Marketing 301 Exam 2 Practice and Review

What does the mission statement do?

(Best answer) Companies must set ________________

Business objectives include everything except

In regards to the last question, the one concept not mentioned in what a business objective includes is _______________

Marketing objectives include everything except

Analyzing the current business portfolio includes identifying strategic business units, assessing the attractiveness of these SBUs, and deciding how much support each SBU deserves

Product form competition involves

Product class/category competition involves

Need level competition involves

Budget competition involves

Competition is best defined primarily through _________________

In some markets, whoever enters first gains ________________________

All of these are steps of the market research process, except

In regards to the previous question, what is a vital step to the marketing research process that was not included?

The primary data types include what (STFOE)

Some secondary data types include (TBUMG)

Primary data must be ____________, and is most helpful for ______________.

Secondary data _____________. It is most helpful for ___________ and can be _______________ to the company.

These are all characteristics of social media data except for

What are attributes of good market research? (Best answer)

Probability sampling involves ________ _____________ who are drawn at ____________. Ideally they will have _______ ________ _______ in __________ compared to the population.

Non- Probability sampling involves __________ _____________ who are ______ _________ ___ ________ and may have ________ __________ __ ____________.

Convenience sampling and judgment sampling are two examples of probability sampling

These are all characteristics of observation research except

These are characteristics of interviews and focus groups (a method of primary data) except for

Issues in survey design are list framing effects, order effects, double-barreled questions, and demand effects.

Which answer best describes list framing?

Which answer best describes the issue of order effects?

Which answer best describes the cause of memory effects?

Which answer best describes social desirability effects?

Demand effects occur when respondents feel ____________ to answer questions in a way they ______ _____ _________ wants to _________.

The most useful tool for generating surveys is NPS

These are all definitions/descriptions of NPS, except

These are all characteristics of experimentation except for

Mass marketing is appropriate when goods are a ________, consumers have (virtually) _____ _______ needs, and there is _______ ___ _____ competition

Targeted marketing is when you _________ ______ everyone, when needs are _______, and competitors can _______ serve _________ ________

These are the steps to targeted marketing, except for

STP (segmentation, targeting, and positioning) increases __________ for the firm and provides ___________ ________ for the customer

Segmentation is grouping customers who will respond differently to a marketing action. It involves finding subsets of consumers who have different needs and cannot be addressed as a group

How can we divide the marketplace?

Good segmentation separates prospective buyers into groups where ____________ is high and _________ are common. Segmenting variables are _______ and _______.

Failure to identify trends and update your targeting strategy can lead to oversegmentation

These are all attributes of an ideal target segment, except for

What are the three steps to choosing your target segment?

Positioning is a strategy for envisioning what you want your ________ to look like in the _________ of consumers. Here you can consider your _________ _______ and define your ______ _________ ______.

What are the two ways of establishing uniqueness? (best answer)

Vertical differentiation is competing _______ with competitors based on what's a __________ or ________ offering.

Horizontal differentiation is finding a different _______ or _________ based on customers' different _______ and perspectives.

A key tool for positioning is perceptual maps

What do perceptual maps do?

Positioning statements do all of these, except

What should be included in the parentheses? (This is to help you remember how to set up a positioning statement):

"For (______ + ), (our _______) is the () that (______ _______ ________)"

A product is anything that can be offered to a market for ________, ________, _________, or ________ that might satisfy a _____ or a ______.

Products involve goods only

Which is NOT included in product line characteristics? (PLCs)

Product line length is how many ______________________.

Product line range is how ________________________.

Product line density is how _________________________. (in other words, how / they are to each other)

What is a line extension?

What is a brand extension?

Upward stretching (in brand extension) is focused on all of these, except for

Promising brand extensions have four features or "fits." Promising brand extensions fit _________ capabilities, fit current , fit _______ occasion (), and fit brand ___________.

Match the four product mix dimensions (WLDC) to their definitions/purpose

There are four steps of Strategic Portfolio Management. Match each step to the order that they are in this process.

What are the stages of the Product Life Cycle?

Which stage of the product life cycle is when the product peaks?

Customers can be segmented based on when they adopt new products

What are the five categories pertaining to when customers adopt new products?

During the introduction stage of the product life cycle, sales are _______, profits are _______, typical consumers are _________, there are ______ ___ _____ competitors, and the advertising objective(s) are _________ and _______.

During the growth stage of the product life cycle, sales are _______, profits are _______, typical consumers are ______ _________ and _________ _______, there are ______ but _______ numbers of competitors and competitive products, and the advertising objectives are to __________ and __/.

During the maturity phrase of the product life cycle, sales are ______ ___ ______, profits are ________ ___ _______, typical consumers are ______ ________, there are _______ _________ of competitors and competitive products, and advertising objectives are ________ and _________.

In the decline phase of the product life cycle, sales are __________, profits are ___________, typical consumers are ___________, there are ______ __________ of competitors and competitive products, and the advertising objectives are ______ ________, if any.

A brand is a _______, ________, _______, ________, _______, or combination of these that identifies the maker or seller of a product.

Brand representations include

Brand associations should do everything except what

Brand associations include quality, symbolism, and status

Brand equity expresses consumer __________ of a product (______--____) due to brand name _____ and _____ other aspects of the product offering.

Match which characteristics/brands are associated with either Manufacturer Brands (aka National Brands) or Private-label Brands (aka Store Brands)

What are three reasons why people pay for brands?

Information value includes...

Symbolic value of a brand includes...

Performance value of a brand includes consumers using _______ ___________ effort, and ___________ ________ is not required

Brands are valuable to firms due to _______ premium, ________ to _______, _________ power, and more support from _________ and _________.

You assess brand strength by looking at brand equity, awareness, and specialty research firms.

These are all rules for producing effective brand names, except for

Co-branding contains many benefits, such as connecting you to a ________ _________, ________, and ___________. It draws on capabilities of ________ _______.

Co-branding requires (best answer)...

What are multi-brands?

What are sub brands?

Match each example to whether they are a Multi-Brand or Sub-Brand example

If there is a general trend of decline for the current brand and its products, or if there is a need to adapt to new trends and promote a brand refresh then you should ________ a brand

Variable costs vary with ________ _________

Fixed costs are affected by production volume.

Cost plus pricing involves calculating your total _________ ___ _______ and adding a ______ _______ (% or $ amount) to set your price. This is cost plus pricing or ______ pricing.

Cost plus pricing can be determined by the __________ point. This is _________ analysis.

Target return analysis is just like _________ analysis, but goes beyond making up for costs and aims for a ________ ______ of ______.

Value based pricing is when a company imagines the ______________________________ the product creates for the customer

Value based pricing contains a ___________ for potential price

To produce value based pricing, a company has to measure willingness to pay

What is the formula for price elasticity of demand?

List the factors that affect price elasticity (remember the acronym- UIAPE)

Price skimming involves setting a ________ ______ _____ and (possibly) _________ it over time.

Penetration pricing involves setting a ______ ______ ______ and (possibly) ________ it over time.

These are all instances indicating that you should partake in price skimming, except for

You should partake in price skimming because (BCF)

These are all instances indicating that you should partake in penetration pricing, except for

You should partake in penetration pricing because you can (BCD)

Uniform pricing is charging the _________ to every customer, regardless of differences in willingness-to-pay, costs, or other factors.

Personalized pricing is charging ______________________

Segmented pricing is charging ______________________________.

There is no issue with personalized pricing or segmented pricing. These approaches do not appear to be unfair.

Location based pricing is charging __________ prices for ________ stores or locations

Time based pricing is charging ___________ prices for _________ days or times

Product versioning is charging ________ ______ for versions that different _________ _______ self-select.

Promotional pricing is offering _____ ______ based on ______ and _____ events, coupons, or rebates

Left digit bias is when people tend to pay more attention to the left digits of a price and subconsciously round up.

Round numbers signal /. Non round numbers seem more _____ and potentially _________.

When other information is limited and unknown regarding a product's quality, price is still not used as an indicator of quality.

Write out the formula for Customer Lifetime Value (CLV)

Customer lifetime value has two positive side effects which are cross selling and promoting word of mouth. Cross selling is when you sell additional products to the same customer, and word of mouth is when customers talk about your product.

Customer lifetime value is a metric that represents the total net profit a company can expect to generate from customer throughout their entire relationship. It measures how valuable the customer is to your company

Integrating marketing communications (IMC) involves carefully ________ and ________ the company's many ___________ _____ to deliver a clear, ________, and _________ message about the organization and its products.

Match each step of developing effective marketing communication with the order in which they should appear

In the previous question, we did not cover the last step of developing effective marketing communication. What is the fifth and last step of this process?

A rational appeal relates to the audience's ________ ________

An emotional appeal is an attempt to...

A moral appeal is directed to...

Formula for PLV (prospective lifetime value)

Breakeven Analysis Formula

Target Analysis Formula

Value based pricing formula