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1. MKT 571 Final Exam Guide (New, 2018)
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1. A fundamental and distinctive mode of expression that appears in a field of
human endeavor is called a __________. • style • theme • trend •
pattern 2. A firm should use undifferentiated marketing to promote its products
when: • the market shows several natural segments. • it wants to appeal
to multiple market segments. ---not sure • it wants to customize its products
for each consumer. all consumers have roughly the same wants and
preferences. 3. The marketing department of StyleWheel Inc., a manufacturer of
luxury cars, initiates intensive marketing efforts prior to the launch of a new model.
Three months into the launch of the new model, the department decides to assess
the short-term effects of its marketing activities. Which of the following is a
reliable measure of performance for this purpose? • Perceived quality •
Market share • Customer awareness Shareholder value 4. ----------is
the first step a firm should take while setting the price for a product. •
Determining demand • Selecting the pricing objective • Selecting a
pricing method Estimating cost 5. Business markets differ from consumer
markets in that: • in business markets, purchasing is often executed through
intermediaries. • the total demand for many goods and services in business
markets is elastic. • buying decisions in business markets are subject to
multiple influences. in business markets, a marketer typically deals with
several smaller buyers. 6. Which of the following best describes the term product
system? • It is a set of variants that are developed for a single product. •
It is a group of products that perform a similar function and belong to a single
product class. • It refers to a set of products available only to high-income
consumers. It refers to a set of different but related items that operate in a
compatible manner. 7. The width of a company’s product mix refers to: • the
extent to which the different product lines in the mix are related in terms of end
use. • the number of variants offered for each product in a product line. •
the number of different product lines carried by the company. the total
number of items in the product mix. 8. Nowadays, a __________ is being
appointed by many firms so as to place the marketing function on a more equal
footing with the functions performed by other C-level executives. • chief
marketing officer • finance manager • chief information officer
marketing manager 9. In which of the following stages of a product life cycle are
profits nonexistent? • Introduction • Maturity • Decline

2. Growth 10. Which of the following statements is true of personal communications
channels? • Their influence on purchase decisions is significant when products
are purchased frequently. • Their effectiveness derives from individualized
presentation and feedback. • They are often less effective than mass
communication channels. They include public relations, advertising, and sales
promotions. 11. __________ refers to the capacity to satisfy humanity’s needs
without harming future generations. • Profitability • Sustainability •
Accountability Durability 12. Fashion Vista Designers, a firm that sells
designer clothes, has outlets in four countries. In each country, it offers clothes that
suit the climatic conditions of the country and match the cultural sensibilities of
the local population. The marketing department of Fashion Vista often releases
advertisements that show regional celebrities endorsing the company’s products.
In this scenario, which of the following types of market segmentation does
Fashion Vista employ? • Geographic segmentation • Psychographic
segmentation • Demographic segmentation Behavioral segmentation
13. Which of the following is a difference between business markets and consumer
markets? • In business markets, buyers usually purchase products through
intermediaries, whereas in consumer markets, buyers usually purchase products
directly from manufacturers. • Suppliers in business markets are often
expected to customize their products to suit the requirements of individual
business customers, whereas suppliers in consumer markets are seldom expected
to do so. • In business markets, the total demand for goods and services is
significantly affected by price changes, whereas in consumer markets, the total
demand for goods and services is not significantly affected by price changes.
Purchasing decisions in business markets are made by the end user, whereas
purchasing decisions in consumer markets are made by a buying committee. 14.
Which of the following measures reflects the short-term results of a firm’s
marketing efforts? • Perceived quality • Customer awareness • Sales
turnover Market share 15. __________ refers to the activity of designing a
company’s product and image so that they occupy a distinctive place in the minds
of the target market. • Targeting • Segmentation • Positioning
Customization 16. __________ is the process of maximizing customer loyalty by
cautiously handling detailed information about customers and all customer touch
points. • Product modification • Customer cloning • Customer
relationship management Enterprise resource planning 17. The __________
encompasses the actors engaged in producing, distributing, and promoting a
product or a service. • legal environment • demographic environment •
natural environment task environment 18. __________ divides the market
into units such as nations, states, regions, cities, or neighborhoods. • Geographic
segmentation • Behavioral segmentation • Demographic segmentation

3. Psychographic segmentation 19. In the context of the value chain,
__________ is a primary activity that involves bringing materials into the business.
• operations • inbound logistics • technology development
marketing 20. __________ refers to a marketing strategy in which a firm tries to
cater to all customer groups with all the products they might require. •
Multiple segment specialization • Single-segment concentration •
Individual marketing Full market coverage 21. Entities that assist in the
distribution process of a product but neither take title to goods nor engage in the
negotiation of purchases or sales are called __________. • agents •
merchants • jobbers facilitators 22. Which of the following statements is
true of a sharing economy? • An organization's trust and reputation have little
role in determining its place in a sharing economy. • A sharing economy is
primarily the result of two activities, harvesting and divesting. •
Self-policing mechanisms are typically absent in most platforms that form part of a
sharing-related business. In a sharing economy, an individual experiences the
benefits of being both a consumer and a producer. 23. Which of the following
statements is true of fads? • They usually satisfy a strong customer need. •
They tend to win over only a limited following. • They have a long
acceptance cycle. They last for several generations. 24. The __________
refers to the core business process in which an organization researches, develops,
and introduces novel, high-quality products quickly and within the firm’s budget. •
customer acquisition process • customer relationship management
process • new-offering realization process fulfillment management
process 25. When marketers combine an existing brand with a new brand, the
product is called a __________. • sub-brand • parent brand • master
brand family brand 26. __________ is a period in a typical product life cycle
characterized by rapid market acceptance and significant profit improvement. •
Introduction • Growth • Decline Maturity 27. __________
seeks to create brand awareness among consumers and communicate to them
about new products or new features of existing products. • Informative
advertising • Reinforcement advertising • Reminder advertising
Persuasive advertising 28. A customer-focused __________ presents a strong,
convincing reason why the target market should purchase a product or service. •
value proposition • value network • project objective mission
statement 29. A company that interacts with its customers to get product ideas
should: • engage the right customers in the right way. • allow all its
customers to participate in the product-design process. • focus solely on its
lead users. prohibit customers from innovating products without its consent.
30. __________ is one of the methods used to develop ideas for a new product in

4. which each feature of an existing product is noted and modified. • Attribute
listing • Morphological analysis • Mind mapping
Reverse-assumption analysis