MKT 571 FREE Final Exam Review with answer key
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1. Another basis for decision-making is referred to as
ethical practices ??
2. New-to-the-world products are ________.
existing products that are targeted to new geographical markets
new product enhancements that supplement established products
low-cost products designed to obtain an edge in highly competitive markets
new products that create an entirely new market
3. A company can learn a great deal by analyzing the degrees of brand
loyalty. For example, ________ can show the firm which brands are most
competitive with its own.
4. Marketers need to identify the hierarchy of attributes that guide consumer
decision making in order to understand different competitive forces and
how these various sets get formed. This process of identifying the
hierarchy is called ________.
market partitioning – Correct ?
market valuation- Wrong ?
5. ABC Technology is nearing completion on their product and market
research has discovered a competitor is also close to launching a similar
product. ABC has decided launch before their competition, this is
6. Which of the following is a strategy that uses the manufacturer’s sales
force, trade promotion money, or other means to induce intermediaries to
carry, promote, and sell the product to end users?
Pull strategy – Wrong?
Push strategy –Correct ?
7. A music school in Boyles Height, LA, specializes in teaching the guitar
and the violin. After a spurt in growth and a few successful years, the
school is experiencing a slowdown in sales and stability in its profits due
to an increase in competition. The school is in the ________ stage of its
Maturity –correct ??
Decline –Wrong ??
8. What type of strategy consists of geographical pricing, price discounts
and allowances, promotional pricing, and differentiated pricing?
9. 2 Wheels conducts exhaustive customer surveys to discover customer
preferences and attitudes towards the brand. Sally uses cluster analysis to
classify the data and help the company determine the trends in the
information. Sally is using the technique of ________.
10.Which method identifies the effect sponsorship has on consumers brand
Demand-side method –correct ?
Supply-side method – wrong ?
11.Through its cutting-edge point-of-sale inventory, management technology,
and highly efficient shipping practices, Wal-Mart is able to keep its
inventory expenditure extremely low and to pass these savings on to
consumers in the form of low prices. Wal-Mart's strategy is best described
overall cost leadership
12.Prestige LLC, a small company that manufactures specialty cereals and
energy bars, wants to launch a "green marketing" program in response to
heightened consumer awareness about environmental issues. What
should the company do to maximize the program's chances of being
Demonstrate that the products will benefit both customers and the society in the long-term.
Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.
Explain the rules and regulations laid out by governmental agencies to protect the environment.
Emphasize benefits to the consumer rather than environmental benefits.
13.The marketing manager needs to know the cost of the research project
before approving it. During which stage of the marketing research process
would such a consideration most likely take place?
Step 5 – drafting the report
Step 4 – analyzing the information
Step 2 – developing the research plan
Step 1 – defining the problem
14.What is the perceived monetary value of the bundle of economic,
functional, and psychological benefits customers expect from a given
market offering because of the product, service, people, and image?
Total customer benefit
Complete marketing benefit
Ultimate service benefit
Total management benefit
15.The effect of exposures on audience awareness depends on the following
distance, timing, and focus
space, communication, and advertisements
height, length, and width
reach, frequency, and impact
16.Which of the following can induce a firm to expand into the international
Cater to a domestic mass market
A saturated foreign market
High income level of domestic consumers
A saturated domestic market
17.What are the four characteristics of a marketing audit?
Comprehensive, systematic, independent, and periodic
Announced, semi-annually, dependent, and perpetual
Simple, unique, randomly, and exclusive
Dependent, non-comprehensive, quarterly, and unannounced
18.With ________ as a target market strategy, the firm concentrates on
serving many needs of a particular customer group.
19.Which component of a marketing audit includes major developments in
income, prices, savings, and credit that affect the company?
20.A firm must know where to position its product based on price
21.If the Ford GT is designed to accelerate to 50 miles per hour within 10
seconds, and every Ford GT coming off the assembly line does this, the
model is said to have high ________.
22.What can enhance the value of Web-based shopping experiences to serve
as personal shopping assistants or Web-site guides?
23.Marketers must see themselves as benefit providers. For example, when a
shopper purchases new shoes, he or she expects the shoes to cover his
or her feet and allow him or her to walk unobstructed. This is an example
of what level in the consumer-value hierarchy?
Pure tangible product
24.Which control should periodically reassess its approach to the
marketplace with a good marketing audit?
25.BMW's "The ultimate driving machine," American Express' "Don't leave
home without it," New York Times' "All the news that's fit to print," and
AT&T's "Reach out and touch someone" are all examples of ________.
26. _______ is an approach that considers different ethnic and cultural segments
require targeted marketing campaigns and tactics.
27. The three guidelines for anticipating management reactions are (1)
prior to the crisis during normal day-to day operations, (2) at the
moment some event triggers the crisis, and (3) during the crisis
situation that triggers the event. These guidelines are the stages
28. What type of control focuses on measuring a company’s products
territories, customer groups, segments, trade channels, and order
sizes to help expand or eliminate any products or marketing
29. The ability to meet humanity’s needs without harming
future generations is now a top priority in most corporate
30. A social definition of marketing says ______.
effective marketing requires companies to remove intermediaries to achieve a closer connection with
marketing is the process by which individuals and groups obtain what they need and want
through creating, offering, and freely exchanging products and services of value with others
a company should focus exclusively on achieving high production efficiency, low costs, and mass
distribution to facilitate the broadest possible access to the company’s products
marketing is the process of extracting maximum value from consumers to facilitate corporate
Ok … Campers …
I got a 73% … and almost ran out of time … 22/30 (73%)
Things have changed at UOP …. At the end of my final .. it
does not tell me what I got wrong.
So … I posted what I felt I got wrong.
USE THIS AS A STUDY GUIDE ONLY … I found most of the
answers on the net.