Mid-Term

Question 1

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Answer 1

Marketing

Question 2

The business orientation model that involves creating value and satisfying consumer needs.

Answer 2

Marketing Concept

Question 3

Consists of four elements: product, place, price, and promotion, also called the 4 Ps.

Answer 3

Marketing Mix

Question 4

A tool used to set up various elements of a company’s marketing strategies and develops an accompanying tactical plan.

Answer 4

Marketing Plan

Question 5

Describes what the business wants to achieve in its marketing efforts.

Answer 5

Marketing Strategy

Question 6

A tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats.

Answer 6

SWOT Analysis

Question 7

Gathering of information in a structured way in order to answer marketing research questions.

Answer 7

Data Collection

Question 8

Creating points of difference in the mind of the consumer that allow a company to stand apart from its competitors.

Answer 8

Differentiation

Question 9

When an interviewer asks a question based on a scale “from one to five,” this is known as…

Answer 9

Likert Scale

Question 10

Dividing of the entire available market into groups of consumers with similar characteristics.

Answer 10

Market Segmentation

Question 11

The collection, recording, and analysis of information to aid in making marketing decisions.

Answer 11

Marketing Research

Question 12

A tool that uses two or three variables to graph the position of a brand in comparison to its competitors based upon consumer perceptions.

Answer 12

Perceptual Map

Question 13

A declaration of a product, service, or brand’s uniqueness in the market. It is what identifies how your product or service meets the needs and wants of the consumer needs better than other competitive options.

Answer 13

Positioning Statement

Question 14

Owning a unique and compelling spot in the consumer’s mind that is different from any of your competitors.

Answer 14

Positioning

Question 15

Specific to the questions that need to be answered. Much like the scientific method, researchers define the problem, establish a hypothesis, test the hypothesis, and draw conclusions.

Answer 15

Primary Research

Question 16

Open-ended research meant to better understand consumer reasoning and behavior.

Answer 16

Qualitative research

Question 17

Structured research that is meant to answer a question in a way that can be communicated through numbers or statistics.

Answer 17

Quantitative Research

Question 18

Changing the place a product occupies in a consumer’s mind relative to competitive products.

Answer 18

Repositioning

Question 19

Information collected by another person, system, or organization for a different purpose than the current issue being studied.

Answer 19

Secondary Data

Question 20

The segment of the population selected by the company to which it will direct its marketing efforts. Ideally, it should be the one most likely to buy the company’s products or services.

Answer 20

Target Market

Question 21

When people’s actions are influenced by reward or punishment, based on previous experience.

Answer 21

Behavioral Learning

Question 22

Why an organization would make a purchase, usually to increase sales and revenues or to reduce costs.

Answer 22

Buying Objectives

Question 23

The percentage of how many people clicked on a link over the total number of people who saw the link.

Answer 23

Click-Through-Rate

Question 24

The state of mismatched thoughts based on reality and perceptions of what really happened.

Answer 24

Cognitive Dissonance

Question 25

When an individual’s reasoning ability assimilates various facts to draw a conclusion that informs an eventual decision.

Answer 25

Cognitive Learning

Question 26

The different age groups throughout the past century. Baby boomers are an example.

Answer 26

Cohorts

Question 27

The various reasons why personal, situational, psychological, and social interactions affect how people shop for products, use them, and potentially replace them.

Answer 27

Consumer Buying Behavior

Question 28

Purchases by organizations that are influenced by the consumer.

Answer 28

Derived Demand

Question 29

Purchasing a product or service on the internet

Answer 29

E-Commerce

Question 30

Governmental, Industrial, Re-Sale

Answer 30

Organization Types

Question 31

Purchases that involve previously purchased goods or services that are subjected to some significant change, typically involving pricing or volume.

Answer 31

Modified Rebuy

Question 32

Examining what is needed from a specific product or service.

Answer 32

Need Identification