New March 2018 MKT/421 Final Exam

MKT421 FINAL EXAM

MKT421 FINAL EXAM:

Question 1
__________ segmentation is done according to an objective measurable, physical, or other
classification attribute of potential consumers.
• Demographic
• Behavioral
• Psychographic
• Geographic
Question 2
__________ differentiates retail outlets depending on whether contractual systems, independent
retailers, or corporate chains own the outlet.
• Merchandise line
• Form of ownership
• Level of service
• Retail servicing
Question 3
__________ is best defined as the process of continuously obtaining information on events
happening outside a company to recognize and interpret possible trends that affect marketing.
• Relationship marketing
• Environmental scanning
• Customer relationship management
• Digital marketing
Question 4
The __________ refers to the seven stages a company goes through to recognize opportunities
and convert them into sellable services or products
• psychographic segmentation process
• new-product process
• service gap analysis
• Strategic focus and plan
Question 5
__________ is the act of using quotas or tariffs to shield one or more industries within a
country’s economy from foreign competition.
• Provincialism
• Centralism
• Protectionism
• Commercialism
Question 6
Which of the following is true of economic development considerations?
• A company must weigh the average income of a country’s consumers.
• A company must understand whether a country has a mixed economy or a more
agricultural economy.
• A company must recognize a country’s currency exchange rates and price its products
accordingly.
• A company must consider a country’s communications, distribution, and
transportation systems.
Question 7
The trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called
a(n) __________.
• marketing mix
• advertisement
• exchange
• communication
Question 8
What is the difference between advertising and personal selling?
• Advertising uses customized interaction between sellers and potential consumers,
whereas personal selling sells to a large group of potential consumers.
• Advertising can control the amount of wasted coverage, whereas personal selling cannot
control the amount of wasted coverage
• Advertising does not have an immediate feedback loop, whereas personal selling
does because of direct interaction with potential consumers.
• Advertising is always a paid activity to sell a product, whereas personal selling involves
no direct payment to sellers.
Question 9
A __________ is often referred to as a business firm.
• nonprofit organization
• government agency
• publicly owned organization
• for-profit organization
Question 10
At the __________ level, the top management of a company directs the overall strategy for
the whole company.
• human resources
• corporate
• functional
• strategic business unit
Question 11
What is the difference between primary and secondary data?
• Primary data relate to the results of marketing efforts, whereas secondary data relate to
the effort spent in making sales.
• Primary data are facts and figures recorded prior to a current project, whereas
secondary data are newly collected facts and figures for a project.
• Primary data are newly collected facts and figures for a project, whereas
secondary data are facts and figures recorded prior to a current project.
• Primary data relate to the effort spent in making sales, whereas secondary data relate to
the results of marketing efforts
Question 12
__________ is an activity that creates, communicates, and delivers products and services
that benefit an organization, its stakeholders, its customers, and society as a whole.
• Manufacturing
• Marketing
• Purchasing
• Advertising
Question 13
__________ is the combination of benefits such as convenience, quality, and on-time
delivery provided to targeted buyers by firms at a particular price.
• Manufacturer value
• Business value
• Customer value
• Seller Value
Question 14
__________ relate to the effort spent in making sales.
• Marketing outcome data
• Observational data
• Marketing input data
• Primary data
Question 15
What is the difference between a marketing plan and a business plan?
A marketing plan addresses the financial projections of an organization, whereas a business plan
does not
• A marketing plan deals with marketing actions, whereas a business plan
addresses the entire organization.
• A marketing plan contains details on operations, research, and manufacturing,
whereas a business plan does not.
• A marketing plan contains a description of an organization, whereas a business plan
does not contain any description.
Question 16
__________ are small, downloadable software programs that work on tablet devices and
smartphones.
• RFIDs
• Apps
• Databases
• Algorithms
Question 17
A __________ is when manufacturers direct their promotional efforts toward channel
partners to convince them to order and stock products.
• pull strategy
• multi-marketing strategy
• skimming strategy
• push strategy
Question 18
A society’s __________ represent socially or personally preferable states of existence or
modes of conduct that persist over time.
• languages
• customs
• symbols
• values
Question 19
Which of the following is a step in the planning stage of the strategic marketing process?
• The results program
• The evaluation phase
• The marketing program
• The implementation phase
Question 20
Darby’s Burgers Ltd. uses the best quality meats in its burgers. However, this fact is not
being marketed well to its potential consumers, leading to a decline in sales. There is a
growing demand for quality meat products among the health-conscious that could work in
Darby’s favor. However, Darby’s must compete with fast-food chains that offer burgers at
low prices. Which of the following statements describes Darby’s weakness according to
SWOT analysis?
• Darby’s quality is not well-marketed or advertised to its potential consumers.
• Darby’s must compete with fast-food chains that offer cheap burgers.
• Darby’s uses good quality meats in its burgers.
• There is a growing demand for quality meat products among the health-conscious.
Question 21
The __________ of the environment include the population and culture’s demographic
characteristics.
• competitive forces
• economic forces
• social forces
• technological forces
Question 22
A __________ is any word, device (shape, design, color, or sound), or combination
thereof used to differentiate a seller’s services or products
• brand personality
• brand name
• Trademark
• trade name
Question 23
Banana Technologies Inc. operates through brick-and-mortar stores that allow customers
to personally check the brand’s computers and ask questions about its products. Upon
purchase of any of its computers, the company allows the customers to return to the store
for free consultations up to one year while also providing free software upgrades. Which
marketing strategy is Banana Technologies Inc. following?
• Relationship marketing
• Digital marketing
• Guerilla marketing
• Niche marketing
Question 24
What must an organization use to determine its position respective to the competition
during the new-product strategy development stage?
• Promotion and price strategy
• SWOT analysis and environmental scanning
• Strategic focus and strategic plan
• Geographic and demographic segmentation
Question 25
The __________ sells a marketing plan to readers by being clear and direct.
• mission statement
• company description
• strategic focus and plan
• executive summary
Question 26
__________ segmentation is done according to where potential consumers live or work
• Psychographic
• Behavioral
• Demographic
• Geographic
Question 27
Which of the following is true of the price equation?
• Sellers subtract the add-on charges from the list price.
• The amount paid by customers is always the same as the quoted price.
• Customers are more inclined to pay additional fees than a higher list price.
• Extra fees are not part of the price equation.
Question 28
The shares of Agro Textiles Ltd. are valued lower than its competitors. To increase its
value, the company decides to study its current situation and see how it can improve itself.
Which of the following strategic marketing processes should be used by Agro to analyze its
situation?
• Marginal analysis
• Business portfolio analysis
• SWOT analysis
• Break-even analysis
Question 29
Yes Music is the authorized distributor for products of Trompa Instruments, a popular
manufacturer of trumpets and other brass instruments. Yes Music purchases products
from Trompa and distributes them to music stores across the country. What kind of
intermediary function does Yes Music perform for Trompa?
• Facilitating
• Transactional
• Logistical
• Managerial
Question 30
The idea of the __________ describes the phases a new product goes through in the
marketplace.
• marketing life cycle
• strategic marketing process
• product life cycle
• new-product process

MKT421 FINAL EXAM

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