MART 112 Otago Exam Questions
With Correct Answers
Consumer Value - ANSWER the difference between all the benefits derived from
a total product and all the costs of acquiring those benefits
Marketing management framework - ANSWER APIC: Analysis, Planning,
Implementing, Control
management - ANSWER the concern with control and efficient allocation of
resources
Production Concept - ANSWER consumers will favor products that are available
and highly affordable, concerned with production & distribution efficiency
product concept - ANSWER the idea that consumers will favor products that
offer the most quality, performance, and features; therefore, the organization
should devote its energy to making continuous product improvements
Selling Concept - ANSWER the idea that consumers will not buy enough of the
firm's products unless the firm undertakes a large-scale selling and promotion
effort
Marketing Concept - ANSWER the idea that an organization should strive to
satisfy the needs of consumers better than competitors
Micro environment - ANSWER The immediate environment in which an individual
or company works, including competitors, suppliers, customers, may have some
influence over
Real Marketing Attempts to? - ANSWER know and understand the customer so
well that the market offering solves their problem and thus sells itself
Macro environment - ANSWER the larger societal forces that affect all
organisations ability to succeed - demographic, economic, natural,
technological, political, and cultural forces
Segmentation - ANSWER aggregating prospective buyers into groups that have
common needs and will respond similarly to a marketing action
, psychographic segmentation - ANSWER dividing a market into different
segments based on social class, lifestyle (activities) or personality/values
characteristics
Behavioural segmentation - ANSWER dividing a market into segments based on
consumer knowledge, attitudes, uses, or responses to a product, usage rates
Targeting Strategy - ANSWER evaluates attractiveness of segments and
chooses which segments at which to direct marketing activity
undifferentiated marketing - ANSWER Marketing to the entire market
differentiated marketing - ANSWER Marketing to at least 2 segments
concentrated marketing - ANSWER Marketing to one segment
Positioning - ANSWER Aims to shape the ways consumers perceive the offer by
creating a distinct image of the product in the consumers mind.
competitive advantages - ANSWER Product, service, personnel, or image
Repositioning - ANSWER changing consumers' perceptions of a brand in
relation to competing brands, challenging but important
product line extension - ANSWER adding additional products to an existing
product line in order to compete more broadly in the industry
New Product Development (NPD) - ANSWER process designed to develop, test
and consider the viability of products which are new to the market in order to
ensure the growth of the organisation
jump in innovation - ANSWER Vast tech changes
brand extension - ANSWER extending an existing brand name to new product
categories
Product Life Cycle - ANSWER development, introduction, growth, maturity,
decline
Why do products fail? - ANSWER -Incomplete market and production definition
before product development starts.
-Insignificant points of difference
-Poor execution of marketing mix
-Bad timing
With Correct Answers
Consumer Value - ANSWER the difference between all the benefits derived from
a total product and all the costs of acquiring those benefits
Marketing management framework - ANSWER APIC: Analysis, Planning,
Implementing, Control
management - ANSWER the concern with control and efficient allocation of
resources
Production Concept - ANSWER consumers will favor products that are available
and highly affordable, concerned with production & distribution efficiency
product concept - ANSWER the idea that consumers will favor products that
offer the most quality, performance, and features; therefore, the organization
should devote its energy to making continuous product improvements
Selling Concept - ANSWER the idea that consumers will not buy enough of the
firm's products unless the firm undertakes a large-scale selling and promotion
effort
Marketing Concept - ANSWER the idea that an organization should strive to
satisfy the needs of consumers better than competitors
Micro environment - ANSWER The immediate environment in which an individual
or company works, including competitors, suppliers, customers, may have some
influence over
Real Marketing Attempts to? - ANSWER know and understand the customer so
well that the market offering solves their problem and thus sells itself
Macro environment - ANSWER the larger societal forces that affect all
organisations ability to succeed - demographic, economic, natural,
technological, political, and cultural forces
Segmentation - ANSWER aggregating prospective buyers into groups that have
common needs and will respond similarly to a marketing action
, psychographic segmentation - ANSWER dividing a market into different
segments based on social class, lifestyle (activities) or personality/values
characteristics
Behavioural segmentation - ANSWER dividing a market into segments based on
consumer knowledge, attitudes, uses, or responses to a product, usage rates
Targeting Strategy - ANSWER evaluates attractiveness of segments and
chooses which segments at which to direct marketing activity
undifferentiated marketing - ANSWER Marketing to the entire market
differentiated marketing - ANSWER Marketing to at least 2 segments
concentrated marketing - ANSWER Marketing to one segment
Positioning - ANSWER Aims to shape the ways consumers perceive the offer by
creating a distinct image of the product in the consumers mind.
competitive advantages - ANSWER Product, service, personnel, or image
Repositioning - ANSWER changing consumers' perceptions of a brand in
relation to competing brands, challenging but important
product line extension - ANSWER adding additional products to an existing
product line in order to compete more broadly in the industry
New Product Development (NPD) - ANSWER process designed to develop, test
and consider the viability of products which are new to the market in order to
ensure the growth of the organisation
jump in innovation - ANSWER Vast tech changes
brand extension - ANSWER extending an existing brand name to new product
categories
Product Life Cycle - ANSWER development, introduction, growth, maturity,
decline
Why do products fail? - ANSWER -Incomplete market and production definition
before product development starts.
-Insignificant points of difference
-Poor execution of marketing mix
-Bad timing
