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MAR 3023 Final Exam || with 100% Correct Answers.

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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...

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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

- UNCONTROLLABLE
→ Competition
→ Technology
→ Geographical factors
→ Customer trends
→ Economy factors
→ Political /regulatory
→ Historical factors

SWOT analysis correct answers STRENGTHS: Gives you an advantage/edge over competition

,WEAKNESSES: Disadvantage; goes against you

OPPORTUNITIES: External factors that can be beneficial

THREATS: External

Elements of the Marketing Mix correct answers Price, Product, Promotion, and Place

External Environmental Factors correct answers social, demographic, economic, technological,
political and legal, and competitive.

Sources of Competitive Advantage correct answers Cost advantage, differentiation advantage,
marketing advantage

Portfolio Matrix: 'Star' correct answers high market growth rate
high market share

Portfolio Matrix: 'Cash' correct answers low market growth rate
high market share

Portfolio Matrix: 'Problem Child' or '?' correct answers high market growth rate
low market share

Portfolio Matrix: 'Dog' correct answers low market growth rate
low market share

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

low-involvement purchases require: in-store promotion, eye-catching design, coupons, BOGO's

Types of Buying Decisions correct answers 1. Routine Response Behavior
(less involvement)

2. Limited Decision Making
(moderate)

3. Extensive Decision Making
(more involvement)

Factors Influencing Buying Decisions correct answers cultural, social, individual, psychological,
& motivational

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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