BUSI 3250 Auburn: Exam 3 Latest Update- 100

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BUSI 3250 Auburn: Exam 3 Latest Update- 100%

Correct Solutions Question 1: marketing to millennials: 5 paradoxical trends

CORRECT ANSWER : 1. amortality

• shareconomy
• cloaking
• predictable consumer behavior
• serendipity

Question 2: amortality

CORRECT ANSWER : anti-aging trends for millenials

Question 3: shareconomy

CORRECT ANSWER : also called shortcut society - MOOCs,

uber, airbnb, renting your car to someone else

Question 4: cloaking

CORRECT ANSWER : creation of private pages or closed

groups on social media sites such as facebook, desharing & unselfies

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Question 5: predictable consumer behavior

CORRECT ANSWER : analyzing data to improve marketing

Question 6: serendipity

CORRECT ANSWER : enjoying surprised through coincidental

discovers on social networks though surprise boxes of cosmetics & skin care products, monthly subscriptions for dog items, makeup or clothes

Question 7: environmental scanning

CORRECT ANSWER : procedure in which the firm scans the

world for changes in the environmental forces that might affect it (broader than market screening)

ex: world threats & opportunities

Question 8: market screening

CORRECT ANSWER : modified version of environmental

scanning in which the firm identifies desirable markets by eliminating the less desirable ones

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Question 9: country screening

CORRECT ANSWER : screening that uses countries as the basis

for market selection (narrowing down to a country or more)

Question 10: segment screening

CORRECT ANSWER : screening that uses market segments, a

within-country analysis of groups of consumers, as the basis for market selection

Question 11: initial screening: basic needs potential

CORRECT ANSWER : - influenced by climate, geography &

natural resources

• some needs easy to assess (industrial gods); others more

difficult, especially when they are desires (chocolate)

• data includes imports, local production

Question 12: second screening: financial & economic forces

CORRECT ANSWER : - trends in inflation, currency exchange,

interest rates, credit availability, paying habits, rates of return on similar investments

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• market indicators include economic data used to measure

relative market strength of countries or geographic areas

• market factors include economic data that correlate highly with

market demand for a product

• trend analysis
• cluster analysis

Question 13: trend analysis

CORRECT ANSWER : statistical technique used to estimate

future values by successive observations of a variable at regular time intervals that suggest patterns (using past information/data to predict the future)

Question 14: cluster analysis

CORRECT ANSWER : statistical technique that divides objects

into groups based on similarity, looking to group based on similar characteristics

ex: automotive industry or can look at consumer clusters

Question 15: third screening: political & legal forces