Mkt 421 final exam answers new 2016

1. MKT 421 Final Exam Answers – New 2016
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A __________ is a road map for the marketing activities of an organization for a specified
future time period, such as one year or five years.
marketing dashboard
marketing plan
operation plan
mission statement
What is meant by “accelerating the process?”

2. Increase advertising costs during product launch
Speed up new product time to market
Identify major competitors early
Create a new market space
The product life cycle refers to __________.
a concept that describes the stages a new product goes through from product concept to
commercialization
the average life span of a product
a concept that describes the stages a product goes through in the marketplace—early growth,
accelerated development, maturity, and decline
a concept that describes the stages a product goes through in the marketplace—introduction,
growth, maturity, and decline

3. Jay stops at the shopping mall to purchase a new pair of jeans from the Diesel store. He is
the
ultimate consumer in a pipeline from the producer through intermediaries, including the
clothing store. This pipeline is actually a _______.
marketing channel
marketing tunnel
consumer market
distribution matrix
What is the marketing objective for the growth stage of the product life cycle?
maintain brand loyalty
minimize promotion
increase market share
stress differentiation
In the nonprofit world of the performing arts, box office technology has essentially
remained the same since the 1980s. A company called Tessitura is trying to change that.

4. Tessitura is able to track every transaction with its patrons in one database. The
information collected includes ticket purchases, fund-raising, volunteering, and gift shop
purchases that will help symphonies, operas, and theaters develop customer profiles in
order to tailor their sales messages to specific individuals. In other words, Tessitura will
allow arts groups to engage in:
mainstream marketing
societal marketing
relationship marketing
market aggregation
Marketing refers to:
the production of products or services that will generate the highest return on investment.
the activity for creating, communicating, delivering, and exchanging offerings that benefit its
customers, the organization, its stakeholders, and society at large.
the activity involved in getting a product or service from the manufacturer to ultimate consumers
and organizational buyers.
the process of identifying target market segments for a product or service.

5. Variables such as location, the North American Industry Classification System (NAICS)
code, and type of buy are all examples of ways to:
promote NAFTA.
segment an organizational market.
forecast sales to a consumer market.
differentiate products.
While pricing objectives frequently reflect corporate goals, pricing constraints often relate
to:
stockholder demands.
conditions existing in the marketplace. an organization’s code of ethics.
the financial realities within the organization itself.
In personal branding, the “price” component of the marketing mix refers to:
The number of hours you spend job searching
The annual cost of maintaining online profiles (such as LinkedIn)

6. The expense associated with job-hunting
The salary range and job benefits you hope to receive
At Mattel, Barbie is child-tested to be sure the doll cannot be broken apart and accidentally
choke a child. This type of consumer or safety test occurs during the __________ stage of
the new-product process.
new-product strategy development
market testing
development
screening and evaluation
Customer value refers to:
the cluster of benefits that an organization promises customers to satisfy their needs.
the need of a customer to receive the highest quality product at the lowest possible price.
a statement that, before product development begins, identifies (1) a well-defined target market;
(2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to
satisfy consumers.

7. the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
Developing a pool of concepts to serve as candidates for new products is the __________
stage of the new-product process.
idea generation
product development
open innovation
new-product strategy development
The goal of a SWOT analysis is to:
identify market research questions in order to develop new products for new market segments.
determine how raises, bonuses, and dividends will be paid.
identify the critical strategy-related factors that can impact the firm. reorganize the firm’s
marketing department.
Marketing research refers to:

8. the science of using observable human behavior in order to identify and solve marketing
problems.
the process of defining a marketing problem and opportunity, systematically collecting and
analyzing information, and recommending actions.
the use of information technology to find objective solutions to a marketing problem.
the process of systematically collecting and analyzing information in order to define a marketing
problem.
There is no single “generic” marketing plan that can apply to all organizations or all
institutions. Rather, the specific format for a marketing plan for an organization depends
on the following: the industry, the kind and complexity of the organization, and ________.
available resources
the financial investment needed
the competition
the target audience and purpose
Which of the following conditions are necessary for marketing to occur?

9. a quality product, a fair price, a clever method of promotion, and a place where a customer can
buy the product
two or more people, a product, a reasonable price, and a place to make an exchange
two or more people, a method of assessing needs, a way to communicate, and an exchange
two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to
communicate, and something to exchange
Online retail purchases by consumers can be the result of several very different
approaches, which include: (1) paying dues to become a member of an online discount
service; (2) participating in an online auction; (3) going directly to online malls; and (4)
_______.
participating in a buying cooperative becoming a secret shopper
using a shopping “bot” to search for a product at locations with the best price becoming a
member of a research group that evaluates new products
Environmental scanning refers to:
assessing any possible negative impact a firm’s activities might have on the local ecology.
setting up a regular schedule to assess the performance of different divisions within a firm.
continually acquiring information on events occurring outside the organization to identify and
interpret potential trends.
initiating an internal talent search to identify employees who can think “outside the box” to
generate solutions to marketing problems caused by changes in the marketing environment.

10. Relationship selling refers to:
the assignment of a single salesperson to a single customer throughout the entire sales process.
the practice of building ties to customers based on a salesperson’s attention and commitment to
customer needs over time.
when suppliers and sellers combine their expertise and resources to create customized solutions;
commit to joint planning; and share customer, competitive, and company information for their
mutual benefit, and ultimately the customer.
the practice of maintaining contact with a customer on a regularly scheduled basis following the
initial sale of a product or service.
A global marketing strategy refers to:
the strategy currently used by most U.S. domestic firms that when entering a new international
market, these firms offer only those products that require the least amount of product adaptation.
the global strategy of seeking out already established firms in other nations and selling them the
rights to manufacture and distribute the firm’s products through a host nation’s local businesses.
the strategy of transnational firms that employ the practice of standardizing marketing activities
when there are cultural similarities and adapting them when cultures differ.
the strategy used by multinational firms that have as many different product variations, brand
names, and advertising programs as countries in which they do business.

11. Segmentation based on some subjective mental or emotional attributes, aspirations, or
needs of prospective customers is referred to as:
socioeconomic segmentation.
psychosocial segmentation.
affective segmentation.
psychographic segmentation.
Computer-based networks that trigger actions by sensing changes in the real or digital
world are known as:
global marketing platforms.
convergent systems.
intelligence technologies.
smart systems.

12. The study of similarities and differences among consumers in two or more nations or
societies is referred to as __________.
transnational finance
market synthesis
cross-cultural analysis
international sociographics
Advertising, personal selling, sales promotion, public relations, and direct marketing are
marketing communications alternatives that make up a firm’s __________.
marketing mix
promotional mix

13. communication source
media strategy
Neuromarketing is becoming more important in marketing as experts realize that
traditional research methods such as focus groups and surveys may not be enough to
understand what drives consumer purchase behavior due to:
It is not possible to formulate questions without bias
Consumers cannot verbalize their emotional responses
The data obtained is not quantifiable
The sample size is too small
Which of the following transactions occurred in the marketspace?
Connie sold Discovery Toys creative puzzles at an in-home demonstration.
Josh bought his mother a menorah through the Source for Everything Jewish gift catalog by
calling a toll-free telephone number.
Corey bought a double-dipped chocolate ice cream cone from the ice cream person when his
mobile ice cream truck came down the street.

14. Joan bought a brand new pair of Dansko shoes through Zappos.com.
Four trends in the past decade have significantly influenced the landscape of global
marketing. One of them is:
a decrease in most countries’ GDPs and a renewal of nationalism.
the emergence of networked global marketspace.
a more aggressive attitude towards initiating international tariffs and quota systems.
an increase in most countries’ GDPs coupled with an increased degree of consumer
ethnocentrism.
The term branding refers to __________.
the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years,
at which time a firm may renew its intellectual property rights to them
an organization’s use of a name, phrase, design, symbol, or combination of these to identify its
products and distinguish them from those of competitors
the establishment of a commercial, legal name under which a company does business
the identification of an organization’s products based upon individual SKUs

15. The term branding refers to __________.
the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years,
at which time a firm may renew its intellectual property rights to them
an organization’s use of a name, phrase, design, symbol, or combination of these to identify its
products and distinguish them from those of competitors
the establishment of a commercial, legal name under which a company does business
the identification of an organization’s products based upon individual SKUs
The initial stepin the strategic marketing process is to begin planning by conducting a
_______.
situation (SWOT) analysis
market-product analysis and setting goals
diversification analysis
business portfolio analysis.