Mark 3000 Test 1 - Mcmanus 101 Correctly Answered Questions Latest Update

Situational Factors {Ans: Purchase situation (for self or others) Temporal state (time of day/mood)}BCGGM Cash Cow {Ans: Low market growth rate and high relative market share - maintain and milk}Social Factors: Culture {Ans: Shared meanings, beliefs, morals, values of a group of people}Why is marketing important? {Ans: -Satisfies customers' needs/wants -Can be entrepreneurial -Expands global presence -Strengthens channel relationships}Undifferentiated or Mass Marketing Strategy {Ans: Firm assumes all consumers are the same, relative to the product category}BCGGM Question Mark {Ans: High market growth rate and Low relative market share - watch/hold}Differentiated Targeting Strategy {Ans: firm selects more than one segment for its target market}Value based marketing orientation {Ans: -Purpose of the organization is to satisfy customer needs/wants, while meeting organizational objectives -Provide more value than competitors -Key questions: What does the customer want?}How do we decide which TM's and what 4P's {Ans: Portfolio analysis -method to classify current business units/products -Helps determine how to allocate resources}High Involvement Purchases {Ans: Characteristics: -Important to consumer -Risk is present -Consumer spends effort and time purchasing Locus of Control -Internal locus of control = more search activities -External Locus of Control = fate, external factors