Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

Marketing Principles: Q&A on Consumer Behavior and Digital Strategies, Exams of Marketing Management

Brigham Young University (BYU)Marketing Management

A series of questions and answers related to marketing principles, consumer behavior, and digital marketing strategies. It covers topics such as the role of marketing in generating revenue, understanding product concepts, cognitive dissonance, and methods for engaging consumers both directly and indirectly. The document also explores the advantages of digital marketing, the consumer buying process, segmentation strategies, and product development. It provides insights into viral marketing, the role of blogs, and the concept of omni-channel marketing, offering a comprehensive overview of key marketing concepts and their practical applications. This material is useful for students and professionals seeking to understand the fundamentals of marketing and consumer behavior. It also touches on big data, primary data collection methods, and maslow's theory in the context of marketing.

Typology: Exams

2024/2025

Available from 06/04/2025

BESTOFLUCK
BESTOFLUCK šŸ‡ŗšŸ‡ø

4.2

(5)

2.1K documents

1 / 14

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
MKTG 3340 Final Exam Questions With Complete Solutions New
2025/2026 Update
1. Role of Marketing-- correct answer --Generate profitable revenue
2. When a marketer can describe something it is called a-- correct answer --
product concept
3. After buying an item we experience what?-- correct answer --cognitive
dissonance
4. Ways to engage consumers, directly or indirectly-- correct answer ---
Directly-- correct answer --physically, email newsletters, one to one basis, calling,
sending direct ads/texting, create relationship, personalizing advertising toward
you
-Indirectly-- correct answer --social media, PR, content marketing, commercials,
billboards
5. Role of the internet in terms of marketing capabilities-- correct answer ---
quicker speed
-less expensive
-reach more people more readily
-better target/micro target
-more efficient
6. Why digital marketing works..." better than non-digital"-- correct answer ---
overall efficiency
-less expensive
-dynamic/more immediate
-can change it
-FASTEST GROWING FORM OF MARKETING
7. Advantages of direct and digital-- correct answer ---Buyers and Sellers--
correct answer --convenience, ready access to many products, access to
comparative information about companies, products and competitors, interactive
and immediate
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe

Partial preview of the text

Download Marketing Principles: Q&A on Consumer Behavior and Digital Strategies and more Exams Marketing Management in PDF only on Docsity!

MKTG 3340 Final Exam Questions With Complete Solutions New

2025/2026 Update

  1. Role of Marketing -- correct answer -- Generate profitable revenue
  2. When a marketer can describe something it is called a -- correct answer - - product concept
  3. After buying an item we experience what? -- correct answer -- cognitive dissonance
  4. Ways to engage consumers, directly or indirectly -- correct answer -- - Directly -- correct answer -- physically, email newsletters, one to one basis, calling, sending direct ads/texting, create relationship, personalizing advertising toward you
  • Indirectly -- correct answer -- social media, PR, content marketing, commercials, billboards
  1. Role of the internet in terms of marketing capabilities -- correct answer -- - quicker speed
  • less expensive
  • reach more people more readily
  • better target/micro target
  • more efficient
  1. Why digital marketing works..." better than non-digital" -- correct answer -- - overall efficiency
  • less expensive
  • dynamic/more immediate
  • can change it
  • FASTEST GROWING FORM OF MARKETING
  1. Advantages of direct and digital -- correct answer -- - Buyers and Sellers -- correct answer -- convenience, ready access to many products, access to comparative information about companies, products and competitors, interactive and immediate
  • Sellers -- correct answer -- tool to build customer relationships, low-cost, efficient, fast alternative to reach markets, flexible, access to buyers not reachable through other channels
  1. Advantages of transacting online -- correct answer -- - quick feedback
  • convenient
  • immediate
  • collects info about buyer
  • effective and efficient
  1. Role of a non-transactional website -- correct answer -- - inform/advertise to the consumer
  • create brand awareness
  • trusted source
  • charitable cause
  • can provide information/advertise
  1. One to one marketing and personalization -- correct answer -- - possible through email
  • made possible by AI
  • sales person to brand trying to connect and persuade you to buy their product or service
  1. Role of viral marketing, how and why it works -- correct answer -- - creating videos, ads, and other marketing content that are so infectious that customers will seek them out or pass them along to their friends
  • can be very inexpensive
  • content is more likely to be viewed if it comes from a friend
  1. Example of viral marketing video in class -- correct answer -- Gangnam Style
  2. Why blogs work and advantages -- correct answer -- - strong following leads to higher engage- ment
  • offer a fresh, person, cheap, and original way to enter consumer online and social media conversations
  1. What happens in the evaluation of alternatives step in the consumer buying process? -- correct answer -- - considerations are set
  • create decision criteria and evaluate it
  • consumer uses information to evaluate alternative brands
  1. What is big data? -- correct answer -- - the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies
  • two sources; primary and secondary
  1. What are methods of collecting primary data? -- correct answer -- - surveys
  • interviews
  • experiments
  • observation
  1. What does experimental research provide? -- correct answer -- - very reliable as it links a cause and an effect
  • experiment is when you change something and then see the effect you have on it
  • best suited for gathering causal information
  1. What does a motive become when directed at a particular stimulus? -- correct answer -- - be- comes a drive to set an objective
  • drive to compel you to purchase something
  1. How to assess social class -- correct answer -- - measured by a combination of occupation, in- come, education, wealth, influence, and others
  • important factor -- correct answer -- societal role
  • ex. mayor of Dallas doesn't have the same wealth as Jerry Jones and other businesspeople, but he's still part of the social circle
  1. Maslow's Theory -- correct answer -- People are motivated by needs. From low to high; Physiolog- ical needs (food, water, air, shelter), Safety needs (need to feel safe a

dom from war), belongingness needs (fitting in, family, coworkers), e (approval of family/friends, increased responsibilities), self-actualizati ucation, religion, training, advancement).

  • in marketing terms -- correct answer -- brand equity
  1. Steps in customer driven strategy development -- correct answer -- 1. identify target audience
  2. segment target audience
  3. build your product strategy to meet product market fit
  4. build omnichannel customer engagement plan
  5. What happens in the identify target audience step of customer driven strategy development -- correct answer -- - know who you are marketing to
  • value them
  1. What happens in the segment target audience step of customer driven strategy development -- correct answer -- break your target audience into multiple segments
  2. What happens in the build your product strategy to meet product market fit step of customer driven strategy development -- correct answer -- - determine your value propo- sition
  • come up with product design
  1. What is Demographic segmentation -- correct answer -- dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
  2. What is psychographic segmentation? -- correct answer -- dividing a market into different seg- ments based on social class, lifestyle, or personality characteristics
  3. What is behavioral segmentation? -- correct answer -- dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
  4. What is geographic segmentation? -- correct answer -- dividing a market into different geograph- ical units, such as nations, states, regions, counties, cities, or even neighborhoods
  1. What is a price ceiling -- correct answer -- - a maximum legal price a seller can charge for a product, attempts to keep it affordable, usually causes a shortage
  • max amount consumers are willing pay/value something
  • can be set above or below market price
  1. What happens when you set a price ceiling above market price -- correct answer -- increase supply and decrease demand
  2. What happens to consumer surplus when there is a price ceiling -- correct answer -- may increase or decrease depending on the demand function and the height of the price ceiling
  3. What happens to producer surplus when there is a price ceiling -- correct answer -- it decreas- es
  4. What is consumer surplus? -- correct answer -- - how much you value the product vs. how much you paid for it
  5. What type of relationship does supply and demand have -- correct answer - - indirect
  6. What is price elasticity? -- correct answer -- - the percent change in price/the percent change in demand
  • how much the demand changes based on price change
  1. When is demand inelastic? -- correct answer -- - when demand hardly changes with a change in price
  • ex. gasoline
  1. when is demand elastic? -- correct answer -- when demand changed greatly with a change in price
  2. If I go up 5% in price but the demand only goes up 1%, is it price elastic or in elastic? -- correct answer -- inelastic
  3. Types of conflict in logistics system -- correct answer -- horizontal, vertical
  4. Horizontal conflict -- correct answer -- - two companies in the same territory begin selling similar products
  • ex. Nike competing with Nike sold at Dicks
  • ex. 10 fast food restaurants in the same block
  1. Vertical conflict -- correct answer -- - a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer
  • very little conflict
  1. Types of Retailers -- correct answer -- - big-box (Target, Home Depot, Lowes)
  • discounters (Walmart)
  • convenience (7-Eleven)
  • specialty (florist, furniture)
  • product
  1. What is a short-term incentive called? -- correct answer -- - promotional offers
  • get rewarded if you do something within a short period of time
  • encourage the purchase of sales of a product or service
  1. Digital marketing tools -- correct answer -- - social media
  • email
  • websites
  1. Purpose of a branded community -- correct answer -- - customer loyalty
  • establish buyer interest
  • establish credibility
  • promote engagement
  • sense of belonging/membership/acceptance
  1. How to use email marketing -- correct answer -- - be segment specific
  • reach larger groups of people
  1. Mobile marketing advantages -- correct answer -- - stimulates immediate buying, makes shopping easier, enrich the brand experience
  • lets marketers provide consumers with info, incentives, and choices art the moment they are expressing an interest or when they are most likely to make a buying choice
  • slogan/look for brand
  1. Rejuvenating a tired old brand - how is it possible? -- correct answer -- - Cadillac -- correct answer -- added features to attract a younger audience, reminder advertising
  • Old Spice -- correct answer -- falling behind in competition with Axe and other millennial-based brands, making your man smell like what men should smell like
  • Steps -- correct answer -- find new target market, reposition the brand, new product development, create a compelling creative concept
  1. Contribution margin equation -- correct answer -- selling price-variable cost
  2. Break even equation -- correct answer -- fixed cost/contribution margin
  3. What is margin -- correct answer -- percentage of the selling price
  4. total profit equation -- correct answer -- total revenue - total cost
  5. lifetime value equation -- correct answer -- (customer value)(average customer lifespan)
  6. Average customer lifespan equation -- correct answer -- (total revenue)(number of orders)
  7. price ceiling set below market price -- correct answer -- Producers do not produce as much but consumers will demand more because the price is cheaper
  8. Using marketing concepts to build your career -- correct answer -- target audience, product concept, value proposition, selling concept, marketing concept, marketing concept, competitors
  9. What are the different types of pricing strategies? -- correct answer -- EDLP, value-added, high low, good-value, cost-plus, competition based, price skimming, price penetration, bundle pricing, and premium pricing
  10. What is EDLP? -- correct answer -- - prices are always low and there are rarely any promotions ran
  • ex. Walmart
  1. What is value-added pricing? -- correct answer -- - High price but comes with good value
  • ex. Southwest charges a high price for flights but comes with 2 free checked bags and a drink/snack on plane
  1. What is high-low pricing? -- correct answer -- - prices are usually high but sometimes run promo- tions on specific goods
  • ex. hobby lobby usually has high prices but every other week runs a promotion on a specific good such as paint or ribbon
  1. What is cost-plus pricing? -- correct answer -- - adding a standard markup to the cost of the product
  • ex. JD's chippery sells their goods for a percentage higher than the cost of producing their goods
  1. What is good-value pricing? -- correct answer -- - sells a quality product at a quality price
  • ex. Andys
  1. What is competition based pricing? -- correct answer -- - setting prices based on the prices of your competitors
  • ex. Coca-Cola
  1. What is price skimming? -- correct answer -- - a firm charges a high introductory price, often coupled with heavy promotion
  • ex. Apple
  1. What is price penetration? -- correct answer -- - a low initial price for a product in order to gain quick acceptance into a segment of the market
  • free trial period with Netflix
  1. What is bundle pricing? -- correct answer -- - the marketing of two or more products in a single package price
  • ex. In n Out combo meal
  1. What is premium pricing? -- correct answer -- - Pricing the highest-quality or most versatile prod- ucts higher than other models in the product line
  • ex. Rolex
  1. Upstream partners -- correct answer -- firms that supply raw materials, components, parts, infor- mation, finances, and expertise needed to create a product or service
  2. Downstream partners -- correct answer -- - include the marketing channels or distribution chan- nels that look toward the customer, including retailers and wholesalers
  • vital link between firm and consumer
  1. Which of the following would be considered an upstream partner in a supply chain? A-firm that resells finished product B-Firm that buys a whole sale C-Firm markets product D-Firm that provides technical expertise E-Firm that exclusively markets a product -- correct answer -- D-Firm that provides technical exper- tise
  2. According to Maslow's theory, what is air, hunger, thirst in? -- correct answer -- Psychological needs
  3. According to Maslow's theory, what is security and protection in? -- correct answer -- Safety Needs
  4. According to Maslow's theory, what is love and belonging in? -- correct answer -- Social/Love and Belonging Needs
  5. According to Maslow's theory, what is self-esteem, recognition and status in? -- correct answer -- Esteem Needs
  6. According to Maslow's theory, what is self-development and realization in? -- correct answer -- Self-Actualization
  7. What is market segmentation? -- correct answer -- the process of dividing a market into mean- ingful, relatively similar, and identifiable segments or groups
  8. What is market targeting? -- correct answer -- choosing which segment you want to enter/serve
  9. What is market differentiation? -- correct answer -- actually differentiating the market offering to create superior customer value
  1. What is market positioning? -- correct answer -- Tailoring your product so that it stands out from the competition and people want to buy it
  2. Steps in the new product development process -- correct answer -- 1. Idea generation
  3. Idea screening
  4. Concept development and testing
  5. Marketing strategy development
  6. Business analysis
  7. Product development
  8. Test marketing
  9. Commercialization
  10. Steps within market differentiation and positioning -- correct answer -- 1. identify competitive advantage
  11. choose right competitive advantages
  12. select positioning strategy
  13. Why do we segment markets? -- correct answer -- the different segments require different mar- keting strategies and mixes
  14. What is a direct marketing channel -- correct answer -- a marketing channel that has no inter- mediary levels
  15. What is an indirect marketing channel -- correct answer -- a marketing channel containing one or more intermediary levels