Marketing Exam 1

Question 1

4 Ps of the Marketing Mix

Answer 1

Product, Promotion, Price and Place

Question 2

Considerations of Product (P)

Answer 2

Design, Packaging, Features and add-ons like warranty and free delivery

Question 3

Considerations of Promotion (P)

Answer 3

How can value be communicated? Through advertising, publicity/sales promotion and social media.

Question 4

Considerations of Price (P)

Answer 4

How can value be communicated. Needs to be profitable. Lower prices can increase demand and higher prices can communicated quality.

Question 5

Considerations of Place (P)

Answer 5

Where and how the offering reachers users.
1. Location of stores
2. Sell online
3. Method of delivery
4. How much inventory to carry
5. Returns policy + management

Question 6

Customers make decisions based on…

Answer 6

Percieved value

Question 7

Percieved value formula

Answer 7

Percieved Value = Expected Benefits - Expected Costs

Question 8

Possible Expected Benefits

Answer 8

• Functional Benfits
• Psychological Benefits
  social
  emotional
  self-expression

Question 9

Possible Expected Costs

Answer 9

• Purchase Price
• Additional Costs
  maintenance
  disposal
  cost of using

Question 10

Examples of stakeholders

Answer 10

investors, community residents or members of a larger society.

Question 11

Marketing is a process for…

Answer 11

…creating, communicating, delivering and exchanging offerings (anything of value).

Question 12

What is the Marketing Environment

Answer 12

Outside factors that affect marketing managements ability to build and maintain relationships with customers.

Question 13

Micoenvironment Definition

Answer 13

Actors close to the firm that affect the firm’s ability to serve customers

Question 14

Microenvironment Examples

Answer 14

Suppliers, competitor, customers, stakeholders, general public

Question 15

Macroenvironment Definition

Answer 15

Larger societal forces that affect the microenvironment

Question 16

Macroenvironment Factor Types

Answer 16

Demographics, Economic, Natural, Technological, Political and Cultural

Question 17

Step 1 of Research Process

Answer 17

Define research problem/opportunity and define objectives

Question 18

Step 2 of Reaserch Process

Answer 18

Determine the research design

Question 19

Segmentation: step # and definition

Answer 19

Step 1, dividing the total market based on shared customer characteristics

Question 20

Targeting: step # and definition

Answer 20

Step 2, evaluate segments and decide which to go after

Question 21

Positioning: step # and definition

Answer 21

Step 3, create a clear, distinct and desireable place in target customers’ mind

Question 22

Segmentation Variables

Answer 22

The factors or characteristics by which marketters divide the mass market

Question 23

Bases for segmenting

Answer 23

Demographic, Psychographic and Behavioral

Question 24

A viable target market should…

Answer 24

• Have shared needs the firm can address
• Be reachable through marketing
• Be large enough to be profitable

Question 25

Mass/undifferentiated marketing

Answer 25

does not recognize differences between segments

Question 26

Differentiated markteing

Answer 26

Different marketing for different segments

Question 27

Concentrated/niche marketing

Answer 27

One marketing mix for one segment

Question 28

Customized/individual marketing

Answer 28

Tailor aspects of marketing mix to individual customer (share a coke, names)

Question 29

Goal of positioning

Answer 29

Target market recognizes your distinctive offerings

Question 30

Problem recognition

Answer 30

The consumer’s percieved difference between actual and ideal state

Question 31

Maslow’s Hierarchy highest to lowest

Answer 31

Self-actualization, egoistic, social, safety, physiological

Question 32

Bought last heuristic

Answer 32

Choose satisfactory product purchased prior

Question 33

Promotion rule heuristic

Answer 33

Choose product on sale or linked to coupon

Question 34

Wait and See heuristic

Answer 34

Don’t purchase product until second/forthcoming model

Question 35

Experct Consultant heuristic

Answer 35

Use ‘expert’ recommendation to evaluate

Question 36

Post-decision dissonance

Answer 36

Uncertainty whether the correct decision was made

Question 37

Post-decision regret

Answer 37

Performance based: negatie feeling that a different purchase would have been better

Question 38

Internal decision factors

Answer 38

Involvement and percieved risk

Question 39

External decision factors

Answer 39

Refrence groups: associatives, dissociatives and opinion leaders