MKT 571 Final Exam

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MKT 571 Final Exam (Latest)

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1. Which component of a marketing audit includes major developments in
income, prices, savings, and credit that affect the company?

Technological

Political

Economic

Cultural

1 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?

Core benefit

Pure tangible product

Basic product

Potential benefit

1 What type of strategy consists of geographical pricing, price discounts and

allowances, promotional pricing, and differentiated pricing?

Regular prices

Price adaptation

Altered pricing

Fixed pricing

1 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.

hard-core loyals

split loyals

shifting loyals

switchers

1 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 ________.

market valuation

market estimation

brand association

market partitioning

1 Which of the following is a strategy that uses the manufacturers sales

force, trade promotion money, or other means to induce intermediaries to
carry, promote, and sell the product to end users?

Strategic plan

Lock strategy

Push strategy

Pull strategy

1 What are the four characteristics of a marketing audit?

Simple, unique, randomly, and exclusive

Announced, semi-annually, dependent, and perpetual

Comprehensive, systematic, independent, and periodic

Dependent, non-comprehensive, quarterly, and unannounced

1 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
________.

first entry

parallel entry

late entry

early entry

1 What can enhance the value of Web-based shopping experiences to serve

as personal shopping assistants or Web-site guides?

E-mail

Avatars

Tablets

Smartphones

1 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-Marts strategy is best described

as ________.

Overall cost leadership

market development

integrative growth

differentiation

1 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 ________.

compatibility

durabilitybmw

interoperability

conformance quality

1 Which control should periodically reassess its approach to the marketplace

with a good marketing audit?

Marketing control

Ethical control

Performance control

Strategic control

1 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?

Total management benefit

Complete marketing benefit

Total customer benefit

Ultimate service benefit

1 With ________ as a target market strategy, the firm concentrates on serving

many needs of a particular customer group.

market specialization

product specialization

selective specialization

single-segment concentration

1 Which of the following can induce a firm to expand into the international
arena?

A saturated foreign market

Cater to a domestic mass market

High income level of domestic consumers

A saturated domestic market

1 The effect of exposures on audience awareness depends on the following

three factors:

space, communication, and advertisements

reach, frequency, and impact

distance, timing, and focus

height, length, and width

1 2Wheels 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 ________.

data marketing

data governance

data accumulation

data mining

1 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.

decline

maturity

obsolescence

growth

1 A firm must know where to position its product based on price and
________.

region

quality

promotional efforts

communication

1 The ability to meet humanitys needs without harming future generations is

now a top priority in most corporate agenda________.

righteousness

rules

ethics

sustainability

1 What type of control focuses on measuring a companys products

territories, customer groups, segments, trade channels, and order sizes to
help expand or eliminate any products or marketing activities?

Activity

Profitability

Solvency

Efficiency

1 Another basis for decision-making is referred to as ________.

ethical practices

situational ethics

ethical dilemmas

correct ethics

1 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 ________.

brand slogan

brand personality

brand vision

brand mission

1 Which method identifies the effect sponsorship has on consumers brand

knowledge?

Demand-side method

Pricing method

Supply-side method

Positioning method

1 A social definition of marketing says ______.

a company should focus exclusively on achieving high production

efficiency, low costs, and mass distribution to facilitate the broadest
possible access to the companys products

marketing is the process of extracting maximum value from consumers to

facilitate corporate growth

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

effective marketing requires companies to remove intermediaries to

achieve a closer connection with direct consumers

1 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?

Emphasize benefits to the consumer rather than environmental benefits.

Explain the rules and regulations laid out by governmental agencies to

protect the environment.

Demonstrate that the products will benefit both customers and the society
in the long-term.

Focus on the efforts and costs incurred by the company to bring these
"green" products to consumers.

1 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?

Step 1 defining the problem

Step 2 developing the research plan

Step 4 analyzing the information

Step 5 drafting the report

1 New-to-the-world products are ________.

new product enhancements that supplement established products

existing products that are targeted to new geographical markets

new products that create an entirely new market

low-cost products designed to obtain an edge in highly competitive

markets

1 _______ is an approach that considers different ethnic and cultural

segments require targeted marketing campaigns and tactics.

Ethnic-based marketing

Diversity marketing

Multicultural marketing

Specialized marketing

1 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 ________.

decision making

provoking solutions

crisis management

problem-solving

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