MKT 421 FINAL EXAM JUNE 2017 (Already graded A+)

MKT 421 FINAL EXAM JUNE 2017

1. __________ 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

2. A __________ is often referred to as a business firm.

government agency

nonprofit organization

publicly owned organization

for-profit organization

3. 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

4. __________ 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

5. 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 as the quoted price.

Customers are more inclined to pay additional fees than a higher list price.

6. A society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time.

languages

symbols

values

customs

7. __________ segmentation is done according to an objective measurable physical or other classification attribute of potential consumers.

Psychographic

Demographic

Behavioral

Geographic

8. 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

9. 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

10. 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

11. __________ are small, downloadable software programs that work on tablet devices and smartphones.

Algorithms

Apps

Databases

RFIDs

12. __________ 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

13. The __________ sells a marketing plan to readers by being clear and direct.

mission statement

executive summary

company description

strategic focus and plan

14. __________ relate to the effort spent in making sales.

Marketing input data

Marketing outcome data

Observational data

Primary data

15. 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 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

16. 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.

17. __________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition.

Commercialism

Centralism

Provincialism

Protectionism

18. The __________ of the environment include the population and culture’s demographic characteristics.

technological forces

competitive forces

social forces

economic forces

19. 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

20. 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?

Marginal analysis

Break-even analysis

Business portfolio analysis

SWOT analysis

21. 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

22. 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.

23. __________ is an activity that creates, communicates, and delivers products and services that benefit an organization, its stakeholders, its customers, and society as a whole.

Marketing

Advertising

Purchasing

Manufacturing

24. 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.

25. 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

Geographic and demographic segmentation

SWOT analysis and environmental scanning

26. 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

27. At the __________ level the top management of a company directs the overall strategy for the whole company.

strategic business unit

functional

human resources

corporate

28. Which of the following is true of economic development considerations?

A company must understand whether a country 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.

29. 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

30. __________ segmentation is done according to where potential consumers live or work

Behavioral

Demographic

Psychographic

Geographic