MKT 421 Final Exam 10
Answers are HERE!
1) Which of the following statements best describes the modern view of marketing?
...
A. Market development.
B. Product development.
C. Diversification.
D. Market penetration.
6) Which of the following statem...
B. Place
C. Price
D. Product
11) When one considers the strategy decisions organized by the four Ps, branding is related t...
D. A marketing program.
16) Marketing strategy planners should recognize that:
A. Large firms like General Electric, Targe...
21) The process of naming broad product-markets and then segmenting them in order to select target
markets and develop sui...
A. It is primarily as a follow-up to more quantitative research.
B. Each person in the group answers the same questionnair...
B. Market positioning
C. Strategic planning
D. Market segmentation
32) Which is the first step in market segmentation?
A. ...
C. Market introduction
D. Economic competition
37) Which of the following observations concerning the market maturity stag...
D. Feedback.
42) Advertising allowances
A. Allow for coordination and integration of ad messages in the channel.
B. Involv...
A. It refers to how customers think about proposed or present brands in a market.
B. It often makes use of techniques such...
C. Less use of technology in personal selling.
D. Growth of marketing information systems.
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  1. 1. MKT 421 Final Exam 10 Answers are HERE! 1) Which of the following statements best describes the modern view of marketing? A. Marketing is concerned with generating a single exchange between a firm and a customer. B. The job of marketing is to get rid of whatever the company is producing. C. Marketing should take over production, accounting, and financial services within a firm. D. Marketing begins with anticipating potential customer needs. 2) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of A. Marketing. B. Production. C. A command economy. D. Making goods or performing services. 3) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is: A. An example of the micro-macro dilemma. B. A part of marketing. C. A production activity. D. One of the universal functions of innovation. 4) To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at: A. Market development. B. Product development. C. Market penetration. D. Combination. 5) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at
  2. 2. A. Market development. B. Product development. C. Diversification. D. Market penetration. 6) Which of the following statements regarding marketing strategies is FALSE? A. Developing successful marketing strategies does not need to be a hit-or-miss proposition. B. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market. C. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. D. It is useful to think of the marketing strategy planning process as a narrowing-down process. 7) Which of the following is true? A. The product P in the marketing mix stands for only tangible merchandise. B. The product P in the marketing mix stands for both physical goods and tangible C. The product P in the marketing mix stands for both physical goods and services. D. The product P in the marketing mix stands for only physical goods. 8) The four Ps of a marketing mix are: A. Product, Price, Promotion, and Profit B. Product, Place, Promotion, and Price C. Promotion, Production, Price, and People D. Production, Personnel, Price, and Physical Distribution 9) A firm's marketing mix decision areas would NOT include: A. Price B. People C. Product D. Promotion 10) Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz must make some decisions regarding packaging and branding of the fruit juices. These decisions would fall under which variable of the marketing mix? A. Promotion
  3. 3. B. Place C. Price D. Product 11) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: A. Store location is to sales force selection. B. Production is to marketing. C. Personal selling is to mass selling. D. Branding is to pricing. 12) The ______ area of the marketing mix is concerned with decisions about getting the right product to the target market when and where it is wanted. A. Promotion B. People C. Place D. Product 13) The main difference between a marketing strategy and a marketing plan is that: A. A marketing strategy provides more detail. B. A marketing plan includes several marketing strategies. C. A marketing strategy omits pricing plans. D. Time-related details are included in a marketing plan. 14) Which of the following would probably NOT be in a proposed marketing plan? A. Expected sales and profit results. B. A statement of how frequently the design of the website will be changed. C. A description of the target market and marketing mix. D. A list of what company resources (costs) would be required. 15) A marketing plan is: A. A marketing strategy—plus the time-related details for carrying it out. B. A marketing strategy. C. A target market and a related marketing mix.
  4. 4. D. A marketing program. 16) Marketing strategy planners should recognize that: A. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly defined markets. B. Mass marketing is often very effective and desirable. C. Target marketing is not limited to small market segments. D. Target markets should not be large and spread out. 17) Good marketing strategy planners know that: A. Mass marketing is often very desirable and effective. B. Target marketing does not limit one to small market segments. C. The terms mass marketing and mass marketer mean basically the same thing. D. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets. 18) Target marketing, in contrast to mass marketing, A. Ignores markets that are large and spread out. B. Is limited to small market segments. C. Focuses on fairly homogeneous market segments. D. Assumes that all customers are basically the same. 19) ______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes. A. Mass marketing B. Market positioning C. Diversification D. Market segmentation 20) Clustering techniques applied to segmenting markets A. Usually require computers to group people based on data from market research. B. Remove the need for managerial judgment. C. Eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers. D. All of the above are true.
  5. 5. 21) The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called: A. Market development. B. Market penetration. C. Market research. D. Market segmentation. 22) ________________ ________________ utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions. A. Marketing structure. B. Marketing planning. C. Marketing research. D. Marketing processing. 23) Procedures that develop and analyze new information to help marketing managers make decisions are called: A. Analytical research. B. Strategy planning. C. Marketing research. D. Operational planning. 24) A ______________ is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions. A. Marketing research project B. Marketing information system C. Marketing research department D. Marketing model 25) Marketing research which seeks structured responses that can be summarized is called: A. Qualitative research. B. Focus group research. C. Situation analysis research. D. Quantitative research. 26) When focus group interviews are used in marketing,
  6. 6. A. It is primarily as a follow-up to more quantitative research. B. Each person in the group answers the same questionnaire, to focus the discussion. C. The research conclusions will vary depending on who watches the interview whether online or off- line. D. The typical group size is 15 to 20 typical consumers whether online or off-line. 27) One of the major disadvantages of the focus group interview approach is that A. It is difficult to get in-depth information about the research topic. B. There is no interviewer, so the research questions may not be answered. C. It is difficult to measure the results objectively. D. Ideas generated by the group cannot be tested later with other research. 28) Which of the following statements about consumer products is true? A. Specialty products are those that customers usually are least willing to search for. B. Unsought products are not shopped for at all. C. Shopping products are those products for which customers usually want to use routinized buying behavior. D. Convenience products are those that customers want to buy at the lowest possible price. 29) The marketing manager at Massimino & McCarthy, a chain of retail stores that sells men's clothing, is reviewing marketing research data to try to determine if changes in marketing strategy are needed. Which of the following sources of data would be a secondary data source? A. Making phone calls to some of the best customers to learn their interest in a new line of clothing. B. Spending time in stores observing customers' behavior. C. Reviewing videotapes of a recent focus group. D. Looking through the company's marketing information system to see past sales trends. 30) The attitudes and behavior patterns of people are part of the A. Competitive environment. B. Firm's resources and objectives. C. Social and cultural environment. D. Political environment. 31) ______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes. A. Mass marketing
  7. 7. B. Market positioning C. Strategic planning D. Market segmentation 32) Which is the first step in market segmentation? A. Naming a broad product-market of interest to the firm. B. Evaluating market segments to determine if they are large enough. C. Clustering people with similar needs into a market segment. D. Finding one or two demographic characteristics to divide up the whole mass market. 33) The first step in market segmentation should be: A. Finding a demographic group likely to use your products. B. Defining some broad product-markets where you may be able to operate profitably. C. Evaluating what segment(s) you currently serve. D. Deciding what new product you could develop. 34) Tom and Sally Jones are preparing to purchase a new car. He currently has a Toyota Camry and she has a Honda Accord. They now have two children under age 5, so they plan to trade in Sally's car to purchase a minivan. Sally and Tom decided on a Honda Odyssey because Sally is familiar with Hondas and thinks they are very reliable. In this purchase situation, Tom and Sally's family life cycle stage is a _____________ segmentation dimension, and the benefit Sally seeks (reliability) is a _____________ segmentation dimension. A. Geographic; behavioral. B. Demographic; geographic. C. Demographic; behavioral. D. Geographic; demographic. 35) The product life cycle: A. Applies more to individual brands than to categories or types of products. B. Shows that sales and profits tend to move together over time. C. Has five major stages. D. Describes the stages a new product idea goes through from beginning to end. 36) The product life cycle has four stages. Which of the following is NOT one of these? A. Market maturity B. Market growth
  8. 8. C. Market introduction D. Economic competition 37) Which of the following observations concerning the market maturity stage is NOT TRUE? A. New firms cannot enter the market at this stage. B. There is a long-run downward pressure on prices. C. Many aggressive competitors have entered the race for profits. D. Promotion costs rise and some competitors cut prices to attract business. 38) During the market introduction stage of the product life cycle: A. Most potential customers are quite anxious to try out the new-product concept. B. Products usually show large profits if marketers have successfully carved out new markets. C. Considerable money is spent on promotion while place development is left until later stages. D. Funds are being invested in marketing with the expectation of future profits. 39) Cargill, Inc. is finally earning a profit on the unique product it introduced 6 months ago. Cargill's advertising is both informative and persuasive. Much money is being spent on Place development. There is little price competition, although several competitors have come out with reasonable imitations. Total industry sales and profits are both rising. In which stage of the product life cycle is Cargill operating? A. Sales decline B. Market introduction C. Market growth D. Market maturity 40) Noise (in the traditional communication process) refers to: A. Messages which are too loud or bold. B. Radio advertising interference only. C. Any distractions that reduce the effectiveness of the communication process. D. Efforts by a firm's competitors to block its message channel. 41) While watching a television program, Liza gets a phone call just as a commercial is starting. She presses the mute button on the television's remote control and takes the call, so she pays no attention to the commercial. In terms of the communication process, the telephone call is an example of: A. Decoding. B. Noise. C. Encoding.
  9. 9. D. Feedback. 42) Advertising allowances A. Allow for coordination and integration of ad messages in the channel. B. Involve intermediaries and producers sharing in the cost of ads. C. Are price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally. D. Set the allowance amount as a percent of the retailer's actual purchases. 43) A producer using very aggressive promotion to get final consumers to ask intermediaries for a new product has: A. A selective distribution policy. B. A target marketing policy. C. A pulling policy D. A pushing policy. 44) A producer using normal promotion efforts—personal selling, sales promotion, and advertising—to help sell a whole marketing mix to possible channel members has: A. An intensive distribution policy. B. A target marketing policy. C. A selective distribution policy. D. A pushing policy. 45) Integrated direct-response promotion: A. Is not necessary or useful when the channel of distribution involves intermediaries. B. Is usually part of a pushing effort rather than part of a pulling approach. C. Focuses on achieving a measurable, direct response from specific target customers. D. None of these are true. 46) Positioning analysis A. Is not a product-oriented approach. B. Helps managers understand the actual characteristics of their products. C. Is a visual aid to understanding a product-market. D. Shows that managers and customers usually view present brands similarly. 47) Which of the following statements about positioning is NOT TRUE?
  10. 10. A. It refers to how customers think about proposed or present brands in a market. B. It often makes use of techniques such as perceptual mapping. C. Positioning issues are especially important when competitors in a market are very dissimilar. D. It helps marketing managers know how customers view the firm's offering. 48) When segmenting broad product-markets, cost considerations tend A. To lead to more aggregating. B. To encourage managers to disregard the criterion that a product-market segment should be substantial. C. To be unimportant as long as the segmenting dimensions are operational. D. To lead to a large number of small, but very homogeneous, product-market segments. 49) When a company grows globally, this is an example of: A. Product development. B. Market development C. Diversification. D. Market penetration. 50) Which of the following is NOT a trend affecting marketing strategy planning in the area of international marketing? A. More attention to exporting by small companies. B. Tensions between have and have-not cultures. C. Global communication over the Internet. D. Decreasing role of airfreight. 51) A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. A. Standard market B. Generic market C. Target market D. Product-market 52) Which of the following is a key trend affecting marketing strategy planning? A. Slower new-product development. B. Senior and ethnic submarkets are getting smaller.
  11. 11. C. Less use of technology in personal selling. D. Growth of marketing information systems.

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