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MARK 3000 TEST 1 - GRANTHAM UGA
Questions with Revised Answers
Marketing by the book - Correct Answer An organizational function and set of process for creating,
capturing, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders"
"Working Definition of Marketing - Correct Answer Anticipating and determining the needs and wants
of consumers and satisfying those needs through the use of the 4 P's to create long term exchanges of value."
"Marketing Plan - Correct Answer A written document composed of an analysis of the current
marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of four P's, action programs, and projected or pro forma income (and other financial) statements"
"Exchange - Correct Answer The trade of things of value between the buyer and the seller so that each
is better off as a result"
"Marketing Mix - Correct Answer Product, price, place, and promotion-the controllable set of activities
that a firm uses to respond to the wants of its target markets" "Product = Creating value Price = Capturing value Promotion = Communicating value
Place = Delivering value - Correct Answer How do the 4 P's relate to value?"
"Goods - Correct Answer Items that can be physically touched"
"Services - Correct Answer Any intangible offering that involves a deed, performance, or effect that
cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer"
"Ideas - Correct Answer Intellectual concepts-thoughts, opinions, and philosophies"
"B2C (Business-to-consumers) - Correct Answer The process in which businesses sell to consumers"
"B2B (Business-to-business) - Correct Answer The process of selling merchandise, or services from one
business to another"
"C2C (consumer-to-consumer) - Correct Answer The process in which consumers sell to other
consumers"
"Production Oriented Era - Correct Answer Turn of the 20th century when most firms were production
oriented and believed a good product would sell itself"
"Internal capability and technology - Correct Answer In the production orientation era the focus was
on...?"
"Sales Oriented Era - Correct Answer Between 1920-1950, With overproduction they depended on
heavy doses of personal selling and advertising"
"Aggressive sales techniques and worries more about transaction number. - Correct Answer In the
sales orientation era the focus was on...?"
"Market Oriented Era - Correct Answer Purpose of the organization is to satisfy customers wants and
needs, while meeting organizational objectives."
"Value-Based Era - Correct Answer Most successful firms are this today. Discover and give the
customer what they want."
"Value - Correct Answer Reflects the relationship of benefits to costs, or what the consumer gets for
what he or she gives"
"Value Cocreation - Correct Answer Customers act as collaborators with a manufacturer or retailer to
create the product or service"
"Relation Orientation - Correct Answer A method of building a relationship with customers based on
the philosophy that buyers and sellers should develop a long-term relationship"
"Customer Relationship Management (CRM) - Correct Answer A business philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers"
"Supply Chain - Correct Answer The group of firms that make and deliver a given set of goods and
services"
"Marketing Channel - Correct Answer The set of institutions that transfer the ownership of and move
goods from the point of production to the point of consumption: consists of all the institutions and marketing activities in the marketing process"
"Entrepreneurs - Correct Answer A person who organizes, operates, and assumes the risk of a new
business venture"
"Generation Z - Correct Answer Also known as the Digital Natives, because people in this group were
born into a world that already was full of electronic gadgets and digital technologies, such as the internet and social networks"
"Digital Native - Correct Answer Also known as Generation Z, people in this group were born into a
world that already was full of electronic gadgets and digital technologies, such as the internet and social networks"
"Generation Y - Correct Answer People born between 1977-1995: biggest cohort since the original
postwar baby boom"
"Millennials - Correct Answer Consumers born between 1977 and 2000 and the children of the Baby
Boomers"
"Generation X - Correct Answer People born between 1965-1976"
"Baby Boomers - Correct Answer People born after WWII, between 1946-1964"
"Green Marketing - Correct Answer Involves a strategic effort by firms to supply customers with
environmentally friendly merchandise"
"Greenwashing - Correct Answer Exploiting a consumer by disingenuously marketing products or
services as environmentally friendly, with the goal of gaining public approval and sales"
"Inflation - Correct Answer Persistent increase in the prices of goods and services"
"Foreign Currency Fluctuations - Correct Answer Changes in the value of a country's currency relative
to the currency of another country; can influence consumer spending"
"Interest Rates - Correct Answer These represent the cost of borrowing money"
"Political/regulatory Environment - Correct Answer Competitive political parties, government
organizations, and legislation and laws"
"Need Recognition - Correct Answer The beginning of the consumer decision process; occurs when
consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state"
"Functional Needs - Correct Answer Pertain to the performance of a product or service"
"Psychological Needs - Correct Answer Pertain to the personal gratification consumers associate with a
product or service"
"Internal Search for Information - Correct Answer Occurs when the buyer examines his or her own
memory and knowledge about the product or service, gathered through past experiences"
"External Search for Information - Correct Answer Occurs when the buyer seeks information outside
his or her personal knowledge base to help make the buying decision"
"Internal Locus of Control - Correct Answer Refers to when consumers believe they have some control
over the outcomes of their actions, in which case they generally engage in more search activities"
"External Locus of Control - Correct Answer Refers to when consumers believe that fate or other
external factors control all outcomes"
"Performance Risk - Correct Answer Involves the perceived danger inherent in a poorly performing
product or service"
"Financial Risk - Correct Answer Risk associated with a monetary outlay; includes the initial cost of the
purchase, as well as the costs of using the item or service"
"Social Risk - Correct Answer The fears that consumers suffer when they worry others might not
regard their purchases positively"
"Retrieval Sets - Correct Answer Includes those brands or stores that the consumer can readily bring
forth from memory"
"Evoked Set - Correct Answer Comprises the alternative brands or stores that the consumer states he
or she would consider when making a purchase decision"
"Evaluate Criteria - Correct Answer Consist of a set of salient, or important, attributes about a
particular product"
"Physiological Risk - Correct Answer The fear of an actual harm should a product not perform
properly"
"Safety Risk - Correct Answer Same as Psychological Risk"
"Psychological Risk - Correct Answer Associated with the way people will feel if the product or service
does not convey the right image"
"Universal Sets - Correct Answer Includes all possible choices for a product category"
"Determinant Attributes - Correct Answer Product or service features that are important to the buyer
and on which competing brands or stores are perceived to differ"
"Reference Group - Correct Answer One or more persons whom an individual uses as a basis for
comparison regarding beliefs, feelings, and behaviors"
"Situational Factors - Correct Answer Factors affecting the consumer decision process; those that are
specific to the situation that may override, or at least influence, psychological and social issues"
"Involvement - Correct Answer Consumer's interest in a product or service"
"Extended Problem Solving - Correct Answer A purchase decision process during which the consumer
devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives that the purchase decision entails a lot of risk"
"Limited Problem Solving - Correct Answer Occurs during a purchase decision that calls for, at most, a
moderate amount of effort and time"
"Impulse Buying - Correct Answer A buying decision made by customers on the spot when they see
the merchandise"
"Habitual Decision Making - Correct Answer A purchase decision process in which consumers engage
with little conscious effort"
"The Segmentation, Targeting, and Positioning Process - Correct Answer Establish overall strategy or
objectives ⇒Segmentation methods ⇒Evaluate segment attractiveness ⇒Select Target Market ⇒Identify and develop positioning strategy"
"Geographic Segmentation - Correct Answer The grouping of consumers on the basis of where they
live"
"Demographic Segmentation - Correct Answer The grouping of consumers according to easily
measured, objective characteristics such as age, gender, income, and education"
"Psychographics - Correct Answer Used in segmentation; delves into how consumers describe
themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices"
"Self-Values - Correct Answer Goals for life, not just the goals one wants to accomplish in a day; a
component of psychographics that refers to overriding desires that drive how a person lives his or her life"
"Self-Concept - Correct Answer The image a person has of him or herself; a component of
psychographics"
"Value and Lifestyle Survey(VALS) - Correct Answer A psychographic tool developed by SRI consulting
business intelligence classifies consumers into eight segments, innovators, thinkers, believer, achievers, strives, experiencers, makers or survivors"
"Benefit Segmentation - Correct Answer The grouping of consumers on the basis of the benefits they
derive from products or services"
"Behavioral Segmentation - Correct Answer A segmentation method that divides customers into
groups based on how they use the product or service. Some common behavioral measures include occasion and loyalty"
"Occasion Segmentation - Correct Answer A type of behavioral segmentation based on when a
product or service is purchased or consumed"
"Loyalty Segmentation - Correct Answer Strategy of investing in loyalty initiatives to retain the firm's
most profitable customers"
"Geodemographic Segmentation - Correct Answer The grouping of consumers on the basis of a
combination of geographic, demographic, and lifestyle characteristics"
"Undifferentiated Targeting Strategy - Correct Answer A marketing strategy a firm can use if the
product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups"
"Differentiated Targeting Strategy - Correct Answer A strategy through which a firm targets several
market segments with a different offering for each"
"Concentrated Targeting Strategy - Correct Answer A marketing strategy of selecting a single, primary
target market and focusing all energies on providing a product to fit that market's needs"
"Micromarketing(one-to-one) - Correct Answer An extreme form of segmentation that tailors a
product or service to suit an individual customer's wants or needs; also called one to one marketing"
"Cookies - Correct Answer Computer program, installed on hard drives, that provides identifying
information"
"Value Proposition - Correct Answer The unique value that a product or service provides to its
customers and how it is better than and different from those of competitors"
"Perceptual Map - Correct Answer Displays in two or more dimensions the position of products or
brands in the consumer's mind"
"Sales Orientation - Correct Answer Focus is on aggressive sales techniques. Key Question: How can
we sell more of what we have?"
"Value Based Marketing Orientation - Correct Answer Purpose of the organization is to satisfy
consumer needs/wants, while meeting organizational objectives. Provide more value than competitors. Key Question: What does the customer want?"
"Basic Business Values - Correct Answer Consumer has right to safety, to be informed, to choose, and
to be heard"
"American Marketing Association Code of Ethics - Correct Answer Generally accepted code in
marketing, flows from general norms of conduct to specific values, subareas within marketing have their own code of ethics to deal with specific issues"
"Profit Responsibility - Correct Answer Companies are responsible only to stockholders and investors,
companies have just one duty: maximize profit within the law"
"Stakeholder Responsibility - Correct Answer Companies are responsible to owners and to customers,
employees, suppliers"
"Marketing Environment - Correct Answer Uncontrollable elements outside of any organization that
may affect its performance"
"Environmental Scanning - Correct Answer Systematic analysis of the uncontrollable elements outside
of any organization that may affect its performance"
"Perception - Correct Answer How we select, organize, and interpret information. Must be processed
through our perceptual screens of attention, distortion, and retention"
"Learning - Correct Answer A change in thought process or behavior. Cognitive or experimental"
"Consumer Socialization - Correct Answer We learn how to buy from family/parents"
"Target Audience - Correct Answer a particular group at which a film, book, advertising campaign, etc.,
is aimed."
"Societal Marketing Orientation - Correct Answer Focus on enhancing benefits to society"
"Marketing Mix - Correct Answer 4 P's
Product Place Price Promotion"
"Marketing Concept - Correct Answer 1. Make what you can sell
- Make what there is Demand for
- Make what costumers want rather than selling what you can make/ pushing product on customers."
"Target Market - Correct Answer A particular market segment at which a marketing campaign is
focused."
"Consumer Bill of Rights - Correct Answer established four basic rights; the right to safety, the right to
be informed, the right to choose, and the right to be heard."
"Person in Mirror Test - Correct Answer Can I look in the mirror and like/respect who I see?"
"Caveat Emptor - Correct Answer Let the buyer beware"
"Golden Rule Test - Correct Answer How would I feel to be on the receiving end of this"
"US Demographics - Correct Answer 321 Million People
115 Million Households Median Age: 37 49.2% Men 50.8% Women"
"Ethnicity - Correct Answer Minorities represent 37%
50.4% of children being born are minorities"
"Attribute Sets - Correct Answer Universal⇒Retrieval⇒Evoked"
"Low Involvement Decision Making - Correct Answer Habitual, less attention, link to emotion"
"High Involvement Decision Making - Correct Answer Take time and attention to making decision
Risk Involved"
"Consumer Decision Process - Correct Answer Need Recognition⇒Info Search⇒Alternative
Evaluation⇒Purchase⇒Post Purchase" "1. Self Actualization- feeling completely satisfied
- Esteem- allow people to satisfy our inner desires
- Love-interactions with others
- Safety- Protection and Well being
5. Physiological-Basic needs of life(food & water) - Correct Answer Maslow's Hierarchy Of Needs"
