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MKT 571 Final Exam

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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
2. 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

3. 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
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4. 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

5. 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
6. 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

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7. 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
8. 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

9. 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
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Exam
10. 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

11. 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
12. Which control should periodically reassess
its approach to the marketplace with a good
marketing audit?
Marketing control
Ethical control
Performance control
Strategic control

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Final Exam Answer
13. 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
14. 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

15. 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
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16. 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

17. 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
18. 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
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19. A firm must know where to position its
product based on price and ________.
region
quality
promotional efforts
communication
20. The ability to meet humanitys needs without
harming future generations is now a top priority
in most corporate agenda________.
righteousness
rules
ethics
sustainability

21. 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
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571 Final Exam
22. Another basis for decision-making is
referred to as ________.
ethical practices
situational ethics
ethical dilemmas
correct ethics

23. 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 ATT's "Reach out and touch someone"
are all examples of ________.
brand slogan
brand personality
brand vision
brand mission
24. Which method identifies the effect
sponsorship has on consumers brand knowledge?
Demand-side method
Pricing method
Supply-side method
Positioning method

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25. 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
26. 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.

27. 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
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28. 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

29. _______ 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
30. 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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