MKTG 1030 Course Details

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Questions and Answers

Dr. Hajirasouliha's research interests have evolved from meaningful marketing/consumption to a focus on:

Supply chain optimization within consumer markets.
Financial modeling of consumer spending habits.
The impact of digital advertising on consumer behavior.
Consumer Culture Theory (CCT) and its relation to consumer meaningfulness. (correct)

Which element is NOT explicitly listed as part of the Marketing Management MKTG 1030 course?

Branding
Personal Finance (correct)
New Products
Segmentation

A student is concerned about their final grade. What percentage of the final grade is determined by the final exam?

20%
40% (correct)
25%
15%

What is the combined percentage of the final grade that the group project accounts for?

25% (C) Signup and view all the answers

What is the primary incentive for students to attend lectures, beyond the general educational value?

15% of midterm and final exam questions will cover lecture-specific content not found elsewhere. (C) Signup and view all the answers

If a student misses one lab session, how many marks will they lose from their final grade?

1.25 marks (A) Signup and view all the answers

Students miss a lab, what is the latest they can submit a legitimate note?

Within 48 hours of the missed lab. (C) Signup and view all the answers

What percentage of the final grade is the group project worth?

25% (D) Signup and view all the answers

What documentation is accepted in lieu of lab attendance to avoid losing marks?

A medical note from a doctor. (C) Signup and view all the answers

What are the two components of the group project deliverable?

A marketing plan slide deck and a 10-minute recorded video presentation. (B) Signup and view all the answers

In the context of the course, what primary task will students undertake to learn the material?

Creating a marketing plan as their final project. (D) Signup and view all the answers

How many multiple-choice questions are there on the midterm exam, and how much time is allotted for its completion?

20 questions, 30 minutes (D) Signup and view all the answers

Which of the following best describes the material covered during the exams?

Readings, labs, lecture notes, and material discussed in lectures and labs that will not be available in the readings, or lecture notes (B) Signup and view all the answers

According to the American Marketing Association's definition, what core elements are involved in marketing?

Creating, communicating, delivering, and exchanging offerings. (B) Signup and view all the answers

Which of the following is NOT explicitly listed as a key component of marketing?

Preserving value (B) Signup and view all the answers

Which of the following is the primary role of the Federal Trade Commission (FTC) as described in the context?

Regulating deceptive advertising practices. (B) Signup and view all the answers

In what way might a company effectively respond to the economic factor of inflation?

By innovating to offer better value or justify existing prices. (C) Signup and view all the answers

During an economic recession, which product categories are most likely to maintain sales and why?

Both high-end and low-end products, as some consumers still purchase luxury items while others seek value. (D) Signup and view all the answers

A company is launching a new line of organic, sustainably sourced food products. How can they best use green marketing to promote these products?

By highlighting the product's environmental benefits and sustainable practices. (D) Signup and view all the answers

How might an aging population demographic impact the marketing strategies of companies selling travel and leisure services?

Offer tailored travel packages and accessible facilities to cater to older adults. (C) Signup and view all the answers

What indicates economic inflation?

Rising cost of living and decreased purchasing power. (A) Signup and view all the answers

What is the role of the Food and Drug Administration (FDA)?

Regulating the labeling of consumable products. (A) Signup and view all the answers

How can technology create a more competitive environment?

By evolving forms of business quicker. (C) Signup and view all the answers

When a brand's actual positioning in the market is assessed and found to be compelling, what action should be taken?

Provide evidence to support the current actual positioning. (C) Signup and view all the answers

What is the primary course of action when product features are NOT aligned with the desired positioning?

Develop a detailed and creative recommendation to align product features with the desired positioning. (B) Signup and view all the answers

In the context of marketing strategy, why is it important to analyze the alignment between retail selling price and desired brand positioning?

To confirm that price supports and reinforces the intended image and value proposition. (D) Signup and view all the answers

A company determines that its mix of promotional tools is well-aligned with its desired positioning. What should be the next step?

Provide evidence to support the alignment and maintain the current strategy. (C) Signup and view all the answers

What action is recommended when a company discovers that its product is not being sold where its target customers typically shop?

Implement a detailed plan to shift distribution to channels that align with the target customer. (B) Signup and view all the answers

What does a thorough understanding of the 'People' dimension in marketing involve?

Identifying the target customer through demographics, psychographics, and geographic data. (A) Signup and view all the answers

Why is it essential to provide facts that support the selection of a specific target customer?

To justify marketing expenses to stakeholders and ensure effective targeting efforts. (B) Signup and view all the answers

When analyzing the competitive landscape, what should a company identify regarding its product or service category?

The key attributes that customers consider important in that category. (C) Signup and view all the answers

When evaluating a product's positioning, what is the most critical action to take if the current market positioning is suboptimal?

Develop and execute a plan to reposition the product to achieve optimal positioning. (A) Signup and view all the answers

What is the primary objective when assessing a product's attributes?

To identify necessary changes to the product to deliver required key attributes. (B) Signup and view all the answers

What should a company primarily ensure regarding the wholesale price of a product?

That it is attractive enough for the distribution channel to carry and actively support the product. (C) Signup and view all the answers

When deciding on the channels to sell a product, what is most important to consider?

Evaluating the keys to success in each trade channel and understanding the volume split. (C) Signup and view all the answers

In promotion, what is the relationship between 'strategy' and 'plan'?

Strategy defines what you want to achieve, while the plan outlines how you will achieve it. (B) Signup and view all the answers

What are the three main categories of promotional tools?

Media, Creative, and Experiential (B) Signup and view all the answers

According to the provided grading structure, which assignment carries the highest weight towards the final grade?

Final Exam (C) Signup and view all the answers

In the context of experiential marketing, what is the primary focus?

Creating direct customer engagement with the product or brand. (C) Signup and view all the answers

What is the primary objective of a marketing strategy?

To transform individuals within a target demographic into paying customers or consumers. (D) Signup and view all the answers

Which of the following BEST describes the initial step in formulating a strategy?

Setting clear and measurable objectives. (C) Signup and view all the answers

What is the purpose of conducting primary research in developing a marketing strategy?

To gather firsthand information directly from customers and consumers. (A) Signup and view all the answers

Why is it important for companies to refer to their mission statement and objectives when assessing the internal environment?

To ensure alignment between strategic actions and the fundamental purpose of the organization. (A) Signup and view all the answers

In a SWOT analysis, what category would 'low product awareness' typically fall under?

Weaknesses (C) Signup and view all the answers

Which of the items below best describes what the macro environment encompasses in the context of external environmental analysis?

Economic factors, demographic trends, and technological changes. (D) Signup and view all the answers

What is the primary focus of competitive analysis?

To evaluate the strengths and weaknesses of direct competitors. (A) Signup and view all the answers

Which element from the list below is NOT typically considered part of the micro environment?

Demographic trends (D) Signup and view all the answers

A company identifies a growing consumer interest in eco-friendly products. In a SWOT analysis, how would this trend be classified?

Opportunity (C) Signup and view all the answers

In the context of external SWOT analysis, what does monitoring technology advances primarily help a company do?

Identify and capitalize on new opportunities. (C) Signup and view all the answers

According to the content, what is a key element to consider when assessing the internal environment of a company?

Examining past and current strategies to determine what has succeeded and failed (C) Signup and view all the answers

According to the content, what is one action that can be performed when assessing the internal environment of a company?

Capitalize on a strength (C) Signup and view all the answers

In Porter's Five Forces model, which of the following is a primary component?

Bargaining Power of Buyers (A) Signup and view all the answers

A business is performing competitive analysis. According to the content, which action is MOST relevant for them to take?

Looking at any information available on competitors. (A) Signup and view all the answers

Flashcards

Consumer Culture Theory (CCT)

A framework exploring the relationships between consumer behavior and cultural contexts.

Qualitative Research Methodologies

Research methods focused on understanding human behavior through subjective assessment and analysis.