Transcript Test 1 overview - Fall 2016

TEST # 1
Topical Overview
Chapters 1,2,3,5,6 and 9
Test Topics
Marketing Concept vs. alternatives
Identifying the TRUE need for a product/service
Process for developing a Marketing Strategy
SWOT analysis
 How, when to do it
 What information comes from it
 What decisions are made based on it
Test Topics
Core competency
Competitive advantage:
 Sources (differentiated, niche, etc.) and Importance
 Sustainability
BCG Market Share matrix
 Know axis, quadrants (star, dog, etc.) and what the
quadrants mean for marketers
The Marketing Environment
 Know categories, examples of them and why they matter
 Controllable vs. uncontrollable variables
Test Topics
Competition: types of competitors (brand, product,
etc.) and competitive markets (monopoly, etc.)
 Know them and how to recognize them
Consumer problem-solving (routine, etc.)
 Know each behavior, its elements (time, involvement,
etc.) and be able to categorize decisions
 Know what each type of problem solving means for
marketers
Consumer decision-making process
 Know each step, be able to recognize where someone is
in the process by what they have just done and/or what
their next step is
Test Topics
Know influences on consumer behavior (social,
situational, etc.): how and why they influence
behavior
Understand Selective perception process and
recognize where someone might be in it
B2B decision making
 How it is similar to and differs from consumer
decision-making
Test Topics
Segmentation and target marketing
 Segmentation process
 B2C and B2B variables for segmentation and how
to recognize them
Positioning
 Process
 Strategies
Sample Question
Sarah reads Forbes Magazine, which contains ads for
Polo sweaters, Monte Blanc pens, and Callaway golf
clubs. She remembers only the golf club ad, thanks to
the recent troubles she had playing in a charity golf
tournament last weekend. Sarah has engaged in
selective
A. distortion.
B. decision making.
C. analysis.
D. retention.
E. reading.
Ans: D
Sample Question
Susan plans to buy a new swimsuit for her
spring break cruise. She has not seen this
year's styles and thus will do some comparison
shopping before making a purchase decision.
Susan is engaging in
A.
B.
C.
D.
E.
routinized response behavior.
extended problem solving.
limited problem solving.
impulse buying.
intensive problem solving.
Ans: C
Sample Question
General Motors is producing a new minivan with
all-wheel drive. Which of the following would be
a likely variable for segmenting the market for
this new model?
A) Religion
B) Geographic location
C) Income
D) Political views
E) Ethnicity
Ans: B
Sample Question
When Rosetta Stone segments its market on
the basis of their reasons for wanting to learn a
new language, the primary segmentation
variable it is using is
A) lifestyle.
B) motives.
C) personality.
D) benefit expectations.
E) personality attributes.
Ans: B
Sample Question
ADM Inc. specializes in creating hybrid crops that
grow in areas where rainfall is limited. It believes
this capability is extremely well suited for Northern
Africa, where rainfall is sparse and populations are
increasing. ADM believes it’s hybrid crop
represents
A.
B.
C.
D.
E.
Ans B
a core competency
a competitive advantage
a niche market
a monopolistic opportunity
a supportive social trend