MK 3301 Exam 1 Questions With Complete Solutions
4p's/marketing mix Correct Answers product, price, place, and
promotion, used to respond to wants of target market
actual vs perceived risk Correct Answers performance risk,
financial risk, social risk, physiological/safety risk,
psychological risk
Adding value Correct Answers central to marketing, measures
benefits and costs of offerings
attitudes Correct Answers psychological factor, enduring
evaluation about feelings and behaviors: cognitive (believe to be
true), affective (emotions, likes and dislikes), behavioral (actions
based on what we know)
attribute sets Correct Answers evaluation of alternatives,
universal sets, retrieval sets, and evoked set
Business ethics Correct Answers concerned with difference
between right and wrong actions and decisions in business
according to established moral and ethical principles
buying decisions Correct Answers extended and limited
problem solving
choice architecture Correct Answers evaluation of alternatives,
various methods to present products that influence behavior over
choices, includes; impulse products, nudge, and opt-in-opt-out
(default)
,company capabilities Correct Answers element of the
immediate environment, successful firms focus on satisfying
customer needs that match core competencies
compensatory decision rule Correct Answers positive attributes
compensate for negative ones
competitors Correct Answers element of the immediate
environment, look at their strengths and weaknesses of other
companies in the same market, and learn from their strengths to
try and imitate or recognize dominance, look at their weaknesses
and do it better
conscious marketing Correct Answers recognition of
marketing's greater purpose, consideration of stakeholders and
their interdependence, presence of conscious leadership, creating
corporate culture, understanding that decisions are ethically
based
consumer confidence Correct Answers economic factor in the
macroenvironment, consumer looks at personal financial
situation and the economy, when they are happy with both, they
are confident and will spend more money
consumer decision rules Correct Answers evaluation of
alternatives, criteria consumers consciously use to make
decisions among alternatives, includes: multi-attribute model
with weight, compensatory decision rule, and non-compensatory
decision rule
, Consumer Decisions process Correct Answers need/problem
recognition, search for information, evaluation of alternatives,
purchase and consumption, and post purchase
conversion rate Correct Answers within purchase and
consumption, ability to turn purchase intention into an actual
purchase, ex: reminding people of things in their online carts
core competencies Correct Answers things that a company does
well and gives them leverage over other companies
corporate partners Correct Answers element of the immediate
environment, parties that work with the focal firm, need
relationships with suppliers that have the same initiatives
corporate social responsibility (csr) Correct Answers describes
the voluntary actions taken by a company to address economic,
social, and environmental impacts of business operations and the
concerns of stakeholders, element of conscious marketing
country culture Correct Answers Easy-to-spot visible nuances
that are particular to a country, such as dress, symbols,
ceremonies, language, colors, and food preferences, and more
subtle aspects, which are trickier to identify.
culture Correct Answers psychological factor, could be broad or
specific to small area, influences how you shop
culture Correct Answers shared meanings, beliefs, morals,
values, and customs of a group of people
4p's/marketing mix Correct Answers product, price, place, and
promotion, used to respond to wants of target market
actual vs perceived risk Correct Answers performance risk,
financial risk, social risk, physiological/safety risk,
psychological risk
Adding value Correct Answers central to marketing, measures
benefits and costs of offerings
attitudes Correct Answers psychological factor, enduring
evaluation about feelings and behaviors: cognitive (believe to be
true), affective (emotions, likes and dislikes), behavioral (actions
based on what we know)
attribute sets Correct Answers evaluation of alternatives,
universal sets, retrieval sets, and evoked set
Business ethics Correct Answers concerned with difference
between right and wrong actions and decisions in business
according to established moral and ethical principles
buying decisions Correct Answers extended and limited
problem solving
choice architecture Correct Answers evaluation of alternatives,
various methods to present products that influence behavior over
choices, includes; impulse products, nudge, and opt-in-opt-out
(default)
,company capabilities Correct Answers element of the
immediate environment, successful firms focus on satisfying
customer needs that match core competencies
compensatory decision rule Correct Answers positive attributes
compensate for negative ones
competitors Correct Answers element of the immediate
environment, look at their strengths and weaknesses of other
companies in the same market, and learn from their strengths to
try and imitate or recognize dominance, look at their weaknesses
and do it better
conscious marketing Correct Answers recognition of
marketing's greater purpose, consideration of stakeholders and
their interdependence, presence of conscious leadership, creating
corporate culture, understanding that decisions are ethically
based
consumer confidence Correct Answers economic factor in the
macroenvironment, consumer looks at personal financial
situation and the economy, when they are happy with both, they
are confident and will spend more money
consumer decision rules Correct Answers evaluation of
alternatives, criteria consumers consciously use to make
decisions among alternatives, includes: multi-attribute model
with weight, compensatory decision rule, and non-compensatory
decision rule
, Consumer Decisions process Correct Answers need/problem
recognition, search for information, evaluation of alternatives,
purchase and consumption, and post purchase
conversion rate Correct Answers within purchase and
consumption, ability to turn purchase intention into an actual
purchase, ex: reminding people of things in their online carts
core competencies Correct Answers things that a company does
well and gives them leverage over other companies
corporate partners Correct Answers element of the immediate
environment, parties that work with the focal firm, need
relationships with suppliers that have the same initiatives
corporate social responsibility (csr) Correct Answers describes
the voluntary actions taken by a company to address economic,
social, and environmental impacts of business operations and the
concerns of stakeholders, element of conscious marketing
country culture Correct Answers Easy-to-spot visible nuances
that are particular to a country, such as dress, symbols,
ceremonies, language, colors, and food preferences, and more
subtle aspects, which are trickier to identify.
culture Correct Answers psychological factor, could be broad or
specific to small area, influences how you shop
culture Correct Answers shared meanings, beliefs, morals,
values, and customs of a group of people
