How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources

1. MKT 571 Final Exam Guide
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Explain the following information in your report to members of the
strategic planning committee:
· How economists are both scientists and policymakers and
what principles society uses to allocate its scarce resources
· Using the circular flow model, explain the flow of money and
goods in an economy.
· How the economy coordinates society's independent economic
actors
· A country's gross domestic product (GDP) and how it is
defined and calculate
2) Marketing __________ is the art and science of choosing target
markets and getting, keeping, and growing customers through
creating, delivering, and communicating superior customer value.
A. internally
B. management
C. segmentation
D. integration
3) Business buyers ______________.
A. are geographically as diverse as consumers
B. tend to be geographically concentrated with over half of them
in seven states
C. are largely concentrated in the southwestern United States

2. D. use geographical dispersion to keep shipping costs low
4) Toyota, the maker of the Scion brand, is using what kind of
brand strategy with Scion products?
A. Separate family names
B. Blanket family names
C. Individual names
D. Corporate names
5) BMW, the maker of the Mini Cooper brand, is using what kind of
brand strategy with its Mini products?
A. Individual names
B. Blanket family names
C. Separate family names
D. Corporate names
6) Brands can play a number of specific roles within a company’s
brand portfolio. For example, a __________ is positioned with
respect to competitors’ brands so that more important and profitable
brands retain their desired positioning.
A. cash cow
B. low-end, entry level brand
C. high-end, prestige brand
D. flanker
7) When Apple introduced its popular iPod Nano model, it dropped
its Mini iPod at the same time. The Mini was, at the time, the most
popular MP3 player in the marketplace. This is an example of
__________.
A. brand extension
B. preemptive cannibalization
C. a brand shake-out
D. product maturity

3. 8) A ___________ is when a parent brand is used on a new product
targeting a new market segment within a category currently served
by the parent.
A. joint-venture co-brand
B. same company co-brand
C. category extension
D. line extension
9) ___________ are formal statements of expected product
performance by the manufacturer.
A. Open pricing statements
B. Promotional statements
C. Warranties
D. General guarantees
10) Mazda’s Miata convertible originally drew the most interest
from women between the ages of 35 and 55. In order to interest
more potential customers in the roadster, Mazda beefed up the
model with heavier shocks and a faster engine, and then
emphasized performance in its advertising. This is an example of
creating a new product by ____________.
A. repositioning
B. the development of a new product line
C. market diversification strategy
D. product development strategy
11) When SAP software added a Windows-style “back” button to its
industrial invoice management software, the new product
___________.
A. used a new product line
B. added to an existing product line
C. improved upon an existing product

4. D. used a marketing diversification strategy
12) In 2003, Toyota introduced its Scion brand with the aim of
bringing younger buyers into the “family.” This was a classic
example of _________________.
A. line featuring
B. line cannibalization
C. line padding
D. line stretching
13) Painting and consulting are considered industrial goods
because ______________.
A. they are specialty goods
B. they are considered “component materials"
C. most firms do not seek them directly
D. they facilitate developing and managing the finished product
14) Marketers plan their market offerings at five levels. What is the
correct order of the levels, going from most fundamental to the level
with the most benefits?
A. Basic-expected-augmented-core-potential
B. Expected-potential-basic-augmented-core
C. Core-basic-expected-augmented-potential
D. Potential-augmented-expected-core-basic
15) Characteristics a buyer can evaluate before purchase are called
_______________.
A. search qualities
B. experience qualities
C. credence qualities
D. differentiation qualities
16) For $15 a day, Chlena will go to your home and feed, water,

5. and play with your pet while you are on vacation. The service
Chlena provides is an example of a _____________.
A. tangible good with accompanying service
B. hybrid
C. pure service
D. major service with accompanying minor goods and services
17) Mr. Tse and his family took a vacation to Washington, D.C.
While there, they bought souvenirs; t-shirts and hats to take home
to family and friends who didn’t have the opportunity to go. The
experience of the Tse family is an example of which offering?
A. A tangible good with accompanying services
B. A hybrid
C. A pure service
D. A major service with accompanying minor goods and services
18) Best Buy will often try to sell the buyer of a high-end television
monitor an extended warranty. This is an example of
_______________.
A. pure tangible good
B. tangible good with accompanying services
C. hybrid
D. pure service
19) The introduction of a new product to the market using market-
penetration pricing is most likely to be successful when
_____________.
A. the unit costs of producing a small volume of the product are
high
B. there must be no existing demand for the product
C. the market is highly price sensitive
D. the high price communicates nothing to potential buyers

6. 20) A __________ pricing objective is suitable for a company that
has overcapacity, intense competition, and changing customer
needs.
A. maximum current profit
B. survival
C. maximum current revenue
D. maximum sales growth
21) Scotty is in the process of opening Suburban Legends SK8S to
sell boards, wheels, trucks, clothing, videos, and skateboarding
related collectibles. The first thing Scotty should do when setting the
store’s prices is to ____________.
A. estimate costs
B. determine the target market
C. select a pricing method
D. select a pricing objective
22) A common mistake in pricing is ____________________.
A. revising prices too often
B. considering price and price competition as a key problem in
marketing
C. ignoring costs when setting prices
D. setting prices independently of the rest of the market mix
23) When customers buy on the basis of a reference price or
because the price conveys a particular quality image to them, they
are being influenced by ____________.
A. value pricing
B. the psychology of pricing
C. the going rates of competitors
D. value augmented by perception
24) Which of the following areas will a marketing manager

7. standardize or adapt when taking a new product global?
A. Marketing concept
B. Marketing mix
C. Product strategy
D. Promotion strategy
25) Which of the following best describes integrated marketing
communication (IMC)?
A. Organizations present a consistent message.
B. Organizations present an effective communication plan.
C. Organizations present a plan that focuses on the customer.
D. Organizations present an effective advertising message.
26) Which of the following best describes the role of social
responsibility in marketing?
A. Standards that guide marketing decisions and actions
B. Improving environment and products
C. Obligation to improve positive effects on society
D. Obligation to improve positive effects and reduce negative
effects on society
27) Public policy makers have developed a substantial body of laws
and regulations to govern advertising. For these reasons, an
important step in developing an advertising campaign is
_____________.
A. asking network censors what to cut out of the communication
B. the creative development of the message
C. the social responsibility review
D. preparing a copy strategy statement
28) Within the last couple years several cosmetics manufacturers
have introduced non-clumping mascara. Revlon was one of these
manufacturers. Revlon should use ________ advertising to increase

8. selective demand for its non-clumping mascara.
A. descriptive
B. persuasive
C. reminder
D. informative
29) Hospitals are engaged in intense competition to fill maternity
beds. What type of advertising would hospitals most likely use to
advertise their new amenities like hot tubs in every room, filet
mignon or lobster on the menu, and afternoon teas for the new
mothers and their families?
A. descriptive
B. persuasive
C. reminder
D. informative
30) _____________ is the key ingredient in marketing campaigns
and consists of a diverse collection of short-term incentive tools
designed to influence trial, purchase, and interests of consumers
and wholesalers.
A. Advertising
B. Public relations
C. Sales promotion
D. Personal selling