MRKT 493 Final Study Guide (Integrated Marketing
Communications) Exam With Complete Solutions
What does it mean to have "one clear voice"? - ANSWER Price, product,
promotion, and place all come together to create one clear voice which is an
advantage over competitors
What are the components in the communication process? - ANSWER Sender-
source credibility, alignment between endorser and image of product
Encoding
Message
Medium- makes sense given target market's preferences
Decoding
Receiver
Feedback
Noise- good promotions need to cut through the clutter
What is a brand? - ANSWER "Mental real estate", name, design, symbol that
distinguishes an organization's products/services from competition
Why do marketers want strong brands? - ANSWER Source of competitive
advantage, strong brands build relationships and loyalty, can be leveraged for
brand extensions, allow for more efficient allocation of promotional budget
What is "brand equity"? - ANSWER The value that the brand contributes to the
product/service in the marketplace
What are the 4 components of "brand equity"? - ANSWER Brand Awareness
Brand Loyalty
Brand Associations
Perceived Quality/Value
What are brand associations? - ANSWER Intangible set of associations in the
mind of the consumer, linked in memory to the brand, developed over time
through IMC practices
What are the 2 types of brand associations? - ANSWER 1. Experiential- feelings
associated with the product/service
2. Symbolic- benefits associated with using the product/service
Explain Rokeach's terminal and instrumental values. - ANSWER Terminal values-
end states we aspire to achieve
, Instrumental values- states/behaviors that allow us to strive toward terminal
values
What is a means-end chain? - ANSWER Link specific product attributes to
instrumental and terminal values, we use a technique called "laddering".
Attributes--Benefits--Values
What are the components of a means-end chain? - ANSWER 1. Attributes
(concrete vs. abstract)
2. Benefits (functional vs. socio/psychological)
3. Values (instrumental vs. terminal)
What are the 5 C's of a situation analysis? - ANSWER Customers
Competitors
Company
Climate
Collaborators
What is the point of a situation analysis? - ANSWER Look for opportunities to
develop a competitive advantage
What are the steps to the customer purchase process? - ANSWER 1.
Need/problem recognition
2. Information search
3. Evaluation of alternatives
4. Purchase decision
5. Post-purchase evaluation
What is a need? - ANSWER Recognition of a gap between the current state and
the desired/possible state
What is the difference between need recognition and opportunity recognition? -
ANSWER Need recognition- when you need to buy a new product (ex: car breaks
down)
Opportunity recognition- when you want to buy a new product (ex: new model of
phone)
What are the 5 ways we can segment a market? - ANSWER Demographics
Psychographics
Geographics
Usage
Benefits
What are the 2 types of information searches? - ANSWER 1. Internal- memories,
past experiences, attitudes
2. External- media, word of mouth, store visits, trial
Communications) Exam With Complete Solutions
What does it mean to have "one clear voice"? - ANSWER Price, product,
promotion, and place all come together to create one clear voice which is an
advantage over competitors
What are the components in the communication process? - ANSWER Sender-
source credibility, alignment between endorser and image of product
Encoding
Message
Medium- makes sense given target market's preferences
Decoding
Receiver
Feedback
Noise- good promotions need to cut through the clutter
What is a brand? - ANSWER "Mental real estate", name, design, symbol that
distinguishes an organization's products/services from competition
Why do marketers want strong brands? - ANSWER Source of competitive
advantage, strong brands build relationships and loyalty, can be leveraged for
brand extensions, allow for more efficient allocation of promotional budget
What is "brand equity"? - ANSWER The value that the brand contributes to the
product/service in the marketplace
What are the 4 components of "brand equity"? - ANSWER Brand Awareness
Brand Loyalty
Brand Associations
Perceived Quality/Value
What are brand associations? - ANSWER Intangible set of associations in the
mind of the consumer, linked in memory to the brand, developed over time
through IMC practices
What are the 2 types of brand associations? - ANSWER 1. Experiential- feelings
associated with the product/service
2. Symbolic- benefits associated with using the product/service
Explain Rokeach's terminal and instrumental values. - ANSWER Terminal values-
end states we aspire to achieve
, Instrumental values- states/behaviors that allow us to strive toward terminal
values
What is a means-end chain? - ANSWER Link specific product attributes to
instrumental and terminal values, we use a technique called "laddering".
Attributes--Benefits--Values
What are the components of a means-end chain? - ANSWER 1. Attributes
(concrete vs. abstract)
2. Benefits (functional vs. socio/psychological)
3. Values (instrumental vs. terminal)
What are the 5 C's of a situation analysis? - ANSWER Customers
Competitors
Company
Climate
Collaborators
What is the point of a situation analysis? - ANSWER Look for opportunities to
develop a competitive advantage
What are the steps to the customer purchase process? - ANSWER 1.
Need/problem recognition
2. Information search
3. Evaluation of alternatives
4. Purchase decision
5. Post-purchase evaluation
What is a need? - ANSWER Recognition of a gap between the current state and
the desired/possible state
What is the difference between need recognition and opportunity recognition? -
ANSWER Need recognition- when you need to buy a new product (ex: car breaks
down)
Opportunity recognition- when you want to buy a new product (ex: new model of
phone)
What are the 5 ways we can segment a market? - ANSWER Demographics
Psychographics
Geographics
Usage
Benefits
What are the 2 types of information searches? - ANSWER 1. Internal- memories,
past experiences, attitudes
2. External- media, word of mouth, store visits, trial
