ANSThe Marketing Environment
External Enviroment - ANSSocial forces, Economic forces, Technological forces,
Competitive forces, Regulatory forces
, Social Forces - ANSCulture and demographics
Baby Boomers - ANSage 54 - 72
Gen X - ANSage 38 - 53
Millennials (Gen Y) - ANSage 22 - 37
Gen Z - ANSage 16 - 21
Economic Forces - ANSGross, disposable, and discretionary income
Technological Forces - ANSNew science and research
Competitive Forces - ANSAttractiveness of the industry
Competitive Rivalry - ANSReactions taken by competitors
Power of Suppliers - ANSPowerful suppliers can drive down profits by charging high prices
and/or reducing product quality
Power of Buyers - ANSCustomers can demand lower prices or increased quality
Threat of Entrants - ANSNew entrants can shake up an industry and cause increased
competition as they seek to take market share from existing companies
Threat of Substitues - ANSSubstitute products can replace existing products by performing a
similar function
Regulatory Forces - ANSChanges in laws and trade regulations
Strengthes (SWOT) - ANSEssential competencies of the firm [internal]
Opportunities (SWOT) - ANSFavorable market conditions [external]
Weaknesses (SWOT) - ANSFirm specific limitations [internal]
Threats (SWOT) - ANSConditions that hinder profitability [external]
Chapter 3 - ANSGlobal Marketing
Exporting - ANSselling domestically produced products to buyers in other countries
Licensing - ANSselling the right to use a process, trademark, patent, or other right for a fee
or royalty
Joint Venture - ANSA domestic firm partners with a foreign company to create a new entity
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