MKT 571 Final Exam Guide New 2018

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. 

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 

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

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 which each 

feature of an existing product is noted and modified.

Attribute listing

Morphological analysis

Mind mapping

Reverse-assumption analysis