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MKTG 201, Swenson - Midterm Exam with
complete solutions 2025
2 .market .classifications .of .market .are... .- .CORRECT .ANSWERS-business .and .consumer marketing .strategy .- .CORRECT .ANSWERS-target .market .+ .marketing .mix marketing .mix .- .CORRECT .ANSWERS-product, .place, .price, .promotion market .penetration .- .CORRECT .ANSWERS-increase .purchases .among .existing .customers ex. .Wendys .deciding .to .now .serve .breakfast product .development .- .CORRECT .ANSWERS-create .new .products .for .existing .customers ex. .apple .releases .new .iPhone market .development .- .CORRECT .ANSWERS-attracting .new .customers .to .existing .products ex. .selling .Nikes .in .Africa diversification .- .CORRECT .ANSWERS-creating .new .products .in .new .markets ex. .Cola .light .in .Japan product .orientation .- .CORRECT .ANSWERS-focuses .on .firms .capabilities .to .produce .and .not .the .needs .of .the .market "if .you .build .it, .they .will .come"
sales .orientation .- .CORRECT .ANSWERS-marketing's .role .is .only .to .sell .product .once .it .is .made. ex. .door-to-door .sales marketing .orientation .- .CORRECT .ANSWERS-satisfying .customer .needs .at .a .profit ex. .Amazon, .Apple societal .orientation .- .CORRECT .ANSWERS-provide .value .to .society .and .concern .about .environment ex. .Walmart creating .value .- .CORRECT .ANSWERS-product, .service, .personnel, .image profitability .drivers .- .CORRECT .ANSWERS-customer .acquisition, .sales .per .customer, .margin, .customer .retention profitability .drivers .- .customer .acquisition .- .CORRECT .ANSWERS-eliminate .unprofitable .acquisition .activities acquire .higher-value .customers acquire .customers .with .less .investment profitability .drivers .- .sales .per .customer .- .CORRECT .ANSWERS-add-on .sales, .ex. .American .girl .doll partner .with .other .firms profitability .drivers .- .margin .- .CORRECT .ANSWERS-increase .price shift .mix .to .higher .margin .products change .customer .behavior .to .cut .expenses, .ex .McDonald's .self .order profitability .drivers .- .customer .retention .- .CORRECT .ANSWERS-eliminate .root .causes .of .customer .loss recover .customers .that .are .about .to .leave loyalty .incentives attracting .and .keeping .customers .drive_____ .for .the .firm .- .CORRECT .ANSWERS-profitability
porter's .five .forces .- .CORRECT .ANSWERS-competitive .rivalry, .power .of .suppliers, .powerful .buyers, .threat .of .entrants, .threat .of .substitutes competitive .rivalry .- .CORRECT .ANSWERS-discounting, .advertising, .quality, .new .products power .of .suppliers .- .CORRECT .ANSWERS-can .charge .high .prices .and .reduce .quality .of .service .and .product powerful .buyers .- .CORRECT .ANSWERS-can .demand .lower .prices .and .better .quality threat .of .entrants .- .CORRECT .ANSWERS-increased .competition threat .of .substitutes .- .CORRECT .ANSWERS-replace .existing .products regulation .- .CORRECT .ANSWERS-governments .efforts .to .create .and .enforce .acceptable .and .fair .practices domestic .marketing .- .CORRECT .ANSWERS-focuses .on .customers .in .firm's .home .country generally .no .language .or .cultural .barriers do .not .joint .venture .with .other .countries international .mareting .- .CORRECT .ANSWERS-exporting .products .to .one .or .more .countries, .while .remaining .invested .in .domestic .market headquarters .and .production .facilities .remain .in .domestic .country global .marketing .- .CORRECT .ANSWERS-selling .and .licensing .products .through .the .world brands .are .manufactured .overseas ex. .Nike, .Gap, .iPhone
competitive .risk .of .global .market .expansion .- .CORRECT .ANSWERS- competitors' .response .to .new .products' .entry economic .risk .of .global .market .expansion .- .CORRECT .ANSWERS-potential .of .country's .economy .to .inflate legal .risk .of .global .market .expansion .- .CORRECT .ANSWERS-inadequate .protection .of .contracts .and .intellectual .property political .risk .of .global .market .expansion .- .CORRECT .ANSWERS-civil .strife, .violence, .terrorism, .abrupt .government .changes market .entry .strategy .- .exporting .- .CORRECT .ANSWERS-low .risk .because .retailer .takes .it .on little .control .over .what .is .done .with .the .goods market .entry .strategy .- .licensing .- .CORRECT .ANSWERS-firm .in .one .country .(licensor) .allows .firm .in .another .country .(licensee) .to .use .manufacturing, .trademark, .patent, .and .other .skills market .entry .strategy .- .joint .ventures .- .CORRECT .ANSWERS- 2 .or .more .companies .agree .to .create .a .new .business market .entry .strategy .- .foreign .direct .investment .- .CORRECT .ANSWERS-wholly .owned .operations .in .other .countries ex. .Toyota .owns .and .operates .more .factories .outside .Japan standardization .- .CORRECT .ANSWERS-firm .uses .the .same .marketing .mix .in .foreign .markets .as .in .domestic ex. .coca-cola, .McDonald's customization .- .CORRECT .ANSWERS-adapt .marketing .mix .to .suit .local .markets ex. .changes .to .prices .and .packaging glocal .- .CORRECT .ANSWERS-global .marketing .strategy .based .on .standard .platform .combined .with .some .modification .for .the .market
social .responsibility .- .CORRECT .ANSWERS-enhance .social .environment sustainability .- .CORRECT .ANSWERS-build .profit .and .help .world green .marketing .- .CORRECT .ANSWERS-minimize .negative .effects .on .the .environment. ex. .Walmart Ronald .Christensen .- .CORRECT .ANSWERS-"I .learned .more .about .personal .integrity .by .watching .that .man .(Henry .B. .Eyring), .than .any .other .source." professional .ethics .- .CORRECT .ANSWERS-viewed .by .colleagues .as .proper when .in .doubt .- .CORRECT .ANSWERS-DON'T slippery .slope .- .CORRECT .ANSWERS-"just .once" President .Worthen .- .CORRECT .ANSWERS-"never .underestimate .the .power .your .light .may .have .on .others" enlightened .marketing .concept .- .CORRECT .ANSWERS-companies .should .strive .to .meet .the .needs .of .society exploratory .information .- .CORRECT .ANSWERS-purpose .- .obtain .general .impressions .and .insights sample .- .small, .convenient data .collection .- .personal .interview, .focus .groups data .analysis .- .qualitative conclusive .research .- .CORRECT .ANSWERS-purpose .- .confirm .specific .impressions .and .insight sample .- .large, .objective data .collection .- .surveys data .analysis .- .quantitative
syndicated .data .- .CORRECT .ANSWERS-collection .for .an .industry .paid .for .by .that .industry ex. .company .hiring .qualtrics secondary .data .- .CORRECT .ANSWERS-information .already .collected .for .other .purposes primary .data .- .CORRECT .ANSWERS-collected .specifically .for .the .study/investigation structured .data .- .CORRECT .ANSWERS-organized .and .easy .to .extract. ex. .yes/no .questions, .rating .scale unstructured .data .- .CORRECT .ANSWERS-amorphous .format .requiring .cleaning ex. .written .review, .video .surveillance data .wrangling .- .CORRECT .ANSWERS-cleaning, .unifying, .and .preparing .unorganized .and .scattered .data .sets .for .easy .access .and .analysis data .exploration .- .CORRECT .ANSWERS-discovery .through .numerical .summaries .and .visualizaiton data .modeling .- .CORRECT .ANSWERS-transform .data .to .extract .insights build .model select .variables delineate .relationships .among .variables pvalue .<= ..05 .- .CORRECT .ANSWERS-reject .null .hypothesis .- .the .variable .is .not .due .to .chance nominal .scale .- .CORRECT .ANSWERS-categories ex. .male, .female, .race
ex. .dashboards, .scorecards, .alerts predictive .analysis .- .CORRECT .ANSWERS-use .past .data .to .model .future .outcomes ex. .customer .response, .sales .response prescriptive .analytics .- .CORRECT .ANSWERS-advise .managers ex. .optimization, .A .B .testing
