Foundation of Marketing Peregrine Global Exam Questions and
Verified Answers| 100% Correct| Grade A+
Average method - ✔✔This method uses averages so one attribute can't make or break a brand. If
a brand is strong on one attribute and average on another, it will still dominate a brand that was
just average on all its attributes.
Attribute importance - ✔✔Models can be made more complex by bringing in weights to express
how important the attributes are to the customer. Those important weights underpin how segments
of customers differ.
Marketing Science of Customers Behavior - ✔✔The factors influencing customer behavior include
external (opinion leaders, family, culture, social class, reference groups); internal (attitudes, motivations,
learning, perceptions, lifestyle); and situational (physical environment, purpose of purchase, time
constraints).
Roles in Big, Complicated Business Purchases - ✔✔Initiator: an administrative assistant who notices
a printer in the office frequently needs repairs.
User: every staff member who sends a job to that printer.
Influencer: the IT person who knows Brand X is cheaper.
Buyer: administrator who orders equipment and supplies.
Gatekeeper: accountant who controls the budget.
Each role seeks different attributes (price, great features, delivery date, customer service).
The Product Life Cycle - ✔✔consists of the following four distinct stages:
,Introduction: An organization attempts to establish itself as a pioneer/market leader (especially if there
are few competitors), & product development costs are high.
Growth: Sales/Revenues & profit margins rise as consumers buy the product and competition
increases, & due to shakeout poor performing firms may exit the market.
Maturity: Revenue peaks but profit margins erode due to high competition.
Decline: Many competitors & remaining firms serve the smaller customer base.
Differences between products and services are - ✔✔Intangibility—services cannot be evaluated
using sight, touch, smell and communicating the benefits is often difficult.
Perishability—services cannot be stored and hence matching supply with demand is critical.
Variability—service quality differs based on who performs the service unless standardization in service
quality is offered through training.
Inseparability— in services the production and consumption cannot be separated.
Brian's boss is explaining the concept of buying centers in B2B marketing. His boss indicates that with
complicated business purchases, it's not one person making the decision and that each purchase
involves different roles. The VP says that the person who first kicks off the purchase process is the
________. - ✔✔initiator
The differences between goods and services are all of the following EXCEPT _________. -
✔✔marketability
Which one of the following is NOT a stage in the Product Life Cycle? - ✔✔profitability
, For expensive purchases, _________, uniqueness and quality matter. - ✔✔Brand
Consumer buying is people buying something for ______ - ✔✔themselves
Why segment markets? - ✔✔Consumers' needs and preferences are the central part of economics
and marketing. These shifts vary and it is not possible for firms to satisfy everyone's needs with a
single offering. Hence the importance of properly segmenting a market.
Reasons why it is often impractical to market an offering to the entire market - ✔✔Is it realistic to
think that a marketer could offer a product with sufficient quality to satisfy premium customers, yet
priced low enough to satisfy price-sensitive customers?
Could the marketer afford to place advertising in the many media outlets needed to communicate with
all the different audiences and could a marketer afford the many different versions needed?
Could a marketer effectively develop a brand image that appeals to conformists, non-conformists, and
others seeking to express their individualism?
Segmentation - ✔✔is breaking the heterogeneous market into small, homogeneous markets. Instead
of trying to appeal to the entire marketplace
a homogenous groups of customers
Mass marketing - ✔✔means all customers would be treated the same but is unrealistic because
customers differ. Customer needs are not met, but mass marketing is less expensive to implement.
One-to-one marketing - ✔✔means each customer serves as his or her own segment. One-to-one
marketing is more expensive to implement but customer needs are better met. Companies that have
experimented with one-to-one marketing have scaled back their attempts to achieve mass
customization because it is not cost effective.
Niche marketing - ✔✔is a type of segmentation in which the company strategically focuses and targets
a smaller market with particular needs that the company can serve well. N. fall between the one-to-one
and segment strategies. N. markets are not different from segments; they are usually just smaller.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.24. You're not tied to anything after your purchase.
