Exam (elaborations)
Marketing 201 (Swenson @ BYU) - FINAL EXAM questions with correct answers 2024/2025
- Course
- Institution
Marketing 201 (Swenson @ BYU) - FINAL EXAM questions with correct answers 2024/2025
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Qualityexam. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now