MKT 421 FINAL EXAM JUNE 2017. Questions & Answers.

1.__________ 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 Digital marketing Customer relationship management Environmental scanning 2.A __________ is often referred to as a business firm. government agency nonprofit organization publicly owned organization for-profit organization 3.The __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or products service gap analysis strategic focus and plan new-product process psychographic segmentation process 4.__________ differentiates retail outlets depending on whether contractual systems, independent retailers, or corporate chains own the outlet. Form of ownership Retail servicing Level of service Merchandise line 5.Which of the following is true of the price equation? Extra fees are not part 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. 6.A society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time. languages symbols values customs 7.__________ segmentation is done according to an objective measurable, physical, or other classification attribute of potential consumers. Psychographic Demographic Behavioral Geographic 8.A __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or products brand name trade name trademark brand personality 9.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? Managerial Facilitating Transactional Logistical