Exam (elaborations)
BA 303 Exam 1
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Name: Score:134 Multiple choice questions
Term 1 of 134
important for a company to know _____ about their competitors
sell same category of products in different forms (Corvette VS Mustang VS...etc.)
Decision process
Social influences
Individual factors
Situational influences
1. the size and composition of the competitive marketplace
2. the type of competitors it faces
do special research in specific areas of interest (one and done) and sells to clients
Term 2 of 134
Brand Form competitors
compete by offering unique products in the same market
collaborate to create new product categories
provide different products for different customer segments
offer similar products that satisfy identical needs (Crest VS Colgate; Kohl's VS Macy's)
Definition 3 of 134
hired by a firm to design and carry out a specific research product; firm owns the info
Mass marketing
Custom Marketing Research firms
Limited problem solving decisions
Product differentiated marketing
,Term 4 of 134
What are the 3 roles of market research?
Price, Product, Place, Promotion
Initiator, influencer, decider, purchaser, user
Businesses buy more logically.
buy based on goals
use group decision making
have formal buying policies
formal buying instruments
use professionals
inelastic demand with regard to price
large quantity purchases
descriptive (what is happening), diagnostic (why is it happening), and predictive (what will
happen).
MUST focus on just one of these at a time
Term 5 of 134
Product development strategy
offers a new product or service to a firm's current target market
reduces the price of a product or service for a current target market
sell same category of products in different forms (Corvette VS Mustang VS...etc.)
enhances an existing product or service for a new target market
,Term 6 of 134
Suppliers
Refers to the need to communicate information to potential customers about a marketer's
product offerings, in order to initially create awareness of... and ultimately desire for a
product.
All individuals and households who buy and/or acquire goods and services primarily for
personal, non-business use.
Business organizations & individuals that provide a firm with resources needed in order to
produce and/or operate the business.
buying a product for the first time with little familiarity or knowledge
Term 7 of 134
Self-concept theory
market penetration, market development, product development, and diversification
enables us to identify similar buyers, provides info for developing effective marketing
strategies, and results in discovering marketing opportunities
NOT everyday info; entails the systemic planning, collecting, and analyzing of data that is
relevant to marketing decision making
people tend to tell the world who they are and who they would like to be by the things they
do; buying is an important way people can do this
Definition 8 of 134
chooses more than one segment BUT develops specialized marketing for each
Target Market
Differentiated Targeting
Concentrated Targeting
Niche Marketing
, Definition 9 of 134
ones we actually belong to
Social class
Reference groups
Dissociative reference group
Membership reference group
Definition 10 of 134
do special research in specific areas of interest (one and done) and sells to clients
Market research
Consumers
Product differentiated marketing
Specialty-line Research firms
Definition 11 of 134
buy finished products and resell them to make a profit
Consumers
Institutions
Resellers
Price
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