MKT 421 Final Exam Guide (New, 2017) NEW Check this A+ tutorial guideline at http://mkt421entirecourse.com/mkt-421-new/mkt-421-final-exam-guide-latest For more classes visit http://mkt421entirecourse.com __________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing. Relationship marketing Digital marketing Customer relationship management Environmental scanning

1. MKT 421 Final Exam Guide (New, 2017) NEW
Check this A+ tutorial guideline at
http://mkt421entirecourse.com/mkt-421-
new/mkt-421-final-exam-guide-latest
For more classes visit
http://mkt421entirecourse.com
__________ is best defined as the process of
continuously obtaining information on events
happening outside a company to recognize and
interpret possible trends that affect marketing.
Relationship marketing
Digital marketing
Customer relationship management
Environmental scanning
A __________ is often referred to as a business firm.
government agency
nonprofit organization

2. publicly owned organization
for-profit organization
The __________ refers to the seven stages a company
goes through to recognize opportunities and
convert them into sellable services or products
service gap analysis
strategic focus and plan
new-product process
psychographic segmentation process
__________ differentiates retail outlets depending on
whether contractual systems independent
retailers or corporate chains own the outlet.
Form of ownership
Retail servicing
Level of service
Merchandise line
Which of the following is true of the price
equation?
Extra fees are not part of the price equation.
Sellers subtract the add-on charges from the list
price.
The amount paid by customers is always the same

3. as the quoted price.
Customers are more inclined to pay additional fees
than a higher list price.
A society’s __________ represent socially or
personally preferable states of existence or modes
of conduct that persist over time.
languages
symbols
values
customs
__________ segmentation is done according to an
objective measurable physical or other
classification attribute of potential consumers.
Psychographic
Demographic
Behavioral
Geographic
A __________ is any word, device (shape, design,
color, or sound), or combination thereof used to
differentiate a seller’s services or products
brand name
trade name
trademark
brand personality

4. Yes Music is the authorized distributor for
products of Trompa Instruments, a popular
manufacturer of trumpets and other brass
instruments. Yes Music purchases products from
Trompa and distributes them to music stores
across the country. What kind of intermediary
function does Yes Music perform for Trompa?
Managerial
Facilitating
Transactional
Logistical
The idea of the __________ describes the phases a new
product goes through in the marketplace.
product life cycle
strategic marketing process
new-product process
marketing life cycle
__________ are small downloadable software
programs that work on tablet devices and
smartphones.
Algorithms
Apps
Databases
RFIDs

5. __________ is the combination of benefits such as
convenience, quality, and on-time delivery
provided to targeted buyers by firms at a
particular price.
Customer value
Seller Value
Manufacturer value
Business value
The __________ sells a marketing plan to readers by
being clear and direct.
mission statement
executive summary
company description
strategic focus and plan
__________ relate to the effort spent in making sales.
Marketing input data
Marketing outcome data
Observational data
Primary data
What is the difference between a marketing plan
and a business plan?
A marketing plan deals with marketing actions,
whereas a business plan addresses the entire
organization.
A marketing plan contains a description of an

6. organization, whereas a business plan does not
contain any description.
A marketing plan contains details on operations,
research, and manufacturing, whereas a business
plan does not.
A marketing plan addresses the financial
projections of an organization, whereas a business
plan does not
Darby’s Burgers Ltd. uses the best quality meats in
its burgers. However, this fact is not being
marketed well to its potential consumers, leading
to a decline in sales. There is a growing demand
for quality meat products among the health-
conscious that could work in Darby’s favor.
However, Darby’s must compete with fast-food
chains that offer burgers at low prices. Which of
the following statements describes Darby’s
weakness according to SWOT analysis?
There is a growing demand for quality meat
products among the health-conscious.
Darby’s must compete with fast-food chains that
offer cheap burgers.
Darby’s quality is not well-marketed or advertised
to its potential consumers.
Darby’s uses good quality meats in its burgers.
__________ is the act of using quotas or tariffs to

7. shield one or more industries within a country’s
economy from foreign competition.
Commercialism
Centralism
Provincialism
Protectionism
The __________ of the environment include the
population and culture’s demographic
characteristics.
technological forces
competitive forces
social forces
economic forces
The trade of offerings of value between a buyer
and a seller, resulting in mutual benefit, is called
a(n) __________.
exchange
advertisement
communication
marketing mix
The shares of Agro Textiles Ltd. are valued lower
than its competitors. To increase its value, the
company decides to study its current situation and
see how it can improve itself. Which of the
following strategic marketing processes should be
used by Agro to analyze its situation?

8. Marginal analysis
Break-even analysis
Business portfolio analysis
SWOT analysis
A __________ is when manufacturers direct their
promotional efforts toward channel partners to
convince them to order and stock products.
multi-marketing strategy
pull strategy
push strategy
skimming strategy
What is the difference between advertising and
personal selling?
Advertising is always a paid activity to sell a
product, whereas personal selling involves no
direct payment to sellers.
Advertising can control the amount of wasted
coverage, whereas personal selling cannot control
the amount of wasted coverage.
Advertising does not have an immediate feedback
loop, whereas personal selling does because of
direct interaction with potential consumers.
Advertising uses customized interaction between
sellers and potential consumers, whereas personal
selling sells to a large group of potential
consumers.
__________ is an activity that creates, communicates,

9. and delivers products and services that benefit an
organization, its stakeholders, its customers, and
society as a whole.
Marketing
Advertising
Purchasing
Manufacturing
What is the difference between primary and
secondary data?
Primary data are newly collected facts and figures
for a project, whereas secondary data are facts and
figures recorded prior to a current project.
Primary data relate to the results of marketing
efforts, whereas secondary data relate to the effort
spent in making sales.
Primary data relate to the effort spent in making
sales, whereas secondary data relate to the results
of marketing efforts.
Primary data are facts and figures recorded prior
to a current project, whereas secondary data are
newly collected facts and figures for a project.
What must an organization use to determine its
position respective to the competition during the
new-product strategy development stage?
Strategic focus and strategic plan
Promotion and price strategy

10. Geographic and demographic segmentation
SWOT analysis and environmental scanning
Banana Technologies Inc. operates through brick-
and-mortar stores that allow customers to
personally check the brand’s computers and ask
questions about its products. Upon purchase of
any of its computers, the company allows the
customers to return to the store for free
consultations up to one year while also providing
free software upgrades. Which marketing strategy
is Banana Technologies Inc. following?
Niche marketing
Digital marketing
Relationship marketing
Guerilla marketing
At the __________ level the top management of a
company directs the overall strategy for the whole
company.
strategic business unit
functional
human resources
corporate
Which of the following is true of economic
development considerations?
A company must understand whether a country

11. has a mixed economy or a more agricultural
economy.
A company must weigh the average income of a
country’s consumers.
A company must consider a country’s
communications, distribution, and transportation
systems.
A company must recognize a country’s currency
exchange rates and price its products accordingly.
Which of the following is a step in the planning
stage of the strategic marketing process?
The implementation phase
The results program
The evaluation phase
The marketing program
__________ segmentation is done according to where
potential consumers live or work
Behavioral
Demographic
Psychographic
Geographic