Pitt Marketing Exam 2 UPDATED Actual Exam Questions and CORRECT Answers
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Course
Pitt
Institution
Pitt
Pitt Marketing Exam 2 UPDATED Actual
Exam Questions and CORRECT Answers
Marketing Research Process - CORRECT ANSWER- 1. Defining the problem and
research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the dat...
Pitt Marketing Exam 2 UPDATED Actual
Exam Questions and CORRECT Answers
Marketing Research Process - CORRECT ANSWER✔✔- 1. Defining the problem and
research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the data
4. Interpreting and reporting the findings
Strategic Planning - CORRECT ANSWER✔✔- the managerial decision process that
matches the organization's resources and capabilities to its market opportunities for long-term
growth
Organization's Mission - CORRECT ANSWER✔✔- A statement of the organization's
function in society that often identifies its customers, markets, products, and technologies.
Marketing Myopia - CORRECT ANSWER✔✔- A term that is used to characterize short-
sighted marketing strategy. It refers to the tendency of some marketing managers to focus
narrowly on the products they sell rather than the customers they serve. Consequently, they
lose sight of customer preferences as these wants and needs change over times.
SBU - CORRECT ANSWER✔✔- a subgroup of a single business or collection of related
businesses within the larger organization
Boston Consulting Group Matrix - CORRECT ANSWER✔✔- an analysis method of a firm's
product portfolio regarding its market share and market growth
Product-Market Growth Matrix - CORRECT ANSWER✔✔- characterizes different types of
growth strategies based on market and product types
strategic marketing process - CORRECT ANSWER✔✔- an approach whereby an
organization allocates its marketing mix (4Ps) resources to reach its target markets
, strategic marketing process steps - CORRECT ANSWER✔✔- 1. SWOT analysis
2. market-product focus and goal setting
3. marketing program
SWOT analysis - CORRECT ANSWER✔✔- identifying internal strengths (S) and
weaknesses (W) and also examining external opportunities (O) and threats (T)
market-product focus and goal setting - CORRECT ANSWER✔✔- Engage in market
segmentation and target marketing to determine what products to direct at which target
markets
Products can be - CORRECT ANSWER✔✔- tangible goods, ideas, services, people
Place (marketing mix) - CORRECT ANSWER✔✔- Product availability where and when
customers want them. All activities from raw materials to finished products
Promotion (Marketing Mix) - CORRECT ANSWER✔✔- activities that communicate the
merits of the product and persuade target customers to buy.
Personal selling, advertising, sales promotion, public relations, direct marketing, electronic
media
Marketing Research Process - CORRECT ANSWER✔✔- 1. Defining the objectives and
research needs
2. Designing the research
3. Data collection process
4. Analyzing data and developing insights
5. Action plan and implementation
Primary vs secondary data - CORRECT ANSWER✔✔- Primary: Information collected for
the specific purpose at hand
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