MKT 421 Final Exam / MKT421 Final Exam: GRADED A | 100% CORRECT

MKT 421 Final Exam / MKT421 Final Exam: GRADED A | 100% CORRECTMKT 421 Spring Final Exam 1. The __________ of the environment include the population and culture’s demographic characteristics. • competitive forces • social forces • technological forces • economic forces 2. Which of the following is true of economic development considerations? • A company must recognize a country’s currency exchange rates and price its products accordingly. • A company must weigh the average income of a country’s consumers. • A company must consider a country’s communications, distribution, and transportation systems. • A company must understand whether a country has a mixed economy or a more agricultural economy. 3. __________ is the combination of benefits such as convenience, quality, and on-time delivery provided to targeted buyers by firms at a particular price. • Customer value • Seller Value • Manufacturer value • Business value 4. What is the difference between primary and secondary data? • 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 relate to the effort spent in making sales, whereas secondary data relate to the results of marketing efforts. • 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 results of marketing efforts, whereas secondary data relate to the effort spent in making sales. 5. __________ 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 6. What must an organization use to determine its position respective to the competition during the new-product strategy development stage? • SWOT analysis and environmental scanning • Geographic and demographic segmentation • Promotion and price strategy • Strategic focus and strategic plan 7. Which of the following is a step in the planning stage of the strategic marketing process? • The marketing program • The results program • The implementation phase • The evaluation phase 8. __________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition. • Protectionism • Commercialism • Centralism • Provincialism 9. __________ 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. • Customer relationship management • Relationship marketing • Environmental scanning • Digital marketing 10. What is the difference between advertising and personal selling? • Advertising does not have an immediate feedback loop, whereas personal selling does because of direct interaction with potential consumers. • 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 is always a paid activity to sell a product, whereas personal selling involves no direct payment to sellers. 11. __________ differentiates retail outlets depending on whether contractual systems, independent retailers, or corporate chains own the outlet. • Level of service • Form of ownership • Merchandise line • Retail servicing 12. At the __________ level, the top management of a company directs the overall strategy for the whole company. • corporate • strategic business unit • functional • human resources 13. __________ segmentation is done according to where potential consumers live or work • Psychographic • Geographic • Demographic • Behavioral 14. The __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or products • service gap analysis • psychographic segmentation process • new-product process • strategic focus and plan 15. 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 • Niche marketing • Guerilla marketing • Digital marketing 16. __________ segmentation is done according to an objective measurable, physical, or other classification attribute of potential consumers. • Psychographic • Demographic • Geographic • Behavioral 17. A __________ is when manufacturers direct their promotional efforts toward channel partners to convince them to order and stock products. • pull strategy • skimming strategy • push strategy • multi-marketing strategy 18. The __________ sells a marketing plan to readers by being clear and direct. • mission statement • company description • strategic focus and plan • executive summary 19. The trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called a(n) __________. • communication • marketing mix • exchange • advertisement 20. __________ relate to the effort spent in making sales. • Observational data • Marketing input data • Marketing outcome data • Primary data 21. The idea of the __________ describes the phases a new product goes through in the marketplace. • marketing life cycle • new-product process • product life cycle • strategic marketing process 22. A __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or products • brand name • brand personality • trade name • trademark 23. Which of the following is true of the price equation? • Customers are more inclined to pay additional fees than a higher list price. • The amount paid by customers is always the same as the quoted price. • Sellers subtract the add-on charges from the list price. • Extra fees are not part of the price equation. 24. 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? • Break-even analysis • Business portfolio analysis • SWOT analysis • Marginal analysis 25. A __________ is often referred to as a business firm. • publicly owned organization • for-profit organization • nonprofit organization • government agency 26. __________ are small, downloadable software programs that work on tablet devices and smartphones. • Apps • RFIDs • Algorithms • Databases 27. 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? • There is a growing demand for quality meat products among the health-conscious. • 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. 28. A society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time. • customs • values • languages • Symbols 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? • Logistical • Managerial • Transactional • Facilitating 30. What is the difference between a marketing plan and a business plan? • A marketing plan deals with marketing actions, whereas a business plan addresses the entire organization. • A marketing plan contains a description of an organization, whereas a business plan does not contain any description. • A marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not. • A marketing plan addresses the financial projections of an organization, whereas a business plan does not