Marketing Midterms Reviewer v54

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

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.

Exam Tip:Learn the ConceptDon’t Memorize the Answer

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

There are 4 Types of CompanyOrientations Company Orientations

Production Concept – customers want products that are available and inexpensive• Focus is on production efficiency, low cost and mass distribution

Product Concept – customers wantproducts that offer the highest qualityand performance • Focus is on quality, performance and continuous innovation

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

Marketing Concept – finding theright products for your customers • Focus is on finding the right products for customers through research

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

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

Porter’s Generic StrategiesOverall cost Leadership Differentiation Focus Reference : Philip Kotler’s Marketing Management 13 th Edition 8

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

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

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

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

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

Measurement for Customer Satisfaction Periodic Surveys Customer Loss Rate Mystery Shoppers Monitor Competitive PerformanceSource: Marketing Management 13th Edition by Philip Kotler

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

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

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

Concept # 8PerceptionSelective Attention Selection Retention Selective Distortion Subliminal Perception

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

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

Experiences are marketed byorchestrating several goods andservices Examples E X P E R I E N C E S

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

6. The 12 M subscribers of SUNcellular is an example of ____________A. Potential marketB. Prequalified marketC. Target marketD. Penetrated marketE. Current market 27

Which market to measure? Penetrated (purchase) Target (qualified) Potential (interest) Available (income + access)

6. The 12 M subscribers of SUNcellular is an example of ____________A. Potential marketB. Prequalified marketC. Target marketD. Penetrated marketE. Current market 29

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

Concept 10:Consumer Buying Process Problem Recognition Information Search Evaluation Purchase Decision Post-Purchase Behavior Kotler, Keller. Marketing Management, 13th Edition. 31

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

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

Concept 1: POPs POPs are POINTS-OF-PARITY + = = + +

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

9. High switching cost decreases _____________a. Supplier Powerb. Threat of New Entrantsc. Buyer Powerd. Threat of Substitutione. All of the above 36

What determines market segment?MichaelPorter’s FiveForces 37

“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

“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

“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

9. High switching cost decreases _____________a. Supplier Powerb. Threat of New Entrantsc. Buyer Powerd. Threat of Substitutione. All of the above 41

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

Physical Evidence andPresentation Place Communication Material People Symbols Entertainment Price 7

Services can be made tangible through• Place• People• Equipment• Communication material• Symbols• Price 4

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

11.Which of the following isa non-personalcommunication channel?A. MediaB. Sales PromotionsC. Events and ExperiencesD. Public relationsE. All of the above

Four Non-Personal Communication Channels Media Sales Promotion PersonalEvent & sellingExperience Public Relations

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.

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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Marketing Midterms Reviewer v54

by Remigio Joseph DeUngria on Jan 12, 2012

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