Exchange correct answers - 2+ entities
- the entities should have something of value
Marketing Orientations and Philosophies correct answers 1. Production Orientation: focus on what you're good at; internal focus
2. Sales Orientation: aggressively selling
3. Market Orientation: how people...
MAR 3023 Final Exam || with 100% Correct Answers.
Exchange correct answers - 2+ entities
- the entities should have something of value
Marketing Orientations and Philosophies correct answers 1. Production Orientation: focus on
what you're good at; internal focus
2. Sales Orientation: aggressively selling
3. Market Orientation: how people are reacting; external focus
4. Societal Orientation: looks at customers, BUT looks more at bigger goals; greater good!
Customer Value correct answers The unique combination of benefits received by targeted buyers
that includes quality, convenience, on-time delivery, and both before-sale and after-sale service
at a specific price
Customer Satisfaction correct answers Function of what you're getting (Offerings; expectations)
→ Expectations low = more satisfaction
→ Expectations high = dissatisfied
Strategic Marketing Management correct answers 1. Production - what you're "good" at
2. Sales - discounts, transnational
3. Market - focuses on customer needs/wants
4. Societal - customer AND societal needs/wants
Controllable and Uncontrollable variables correct answers - CONTROLLABLE
→ Product
→ Price
→ Promotion
→ Place; distribution
External Environment correct answers factors surrounding an organization that influence its
choices and determine its opportunities and risks
Consumer Decision-Making Process and associated steps correct answers 1. need recognition
2. information search
3. evaluations of alternatives 4. purchase
5. post-purchase behavior
Cognitive Dissonance correct answers the state of having inconsistent thoughts after a purchase
Involvement and Factors determining Level of Involvement correct answers 1) Previous
experience: low level of involvement
2) Interest: highly involved
3) Perceived risk of negative consequences: as the risk increases, so does the level of
involvement
4) Situation: the circumstances may transform a low-involvement into a high-involvement
, 5) Social visibility: involvement increases as the social visibility increases (cloths, cars, etc.)
Marketing Implications of Involvement correct answers high-involvement purchases require:
extensive and informative promotion to target market
Components and Effects of Culture correct answers Culture is pervasive, functional, learned,
dynamic.
Values
Language
Myths
Customs
Rituals
Laws
Social Influences on Consumer Buying Decisions correct answers - Opinion leader (celebrities)
- Internet (looking up things prior to buying)
- Family
- Reference groups (friends, coworkers, clubs, Facebook)
Maslow's Hierarchy of Needs correct answers Physiological —> Security/Safety —> Social —>
Esteem —> Self Actualization
Customer Lifetime Value (CLM) correct answers longterm relationship, buying & selling, future
income; how much business a customer will give you
Market Segmentation correct answers process of dividing the market into meaningful sub-groups
Importance of Market Segmentation correct answers allows a business to precisely reach a
consumer with specific needs and wants
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