Midterm

Question 1

What is the Marketing Mix

Answer 1

4 Ps

Product
Price
Place
Promotion

Question 2

What are the 3 steps in the marketing process?

Answer 2

1) identify consumer needs
2) manage marketing Mix to meet these needs
3) Reach potential customers of the market

Question 3

What does CREST stand for?

Answer 3

C- Competitive Forces
R- Regulatiry forces
E- Economic Forces
S- Socio Culteral (+Demograpihics) forces
T- Technological Forces

Question 4

What are the Steps in an environmental Scan?

Answer 4

1) collect information on data and trends
2) determine the impact these things have on a business
3) Brainstorm, , evaluate, and implement these ideas to meet business objectives

Question 5

What are the steps in the Consumer Purchase Decision Process.

Answer 5

1) identify the problem
2) search for relevant information
3) evaluate this information
4) purchase decision
5) post purchase behaviour

Question 6

What are the Search Evaluation Types?

Answer 6

1) Routine Problem Solving
2)Limited Problem Solving
3) Extended Problem Solving

Question 7

What are 4 influences on a Consumers Decision Process?

Answer 7

1) marketing mix
2) psychological
3) sociocultural
4) situational

Question 8

What are the steps in a Market Research Approach?

Answer 8

1) Identify the problem
2) develop a research plan
3) collect relevant information
4) develop findings
5) take marketing action

Question 9

What are the forms of segmentation?

Answer 9

1) Mass Marketing
2) Segment Marketing
3) Niche Marketing
4) Individualized Marketing

Question 10

What are 4 segmentation Variables?

Answer 10

1) geographic
2) demographic
3) psychographic
4) Behaviouristic

Question 11

What are the Steps in market Segmentation?

Answer 11

1) identify customers needs
2) cluster common variable into markets
3) estimate size and feasibility of segements
4) select target market
5) take action with market programs to reach the segement
6) monitor success

Question 12

What are the uniqueness of services? (4 i’s)

Answer 12

1) intangibility
2) inseparability
3) inconsistency
4) inventory

Question 13

What are the total product concepts?

Answer 13

1) core
2) actual
3) argumented

Question 14

What are the consumer product categories/classifications?

Answer 14

1) convenience
2) shopping
3) specialty
4) unsought

Question 15

What are the Brand Strategies?

Answer 15

1) individual
2) Family
3) Brand Extension
4) Sub Brand

Question 16

What are the 3 types of brands?

Answer 16

1) manufactures
2) Private Label
3) Generic

Question 17

What are the three elements of relationship marketing?

Answer 17

1) social media
2) customer relationship marketing
3) corporate social responsibility

Question 18

SWOT analysis

Answer 18

Taking stocks of a firm or products past performance, where it is now, and where it is heading

Question 19

Cognitive Dissonance

Answer 19

Connecting a consumers feelings towards a particular brand, their expectations, and perceptions .

AIM to reduce this. Want to satisfy a customer, not opposite.

Part of post purchase behaviour in consumers purchase decision process.

Question 20

What are the situational influences of purchase decision process?

Answer 20

1) purchase task
2) social surroundings
3) physical surroundings
4) temporal effects
5) antecedent states