MART 112 OTAGO EXAM COMPLETE
QUESTIONS AND 100% CORRECT
ANSWERS
\.Consumer Value - ANSWERS-the difference between all the benefits derived
from a total product and all the costs of acquiring those benefits
\.Marketing management framework - ANSWERS-APIC: Analysis, Planning,
Implementing, Control
\.management - ANSWERS-the concern with control and efficient allocation of
resources
\.Production Concept - ANSWERS-consumers will favor products that are available
and highly affordable, concerned with production & distribution efficiency
\.product concept - ANSWERS-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 - ANSWERS-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 - ANSWERS-the idea that an organization should strive to
satisfy the needs of consumers better than competitors
\.Micro environment - ANSWERS-The immediate environment in which an
individual or company works, including competitors, suppliers, customers, may
have some influence over
\.Real Marketing Attempts to? - ANSWERS-know and understand the customer so
well that the market offering solves their problem and thus sells itself
\.Macro environment - ANSWERS-the larger societal forces that affect all
organisations ability to succeed - demographic, economic, natural, technological,
political, and cultural forces
\.Segmentation - ANSWERS-aggregating prospective buyers into groups that have
common needs and will respond similarly to a marketing action
\.psychographic segmentation - ANSWERS-dividing a market into different
segments based on social class, lifestyle (activities) or personality/values
characteristics
\.Behavioural segmentation - ANSWERS-dividing a market into segments based on
consumer knowledge, attitudes, uses, or responses to a product, usage rates
\.Targeting Strategy - ANSWERS-evaluates attractiveness of segments and chooses
which segments at which to direct marketing activity
, \.undifferentiated marketing - ANSWERS-Marketing to the entire market
\.differentiated marketing - ANSWERS-Marketing to at least 2 segments
\.concentrated marketing - ANSWERS-Marketing to one segment
\.Positioning - ANSWERS-Aims to shape the ways consumers perceive the offer by
creating a distinct image of the product in the consumers mind.
\.competitive advantages - ANSWERS-Product, service, personnel, or image
\.Repositioning - ANSWERS-changing consumers' perceptions of a brand in
relation to competing brands, challenging but important
\.product line extension - ANSWERS-adding additional products to an existing
product line in order to compete more broadly in the industry
\.New Product Development (NPD) - ANSWERS-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 - ANSWERS-Vast tech changes
QUESTIONS AND 100% CORRECT
ANSWERS
\.Consumer Value - ANSWERS-the difference between all the benefits derived
from a total product and all the costs of acquiring those benefits
\.Marketing management framework - ANSWERS-APIC: Analysis, Planning,
Implementing, Control
\.management - ANSWERS-the concern with control and efficient allocation of
resources
\.Production Concept - ANSWERS-consumers will favor products that are available
and highly affordable, concerned with production & distribution efficiency
\.product concept - ANSWERS-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 - ANSWERS-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 - ANSWERS-the idea that an organization should strive to
satisfy the needs of consumers better than competitors
\.Micro environment - ANSWERS-The immediate environment in which an
individual or company works, including competitors, suppliers, customers, may
have some influence over
\.Real Marketing Attempts to? - ANSWERS-know and understand the customer so
well that the market offering solves their problem and thus sells itself
\.Macro environment - ANSWERS-the larger societal forces that affect all
organisations ability to succeed - demographic, economic, natural, technological,
political, and cultural forces
\.Segmentation - ANSWERS-aggregating prospective buyers into groups that have
common needs and will respond similarly to a marketing action
\.psychographic segmentation - ANSWERS-dividing a market into different
segments based on social class, lifestyle (activities) or personality/values
characteristics
\.Behavioural segmentation - ANSWERS-dividing a market into segments based on
consumer knowledge, attitudes, uses, or responses to a product, usage rates
\.Targeting Strategy - ANSWERS-evaluates attractiveness of segments and chooses
which segments at which to direct marketing activity
, \.undifferentiated marketing - ANSWERS-Marketing to the entire market
\.differentiated marketing - ANSWERS-Marketing to at least 2 segments
\.concentrated marketing - ANSWERS-Marketing to one segment
\.Positioning - ANSWERS-Aims to shape the ways consumers perceive the offer by
creating a distinct image of the product in the consumers mind.
\.competitive advantages - ANSWERS-Product, service, personnel, or image
\.Repositioning - ANSWERS-changing consumers' perceptions of a brand in
relation to competing brands, challenging but important
\.product line extension - ANSWERS-adding additional products to an existing
product line in order to compete more broadly in the industry
\.New Product Development (NPD) - ANSWERS-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 - ANSWERS-Vast tech changes
