MKT 421 FINAL EXAM 2016

A __________ is a road map for the marketing activities of
an organization for a specified future time period, such as one year or five
years.

marketing dashboard

marketing plan

operation plan

mission statement

What is meant by “accelerating the process?”

Increase advertising costs during product launch

Speed up new product time to market

Identify major competitors early

Create a new market space

The product life cycle refers to __________.

a concept that describes the stages a new product goes
through from product concept to commercialization

the average life span of a product

a concept that describes the stages a product goes through
in the marketplace—early growth, accelerated development, maturity, and decline

a concept that describes the stages a product goes through
in the marketplace—introduction, growth, maturity, and decline

Jay stops at the shopping mall to purchase a new pair of
jeans from the Diesel store. He is the

ultimate consumer in a pipeline from the producer through
intermediaries, including the clothing store. This pipeline is actually a
_______.

marketing channel

marketing tunnel

consumer market

distribution matrix

What is the marketing objective for the growth stage of the
product life cycle?

maintain brand loyalty

minimize promotion

increase market share

stress differentiation

In the nonprofit world of the performing arts, box office
technology has essentially remained the same since the 1980s. A company called
Tessitura is trying to change that. Tessitura is able to track every
transaction with its patrons in one database. The information collected
includes ticket purchases, fund-raising, volunteering, and gift shop purchases
that will help symphonies, operas, and theaters develop customer profiles in
order to tailor their sales messages to specific individuals. In other words, Tessitura
will allow arts groups to engage in:

mainstream marketing

societal marketing

relationship marketing

market aggregation

Marketing refers to:

the production of products or services that will generate
the highest return on investment.

the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the organization, its
stakeholders, and society at large.

the activity involved in getting a product or service from
the manufacturer to ultimate consumers and organizational buyers.

the process of identifying target market segments for a
product or service.

Variables such as location, the North American Industry
Classification System (NAICS) code, and type of buy are all examples of ways
to:

promote NAFTA.

segment an organizational market.

forecast sales to a consumer market.

differentiate products.

While pricing objectives frequently reflect corporate goals,
pricing constraints often relate to:

stockholder demands.

conditions existing in the marketplace. an organization’s
code of ethics.

the financial realities within the organization itself.

In personal branding, the “price” component of the marketing
mix refers to:

The number of hours you spend job searching

The annual cost of maintaining online profiles (such as
LinkedIn)

The expense associated with job-hunting

The salary range and job benefits you hope to receive

At Mattel, Barbie is child-tested to be sure the doll cannot
be broken apart and accidentally choke a child. This type of consumer or safety
test occurs during the __________ stage of the new-product process.

new-product strategy development

market testing

development

screening and evaluation

Customer value refers to:

the cluster of benefits that an organization promises
customers to satisfy their needs.

the need of a customer to receive the highest quality
product at the lowest possible price.

a statement that, before product development begins,
identifies (1) a well-defined target market; (2) specific customers’ needs,
wants, and preferences; and (3) what the product will be and do to satisfy
consumers.

the unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both
before-sale and after-sale service at a specific price.

Developing a pool of concepts to serve as candidates for new
products is the __________ stage of the new-product process.

idea generation

product development

open innovation

new-product strategy development

The goal of a SWOT analysis is to:

identify market research questions in order to develop new
products for new market segments. determine how raises, bonuses, and dividends
will be paid.

identify the critical strategy-related factors that can
impact the firm. reorganize the firm’s marketing department.

Marketing research refers to:

the science of using observable human behavior in order to
identify and solve marketing problems.

the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and recommending actions.

the use of information technology to find objective
solutions to a marketing problem.

the process of systematically collecting and analyzing
information in order to define a marketing problem.

There is no single “generic” marketing plan that can apply
to all organizations or all institutions. Rather, the specific format for a
marketing plan for an organization depends on the following: the industry, the
kind and complexity of the organization, and ________.

available resources

the financial investment needed

the competition

the target audience and purpose

Which of the following conditions are necessary for
marketing to occur?

a quality product, a fair price, a clever method of
promotion, and a place where a customer can buy the product

two or more people, a product, a reasonable price, and a
place to make an exchange

two or more people, a method of assessing needs, a way to communicate,
and an exchange

two or more parties with unsatisfied needs, a desire and an
ability to satisfy them, a way to communicate, and something to exchange

Online retail purchases by consumers can be the result of
several very different approaches, which include: (1) paying dues to become a
member of an online discount service; (2) participating in an online auction;
(3) going directly to online malls; and (4) _______.

participating in a buying cooperative becoming a secret
shopper

using a shopping “bot” to search for a product at locations
with the best price becoming a member of a research group that evaluates new
products

Environmental scanning refers to:

assessing any possible negative impact a firm’s activities
might have on the local ecology. setting up a regular schedule to assess the
performance of different divisions within a firm.

continually acquiring information on events occurring
outside the organization to identify and interpret potential trends.

initiating an internal talent search to identify employees
who can think “outside the box” to generate solutions to marketing problems
caused by changes in the marketing environment.

Relationship selling refers to:

the assignment of a single salesperson to a single customer
throughout the entire sales process.

the practice of building ties to customers based on a
salesperson’s attention and commitment to customer needs over time.

when suppliers and sellers combine their expertise and
resources to create customized solutions; commit to joint planning; and share
customer, competitive, and company information for their mutual benefit, and
ultimately the customer.

the practice of maintaining contact with a customer on a
regularly scheduled basis following the initial sale of a product or service.

A global marketing strategy refers to:

the strategy currently used by most U.S. domestic firms that
when entering a new international market, these firms offer only those products
that require the least amount of product adaptation.

the global strategy of seeking out already established firms
in other nations and selling them the rights to manufacture and distribute the
firm’s products through a host nation’s local businesses.

the strategy of transnational firms that employ the practice
of standardizing marketing activities when there are cultural similarities and
adapting them when cultures differ.

the strategy used by multinational firms that have as many
different product variations, brand names, and advertising programs as
countries in which they do business.

Segmentation based on some subjective mental or emotional
attributes, aspirations, or needs of prospective customers is referred to as:

socioeconomic segmentation.

psychosocial segmentation.

affective segmentation.

psychographic segmentation.

Computer-based networks that trigger actions by sensing
changes in the real or digital world are known as:

global marketing platforms.

convergent systems.

intelligence technologies.

smart systems.

The study of similarities and differences among consumers in
two or more nations or societies is referred to as __________.

transnational finance

market synthesis

cross-cultural analysis

international sociographics

Advertising, personal selling, sales promotion, public
relations, and direct marketing are marketing communications alternatives that
make up a firm’s __________.

marketing mix

promotional mix

communication source

media strategy

Neuromarketing is becoming more important in marketing as
experts realize that traditional research methods such as focus groups and
surveys may not be enough to understand what drives consumer purchase behavior
due to:

It is not possible to formulate questions without bias

Consumers cannot verbalize their emotional responses

The data obtained is not quantifiable

The sample size is too small

Which of the following transactions occurred in the marketspace?

Connie sold Discovery Toys creative puzzles at an in-home
demonstration.

Josh bought his mother a menorah through the Source for
Everything Jewish gift catalog by calling a toll-free telephone number.

Corey bought a double-dipped chocolate ice cream cone from
the ice cream person when his mobile ice cream truck came down the street.

Joan bought a brand new pair of Dansko shoes through
Zappos.com.

Four trends in the past decade have significantly influenced
the landscape of global marketing. One of them is:

a decrease in most countries’ GDPs and a renewal of
nationalism.

the emergence of networked global marketspace.

a more aggressive attitude towards initiating international
tariffs and quota systems.

an increase in most countries’ GDPs coupled with an
increased degree of consumer ethnocentrism.

The term branding refers to __________.

the licensing of a name, phrase, design, symbol, or
combination of these for a period of 17 years, at which time a firm may renew
its intellectual property rights to them

an organization’s use of a name, phrase, design, symbol, or
combination of these to identify its products and distinguish them from those
of competitors

the establishment of a commercial, legal name under which a
company does business

the identification of an organization’s products based upon
individual SKUs

The term branding refers to __________.

the licensing of a name, phrase, design, symbol, or
combination of these for a period of 17 years, at which time a firm may renew
its intellectual property rights to them

an organization’s use of a name, phrase, design, symbol, or
combination of these to identify its products and distinguish them from those
of competitors

the establishment of a commercial, legal name under which a
company does business

the identification of an organization’s products based upon
individual SKUs

The initial step in the strategic marketing process is to
begin planning by conducting a _______.

situation (SWOT) analysis

market-product analysis and setting goals

diversification analysis

business portfolio analysis.