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BYU Marketing 201 Exam 1 questions with correct answers 2024/2025
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BYU Marketing 201 Exam 1 questions with correct answers 2024/2025
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BYU Marketing 201 Exam 1Market Penetration - ANSselling more of the existing products in existing markets
Product development - ANSselling new products to existing markets
market development - ANSselling existing products to new markets
diversification - ANSselling new products to new markets
Product orientation - ANSsupply generates its own demand
market orientation - ANSevery service should focus on satisfying customer needs and wants
at profit.
Social orientation - ANSevery product needs to provide value to customer as well as society.
competitive rivalry - ANSrivalry between existing firms in an industry
power of suppliers - ANSsuppliers drive down industry profit by charging more and reducing
product or quality.
threat of entrants - ANSnew entrants cause added competition
SWOT analysis - ANSInternal: strengths (core abilities), weaknesses (limitations); External:
opportunities (favorable trends), threats (conditions or trends that hinder performance)
competitive risk - ANScompetitors' responses to the new product's entry into the local
market.
economic risk - ANSpotential mismanagement of a country's economy, exhibited by inflation
and government debt
legal risk - ANSinadequate protection of contracts and intellectual property
political risk - ANSdemonstrations, strikes, civil strife, abrupt government changes, violence,
and terrorism
exporting - ANS(low risk and low return) shipping goods produced in home country to a
distributor or dealer in foreign market
licensing - ANS(mid-low risk and mid-low return) home allows foreign market to use its
manufacturing, trademark, patent or whatever
, Joint ventures - ANS(mid-high risk and mid-high return) two or more companies agree to
make a new company and share expense and risk across home and foreign
Foreign Direct investment - ANS(High risk and high return) building up wholly owned
operations in other countries. Companies have complete control.
Standardization - ANSUsing the same marketing mix in all areas. There may be slight
modifications. This has low production costs, but the same product may not make sense
everywhere.
Customization - ANSadapt or modify the marketing mix to suit the local market. These are
culture and context specific, but come at a higher cost.
Glocalization - ANS"go global but act local." This strategy based on a standard platform
(global) combined with some modification for the market (local)
American Marketing Association Code of Ethics - ANS1. Do no harm 2. foster trust in the
marketing system 3. embrace ethical values
Fraud triangle - ANSOpportunity (condition that allows fraudulent behavior to occur),
pressure/motivation (pressure felt by the person to commit fraud), rationalization (process of
reconciling fraudulent behavior)
creating a research study - ANS1. define marketing problem 2. design research project 3.
collect data 4. analyze the data 5. take action
exploratory research - ANSusually collected in personal interviews, in-store shop-along, or
small focus groups. Obtains overall impressions of environment and issues
Conclusive research - ANSusually quantitative based on large samples. Helps managers to
find association between marketing variables and marketing outcomes.
syndicated data - ANScollected for an industry.
secondary data - ANSreviewing already collected data. Saves time and money
Primary data - ANScollected by an organization to address specific marketing objectives.
Big data - ANShigh volume, high velocity, and high variety information that demand cost
effective, innovative forms of processing.
data analytics - ANSthe extensive use of data, statistical and quantitative analysis,
explanatory and productive models, and fact based management to drive decisions.
data wrangling - ANSthe process of cleaning, unifying, and preparing unorganized data sets
for easy access and analysis
Data exploration - ANSdiscovery through numerical summaries and visualizations.
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