MKT 571 Final Exam Latest UOP Tutorials

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MKT 571 Final Exam Question Answers

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• Which component of a marketing audit includes
  major developments in income, prices, savings,
  and credit that affect the company?
• Technological
• Political
• Economic
• Cultural
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• 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
• 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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• 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
• 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
• 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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• 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
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• 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
• 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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• 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
• 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
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• 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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• 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
• 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
• 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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• 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
• 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
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• 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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• A firm must know where to position its product
  based on price and ________.
• region
• quality
• promotional efforts
• communication
• The ability to meet humanitys needs without
  harming future generations is now a top priority
  in most corporate agenda________.
• righteousness
• rules
• ethics
• sustainability 
• 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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• Another basis for decision-making is referred to
  as ________.
• ethical practices
• situational ethics
• ethical dilemmas
• correct ethics 
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• 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 
• 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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• 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 
• 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. 

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• 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 
• 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 
• _______ 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 

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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     Ab
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