MKTG 3340 Exam #2 fully solved 2023/2024 passed

MKTG 3340 Exam #2generate profitable Revenue - correct answer The purpose of marketing is to... B - correct answer Which statement is most likely true about idea generation in the new product development process? A. A company can either develop ideas through internal or external sources but not through both. B. Idea generation is usually followed by procedures that reduce the total number of ideas. C. Most companies set a limit for the number of ideas generated to simplify the process. D. Idea generation is most effective when it occurs after idea screening. E. Intrapreneurial programs enable customers to contribute to the idea generation process. crowdsourcing - correct answer Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton is using _____ to generate new product ideas. test marketing - correct answer Foods International is developing a new gluten-free pretzel. The marketing strategy for the product has already been developed and presented to top management. Several prototypes were also formulated by the company's R&D team. The final prototype is now being tested rigorously to ensure that it passes FDA standards. Once approved, the next step will most likely be... value-based - correct answer A ________ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth. cost-plus - correct answer Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using a ________ approach to price the new moisturizer. competition-based - correct answer Los Amigos, a new Mexican restaurant, has set up shop across the street from Hot Tamales and More. Which of the following pricing strategies will Los Amigos likely use? market-skimming - correct answer With each new generation of Apple iPhone, iPad, or Mac computer, new models start at a high price then work their way down as newer models are introduced. Apple initially uses a _____ strategy. C - correct answer Which of the following would be considered an upstream partner in a company's supply chain? A. a firm that resells a finished product and shares the net sales with the producer B. a firm that a firm that markets a product to consumers through social media C. a firm that provides technical expertise in the production of a product D. a firm that buys products at wholesale cost from the company D - correct answer Which of the following applies to a marketing intermediary who buys brand name toothpaste from 10 different manufacturers, consolidates offerings, and then resells the various brands to 500+ supermarkets? A. help a company develop a direct channel selling system B. facilitate the production of products without direct customer feedback C. buy small quantities of products from producers and break them down into narrow assortments for customers D. transform the assortments of products made by producers into the assortments wanted by customers A - correct answer Performance Inc. sells its newest athletic shoe styles to The Sneaker Store and distributes dated or slightly defective merchandise through Sports Discounters. Performance Inc.'s main competitor is Topnotch Manufacturers. Performance Inc. also markets its products through the company Web site. They decide to offer a short-term online promotion to encourage consumers to buy their newest athletic shoes, promoting a 20 percent discount off current retail prices. In such a distribution channel, which of the following would be considered a vertical conflict? A. a conflict between Performance Inc. and The Sneaker Store B. a conflict among Performance Inc., The Sneaker Store, and Sports Discounters C. a conflict between The Sneaker Store and Sports Discounters D. a conflict between Performance Inc. and Sports Discounters E. a conflict between Performance Inc. and Topnotch Manufacturers