MKT 571 Final Exam Guide
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MKT 571 Final Exam Guide

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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 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 manufacturer’s 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 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 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-Mart’s 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 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 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 19. A firm must know where to position its product based on price and ________. region quality promotional efforts communication 20. The ability to meet humanity’s 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 company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities? Activity Profitability Solvency Efficiency 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 AT&T'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 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 company’s 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 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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