Marketing Midterms Reviewer v54

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Review Questions for Marketing Management

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Marketing Midterms Reviewer v54

  1. 1. LEARNING by COACHING Midterm Exam Reviewer for Marketing Management from Questions submitted by v54 students Compiled and Edited byProf. Remigio Joseph A. De Ungria Jr., MBA Ateneo Graduate School of Business
  2. 2. Professor’s Note:These test questions were…. Made by students, for students. Selected from the hundreds of questions Chosen since these demonstrate key marketing concepts Posted on-line ahead of the test, to encourage students to prepare for the midterms instead of using common sense and luck. May be modified during the actual exam so that the right answer becomes different.
  3. 3. Exam Tip:Learn the ConceptDon’t Memorize the Answer
  4. 4. 1. Which of the following does not demonstrate a type of company orientation:A. MyPhone is the lowest priced, widely distributed value for money phone.B. Iphones are recognized for its cutting edge and innovative features.C. Samsung phones are advertised and promoted heavily in TV, radio, print & internetD. Blackberry employs the best people in its research, production & marketing departments.E. All of the above 4
  5. 5. There are 4 Types of CompanyOrientations Company Orientations
  6. 6. Production Concept – customers want products that are available and inexpensive• Focus is on production efficiency, low cost and mass distribution
  7. 7. Product Concept – customers wantproducts that offer the highest qualityand performance • Focus is on quality, performance and continuous innovation
  8. 8. Selling Concept – consumers, if left alone, will not buy• Focus is for company to sell what they make• Applies mostly to unsought goods• Example: cemetery plots
  9. 9. Marketing Concept – finding theright products for your customers • Focus is on finding the right products for customers through research
  10. 10. 1. Which of the following does not demonstrate a type of company orientation:A. MyPhone is the lowest priced, widely distributed value for money phone.B. Iphones are recognized for its cutting edge and innovative features.C. Samsung phones are advertised and promoted heavily in TV, radio, print & internetD. Blackberry employs the best people in its research, production & marketing departments.E. All of the above 10
  11. 11. 2. _______,_______ and _____ arePorter’s 3 Generic Strategies. A. Overall Value Creation, Value Communication, and Value Delivery B. Overall cost leadership, Differentiation and Focus C. Overall product leadership, Niche and Focus D. Overall cost leadership, Product Differentiation and Niche E. None of the above 12
  12. 12. Porter’s Generic StrategiesOverall cost Leadership Differentiation Focus Reference : Philip Kotler’s Marketing Management 13 th Edition 8
  13. 13. Explanation of Concept What is Overall Cost Leadership?  Company seeks to gain greater market share  To increase their sales  To have lower prices than the competition Reference : Philip Kotler’s Marketing Management 13 th Edition 9
  14. 14. Explanation of Concept What is Differentiation?  Product or service that offers unique attributes.  Valued by customers  Competitive advantage based on products or service. Reference : Philip Kotler’s Marketing Management 13th Edition 10
  15. 15. Explanation of Concept What is Focus?  Concentrates on meeting specialized needs of its customers  Focus on specific customers or markets Reference : Philip Kotler’s Marketing Management 13 th Edition 11
  16. 16. 2. _______,_______ and _____ arePorter’s 3 Generic Strategies. A. Overall Value Creation, Value Communication, and Value Delivery B. Overall cost leadership, Differentiation and Focus C. Overall product leadership, Niche and Focus D. Overall cost leadership, Product Differentiation and Niche E. None of the above 12
  17. 17. 3. Which of the following is not ameasurement of customer satisfaction? A. Customer loss Rate B. First month sales performance for new product C. Mystery Shopper D. Periodic Surveys E. Monitor Competitive Performance
  18. 18. Measurement for Customer Satisfaction Periodic Surveys Customer Loss Rate Mystery Shoppers Monitor Competitive PerformanceSource: Marketing Management 13th Edition by Philip Kotler
  19. 19. Measurement for Customer SatisfactionPeriodic Surveys Customer Loss Mystery Monitor Rate Shopper Competitive-Track customersatisfaction - experience Performance -To find out why they stop buying company’s - find out the customer & competitor’s Satisfaction rate of Products & service Competitors. Source: Marketing Management 13th Edition by Philip Kotler
  20. 20. 3. Which of the following is not ameasurement of customer satisfaction? A. Customer loss Rate B. First month sales performance for new product C. Mystery Shopper D. Periodic Surveys E. Monitor Competitive Performance
  21. 21. 4. _____________ is a term that refers to the tendency of people to interpret information in a way that will support what they already believe.A. Selective AttentionB. Selective DistortionC. Selective RetentionD. Selective PerceptionE. Selective Interpretation
  22. 22. Concept # 8PerceptionSelective Attention Selection Retention Selective Distortion Subliminal Perception
  23. 23. 4. _____________ is a term that refers to the tendency of people to interpret information in a way that will support what they already believe.A. Selective AttentionB. Selective DistortionC. Selective RetentionD. Selective PerceptionE. Selective Interpretation
  24. 24. 5. Promoting a visit to Star City is an example of marketing _________.A. A placeB. An experienceC. A serviceD. An eventE. All of the above 24
  25. 25. Experiences are marketed byorchestrating several goods andservices Examples E X P E R I E N C E S
  26. 26. 5. Promoting a visit to Star City is an example of marketing _________.A. A placeB. An experienceC. A serviceD. An eventE. All of the above 26
  27. 27. 6. The 12 M subscribers of SUNcellular is an example of ____________A. Potential marketB. Prequalified marketC. Target marketD. Penetrated marketE. Current market 27
  28. 28. Which market to measure? Penetrated (purchase) Target (qualified) Potential (interest) Available (income + access)
  29. 29. 6. The 12 M subscribers of SUNcellular is an example of ____________A. Potential marketB. Prequalified marketC. Target marketD. Penetrated marketE. Current market 29
  30. 30. 7. What step is not included in the consumer buying process? A. Problem Recognition B. Purchase Decision C. Evaluation D. Post-Purchase Behavior E. None of the above 30
  31. 31. Concept 10:Consumer Buying Process Problem Recognition Information Search Evaluation Purchase Decision Post-Purchase Behavior Kotler, Keller. Marketing Management, 13th Edition. 31
  32. 32. 7. What step is not included in the consumer buying process? A. Problem Recognition B. Purchase Decision C. Evaluation D. Post-Purchase Behavior E. None of the above 32
  33. 33. 8. _________ areassociations/benefits that canbe shared with other brands.a. Points-of-Parityb. Points-of-Equalityc. Points-of-Similarityd. Points-of-Uniformitye. None of the above 33
  34. 34. Concept 1: POPs POPs are POINTS-OF-PARITY + = = + +
  35. 35. 8. _________ areassociations/benefits that canbe shared with other brands.a. Points-of-Parityb. Points-of-Equalityc. Points-of-Similarityd. Points-of-Uniformitye. None of the above 35
  36. 36. 9. High switching cost decreases _____________a. Supplier Powerb. Threat of New Entrantsc. Buyer Powerd. Threat of Substitutione. All of the above 36
  37. 37. What determines market segment?MichaelPorter’s FiveForces 37
  38. 38. “Supplier Power” refers to market of inputs  Factors affecting supply power:  Supplier Concentration  Availability of Substitute Inputs  Product Differentiation  Buyer Willingness  Switching CostSubstitutes place a limit on prices and profit! 38
  39. 39. “Threat of new entrants” refers to the threat existing competitors face upon new competitors  Barriers to entry:  Economies of scale  Product Differentiation  Capital Requirements  Switching Cost  Distribution Channel Access  Government PoliciesAttractive if entry barriers are high and exit are low! 39
  40. 40. “Buyer Power” refers to customer’s price sensitivity and negotiating power  Factors affecting buyer power:  Number of customer  Size  Differences  Price Sensitivity  Switching CostSubstitutes place a limit  Brand Identityon prices and profit! 40
  41. 41. 9. High switching cost decreases _____________a. Supplier Powerb. Threat of New Entrantsc. Buyer Powerd. Threat of Substitutione. All of the above 41
  42. 42. 10. Service positioning strategy can be made tangible through?A. Price, Place, PeopleB. Place, Promotion, PriceC. People, Product, PromotionD. Price, Position, PromotionE. Product, Place, People 4
  43. 43. Physical Evidence andPresentation Place Communication Material People Symbols Entertainment Price 7
  44. 44. Services can be made tangible through• Place• People• Equipment• Communication material• Symbols• Price 4
  45. 45. 10. Service positioning strategy can be made tangible through?A. Price, Place, PeopleB. Place, Promotion, PriceC. People, Product, PromotionD. Price, Position, PromotionE. Product, Place, People 4
  46. 46. 11.Which of the following isa non-personalcommunication channel?A. MediaB. Sales PromotionsC. Events and ExperiencesD. Public relationsE. All of the above
  47. 47. Four Non-Personal Communication Channels Media Sales Promotion PersonalEvent & sellingExperience Public Relations
  48. 48. Non-Personal Communications ConceptsA. Media-Consist of print media (newspaper and magazines); Broadcast media (radio and television); Network Media. Most non- personal messages come in the form of paid media.B. Sales Promotion- consists of consumer promotions, trade promotions, and business and sale-force promotions.C. Events and Experiences - include sports, arts, entertainment and cause events, as well as less formal activities that create novel brand interactions with consumers.D. Public Relations- include communications directed internally to employees of the company or externally to consumers, other firms, the government, and media.
  49. 49. 11.Which of the following isa non-personalcommunication channel?A. MediaB. Sales PromotionsC. Events and ExperiencesD. Public relationsE. All of the above

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