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MKT 315 Questions with Complete Solutions 2023
What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning? Marketing information system ... [Show More] Pete's Car Wash will donate 10% of Platinum Car Wash purchases to feed the homeless. This is an example of _________. Cause Marketing A detailed marketing plan does not include: Marketing Mix Ginger Jones was reading an interesting newspaper article that discussed the diverse culture of a foreign land. However, by the time she finished reading the article, she discovered that the content was actually an advertisement for a travel company. This is an example of ______. Native Advertising Which is the key strategic decision in formulating a marketing plan? All of the above What is the process called when the wholesalers and manufacturers segment their markets much the same way as retailers? B2B Segmentation The process of developing and executing strategies and tactics to market and sell a product or service to a very specific target segment is: Micromarketing Which of the following options is not used in SWOTT analysis to set a direction in the brand of a highly competitive marketplace? treats Which of the following is not an economic factor: Customer's Data Harvest Brew is demonstrating _________ when it claims that its coffee products are "the finest in the world!" Puffery "Blackfish" is a documentary about Tilikum, a killer whale housed at SeaWorld Orlando who was used in its Shamu shows. In what year was this documentary released? 2013 The statement, "do no harm," is an integral part of __________. The marketer's code of ethics Which of the options below enable marketers to understand when they have achieved the goals of success throughout the plan, and allow them to quickly recognize areas that may be off-track in order to resolve them? Key performance indicators ABS Electronics always demonstrates a desire to serve the needs of employees, customers, business partners, investors, communities, and the environment. This is an example of ________. Conscious capitalism The process of gathering information about events and their relationships within an organization's internal and external environments is: all of the above While Organic Oil Company was promoting its new "green" manufacturing plant, it was also packing used oil in drums and dumping these containers in the ocean. This is an example of _______. Greenwashing When Tasty Restaurant installed flush-free toilets in the bathrooms, the dining establishment demonstrated ____________. sustainability? The Marketing Concept Era is designated between: 1960s-1970s In the late 1990s, which of the following in third place in the minds and wallets of worldwide consumers? Mastercard Examples of neuromarketing research are: all of the above What is market segmentation? Dividing the entire market into groups of consumers Which of the following does not cover marketing data: customer Demographics, trends, buying habits, competition, and industry environments are the part of: Market Research What are the four positioning statements Target market, category, brand promise, the reason to believe Psychographic segmentation narrows segments of the market by: act and thinking of customer Which is the proper sequence of the marketing research process: Identify the Problem - Develop the Research Plan - Conduct Research - Analyze Data and Report Findings - Take Action Geographic segmentation narrows the market by: location The Likert scale comes under: quantitative research Perceptual map is a tool for visualizing: both of them? By the offended look on the foreign company representative's face, it was obvious that Alex had ignored the __________ of that country. cultural exclusives` Some of the reasons that make people decide what to buy are: personal, situational, psychological, and social interactions The purchases that involve the reordering of goods or services already under contract is: straight buy The United States decides to restrict annual imports of paper products. This is called _____. a quota Foreign visitors must conform to _______ so that they are acceptable to their hosts. cultural imperatives Since Albert wants to market a different product mix at some locations, he should employ a ______ strategy. multidomestic marketing Dynamic Fasteners, an American company, wants to ensure that it can effectively market its fastener product in Malaysia. Therefore, Dynamic Fasteners should complete a _ cross-cultural analysis What are the factors that influence human behavior? all of the above ______ are universal beliefs that affect the actions and behaviors of a particular culture. cultural values When attending a business meeting in China, everyone bows as they meet one another. This is an example of the _______ of that country. customs It is beneficial to utilize _______ in order to gain marketing opportunities across product categories. global markets The factors that include demographics, culture, and subcultures are known as: sociocultural factors A process by which consumers choose to remember or reject and forget the information proffered is known as: selectice retention Who is affected by the individual consumer tolerance of risk? purchase decision Whenever Sam Jones travels overseas, there are _______that he chooses to follow. cultural electives [Show Less]
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MKT-315 Exams Questions and Answers
B2C (business-to-consumer) the process in which businesses sell to consumers B2B (business-to-business) the process of selling merchandise or serv... [Show More] ices from one business to another Marketing Mix Product, Price, Place, Promotion transaction A business deal or action; exchange of money, goods, or services exchange the trade of things of value between the buyer and the seller so that each is better off as a result enviromental forces social, economic, technological, competitive, regulatory Enviromental Scan Is an analysis of outside influences that may have an impact on an organization. Evolution of Marketing Production Era Selling Era Marketing Era Relationship Era Marketing Concept is the business model that involves creating value and satisfying consumer needs not so much to find the right customers for a product but to find the right products for the customers. organizational buying demand purchases by organizations that are influenced by the consumer. ultimate consumers the people who use the goods and services purchased for a household Profit Equation Profit = Total Revenue - Total Cost Market Segmentation Dividing of the entire available market into groups of consumers with similar characteristics. SWOT analysis identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) Consumer Behavior The study of why personal, situational, psychological, and social interactions drive he decision making process within individuals known as consumers Motivation Motivation is a powerful force that influences purchasing behavior. Often, an action or status can motivate a buyer into making a purchase. For instance, tires that have gone bare might cause a consumer to fear for their safety and provide motivation to purchase four new tires. Learning people's actions are influenced by reward or punishment, based on previous experience. word of mouth the influencing of people during conversations reference group a social group that serves as a point of reference in making evaluations and decisions - serve as models and inspiration organizational buying centers a formal group within an organization that approves purchases, also known as a buying committee. Marketing Research The collecting, recording, and analysis of information to aid in making marketing decisions Marketing Research Process 1. Defining the problem and research objectives 2. Developing the research plan for collecting information 3. Implementing the research plan - collecting and analyzing the data 4. Interpreting and reporting the findings 5. take action primary information collected directly from the researcher's own efforts in order to answer specific questions. secondary the information collected by another organization, person, or system. Qualitative Research Focus focuses on smaller number of people and tries to answer questions about "why" or "how" Quantitative Research research that collects and reports data primarily in numerical form Qualitative Research Open ended research meant to better understand consumer reasoning and behavior demographic segmentation segmenting markets by age, gender, income, ethnic background, and family life cycle geographic segmentation the grouping of consumers on the basis of where they live psychographic segmentation dividing the market using groups' values, attitudes, and interests - how consumers act or think product positioning Creating and maintaining a certain concept of a product in customers' minds based on needs product repositioning changing the place a product occupies in a consumer's mind relative to competitive products perceptual mapping A tool that uses two or three variables to graph the position of a brand in comparison to its competitors based upon consumer perceptions. Differentiation actually differentiating the market offering to create superior customer value Product Life Cycle introduction, growth, maturity, decline Logos or symbols representative of the brand; other visual elements and non-visual elements specific to the industry or market Slogans a short and striking or memorable phrase used in advertising. Trademarks/Service Marks a symbol, word, or words legally registered or established by use as representing a company or product. CDI (Category Development Index) a measurement of a brand's sales potential using sales of all brands within a category in a specific market indexed to national sales average. BDI (Brand Development Index) measures the effectiveness of a brand with a specified market segment compared to its performance with all consumers Service Marketing marketing services vs . intangibles b. Intangibility c. Inseparability d. inconsistency e. Inventory services hint 3 additional P`s people, physical evidence, and process Service Quality Dimensions A measurement of the perceptions and opinions of consumers about how well the service delivery met their needs and wants. Gap Model of Service Quality a. Knowledge gap b. Standards gap c. Delivery gap d. Communications gap e. Customer gap service zone of tolerance the area between what is considered an adequate level of service and the desired level of service. packaging Materials used to wrap or protect goods. types of business purchasing New-task purchase Straight rebuy purchase Modified rebuy purchase Ansoff Matrix A business tool that assesses four key considerations when determining the right marketing strategy and helps marketers evaluate the potential risk and reward involved. SMART goals goals that are specific, measurable, attainable, realistic, and timely positioning statements Clear, simple, focused statements that identify (1) why the target market buys the product and (2) what sets the product apart in the market [Show Less]
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MKT-315 Exams Questions with correct Answers
Which is NOT a key strategic decision in formulating a marketing plan? 1. Choosing the target market 2. Identifying distinctive competencies 3. Creation... [Show More] of the logo and tagline 4. Identification of the situation Creation of the logo and tagline Which of the following key perspectives is not considered while performing the situation analysis? 1. Customers 2. Suppliers 3. Competitors 4. Company Suppliers Which is helpful for the marketers to evaluate between risk and reward? 1. Ansoff matrix 2. Boston Consulting Group growth-share matrix 3. Quantitative strategic planning matrix 4. SWOTT analysis Ansoff matrix Which of the options below enables marketers to understand when they have achieved the goals of success throughout the plan, and allows them to quickly recognize areas that may be off-track in order to resolve them? 1. Marketing research 2. Market planning 3. Key performance indicators 4. Implementation plan Key performance indicators What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning? 1. Ansoff matrix 2. Marketing information system 3. SMART goals 4. Control Marketing information system In the late 1990s, which of the following was third place in the minds and wallets of worldwide consumers? 1. American Express 2. Visa 3. MasterCard 4. Discover Mastercard Which of the following options is not used in SWOTT analysis to set a direction in the brand of a highly competitive marketplace? 1. Threats 2. Weaknesses 3. Segmentation 4. Opportunities Segmentation The process of developing and executing strategies and tactics to market and sell a product or service to a very specific target segment is: 1. Micromarketing 2. Narrow marketing 3. Direct marketing 4. Macromarketing Micromarketing When a few sellers control most of the sales, it is: 1. Monopoly 2. Monopolistic 3. Pure competition 4. Oligopoly Oligopoly What is the process called when the wholesalers and manufacturers segment their markets much the same way as retailers? 1. Market segmentation 2. B2B segmentation 3. Global segmentation 4. Psychographic segmentation B2B segmentation Which of the following is not an economic factor: 1. Gross domestic product (GDP) 2. Customer's data 3. Unemployment rates 4. Inflation Customer's data Who is required to have multiple decision-makers in order to appeal to multiple stakeholders for a single purchase? 1. B2B marketers 2. IBM computers 3. B2C marketers 4. Nonprofit organizations B2B marketers Marketing includes which of the following activities? 1. Pricing a product 2. Setting the corporate vision 3. Auditing financial reports 4. Overseeing customer service Pricing a product Which of the following refers to specific, measurable, achievable, relevant, and timely, and pertains to the formulation of organizational objectives that are clear and measurable? 1. SWOTT analysis 2. SMART goals 3. Situation analysis 4. Tactics SMART goals The Marketing Concept Era is designated between: 1. 1970s-1980s 2. 1960s-1980s 3. 1940s-1990s 4. 1960s-1970s 1960s-1970s The process of gathering information about events and their relationships within an organization's internal and external environment is: 1. Technological scanning 2. Environmental scanning 3. Regulatory factors 4. Consumer scanning Environmental scanning A detailed marketing plan does not include: 1. Marketing strategy 2. Marketing mix 3. Situation analysis 4. Executive summary Marketing mix Social factors include: 1. Consumer data 2. Demographics, culture, and norms 3. Culture and norms 4. Demographics Demographics, culture, and norms Government regulations, suppliers, competitors, the economy, business trends, finances, and the weather are: 1. Opportunities and threats 2. External factors 3. Internal factors 4. Parts of 4Ps Opportunities and threats [Show Less]
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MKT 315 Exams Questions with Comprehensive Solutions
Content Marketing A type of marketing that involves the creation and sharing of online material (such as videos, blogs, and social media posts) that does ... [Show More] not explicitly promote a brand but is intended to stimulate interest in its products or services. Search Marketing The process of gaining traffic and visibility from search engines through both paid and unpaid efforts. SEO Earning traffic through unpaid or free listings SEM Buying traffic through paid search listings. Social Media Marketing Social media marketing, or SMM, is a form of internet marketing that involves creating and sharing content on social media networks in order to achieve your marketing and branding goals. Email Marketing The act of sending a commercial message, typically to a group of people, using email. In its broadest sense, every email sent to a potential or current customer could be considered email marketing. ... Marketing emails can be sent to a purchased lead list or a current customer database. Product Creation The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product. Copywriting The act of writing text for the purpose of advertising or other forms of marketing. The product, called copy, is written content aiming to increase brand awareness and ultimately persuade a person/group to take a particular action. Customer Avatar Digital speak for buyer persona or target audience Be as specific as possible to craft personalized content, offers and campaigns 1. goals and values 2. sources of information 3. demographics 4. challenges and pain points 5. objections Goals and Values Product Creation: What products/services can you develop to assist the avatar in meeting their goals? Advertising: How can you describe these offers in your ads and sales copy? Content Marketing: What blog posts, podcasts, newsletter, and other content vehicles might your avatar respond to? Email Marketing: How can you tailor your email subject lines and body copy to be consistent with the avatar's goals? Sources of Info My ideal customer would: read ______, but no one else would. subscribe to ______, but no one else would. attend ______, but no one else would. The idea is to find their niche. Challenges/Pain Points What is holding the avatar back from achieving their goal? Objections Why would the avatar decline to buy the product/service? Prepare ahead of time to combat any objections the avatar may have. Customer Journey 1. generate awareness 2. drive engagement 3. build subscribers/leads 4. increase conversions 5. build excitement 6. make the core offer sale 7. develop brand advocates 8. grow brand promoters generate awareness advertising, social media, search Drive engagement t's not enough to make a cold prospect aware, you must engage blog posts, podcasts, videos Build subscribers/leads anyone who has given you permission to have a conversation with them email, facebook, twitter, instagram, iTunes, stitcher Increase conversions convince the prospect to give you a little time or money here we are beginning to onboard build excitement The value of the offers should exceed the price paid by the customer Make the core offer sale Prospects are much more likely to buy now that they have developed a relationship Develop brand advocates testimonials, reviews You build this relationship by adding value and delivering on your promise - delivering consistently quality products Grow brand promoters Promoters go beyond advocacy The brand is part of their life A promoter is active whereas an advocate is more passive Establishing Marketing Objectives Increasing problem and solution awareness Acquiring new leads/customers Activating leads/customers Monetizing existing leads/customers Onboarding new leads/customers Building community and advocacy digital campaign - objective based Coordinated actions intended to achieve a specific business goal digital campaign - multi-parted Content, landing pages, ads, etc. digital campaign - seamless and subtle Make your Call to Action (CTA) simple - don't propose on the first date digital campaign - in flux Much simpler to pivot/tweak digitally than traditionally Acquisition campaigns Acquire new prospects/customers Acquisition campaigns do the work on the front end of the customer journey not all about profit Monetization Campaign Generate revenue from existing leads/customers Make profitable sales/offers to the leads/customers you acquired with your Acquisition campaign Engagement campaigns Create communities of brand advocates and promoters Customer interactions should go beyond the simple transaction of buying goods/services A superior product matched with a superior experience Which Type of Campaign? Do ask, "Which should I use right now?" New business - Acquisition Existing leads - Monetization Comfortable - Engagement If you don't know where to start, begin with an Acquisition campaign Types of EPOs ungated: Does not require contact info or a purchase to get value gated: Requires contact info to get value deep discount: Requires a purchase at a deep discount, generally 50% or greater Designing an Ungated Offer Entertainment: People pay a lot to be entertained, use short content to get across your message Inspiration: Use inspirational content to challenge a buyer Education: People want knowledge Designing a Gated Offer To graduate someone from prospect to lead, you need a gated offer to capture their contact info Use for a specific problem in a specific market You exchange value for the right to contact the lead in the future Specificity is key to a gated offer b/c it increases relevancy A simple "Subscribe to Newsletter" isn't enough What Matters in a Gated Offer A promise An example A shortcut A solution A discount Rapid consumption is important b/c you want to provide value as quickly as possible A Promise Craft a clear promise and make sure it's in your title - don't try and be too clever Tie the title to the benefit the target audience will receive What are the prospects fears, concerns or desires? An Example Often the best content is a Case Study Clearly state the benefit and add specificity to the offer A Shortcut Saving a person time is appealing and converts well i.e. a list of healthy snacks can help someone eat a more nutritious diet A Solution Raise and answer a specific question to provide value Helps establish you as an authority on the subject A Discount Opt-in to receive the discount Wording is key to effectively tell the prospect how much they'll save Generating Leads with Tools Handout or cheat sheet Similar to a free report, just very short Resource list If you're an expert, share your tools Template A preconfigured spreadsheet or a layout for designing something These are powerful b/c they can be put to immediate use Software Offer a trial to capture an email address Discount and coupon clubs Offer exclusive savings and early access to sales Quizzes and surveys Fun an engaging Assessment Offer an assessment and then provide a grade Factors in Gating 1. Is your offer extremely specific? If so, make your promise very specific and provide a specific solution to a specific problem 2. Are you offering too much? Focus on one big thing rather than many small things - stay on course 3. Does the offer speak to an end result? Promise a solution 4. Does the offer deliver instant gratification? NOW - be specific about timeline 5. Does the offer shift the relationship? Move prospects closer to the purchase stage 6. Does the offer have a high perceived value? Don't skimp 7. Does the offer have a high actual value? Live up to your promise 8. Does the offer allow for rapid consumption? Don't be a roadblock, help the prospect move to the next step Designing Deep Discounts Physical premiums -May actually lose $ Offer a book -Often an e-book Webinars -Call it a teleclasss, boot camp or training Software Splinter a service According to research published in the book Marketing Metrics, it's about 50% easier to sell to an existing customer than to acquire a new one. Deep Discounts Deep discounts help leads overcome doubt about your business Offer small wins i.e. a gym selling a 7 day juice cleanse at a deep discount and saying it's the hardest part of getting started back on the road to fitness Maximizing Profit Cross-sell -A related product Immediate upsell -More of the same Build bundles and kits -Create anew value proposition Add a slack adjuster -A product/service that costs much more than your typical offer -Only a small number of sales will have a large impact Recurring billing (a continuity offer) -Offer anytime cancellation -Be clear about the additional value Content Marketing Content is what people crave Low-cost publishing makes creating content easy, but the ever-changing nature of the Internet makes it complex A plan is necessary or else you're depending on dumb luck Anticipate needs, then satisfy them The Marketing Funnel Awareness: Entertain, inspire or educate Evaluation: Various choices, including competition, is evaluated Conversion: Convert leads into repeat and high-ticket buyers The Marketing Funnel Top of the Funnel (TOFU): Entertain, inspire or educate with ungated content Middle of the Funnel (MOFU): Convert problem aware prospects into leads with gated content Bottom of the Funnel (BOFU): Convert leads into repeat and high-ticket buyers by helping them decide to buy Top of the Funnel Blog posts: Raise awareness and help offer a solution Nike Blog Social media updates: Free, valuable content Infographics: Entertaining AND educational Create for free Photographs: Explain a lot in a single image Breaks up text content Digital magazines and books: E-books Podcasts: Consumable content on the go Microsites: An auxiliary blog about a specific topic Print magazines and newsletters: Still viable but more expensive Primary research: Offer results so others don't have to collect their own Middle of the Funnel Educational resources: Reports, white papers, webinars, etc. Maintain a high quality or else leads will feel cheated once they provide their contact info Useful resources: Cheat sheets, lists, templates, software, surveys, quizzes, assessments, coupon clubs, etc. Save the lead time and energy Don't be passive, i.e. put a gate on the sidebar of a page. A missed gated offer doesn't create any leads. MOFU - Squeeze Page Drive traffic directly to your landing page using social media, email, SEO and paid traffic Bottom of the Funnel Demos: The downside to buying online is the inability to touch Demonstrate your product thru video, screenshots, etc. Customer stories: Prove your product can solve a problem Comparison/spec sheets: Compare your product to competition, as well as, among your own offerings Webinars/events: Use for complex, risky, or high-ticket items Retargeting Also known as remarketing, allows you to keep your brand in front of bounced traffic after they leave your website. For most websites, only 2% of web traffic converts on the first visit. Retargeting is a tool designed to help companies reach the 98% of users who don't convert right away. A cookie-based technology that uses simple Javascript code to anonymously 'follow' your audience all over the Web. You place a small, unobtrusive piece of code on your site (the code is often referred to as a pixel). The code, or pixel, is unnoticeable to your site visitors and won't affect your site's performance. Every time a new visitor comes to your site, the code drops an anonymous browser cookie. Later, when your cookied visitors browse the Web, the cookie will let your retargeting provider know to serve ads, ensuring that your ads are served to only to people who have previously visited your site. Choosing Avatars Decide which avatar this content targets -Each avatar will possibly have different intents, motivations, and problems -Some content will cross but the most effective content will speak directly Distributing Content to Attract an Audience Marketing thru email is still the best method for making offers and sending more content -Growing and managing your email list is critical Capturing leads thru search (SEM) is still important but often handled by major engines Using social to drive traffic depends on your brand personality and platform requirements Paying for traffic helps segment visitors and makes use of retargeting -It is predictable blog a tool to help you manage certain pages of a site The power of a good blog is that is can generate awareness for your company, brands, customer-facing employees, products, and services The main purpose is to create awareness and engagement Brainstorming Post Ideas BuzzSumo is a site that allows you to analyze what content is performing well on social for a specific topic -Search for keywords and phrases -Adjust for specific types of content -Compare to competition using their domain Establish content segments -Blog post formats that repeat on a schedule and follow a similar style/template -Easily repeatable and quickly consumable -Your audience will learn to expect them and this provides consistent value Working with Content Creators To engage outside content creators, include the following in a "Write for Us" section on your site: -Acceptance of bylined articles Most writers want to know you will link to their own site -Statement of pay If you want to pay for outside content -Content categories Outline the topics you want covered -Contact form Blog Headlining Tap into self interest "What's in it for me?" Example: Grow Your Website Traffic In 3 Steps Pique curiosity Create an itch that needs to be scratched Example: 20 Things You Didn't Know Your iPhone Could Do Urgency and scarcity Act now Example: Limited Time Amazon Sale on Beats by Dre Issue a warning Protect from a threat Example: Don't Buy Another Gallon of Milk Until You Read This Borrow authority Use social proof to leverage behavior of others Example: What Usain Bolt Eats as a Midnight Snack Reveal the new Keep your audience informed Example: New Tribe Discovered in the Amazon Rainforest Content Creation Successful content marketing often requires the persistent creation of great content on a regular basis. This content could span from a simple blog post to an extremely complex interactive graphic. As with everything else, you can maximize your productivity by equipping your business with the right tools to tackle all kinds of digital content creation. But in a constantly evolving digital landscape, tools come and go along with fads in various content types and formats. [Show Less]
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MKT-315 Questions and Answers {Reviewed}
In the product life cycle, the stage often involves a high-level of promotional effort: Growth Maturity Preproduct introduction Introduction Introdu... [Show More] ction Stage When a telemarketer calls to sell a consumer life insurance, the last question asked is what category the person's household income falls into (less than $50,000 to $99,000; and $100,000 and over). When the telemarketer asks about household income, this indicates the firm is using which type of consumer variable to segment its market? Usage Buying situation Demographic Behavior demographic Intangible offerings or actions of value a purchaser receives in a transaction are referred to as: Ideas Widgets Goods Services Services When few sellers control most of the sales, it is: Oligopoly Monopolistic Monopoly Pure competition Oligopoly Pending federal legislation will require all online retailers to collect state sales taxes from customers. This would affect online sellers such as Virtual Vineyards, which now only collects state sales taxes from customers who reside in California--its home state. This pending legislation would be an example of which environmental force? Regulatory Social Economic Technological Regulatory The people who use the products and services purchased for a household are called: Household prospects Ultimate consumers Organizational buyers Target market Ultimate consumers In the "maturity stage of the product life cycle," cost per customer is: High Average Moderate Low Low Reference groups refer to: Those buyers who, through the size of their purchases, affect where marketing dollars will be spent. The relatively permanent, homogeneous divisions in a society that consists of people who share similar values, interests, and behaviors. People to whom an individual looks as a basis for self-appraisal or as a source of personal standards. Individuals who exert direct or indirect social influence over others. Individuals who exert direct or indirect social influence over others Secondary Data are: The facts and figures that have already been recorded before the project at hand. The facts and figures obtained by asking people questions through the use of information technology. The facts and figures obtained by watching people mechanically rather than in person. The facts and figures that are newly collected for the project at hand. facts and figures that have already been recorded before the project at hand A publishing company sponsors an informal one-time-only session with seven college instructors who use a given principles-of-management textbook. The instructors meet with a moderator who asks their opinions about the textbook, its instructor's manual, its PowerPoint slides, and its video and written cases. This is an example of: A jury of executive opinion An information forum A consumer panel A focus group A focus group The marketing mix consists of 4Ps. The extended service marketing mix includes what three (3) Ps: People, process, and product Process, physical evidence, and place Product, physical evidence, and place People, process, and physical evidence People, Process, Physical evidence Which of the following is NOT a reason marketers study consumer behavior? To learn how and why people replace or dispose of products. To learn how and why people spend versus save. To learn how and why people use products to solve problems. To learn how and why people shop for and select products. To learn how and why people spend versus save Maslow's hierarchy of needs is: Self-actualization, esteem, love, physiological, safety Self-actualization, esteem, love, safety, physiological Physiological, safety, love, self-actualization, esteem Love, safety, physiological, esteem, self-actualization Self-actualization, esteem, love, safety, physiological The Likert scale comes under: Quantitative research Research findings Qualitative research Research planning qualitative research Which of the following is NOT identified in the Gap Model of Service Quality? Potential weaknesses in service delivery Quality assurance of goods Causes of the weaknesses Methods of improving service quality Quality assurance of goods The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as: Strategic intelligence Data mining Marketing enquiry Marketing research Marketing Research Which of the following key perspectives is not considered while performing the situation analysis? Company Competitors Customers Suppliers Suppliers Government regulations, competitors, the economy, business trends, technology, and finances are: Opportunities and threats Internal factors Controllable factors Parts of 4Ps Opportunities and threats When service quality is poor and customers are dissatisfied, businesses want to respond quickly and make it right with the customer. A method of service recovery is called the: -COLGATE method -COST method -CLOSE-UP method -CREST method CREST Method Which of the following refers to specific, measurable, achievable, relevant, and timely, and pertains to formulation of organizational objectives that are clear and measurable? SMART goals Tactics SWOTT analysis Situation analysis SMART goals The five major environmental forces in a marketing decision are: Social, technological, economic, competitive, and regulatory. Climate change, natural resources, pollution, natural disasters, and global conflict (war). Product, price, promotion, place, and people. Corporate ownership, internal management, supplier relations, manufacturing capabilities, and consumer demand. Social, technological, economic, competitive, and regulatory A combination of products and services offered to consumers or other businesses is called: Service quality Business's offering concept Customer satisfaction Competitive advantage Business offering concept The following activity is NOT something a typical marketing manager will do: Auditing financial records Monitoring Planning Implementing Auditing financial records Demographics, trends, buying habits, competition, and industry environments are part of: Data collection Market research Marketing data Data analysis Marketing data The term ____________________ is used to identify a group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision. Procurement committee Gatekeepers Purchasing department Buying center Buying Center Which of the following is used to gauge the effectiveness of a brand with a specified market segment compared to its performance with all consumers. Consumer Brand Index Market Segment Index Brand Development Index Category Development IndexF Brand Development Index A physical setting where services are produced, delivered, and consumed and consists of the conditions, layout, and any symbols or imagery in the space that influence the creation and delivery of services, the perceived quality of services, and transactions between service providers and customers is: Servicescape Zone of tolerance Tangible evidence Service marketing Tangible evidence In product life cycle stages, the stage in which growth slows down and stabilizes is called: -Decline stage -Less improved stage -Maturity stage -Product stabilization stage Maturity stage With respect to the history of American business, the __________ era covered the early years of the United States up until the 1920s. Production Customer relationship Marketing concept Sales Production Gillette, which is known for its razors and blades, introduces shaving creams into its product portfolio. This is an example of: Product line extension Product life cycle Product diversification Product growth Product-line extension Products such as "VHS tapes" are examples of: a.Product perception b.Product classes c.Product forms d.Branding Product Forms Which of the following refers to the four I's of service marketing? Indefatigably, inseparability, intangibility, and inclusive Initiatory, inclusive, inconsistency, and intangibility Intangibility, inseparability, intensive, and impressive Intangibility, inseparability, inconsistency, and inventory Intangibility, inseparability, inconsistency, and inventory Which purchases usually involve a more complex process? Contract buying Modified buy Buying by samples New buy New buy The area between what is considered an adequate level of service and the desired level of service is called: Gap model of service quality Service quality assurance Zone of tolerance Service quality dimension Zone of tolerance The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large is referred to as: Manufacturing Marketing Selling Advertising Marketing Without ______________ a company or product could experience a slow demise in the marketplace because it does not stand out from competitors. Positioning Repositioning Differentiation Marketing management Differentiation Product positioning refers to: The competitive advantage of one product over another. Changing the place a product occupies in a consumer's mind relative to competitive products. An outdated concept that assigns product value by association with social class. The place a product offering occupies in consumers' minds on important attributes. The place a product offering occupies in consumers' minds on important attributes. Good customer service leads to: Increased loyalty Bad reputation Both increased loyalty and future sales Future sales Both increased loyalty and future sales The business model that involves creating value and satisfying consumer needs is: Marketing diagram Marketing direct Elaboration likelihood model Marketing concept Marketing concept A graph with two variables that displays the position of a brand in comparison to its competitors based upon consumer perceptions is referred to as a: Growth-share matrix Perceptual map Market-product grid Perception matrix perceptual map A positioning statement includes which of the following elements? Identification of consumer priorities Product mix The category in which the brand competes Business offering the category in which the brand competes The way that a company goes about reaching the desired outcomes needed to do business is best defined as which of the following? Marketing objective Marketing management Marketing strategy Marketing direction Marketing Strategy Consumers are influenced by four factors. they are: Needs, wants, desires, and attractions Psychology, sociology, meteorology, and anthropology Age, gender, income, and education Psychological, economic, demographic, and sociocultural Psychological, economic, demographic, and sociocultural Five generational cohorts that are participating in the marketplace as consumers are: Baby Boomers, Gen Xs, Millennials, Teens, and Tweens Baby Boomers, Gen Xs, Gen Ys, Gen Zs and Millennials Depression and WWII, Baby Boomers, Gen Xs, Millennials and Gen Zs Depression and WWII, Baby Boomers, Millennials, Gen Ys and Tweens Depression and WWII, Baby Boomers, Gen Xs, Millennials, and Gen Zs Sarah wants to buy a car. She has had a good experience with Honda vehicles in the past and takes this information into consideration when deciding on her new car. What best describes Sarah's current stage in the decision-making process? Purchase decision Postpurchase evaluation Need identification Information search Information search In marketing, the idea of exchange refers to: The financial remuneration (monetary payment) for a product or service. The bartering of products and services between nongovernmental organizations or individuals. The negotiation phase between the manufacturer and the seller. The buyer obtaining a desired product from the seller by offering something in return. The buyer obtaining a desired product from the seller by offering something in return. / /The negotiation phase between the manufacturer and the seller? What is the marketing term for aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action? Product segmentation Market aggregation Market segmentation Customer grouping Market segmentation An internal environmental scan includes further analysis into which of the following? Behavior of the target market Available budget and resources to support marketing activities Regulatory issues that could impact marketing activities Competition within the marketplace Available budget and resources to support marketing activities Any container in which a product is offered for sale and on which information is communicated is referred to as: Packaging Merchandising A label A point of purchase display Packaging The stages of brand acceptance include: Brand recognition, brand preference, brand loyalty Brand equity, brand preference, brand loyalty Brand recognition, brand equity, brand loyalty Brand recognition, brand preference, brand equity Brand recognition, Brand preference, brand loyalty [Show Less]
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MKT-315 Questions with correct Answers 2023!!
Self-actualization is NOT: 1 Buying a Mercedes 2 Acting for a higher good 3 Purchasing for self-fulfillment 4 Learning a new language Buying a Mercede... [Show More] s __________ represents where the total revenue and total cost are equal. 1 TR 2 Equal analysis 3 Break-even analysis 4 TC Break-even analysis Because of ___________, businesses are forced to be competitive. 1 Media 2 The Internet 3 Both the Internet and E-commerce 4 E-commerce Both the Internet and E-commerce The Robinson-Patman Act: 1 Disallows all forms of price discrimination. 2 Encourages oligopolies. 3 Was enacted to prevent unfair pricing practices favoring larger retail establishments over smaller mom-and-pop stores. 4 Does not allow the customers to buy from high brands. Was enacted to prevent unfair pricing practices favoring larger retail establishments over smaller mom-and-pop stores An income gained from business activities, this term means the gross (before taxes, expenses, etc.): 1 Cost 2 Profit 3 Revenue 4 Loss Revenue The ROI equation does not: 1 Include customer service values. 2 Measure the profit or loss generated from the product. 3 Concern operating income divided by the segment's average total assets. 4 Relate to the costs associated with that product. Include customer service values Milton Friedman's famous maxim, paraphrased, is: The social responsibility of business is to: 1 Make a profit 2 Serve the customers 3 Lose money 4 Sell products Make a profit The most difficult part of marketing mix is: 1 Pricing 2 Product 3 Person 4 Place Pricing The point with the largest vertical distance between the total revenue and total costs represents the point at which: 1 Production is optimized. 2 Profitability peaks. 3 Production is optimized and profitability peaks. 4 Value goes down. Production is optimized and profitability peaks __________ must be established with added value, or what is above and beyond what is expected. 1 Positioning 2 Skimming 3 Pricing 4 Penetration Positioning [Show Less]
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MKT-315 Questions with complete solutions 2023
When Juicy Chicken decides to promote grilled chicken instead of traditional fried chicken, Juicy Chicken experiences ________ conflict. Vertical A... [Show More] n intensive distribution strategy would be best implemented for which of the following products. soft drinks Indirect distribution is an example of: producer to wholesaler to retailer to end-consumer What type of marketing channel would Secure Insurance use if it offers its products exclusively through door-to-door salespersons? Direct A "supply chain" is thought of as limited because it: implies that planning commences with raw materials and factory capacity A direct marketing channel would be utilized by which of these companies? Convenience, an online store that offers its products via its online click-to-order catalogs. Priceless Creations provides its products exclusively to Crafty's, a chain of pottery painting stores across the country. The chain then makes its pottery and painting supplies available to end-consumers. This is an example of ________. an indirect marketing channel When a company arranges two or more marketing channels to target one or more customer segments, it is called a(n) ________ system. multichannel distribution Considering an economic system, converting products made by producers into varieties sought by consumers is the role of ________. marketing intermediaries When service producers bypass intermediaries and market directly to final buyers, or when new channel intermediaries replace traditional ones, ________ occurs. disintermediation When an organization changes its distribution channels, it is true that: Internet growth threatens disintermediation for many "brick-and-mortar" companies. ________ conflict can occur when management at Eat and Run Restaurants disagree about specific discount rates for high school students. horizontal Adding new channels in a multichannel distribution system provides the following advantage: it expands market and sales coverage An exclusive distribution strategy: promotes a brand's image Instead of offering its products through "brick-and-mortar" companies, a book distributor decides to market directly to customers through the U.S. mail. This is an example of: disintermediation [Show Less]
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MKT-315 Questions with complete solutions
Some of the reasons that make people decide what to buy are: 1. Personal, situational, psychological, and social interactions 2. Personal, emotional, a... [Show More] ffection, and social interactions 3. Psychological, awareness, situational 4. Rage, personal and social interactions 1. Personal, situational, psychological, and social interactions What are the factors Influencing Consumer Behavior Economic Factor: 1. Psychology, Demographic, Competitiveness 2. Psychology, Competitiveness, Demographic 3. Competitiveness, Demographic, Economic 4. Psychology, Demographic, Economic 4. Psychology, Demographic, Economic The factors that include demographics, culture, and subcultures are known as: 1. Sociocultural factors 2. Cultural factors 3. Democratic factors 4. Psychographic factors 1. Sociocultural factors A process by which consumers choose to remember or reject and forget the information proffered is known as: 1. Selective retention 2. Selective attention 3. Selective exposure 4. Selective approach 1. Selective retention The purchase that involves the reordering of goods or services already under contract is: 1. New buy 2. Straight rebuy 3. Modified rebuy 4. Discounted buy 2. Straight rebuy Who is affected by the individual consumer tolerance of risk? 1. Marketers 2. Consumers 3. Purchase decision 4. Location 3. Purchase decision Recent reports show that _____% of consumers report that they trust online reviews left by other consumers as much as personal recommendations. 1. 45 2. 30 3. 90 4. 85 4. 85 Maslow's hierarchy of needs is: 1. Self-actualization, esteem, love, physiological, safety 2. Love, safety, physiological, esteem, self-actualization 3. Self-actualization, esteem, love, safety, physiological 4. Physiological, safety, love, self-actualization, esteem 3. Self-actualization, esteem, love, safety, physiological Which purchases usually involve a more complex process? 1. Modified buy 2. New buy 3. Buying by samples 4. Contract buying 2. New buy Among specific filters, which one is the selective perception? 1. Selective attention 2. Selective consumer 3. Selective display 4. Selective decision 1. Selective attention [Show Less]
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MKT315 Questions with complete Answers
What does resolution mean? The term resolution refers to the number of pixels per unit of physical length in an image, expressed in pixels per inch (ppi).... [Show More] Printer resolution may be expressed in dots per inch (dpi), because device dots do not always correspond to image pixels. What does the Crop tool do? You can use the Crop tool to trim, scale, or straighten an image. How can you adjust the tone and color of an image in Photoshop? You can adjust the tone and color of an image in Photoshop using the Curves and Levels adjustment layers, such as applying the White Point tool. What tools can you use to remove blemishes in an image? The Healing Brush, Spot Healing Brush, Patch, and Clone Stamp tools let you replace unwanted portions of an image with other areas of the image. The Clone Stamp tool copies the source area exactly; the Healing Brush and Spot Healing Brush tools blend the area with the surrounding pixels. The Spot Healing Brush tool doesn't require a source area; it "heals" areas to match the surrounding pixels. In Content-Aware mode, the Patch tool replaces a selection with content that matches the surrounding area. How can you remove artifacts such as colored pixels and scanned dust from an image? The Dust & Scratch filter removes artifacts from an image. Strategy for retouching Retouching depends on the image you're working on and your goals for it. For most pictures you only need to change the resolution, lighten or repair a minor blemish. For other you may have to perform several tasks and used advanced tools and techniques. Does changing resolution affect file size? Only when pixel dimension change. Low resolution Blurry in appearance, relatively small file size. When its ppi value is below 150 to 200 ppi High resolution Very clear in appearance and has a relatively large file size. PPI value above 200 ppi Straightening and cropping the image in Photoshop Click the crop tool, press straighten Sharpening the image Choose filter < Sharpen < Smart Sharpen Lens Blur, Gaussian Blur, Motion Blur What is red eye, and how do you correct it in Photoshop? Red eye occurs when a camera flash is reflected in the retinas of a subject's eyes. To correct red eye in Photoshop, zoom in to the subject's eye, select the Red Eye tool, and then click each eye. How can you create a panorama from multiple images? To blend multiple images into a panorama, choose file > automate > photomerge, select the file you want to combine, and click OK. Describe how to fix common camera lens flaws in Photoshop. What causes these defects? The Lens Correction filter fixes common lens flaws, such as barrel and pincushion distortion, in which straight lines bow out towards the edges of the image (barrel) or bend inward (pincushion); chromatic aberration, where a color fringe appears along the edges of image objects; and vignetting at the edges of an image, especially corners that are darker than the center. Defects can occur from incorrectly setting the lens focal length or f-stop, or by tilting the camera vertically or horizontally. What conditions provide the best results when using the Content-Aware Move tool? The Content-Aware Move tool works best in images that have consistent backgrounds so that Photoshop can seamlessly replicate the patterns. The Content-Aware Fill tool Is used to remove unwanted object and have Photoshop convincingly fill in the area instead of leaving a blank space. Adjusting facial features with Liquify Liquify filter is useful when you want to distort only part of an image. It includes Face-Aware Liquify options that automatically recognize faces in the image and lets you easily adjust facial features such as the eyes, nose, and mouth. Smart object Smart Objects preserve an image's source content with all its original characteristics, enabling you to perform nondestructive editing to the layer. Perspective Warp Feature Lets you adjust the way objects in your image to the scene Clipping Mask Layers Image must be directly above what you are clipping What is the benefit of using a quick mask? Quick masks are helpful for creating quick, one-time selections. In addition, using a quick mask is an easy way to edit a selection using the painting tools. When you have a selection created by a quick mask, what happens when you deselect? As with any other selection, a quick mask selection disappears when you deselect it When you save a selection as an alpha channel, where is the alpha channel stored? Alpha channels are stored in the channels panel, along with the visible color channels How can you edit a mask in a channel once you've saved it? You can paint in an alpha channel using black, white, and shades of gray How do channels differ from layers? Alpha channels are storage areas for saved selections. All layers set to be visible will be present in printed or exported output. But only the color channels are visible in printed or exported output; alpha channels are not. Layers contain information about image content, while alpha channels contain information about selections and masks. Select and mask and select subject Choose select > select and mask Make sure quick selection tool is selected Refine edge tool Adjusting global refinements Smooth, Feather, Contrast, Shift edge Completing the mask Output settings < decontaminate colors Puppet Warp Tool Adds natural motion to rasterized images including still images, shapes and rasterized text Masking tools Patch content-aware Spot healing Healing [] Alt + click =target + 0 Clone stamp Alt + click= target Sample: Current & Below Blend [Show Less]
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MKT-315 Exams Questions with comprehensive solutions
Who is affected by the individual consumer tolerance of risk? Purchase decision Maslow's hierarchy of needs is: Self-actualization, esteem, love, ... [Show More] safety, physiological Among specific filters, which one is the selective perception? Selective attention The purchase that involves the reordering of goods or services already under contract is: Straight rebuy What are the factors Influencing Consumer Behavior Economic Factor: ... Which purchases usually involve a more complex process? New buy Recent reports show that _____% of consumers report that they trust online reviews left by other consumers as much as personal recommendations. 85 Some of the reasons that make people decide what to buy are: Personal, situational, psychological, and social interactions The factors that include demographics, culture, and subcultures are known as: Sociocultural factors A process by which consumers choose to remember or reject and forget the information proffered is known as: Selective retention [Show Less]
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