BSBA Marketing Management Midterms Review

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Questions and Answers

What is a primary characteristic of companies operating in competitive spheres regarding pricing?

They charge extra for additional services. (correct)

They do not differentiate based on service quality.

They offer fixed pricing without additional charges.

They provide premium pricing only for all services.

Which of the following best describes a differentiation strategy?

Focusing solely on price competition.

Providing standard services to reduce costs.

Targeting the lowest income group only.

Offering unique features that appeal to specific customers. (correct)

What is a central goal of a corporate vision statement?

To increase current profit levels.

To provide monthly sales projections.

To dictate day-to-day operations.

To outline the company’s future purpose and values. (correct)

What type of market does differentiation focus primarily target?

A specific small group of customers. (D) Signup and view all the answers

How should companies approach their vision statements?

They should stay independent of current business climate. (A) Signup and view all the answers

What is required to accomplish marketing activities such as advertising and personal selling?

Appropriate budget (B) Signup and view all the answers

What do after-sales services typically include?

Maintenance or repair of equipment (A) Signup and view all the answers

Which of the following describes properties in marketing?

Intangible rights of ownership (C) Signup and view all the answers

What is the main focus of organizations in marketing?

Building a strong brand identity (B) Signup and view all the answers

Which of the following represents an example of events marketing?

Organizing conferences (B) Signup and view all the answers

Which entities are primarily involved with creating, promoting, and delivering goods and services?

Marketing professionals (A) Signup and view all the answers

Which option would NOT be considered an example of goods in marketing?

Customer inquiries (A) Signup and view all the answers

What types of places compete actively to attract tourists and residents?

Cities and regions (A) Signup and view all the answers

What is the primary purpose of studying consumer behavior in marketing?

To assist in decision making for market segmentation (D) Signup and view all the answers

Which aspect of marketing is centered around creating a unique image for a product?

Branding (D) Signup and view all the answers

How does effective marketing contribute to financial growth for a business?

By driving sales and revenue (D) Signup and view all the answers

What role does packaging play in marketing?

Acts as a sales pitch (B) Signup and view all the answers

In marketing, what does competition refer to?

Differentiating a business from its competitors (D) Signup and view all the answers

Which function of marketing involves using data to inform business decisions?

Informed Decisions (B) Signup and view all the answers

What is adaptation to change in marketing primarily concerned with?

Adjusting to consumer preferences (D) Signup and view all the answers

What is the significance of customer awareness in marketing?

It captures consumer attention and drives purchases (D) Signup and view all the answers

What best describes negative demand?

A significant portion of the market dislikes a product. (B) Signup and view all the answers

Which factor does NOT contribute to negative demand?

Increased marketing efforts. (B) Signup and view all the answers

Why is it essential for marketers to address negative demand?

It provides an opportunity to convert resistant consumers. (B) Signup and view all the answers

What characterizes irregular demand?

Fluctuations in consumer interest leading to uneven sales. (B) Signup and view all the answers

What is the primary advantage of using secondary data?

It is cheaper and quicker to obtain. (C) Signup and view all the answers

Which of the following best defines the macroenvironment?

Broader external factors influencing company decisions. (C) Signup and view all the answers

Which statement about full demand is accurate?

It refers to optimal levels of demand matching supply. (C) Signup and view all the answers

What role does a Marketing Decision Support System (MDSS) play for marketing managers?

It helps managers make informed decisions by providing relevant data and analysis. (C) Signup and view all the answers

What is the primary characteristic of services as described?

They fulfill a need through intangible offerings. (C) Signup and view all the answers

Which technological force impacts a company by introducing new methods of communication?

Innovations in information technology. (D) Signup and view all the answers

What typically causes a decline in demand due to changing consumer preferences?

Shifts in tastes, lifestyles, or values. (B) Signup and view all the answers

Which of the following is NOT included in environmental forces?

Business regulations. (D) Signup and view all the answers

What leads to negative demand concerning advanced products?

Advanced products rendering older ones obsolete. (B) Signup and view all the answers

What is a key limitation of secondary data?

It lacks depth compared to primary data. (C) Signup and view all the answers

Which legal force is specifically designed to protect consumer interests?

Health and safety regulations. (A) Signup and view all the answers

What impact do social trends related to sustainability have on businesses?

They often require businesses to change their operational strategies. (A) Signup and view all the answers

What best describes Customer Lifetime Value (CLV)?

The revenue expected from a customer over their relationship (A) Signup and view all the answers

Which factor is NOT directly related to customer satisfaction?

Customer Lifetime Value (B) Signup and view all the answers

What is one strategy to enhance Customer Experience?

Delivering personalized services (D) Signup and view all the answers

How do loyalty programs assist in building customer loyalty?

By offering rewards and discounts for frequent purchases (D) Signup and view all the answers

What is an example of a retention strategy?

Offering loyalty discounts to prevent cancellations (D) Signup and view all the answers

What role does post-sales support play in customer satisfaction?

It shows that the company values the customer's experience (B) Signup and view all the answers

How can companies maximize Customer Lifetime Value?

By implementing upselling and cross-selling techniques (A) Signup and view all the answers

Which of the following describes Customer Loyalty?

A customer's consistent preference for a specific brand (B) Signup and view all the answers

Study Notes

Introduction

Exam reviewer for BSBA Marketing Management Nationalians
Academic year 2024-2025, Midterms, First Term, First Year

Acknowledgement

Exam reviewer focuses on Business Administration Core Courses
Part of the Junior League of Marketers' project "Pasado Playlist"
Created to support BSBA Marketing Management Nationalians
Acknowledges advisers Prof. Dennis Chlenton B. De Jesus and Dr. Aira May T. Balancio-Canlas for invaluable guidance
Acknowledges Dr. Jhanssen T. Tan, Program Chair of the Business Administration Department
Lists the President, Vice Presidents for Internal and External Affairs, the Secretary and the Head of Membership

Marketing in the Millennium Age

Customer Awareness-Marketing captures customer attention, helping businesses meet their needs, wants, and demands.
Financial Growth-Effective marketing drives sales and revenue.
Human Resources-Employees need marketing knowledge to effectively promote products and services.
Production and Sales-Marketing drives demand, ensuring that products move off the shelves.
Competition-Marketing differentiates a business from its competitors, helping it stand out and attract customers.
Informed Decisions-Marketing provides data and insights that guide business decisions.
Adaptation to Change-Marketing helps businesses adjust to changing consumer preferences.
Economic Impact-Marketing drives economic growth by facilitating the exchange of goods and services.
Marketing Scope-Covers all activities from idea formation to profit generation.

Scopes of Marketing

Consumer Needs and Wants - Goods are created to meet consumer wants.
Consumer Behavior - Study of consumer behavior to help in market segmentation, targeting, and positioning.
Product Planning and Development - Activities of product research, market research, market segmentation, product development, focusing on quantity and quality.
Branding - Establishing a brand to increase reputation, investor interest, customer trust and other benefits.
Packaging - Protects the product, used to attract customers.
Channels of Distribution - Decisions on wholesaling, distribution and retailing.
Pricing Policies- Determined by marketing managers, with consideration for competition, product life cycle, and marketing goals.

Sales Management

Selling includes identifying customers, determining customer needs, convincing customers to purchase, customer service, and related activities.

Promotion

Consists of personal selling, sales promotion, and advertising.

Finance

No marketing activity can be executed without the appropriate budget.

After-Sales Services

Maintaining good relationships with customers through services like maintenance, repair queries, and problem-solving.

What is Marketed?

Products, services, experiences, persons, places, properties, events, and organizations.

Types of Needs

Stated Needs-Explicitly expressed needs or desires by customers.
Real Needs-Underlying needs driving customer behavior.
Unstated Needs-Unconscious or assumed needs.
Delight Needs-Satisfying needs that go beyond expectations.
Secret Needs-Needs customers are reluctant to admit.

Marketing Offers

Products-Tangible, physical goods.
Services-Intangible offerings involving performance or actions.
Experiences-Emotional or sensory journeys.
Utility-Consumer satisfaction or benefit from a product/service
Types of Utility (Form, Time, Place, Possession)
Cost-Monetary, time, or effort expenditure.

Value

Represents overall benefit perceived by a customer against total cost (money, time, effort)
Types of Value (Economic, Functional, Emotional).
Perceived value and customer decisions.
Satisfaction - Customer contentment or pleasure.
Factors influencing satisfaction- Expectations, product/service quality, service experience, emotional fulfilment

Exchange

Core marketing concept involving parties exchanging value.
Key characteristics-voluntary, mutual benefit, value.
Difference between transaction and relationship
Networks of exchanges between various stakeholders

Marketers strategies to deal with different types of demand.

Stimulational, developmental, remarketing, synchromarketing, maintenance, de-marketing, and counter-marketing
Marketing objectives, financial planning, implementation plan, monitoring and controlling KPI's.
Major marketing decisions (e.g., strategic planning, social responsibility, research, development of competitive advantage, marketing strategy decisions (segmentation and targeting, marketing mix decisions).

Business Strategy

Cost leadership, cost focus, differentiation, differentiation focus.
Mission statements and visions
Competitive advantages.
Marketing objectives, target market, 7Ps of Marketing, financial planning, monitoring, and reporting.

Marketing Plan Outline

Executive summary, company background, industry analysis, competitive analysis, customer analysis, SWOT analysis, marketing objectives and strategies, marketing mix decisions, marketing plan, target market definition

Marketing Environment

Environmental Scanning, opportunities, threats, PESTEL analysis, Marketing Information System.

Types of Marketing Intelligence

Internal records, MIS, marketing research, marketing decision support system, customer database, product database, salesperson database, and data warehouse
Competitive intelligence, product intelligence, market understanding, customer understanding.

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Description

This exam reviewer is designed for First Year BSBA Marketing Management students, focusing on key concepts in Business Administration core courses. It supports the Junior League of Marketers' efforts to enhance customer awareness and financial growth through effective marketing strategies.