MKT 571 Final answer

Question details:

  1. 1.       What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides?

Tablets

Smartphones

E-mail

Avatars

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

A saturated domestic market

A saturated foreign market

Cater to a domestic mass market

High income level of domestic consumers

3. 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

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

ethical dilemmas

ethical practices

correct ethics

situational ethics

5. 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

growth

obsolescence

maturity

6. 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-Mart's strategy is best described as ________.

differentiation

integrative growth

overall cost leadership

market development

7. The effect of exposures on audience awareness depends on the following three factors:

space, communication, and advertisements

height, length, and width

distance, timing, and focus

reach, frequency, and impact

8. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?

Altered pricing

Price adaptation

Regular prices

Fixed pricing

9. 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 5 – drafting the report

Step 2 – developing the research plan

Step 1 – defining the problem

Step 4 – analyzing the information

10. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda ________.

rules

righteousness

sustainability

ethics

11. 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 ________.

early entry

late entry

parallel entry

first entry

12. 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 accumulation

data marketing

data mining

data governance

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

Economic

Technological

Cultural

Political

14. 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?

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

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.

15. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

market specialization

selective specialization

single-segment concentration

product specialization

16. 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 ________.

durability

conformance quality

interoperability

compatibility

17. 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 mission

brand personality

brand slogan

brand vision

18. 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?

Augmented product

Pure tangible product

Basic product

Potential product

19. 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 ________.

crisis management

problem-solving

decision making

provoking solutions

20. _______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics.

Ethnic-based marketing

Multicultural marketing

Specialized marketing

Diversity marketing

21. Which control should periodically reassess its approach to the marketplace with a good marketing audit?

Performance control

Marketing control

Strategic control

Ethical control

22. 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?

Complete marketing benefit

Total customer benefit

Total management benefit

Ultimate service benefit

23. A social definition of marketing says ______.

effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers

marketing is the process of extracting maximum value from consumers to facilitate corporate growth

a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

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

24. What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities?

Solvency

Activity

Efficiency

Profitability

25. What are the four characteristics of a marketing audit?

Dependent, non-comprehensive, quarterly, and unannounced

Simple, unique, randomly, and exclusive

Comprehensive, systematic, independent, and periodic

Announced, semi-annually, dependent, and perpetual

26. Which of the following is a strategy that uses the manufacturer’s sales force, trade promotion money, or other means to induce intermediaries to carry, promote, and sell the product to end users?

Lock strategy

Pull strategy

Push strategy

Strategic plan

27. Which method identifies the effect sponsorship has on consumers brand knowledge?

Supply-side method

Pricing method

Demand-side method

Positioning method

28. 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 estimation

market partitioning

market valuation

brand association

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

existing products that are targeted to new geographical markets

new product enhancements that supplement established products

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

new products that create an entirely new market

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

promotional efforts

quality

communication

region

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MKT 571 Final answer

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