MGT 3500 FINAL EXAM CORRECT
100%
Strategies vs. Tactics - ANSWERTactics are the actual means used to gain an
objective, strategy is the overall campaign plan.
Tactics change while strategy does not.
Cognitive decision making - ANSWERPurchase decisions that entail an information-
based processing
Mission Statement (3 parts) - ANSWERShould answer "What do you do?"
1. List the core ideas that you think sum up your job
2. List a core principle for which you will stand
3. Write down whom you are working to help
Operating Chart - ANSWERThe view from 20,000 feet, "The Big Picture"
- Defines the areas in which you have AUTHORITY, defines your ASPIRATIONS,
identifies how you will MEASURE SUCCESS, and waves WARNING flags to issues
beyond your control
Branding vs Marketing - ANSWERA brand strategy defines the unique benefits your
brand offers to the target audience. It clearly defines what it is you want the
consumer to think about your product (brand).
Reflexive decision making - ANSWERWhat your mother bought
Responsive decision - ANSWER
Market research is: - ANSWERthe action or activity of gathering information about
consumers' needs and preferences
Qualitative Research - ANSWER- exploratory purposes
- small number of respondents
- statistical and confidence not calculated
(ex. focus groups and in-depth interviews)
Quantitative Research - ANSWER- used to draw conclusions
- tests a specific idea
- uses random sampling technique as to infer from the sample to the population
- large number of respondents
, (ex. surveys and questionnaires)
Focus Groups - ANSWERAdvantages: fast, targeted, qualitative
Disadvantages: loud mouths, poisoning the group, no projectable results
Surveys (internet, in-store, phone) - ANSWERAdvantages: fast, quantitative,
projectable results
Disadvantages: internet self-selecting (not random)
Mall Intercepts - ANSWERAdvantages: fast, qualitative and quantitative, great for
letting a customer try your products or see it in action
Disadvantages: more expensive. Usually around $75-$100 per person. To make
data projectable, need to test in multiple locations to get at least 500 respondents
Test Markets - ANSWERUsually a small geography or a few cities
Advantages: real products, real consumers, real sales data
Disadvantages: sometimes can't execute a full marketing plan in support
Acnielsen Bases Test Markets - ANSWERAdvantages: Real data. Can test different
advertising weights within the same market
Disadvantages: last 6 months to a year. VERY expensive ($750,000 to $1 million)
In-Home Testing - ANSWERAdvantages: See the customer using your products in
real life
Disadvantages: Costly, obtrusive. Qualitative
Primary Research vs. Secondary Research - ANSWER
Dr. Edward Deming, the father of quality management system engineering, notes
that _____ % of problems in most corporations are due to ______ __________. The
most successful companies spend time and energy continually ____________ their
__________ __________ -- from internal communications to organizational structure
to _________ _____________. - ANSWER94, poor systems, improving, internal
systems, reporting structures
Business Plan - ANSWERa document setting out a business's future objectives and
strategies for achieving them
Marketing Plan - ANSWERA comprehensive analysis and outline of the strategies
and tactics you will use to accomplish business goals, specifically sales and
branding
100%
Strategies vs. Tactics - ANSWERTactics are the actual means used to gain an
objective, strategy is the overall campaign plan.
Tactics change while strategy does not.
Cognitive decision making - ANSWERPurchase decisions that entail an information-
based processing
Mission Statement (3 parts) - ANSWERShould answer "What do you do?"
1. List the core ideas that you think sum up your job
2. List a core principle for which you will stand
3. Write down whom you are working to help
Operating Chart - ANSWERThe view from 20,000 feet, "The Big Picture"
- Defines the areas in which you have AUTHORITY, defines your ASPIRATIONS,
identifies how you will MEASURE SUCCESS, and waves WARNING flags to issues
beyond your control
Branding vs Marketing - ANSWERA brand strategy defines the unique benefits your
brand offers to the target audience. It clearly defines what it is you want the
consumer to think about your product (brand).
Reflexive decision making - ANSWERWhat your mother bought
Responsive decision - ANSWER
Market research is: - ANSWERthe action or activity of gathering information about
consumers' needs and preferences
Qualitative Research - ANSWER- exploratory purposes
- small number of respondents
- statistical and confidence not calculated
(ex. focus groups and in-depth interviews)
Quantitative Research - ANSWER- used to draw conclusions
- tests a specific idea
- uses random sampling technique as to infer from the sample to the population
- large number of respondents
, (ex. surveys and questionnaires)
Focus Groups - ANSWERAdvantages: fast, targeted, qualitative
Disadvantages: loud mouths, poisoning the group, no projectable results
Surveys (internet, in-store, phone) - ANSWERAdvantages: fast, quantitative,
projectable results
Disadvantages: internet self-selecting (not random)
Mall Intercepts - ANSWERAdvantages: fast, qualitative and quantitative, great for
letting a customer try your products or see it in action
Disadvantages: more expensive. Usually around $75-$100 per person. To make
data projectable, need to test in multiple locations to get at least 500 respondents
Test Markets - ANSWERUsually a small geography or a few cities
Advantages: real products, real consumers, real sales data
Disadvantages: sometimes can't execute a full marketing plan in support
Acnielsen Bases Test Markets - ANSWERAdvantages: Real data. Can test different
advertising weights within the same market
Disadvantages: last 6 months to a year. VERY expensive ($750,000 to $1 million)
In-Home Testing - ANSWERAdvantages: See the customer using your products in
real life
Disadvantages: Costly, obtrusive. Qualitative
Primary Research vs. Secondary Research - ANSWER
Dr. Edward Deming, the father of quality management system engineering, notes
that _____ % of problems in most corporations are due to ______ __________. The
most successful companies spend time and energy continually ____________ their
__________ __________ -- from internal communications to organizational structure
to _________ _____________. - ANSWER94, poor systems, improving, internal
systems, reporting structures
Business Plan - ANSWERa document setting out a business's future objectives and
strategies for achieving them
Marketing Plan - ANSWERA comprehensive analysis and outline of the strategies
and tactics you will use to accomplish business goals, specifically sales and
branding
