MKT 3301 UHD Test 1 CH1-4 Exam Questions And Answers

MKT 3301 UHD Test 1 CH1-4 Exam Questions And Answers /.Micro-macro Dilemma - Answer-what is "good" for some firms and consumers may not be good for society as a whole (ex: plastic water bottles) /.4 P's of Marketing - Answer-Product, Price, Place, Promotion /.2 Parts of Marketing Strategy - Answer-1. target market 2. marketing mix /.4 P's: Price - Answer-list price, discounts, allowances, payment period, credit terms /.4 P's: Place - Answer-product storage, channel type, warehouses, delivery trucks, stores (retail or online) /.4 P's: Product - Answer-can be a good or service. Installation, packaging, branding, instructions /.4 P's: Promotion - Answer-advertising, personal selling, sales promotion, mass selling /.Breakthrough Opportunities - Answer-innovative, hard-to-copy strategies, that can be very profitable /.S.W.O.T - Answer-Strength, Weakness, Opportunities, Threats (SW-Internal, OT-External) /.When population growth slows? - Answer-Unfavorable market (more competition) /.Diversification - Answer-Moving into new lines of business (new products, new markets) (risky) /.Market Penetration - Answer-Increase market share among existing customers (old products, old markets) /.Market Development - Answer-Increase sales by selling present products in new markets (old products, new markets) /.Product Development - Answer-The creation of new products for present markets (new products, old markets) /.Target Marketing - Answer-Focuses on specific customers /.Mass Marketing - Answer-Focuses on the entire market /.Monopoly - Answer-Complete control of a product or business by one person or group (relatively rare) (Ex: Google) /.Monopolistic Competition - Answer-Many firms sell products that are similar but not identical (some customers see a difference/alternatives) (Ex: pasta sauces) /.Oligopoly - Answer-A small number of large firms with very few differences (Ex: airline companies) /.Pure Competition - Answer-A large number of firms with very few product differences and similar pricing (Ex: milk or potatoes) /.GDP (Gross Domestic Product) - Answer-the total market value of goods and services within a country in any given year (including foreign income) /.GNI (Gross National Income) - Answer-the total market value of goods and services within a country in any given year (not including foreign income) /.Competitive Analysis - Answer-1) Identifying competition 2) evaluating their strengths and weaknesses 3) comparing your marketing mixes to theirs /.The type of environment that changes the fastest? - Answer-Economic /.Laws that apply to businesses and managers? - Answer-Criminal and civil /.Laws that regulate starting a business and the setting of prices? - Answer-State and local /.CPSC (Consumer Product Safety Commission) 1972 - Answer-a federal agency that sets and enforces safety standards for household appliances, toys, and tools /.Market - Answer-A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services /.Generic Market - Answer-a market with BROADLY similar needs and sellers offering various, often DIVERSE, ways of satisfying those needs