MKT 571 Final Exam Study Guide
1. Another basis for decision-making is referred to as
a) ethical practices
b) ethical dilemmas
c) situational ethics
d) correct ethics
2. New-to-the-world products are ________.
a) existing products that are targeted to new geographical markets
b) new product enhancements that supplement established products
c) low-cost products designed to obtain an edge in highly competitive markets
d) 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.
b) hard-core loyals
c) split loyals
d) shifting loyals
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 ________.
a) market partitioning
b) brand association
c) market valuation
d) market estimation
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 called ________.
a) early entry
b) parallel entry
c) first entry
d) late entry
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?
a) Pull strategy
b) Lock strategy
c) Strategic plan
d) Push strategy
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 life cycle.
8. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?
a) Altered pricing
b) Price adaptation
c) Fixed pricing
d) Regular prices
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 ________.
a) data governance
b) data marketing
c) data accumulation
d) data mining
10. Which method identifies the effect sponsorship has on consumers brand knowledge?
a) Demand-side method
b) Positioning method
c) Supply-side method
d) Pricing method
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 as ________.
a) overall cost leadership
b) market development
d) integrative growth
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 successful?
a) Demonstrate that the products will benefit both customers and the society in the long-term.
b) Focus on the efforts and costs incurred by the company to bring these “green” products to consumers.
c) Explain the rules and regulations laid out by governmental agencies to protect the environment.
d) 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?
a) Step 5 – drafting the report
b) Step 4 – analyzing the information
c) Step 2 – developing the research plan
d) 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?
a) Total customer benefit
b) Complete marketing benefit
c) Ultimate service benefit
d) Total management benefit
15. The effect of exposures on audience awareness depends on the following three factors:
a) distance, timing, and focus
b) space, communication, and advertisements
c) height, length, and width
d) reach, frequency, and impact
16. Which of the following can induce a firm to expand into the international arena?
a) Cater to a domestic mass market
b) A saturated foreign market
c) High income level of domestic consumers
d) A saturated domestic market
17. What are the four characteristics of a marketing audit?
a) Comprehensive, systematic, independent, and periodic
b) Announced, semi-annually, dependent, and perpetual
c) Simple, unique, randomly, and exclusive
d) 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.
a) single-segment concentration
b) market specialization
c) selective specialization
d) product specialization
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 and ________.
b) promotional efforts
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 ________.
a) conformance quality
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?
a) Basic product
b) Core benefit
c) Pure tangible product
d) Potential benefit
24. Which control should periodically reassess its approach to the marketplace with a good marketing audit?
a) Ethical control
b) Performance control
c) Marketing control
d) Strategic control
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 ________.
a) brand vision
b) brand slogan
c) brand mission
d) brand personality
26. _______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics.
a) Diversity marketing
b) Specialized marketing
c) Ethnic-based marketing
d) Multicultural marketing
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 for ________.
b) decision making
c) provoking solutions
d) crisis management
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 activities?
29. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________.
30. A social definition of marketing says ______.
a) effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers
b) 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
c) 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
d) marketing is the process of extracting maximum value from consumers to facilitate corporate growth
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