MKT 421 Final Exam

MKT 421 Final Exam

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1. Compared with other approaches to business, the marketing concept is distinct in that it:

  • Produces new products and services.
  • Focuses on satisfying customers’ needs.
  • Focuses on sales.
  • Creates a broad assortment of products.

2. The sales analysis of a product revealed that profits were highest when it was initially introduced into the market with a high selling price. However, the price was gradually reduced as it started facing competition as substitutes entered the market. This is an example of a (n) _____.

  • Skimming price policy
  • Introductory price dealing
  • Penetration price policy
  • Temporary price cut policy

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3. Behavioral targeting:

  • Delivers ads to consumers based on previous websites the customer has visited.
  • Tries to reach target customers who are actually interested in what the firm has to communicate.
  • Tries to place ads on websites that are designed to appeal to the firm’s target market.
  • Allows advertisers to pay only when a customer clicks on the ad and links to the advertiser’s website.

4. Which of the following is true of direct distribution?

  • It requires a significant investment in facilities.
  • Direct distribution always serves customer needs better and at a lower cost.
  • Most firms selling consumer products rely on direct distribution.
  • It reduces a producer’s need for working capital.

5. The three basic sales tasks are:

  • Order-closing, order-opening, and sales-promoting.
  • Order-taking, missionary selling, and order-getting.
  • Order-taking, supporting, and order-getting.
  • Order-taking, order-managing, and order-getting.

6. A useful tool for organizing the competitor analysis is:

  • The oligopoly chart.
  • The competitive summary.
  • A competitor matrix.
  • Rivals chart.

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7. Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because:

  • The purchase situations may be different.
  • Family life cycles may be different.
  • Many wants are culturally learned.
  • Economic wants do not influence purchases in many regions of the world.

8. The main difference between the “marketing department era” and the “marketing company era” is:

  • More emphasis on short-run planning in the marketing company era.
  • More emphasis on selling and advertising in the marketing department era.
  • Whether the president of the firm has a background in marketing.
  • Whether the whole company is customer-oriented.

9. David Oreck advertises Oreck vacuum cleaners via commercials that run on national radio programs. He encourages consumers to “…try my 8-pound Oreck vacuum for free for 30 days,” and to return it if they aren’t satisfied. He then provides an easy-to-remember toll-free telephone number that consumers can use to place orders. Regarding the AIDA model, the free-trial period and availability of a toll-free number are devices used mainly to:

  • Obtain action.
  • Hold interest.
  • Arouse desire.
  • Get attention.

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 10. More than 600,000 loyal customers signed up in advance to purchase the iPhone4 in an Apple store the first day it was available for sale in the U.S. What type of response behavior were these Apple followers demonstrating?

  • Routinized response
  • Low-involvement buying
  • Limited problem solving
  • Dissonance response

11. Because she frequently buys books at Amazon.com, Sophie Soleil set up an account and password at the website. Now, when she logs on and searches for a specific book, a note pops up at the center of her laptop screen saying: “Hello, Sophie, we have recommendations for you,” and proceeds to list other titles that Sophie might enjoy based on her previous purchases. Amazon can remember Sophie (and her previous purchases) because the online retailer uses:

  • Banners.
  • Cookies.
  • Encoding.
  • Decoding.

12. When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser’s ad and links to the advertiser’s website, this process is called a(n):

  • pay-per-click.
  • copy thrust.
  • pay-per-view.
  • pioneering ad.

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13. According to the concept of social responsibility, a firm has a duty to:

  • Conduct business in a way that is good for society as a whole, both now and for the future.
  • Communicate regularly with the public.
  • Place profit above all other considerations.
  • Place customer satisfaction above all other considerations.

14. Which of the following is a common cause of new product failures?

  • The company delays putting the product on the market until it develops a complete marketing plan.
  • The company tries to follow an organized new-product development process—rather than using a faster and more spontaneous, “race-to-market” approach.
  • The product fails to offer the customer a unique benefit.
  • The managers worry too much about the competition.

15. Tammi Soloft has itchy eyes and a stuffy nose, and suddenly becomes aware of many TV ads for allergy products that she never noticed before. This illustrates:

  • reinforced cognition.
  • selective perception.
  • selective exposure.
  • selective retention.

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16. Genetech Corp. has invested heavily to develop a patented new product. Genetech wants to achieve a rapid return on its investment. It probably should set a ______________ pricing objective.

  • Profit maximization
  • Sales-oriented
  • Status quo
  • Target return

17. When a company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products, what type of statement is this?

  • Qualifying
  • Positioning
  • Clustering
  • Determining

18. The advantages of working with an intermediary usually increase when there is:

  • A greater number of customers.
  • Little distance between customers.
  • A smaller number of competing products.
  • Excellent communication with customers.

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19. When new product ideas are chosen based on ratings and comments from customers, this process is called ______.

  • Reaction engineering
  • Creative resourcing
  • Crowdsourcing
  • Idea engineering

20. In the 1990s, DVDs replaced audiocassettes and floppy disks as the storage media of choice for music and computers. At which stage of the product life cycle is the DVD today?

  • Sales decline
  • Market introduction
  • Market extinction
  • Market immaturity

21. The primary purpose of branding is:

  • To prevent competitors from stealing product ideas.
  • To identify a product.
  • To boost customer satisfaction.
  • To enhance package design.

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22. Clearwater Office Supply sells frequently purchased office supplies to businesses in a metropolitan area. It is a well-established company with a large share of the market. Its promotion should probably focus on:

  • Reminding.
  • Informing.
  • Stimulating primary demand.
  • Innovators.

23. The main difference between a “marketing strategy” and a “marketing plan” is that:

  • A marketing strategy provides more detail.
  • Time-related details are included in a marketing plan.
  • A marketing plan includes several marketing strategies.
  • A marketing strategy omits pricing plans.

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24. From the perspective of macro-marketing, e-commerce specialists CarFax (which provides vehicle history reports) and Cars.com (a website offering auto comparison shopping) have emerged within the auto industry because:

  • The information they provide makes the exchange process between producers and consumers more efficient and effective.
  • The role of the automotive sales person is becoming obsolete.
  • Auto manufacturers need to sell direct to consumers.
  • The market needs competitive rivals to auto dealerships.

25. In the American Marketing Association’s Statement of Ethics, which ethical value stresses a firm’s attempts to balance the needs of its buyers with the interests of sellers?

  • Citizenship
  • Responsibility
  • Honesty
  • Fairness

26. Most firms in the business world set their prices using:

  • Demand-oriented price setting.
  • Federal price guidelines.
  • Supply and demand analysis.
  • Cost-oriented price setting.

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27. A producer might use a “pulling policy” rather than a “pushing policy” if:  

  • Intermediaries are reluctant to handle a new product.
  • Its sales force has been very successful getting wholesalers and retailers to handle its product.
  • It is offering a very “high-tech” product to a small product-market.
  • It has a very limited promotion budget.

28. The phrase “big data” refers to:

  • the top five firms in the marketing research industry.
  • the use of marketing research in big marketing decisions.
  • the massive amount of data being collected and processed by today’s organizations.
  • marketing research data taken from Internet sources.

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29. In which quadrant of the SWOT analysis tool does the following fit? A firm is in a fast-growing industry.

  • Weaknesses
  • Opportunities
  • Strengths
  • Threats

30. Blending the firm’s promotion efforts to convey a complete and consistent message is the goal of:

  • Sales promotion communications.
  • Integrated marketing communications.
  • Integrated promotional marketing.
  • Sales management communications. 

About Author

This article covers the topic for the University of Phoenix MKT 421 Final Exam.The author is working in the field of education from last 5 years. This article covers the basic of MKT 421 Assignment Guide from UOP. Other topics in the class are as follows:

MKT 421 Week 1 Discussion Questions

MKT 421 Week 1 Defining Marketing Paper

MKT 421 Week 1 Complete

MKT 421 Week 2 Discussion Questions

MKT 421 Week 2 Marketing Mix Paper

MKT 421 Week 2 Complete

MKT 421 Week 3 Discussion Questions

MKT 421 Week 3 Marketing Research Paper

MKT 421 Week 3 Marketing Plan Phase II

MKT 421 Week 3 Complete

MKT 421 Week 4 Discussion Questions

MKT 421 Week 4 Marketing Plan Phase III

MKT 421 Week 4 Complete

MKT 421 Week 5 Environmental Factors Paper

MKT 421 Week 5 Marketing Plan Final Paper and Presentation

MKT 421 Week 5 Complete

MKT 421 Final Exam Answers

For further information on the above topics you can always visit the website www.UopStudents.com

 

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