Week 1 session 2
The danger of innovation only being seen as meeting customer needs is:
A lack of technical progression, leading to inability to gain competitive edge.
An advertising appeal is:
A creative tactic designed to capture the audience's attention and promote preference for the product or company being advertised.
All the activities involved in managing the information required to receive, handle and fill a sales order are collectively known as
Order processing
The marketing concept argues that achieving organisational goals depends on which of the following
Understanding the needs and wants of target markets better than competitors
How many questions are there in the exam?
Two
At its heart, innovation is about which four core themes
Recognising the opportunity, finding resources, developing the ventures, and creating value
Sales promotions are:
A wide range of events and activities designed to promote a brand or stimulate interest in a product.
An approach to inventory management that involves holding only that stock that is about to be used or sold is known as
Just-in-time
Understanding customer needs even better than consumers themselves is an example of which of the following terms?
Customer-driven marketing
Mini- essay
Introductory statement
TEE+ body paragraphs x 2-3
Concluding statement
The danger of innovation being only seen as being externally generated is:
That innovation becomes simply a matter of filling a shopping list of needs from the outside and there is little internal learning or development of technological competence.
Direct marketing is
Direct communication with potential customers other than personal sales contacts designed to stimulate a measurable response.
Which of the following terms is used to describe a system which manages marketing channels based on ongoing partnerships among distribution channel members that create efficiencies and deliver value to customers
Supply chain management
What does customer lifetime value help marketers to do?
Decide which customers are worth keeping
Where can you learn and check the day and time of your exam?
The danger of innovation only been seen as strong research and development capability then
Technology which fails to meet user needs and/or customer expectations and therefore may not be accepted.
Telemarketing is a type of:
Direct marketing
The purpose of the ‘total product concept’ is to:
Analyse how the product creates value for the customer
What is customer equity?
The total combined customer lifetime values of all current and potential customers
Where can I find practice questions for the exam
Some are provided in the exam workshop otherwise head to the UOA library website, exam database
The danger of innovation only been seen to be associated with key individuals is:
Failure to utilise the creativity of the remainder of employees, and to secure their inputs and perspectives to improve innovation.
The biggest advantage of direct response television over conventional advertising is:
Time
A measure of the sensitivity of demand to changes in price is known as
Price elasticity
What does the co-creation view of exchange focus on?
It views all interactions between firm and consumer as opportunities for both value creation and extraction
What am I allowed to take into the exam?
You must have a valid UOA student ID to gain entry to the room and it must be visible at all times in the exam on your desk.
Pens, highlighters1 a4 double sided exam sheet with notes
Creating value is:
The purpose for innovation, whether expressed in financial terms, employment or growth, sustainability or improvement of social welfare.
Listening to a customer describe what they need and proposing a solution to meet those needs is known as:
Aligning with customer needs
The augmented product:
Delivers a bundle of benefits that the buyer may not require as part of the basic fulfillment of their needs.
It is argued that the marketing concept does not consider sustainable marketing and focuses too heavily on short-run wants. Which concept is considered best for consumers in the long run?
The societal marketing concept
How can I find out my exam room allocation?
Entrepreneurship is:
The motive power to drive the process of innovation through the efforts of passionate individuals, engaged teams and focused networks.
Brand equity is:
The value that a company has built up in a brand.
Setting prices based on production and marketing costs rather than conditions in the marketplace is known as
Cost-based pricing
According to Prahalad and Ramaswamy (2004) which of the following are the building blocks of a co-creation interaction or DART?
Dialogue, access, risk-benefits, and transparency
What can't I take into the exam room?
You are not permitted to have in your possession in the exam room any electronic device and/or mobile technology, or watches of any kind, unless specified by the examiner. Medically prescribed devices are permitted.
Unless specified by the examiner, any electronic device and/or mobile technology/watches of any kind which are brought into the exam room must have all functions switched off and need to be placed in the designated part of the room, as directed by the Supervisor. Medically prescribed devices are permitted.
More info can be found
Capturing Value is:
The reward for undertaking the risk associated with creating bundles of goods and services to sell to specific customers with the goal of satisfying their wants and needs. In accounting terms, it is the profit that the company gets over and above the costs of good sold.
A product line is:
A series of related products offered by a firm
A product mix is:
The complete portfolio of products that a company offers for sale
The selling concept focuses on:
Profits through sales volume, rather than understanding customer needs
Which students get the best exam marks?
The well-prepared student.
They have studied,
they know the expected structure,
they manage their time well
they keep themselves mentally and physically well throughout the exam period