Exam 1 Review

Question 1

High market growth rate, high market share

Answer 1

“We’ll be countin, we’ll be countin stars”

Question 2

Low market growth rate, high market share

Answer 2

“Cow goes moo”

Question 3

High market growth rate, low market share

Answer 3

Huh???

Question 4

Low market growth rate, low market share

Answer 4

Sup Dawg!

Question 5

SWOT analysis internal=

Answer 5

strengths/ weaknesses

Question 6

SWOT analysis external=

Answer 6

opportunities/ threats

Question 7

Marketing Philosophy: Product orientation=

Answer 7

If you build it, they will come. Does not consider the needs of the market or care about competitors

Question 8

Marketing Philosophy: Sales Orientation=

Answer 8

Sell, sell, sell!!!

Question 9

Marketing Philosophy: Market orientation=

Answer 9

Understand customer needs/ wants. Know company capabilities. Know competitors. Satisfy customers at a profit.

Question 10

Marketing Philosophy: Societal orientation=

Answer 10

Concern about the environment. Society’s long-term best interest. Tree hugger.

Question 11

Strategic triangle: company wants to create ___ for the customer

Answer 11

Value

Question 12

Strategic triangle: Between company and competition

Answer 12

Cost

Question 13

Strategic triangle: Competition means that value= _____ - ______ to the customer.

Answer 13

benefits - cost

Question 14

Profitability drivers: Margin

Answer 14

Shift mix toward higher margin. Change customer behavior so they are less expensive to serve (online bank statements). Terminate unprofitable customers (bank fees)

Question 15

The uncontrollable variables in the marketing environment are: (Hint: 5 different forces)

Answer 15

Social forces (strongest), economic forces, technological forces, competitive forces, regulatory forces.

Question 16

The generational cohorts are:

Answer 16

Tweens (8-14) $39 billion. Gen Y (1977-94) $200 billion. Gen X (1965-76) $1 trillion. Baby BOOMers (1946-64) $1-2 trillion= biggest group and biggest purchasing power.

Question 17

What phenomenon has probably had a greater effect on marketing than any other social change?

Answer 17

The changing role of working women.

Question 18

Porter’s five forces model: 4 things make up competitive rivalry. They are: (hint: two types of treats and two types of powers)

Answer 18

Threat of entrants, threat of substitutes, power of suppliers, power of buyers.

Question 19

Lowest risk, lowest return=

Answer 19

exporting

Question 20

3rd biggest risk, 2nd biggest return=

Answer 20

Joint venture

Question 21

2nd biggest risk, 3rd biggest return=

Answer 21

Licensing

Question 22

Biggest risk, biggest return=

Answer 22

Direct investment

Question 23

Organizations are accountable to society for their actions=

Answer 23

Social responsibility

Question 24

Organizations focus on the world’s social problems and view them as opportunities to build profits and help the world=

Answer 24

Sustainability

Question 25

Marketing designed to minimize negative effects on the environment=

Answer 25

Green marketing

Question 26

To fix sampling error, you need to

Answer 26

increase sample size.

Question 27

To fix measurement error, you need to

Answer 27

ask the right questions.

Question 28

To fix coverage error, you need to

Answer 28

sample appropriate decision- makers, users, influencers

Question 29

To fix non-response error, you need to

Answer 29

understand differences between those who respond and those who do not.

Question 30

What are the two main points of the nature of consumer behavior?

Answer 30

People are not all the same, and people make choices depending on the situation.

Question 31

True or False: According to Maslow’s Hierarchy of Needs, safety needs are more important than social needs.

Answer 31

True. Protection is more important than a sense of belonging. You can’t really have a sense of belonging if you don’t have security.

Question 32

I am going to: A. Get crushed by this exam. B. Do OK on this exam. C. Show this exam who is boss. D. Freaking destroy this pathetic excuse for an exam!!!

Answer 32

D- as in DUH!