Byu Marketing 201 Exam 1 (100% Errorless Answers)

Marketing Mix {Ans: Product, Price, Place, Promotion}What are Porter's 5 forces? {Ans: supplier power, threat of substitutes, buyer power, threat of new entrants, degree of rivalry}Conjoint Analysis {Ans: Estimates value based on attributes given tradeoffs and develops new products and pricing}What are the stages of consumer behavior? {Ans: Problem recognition, Information search, Evaluation of alternatives, Purchase, Post-purchase evaluation.}Functional Strategy {Ans: strategy by which managers in specific areas decide how best to achieve corporate goals through productivity}Oportunity {Ans: External and favorable}BCG Growth-Share Matrix {Ans: Cash Cow - High market share, low market Growth Stars - High market share, high market growth ?'s - High market growth, Low market share Dog - Low market growth, low market share}What are the controllable variables when responding to the External Environment? {Ans: Product, Price, Promotion, Place}What is International Marketing? {Ans: Mostly exporting products to one or more countries outside the domestic market, but still has home base in the home country}Myth or truth: Marketers push products consumers don't want to buy {Ans: Myth}What are high-involvement decisions? {Ans: More expensive products, social implications, physical danger. Ex. Motorcycles}What is the Nominal Scale? {Ans: A label