MKTG 320 FINAL EXAM QUESTIONS & ANSWERS
What are the four marketing management philosophies? - Answers - 1. Product
Orientation
2. Sales Orientation
3. Market Orientation
4. Societal Marketing Orientation
What are the four basic business analytics? - Answers - 1. gather or mine data
2. filter/sort or refine data
3. analyze & interpret data
4. make decisions based on analysis
What are the 4 P's? - Answers - 1. Product: what you're selling, goods & services
2. Price
3. Place
4. Promotion
What are the three basic target marketing strategies? - Answers - 1. Mass Marketing
2. Differentiated Marketing
3. Concentrated Marketing
According to Aspinwall, what are the five characteristics of a good? - Answers - 1.
Replacement Rate
2. Gross Margin
3. Adjustments (Differentiation)
4. Time of Consumption
5. Search Time
What are the two types of ads? - Answers - 1. informational
2. persuasive
What three things can ads lower? - Answers - 1. Search Costs
2. Switching Costs
3. Market Prices
What are the two qualities of goods in ads? - Answers - 1. Search Qualities
2. Experiential Qualities
What does SWOT stand for? - Answers - Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
, What does PESTLE stand for? - Answers - Political Environment
Economic Environment
Sociocultural Environment
Technological Environment
Legal Environment
Environment
What are Porter's three generic strategies? - Answers - 1. Cost Leadership
2. Product Differentiation
3. Focus Strategy
What are Porter's five forces? - Answers - 1. Buyer Power
2. Supplier Power
3. Competitive Rivalry
4. Threat of Substitution
5. Threat of New Entrants
What are the four types of market structure? - Answers - 1. Perfect Competition
2. Monopoly
3. Monopolistic Competition
4. Oligopoly
What are the three sources of economic growth? - Answers - 1. Resources
2. Institutions
3. Technology
What are the three common inputs? - Answers - 1. Land
2. Labor
3. Capital
What are the three types of resources? - Answers - 1. Natural Resources
2. Physical Capital
3. Human Capital
What are the four types of market segmentation? - Answers - 1. Geographics
2. Demographics
3. Psychographics
4. Behaviors
What are the five types of channel members? - Answers - 1. Manufacturers
2. Agents
3. Wholesalers
4. Retailers
5. Consumers
What are the seven facilitating agents? - Answers - 1. Transportation Agencies
What are the four marketing management philosophies? - Answers - 1. Product
Orientation
2. Sales Orientation
3. Market Orientation
4. Societal Marketing Orientation
What are the four basic business analytics? - Answers - 1. gather or mine data
2. filter/sort or refine data
3. analyze & interpret data
4. make decisions based on analysis
What are the 4 P's? - Answers - 1. Product: what you're selling, goods & services
2. Price
3. Place
4. Promotion
What are the three basic target marketing strategies? - Answers - 1. Mass Marketing
2. Differentiated Marketing
3. Concentrated Marketing
According to Aspinwall, what are the five characteristics of a good? - Answers - 1.
Replacement Rate
2. Gross Margin
3. Adjustments (Differentiation)
4. Time of Consumption
5. Search Time
What are the two types of ads? - Answers - 1. informational
2. persuasive
What three things can ads lower? - Answers - 1. Search Costs
2. Switching Costs
3. Market Prices
What are the two qualities of goods in ads? - Answers - 1. Search Qualities
2. Experiential Qualities
What does SWOT stand for? - Answers - Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
, What does PESTLE stand for? - Answers - Political Environment
Economic Environment
Sociocultural Environment
Technological Environment
Legal Environment
Environment
What are Porter's three generic strategies? - Answers - 1. Cost Leadership
2. Product Differentiation
3. Focus Strategy
What are Porter's five forces? - Answers - 1. Buyer Power
2. Supplier Power
3. Competitive Rivalry
4. Threat of Substitution
5. Threat of New Entrants
What are the four types of market structure? - Answers - 1. Perfect Competition
2. Monopoly
3. Monopolistic Competition
4. Oligopoly
What are the three sources of economic growth? - Answers - 1. Resources
2. Institutions
3. Technology
What are the three common inputs? - Answers - 1. Land
2. Labor
3. Capital
What are the three types of resources? - Answers - 1. Natural Resources
2. Physical Capital
3. Human Capital
What are the four types of market segmentation? - Answers - 1. Geographics
2. Demographics
3. Psychographics
4. Behaviors
What are the five types of channel members? - Answers - 1. Manufacturers
2. Agents
3. Wholesalers
4. Retailers
5. Consumers
What are the seven facilitating agents? - Answers - 1. Transportation Agencies
