MKTG 3340 FINAL EXAM ACTUAL QUESTIONS AND
SOLUTIONS RATED A+
✔✔Core Value Pyramid - ✔✔Links product attributes → functional/emotional benefits →
instrumental values → terminal values.
✔✔Instrumental Values - ✔✔Preferred modes of behavior (means).
✔✔Terminal/Core Values - ✔✔Desired end states of existence (ends).
✔✔Means-End Chains - ✔✔Connections between product attributes, benefits, and
consumer values.
✔✔Laddering - ✔✔Interview technique used to connect product attributes to personal
values.
✔✔Primary Packaging - ✔✔Holds a single retail unit (e.g., a bottle of Coke).
✔✔Secondary Packaging - ✔✔Holds a wholesale unit (e.g., a case of bottles).
✔✔Tertiary Packaging - ✔✔Used for shipping and bulk handling (e.g., pallets).
✔✔Packaging Communication Hierarchy - ✔✔How visual and text elements on
packaging communicate brand benefits.
✔✔Pallet Displays (Action Alley) - ✔✔Retail floor displays used for promotions and
seasonal marketing.
✔✔Idea Generation - ✔✔Finding new product ideas from employees, consumers,
suppliers, or competitors.
✔✔Lead Users - ✔✔Customers who help generate new ideas or product applications.
✔✔Idea Screening - ✔✔Evaluating ideas for value, feasibility, and strategic fit.
✔✔Process Feasibility - ✔✔Ability to produce and service the product effectively.
✔✔Financial Feasibility - ✔✔Ability of the new product to be profitable.
✔✔Investment Risk - ✔✔Risk that the firm will not earn a suitable ROI.
✔✔Opportunity Risk - ✔✔Risk of missing out on a better idea.
, ✔✔QFD (Quality Function Deployment) - ✔✔Designing a product to deliver the benefits
customers want.
✔✔Alpha Testing - ✔✔Testing in controlled/lab conditions.
✔✔Beta Testing - ✔✔Testing with real customers in real-world settings.
✔✔Rolling Launch - ✔✔Gradual introduction of a product to selected markets.
✔✔Market Test - ✔✔Testing the full marketing plan in a small market area.
✔✔Concept Testing - ✔✔Testing consumer reactions to a new idea before
development.
✔✔Product Life Cycle (PLC) - ✔✔Stages a product goes through: Introduction, Growth,
Maturity, Decline.
✔✔Penetration Pricing Strategy - ✔✔Low initial price to attract buyers and gain market
share.
✔✔Skimming Pricing Strategy - ✔✔High initial price to recover costs quickly.
✔✔Introduction Stage - ✔✔Launch phase; high costs, low profit.
✔✔Growth Stage - ✔✔Rapid sales and profit growth; competitors enter.
✔✔Maturity Stage - ✔✔Sales level off, profits decline, heavy competition.
✔✔Decline Stage - ✔✔Sales fall due to obsolescence or changing needs.
✔✔Marketing Channel - ✔✔Network of organizations involved in moving goods from
producer to consumer.
✔✔Channel Partners / Members / Intermediaries - ✔✔Third parties facilitating product
flow.
✔✔Wholesalers - ✔✔Buy large quantities, store, and sell smaller units to retailers.
✔✔Retailers - ✔✔Sell products directly to consumers.
✔✔Supermarkets - ✔✔Full-line food and household retailers.
✔✔Drugstores - ✔✔Sell health, beauty, and medication products.
SOLUTIONS RATED A+
✔✔Core Value Pyramid - ✔✔Links product attributes → functional/emotional benefits →
instrumental values → terminal values.
✔✔Instrumental Values - ✔✔Preferred modes of behavior (means).
✔✔Terminal/Core Values - ✔✔Desired end states of existence (ends).
✔✔Means-End Chains - ✔✔Connections between product attributes, benefits, and
consumer values.
✔✔Laddering - ✔✔Interview technique used to connect product attributes to personal
values.
✔✔Primary Packaging - ✔✔Holds a single retail unit (e.g., a bottle of Coke).
✔✔Secondary Packaging - ✔✔Holds a wholesale unit (e.g., a case of bottles).
✔✔Tertiary Packaging - ✔✔Used for shipping and bulk handling (e.g., pallets).
✔✔Packaging Communication Hierarchy - ✔✔How visual and text elements on
packaging communicate brand benefits.
✔✔Pallet Displays (Action Alley) - ✔✔Retail floor displays used for promotions and
seasonal marketing.
✔✔Idea Generation - ✔✔Finding new product ideas from employees, consumers,
suppliers, or competitors.
✔✔Lead Users - ✔✔Customers who help generate new ideas or product applications.
✔✔Idea Screening - ✔✔Evaluating ideas for value, feasibility, and strategic fit.
✔✔Process Feasibility - ✔✔Ability to produce and service the product effectively.
✔✔Financial Feasibility - ✔✔Ability of the new product to be profitable.
✔✔Investment Risk - ✔✔Risk that the firm will not earn a suitable ROI.
✔✔Opportunity Risk - ✔✔Risk of missing out on a better idea.
, ✔✔QFD (Quality Function Deployment) - ✔✔Designing a product to deliver the benefits
customers want.
✔✔Alpha Testing - ✔✔Testing in controlled/lab conditions.
✔✔Beta Testing - ✔✔Testing with real customers in real-world settings.
✔✔Rolling Launch - ✔✔Gradual introduction of a product to selected markets.
✔✔Market Test - ✔✔Testing the full marketing plan in a small market area.
✔✔Concept Testing - ✔✔Testing consumer reactions to a new idea before
development.
✔✔Product Life Cycle (PLC) - ✔✔Stages a product goes through: Introduction, Growth,
Maturity, Decline.
✔✔Penetration Pricing Strategy - ✔✔Low initial price to attract buyers and gain market
share.
✔✔Skimming Pricing Strategy - ✔✔High initial price to recover costs quickly.
✔✔Introduction Stage - ✔✔Launch phase; high costs, low profit.
✔✔Growth Stage - ✔✔Rapid sales and profit growth; competitors enter.
✔✔Maturity Stage - ✔✔Sales level off, profits decline, heavy competition.
✔✔Decline Stage - ✔✔Sales fall due to obsolescence or changing needs.
✔✔Marketing Channel - ✔✔Network of organizations involved in moving goods from
producer to consumer.
✔✔Channel Partners / Members / Intermediaries - ✔✔Third parties facilitating product
flow.
✔✔Wholesalers - ✔✔Buy large quantities, store, and sell smaller units to retailers.
✔✔Retailers - ✔✔Sell products directly to consumers.
✔✔Supermarkets - ✔✔Full-line food and household retailers.
✔✔Drugstores - ✔✔Sell health, beauty, and medication products.
