MKT 3401 FINAL QUESTIONS AND ANSWERS
Satsuma, a manufacturer of hair and beauty products, mainly sells convenience
products. Given this information, which is a characteristic of Satsuma's products? -
Answer -They require wide distribution in order to sell sufficient quantities
Which of the following best defines an unsought product? - Answer -A product
unknown to the potential buyer or a known product that the buyer does not actively seek
What pricing policy entails charging a relatively low price for a product when it is first
rolled out as a way to reach the mass market? - Answer -Penetration pricing
Which of the following best describes a difference between an attribute and a benefit of
a product? - Answer -An attribute is simply a feature of a product, whereas a benefit is
what consumers receive by using a product.
Highland Mobile has launched a new smartphone in two different models. Both variants
of the smartphone have a similar design but have different hardware specifications and
therefore, different price points. The company uses this strategy to make this
smartphone more universally affordable. In this scenario, Highland Mobile is most likely
using - Answer -income segmentation
Office Stop, an office furniture manufacturing company, does not manufacture any
pieces until an order is received. It coordinates and integrates the activities of its
suppliers, designers, and carpenters to ensure an efficient production cycle. This
enables Office Stop to deliver the products to customers within five working days. This
is an example of _____ management. - Answer -supply chain
Which of the following statements is true of supply chain-oriented firms? - Answer -
They are financially better off in the long run than companies that are not.
To develop a successful segmentation scheme, marketers gather data about the
population within specific geographic boundaries, the number of people in various age
categories, and other social and demographic characteristics. This example describes
which of the four basic criteria used to develop useful segment schemes? - Answer -
Identifiability and measurability
A particular item for which consumers search extensively and are very reluctant to
accept substitutes is called a/ an __________. - Answer -specialty product
In an interactive space, earned media include: - Answer -viral videos
Electronica Inc. manufactures electronic gadgets. Its marketing team spent a great deal
of money on advertising to create awareness about the company's products among
potential customers and employs a variety of methods, such as print, broadcast, and
, online advertising. According to the steps involved in segmenting a market, Electronica
Inc. most likely is: - Answer -designing and implementing its marketing mix.
Glam Co., a fashion design company, organizes an online contest. Participants are
asked to design women's apparel to be posted on a social media website where its
members can vote and provide feedback. Based on those votes, Glam Co. will
announce the winner and offer that individual a job at its firm. In this scenario, Glam Co.
is involved in _____. - Answer -crowdsourcing
Traditional advertising provides more sophisticated methods of measuring how
marketers meet and interact with consumers than social media does. - Answer -False
A product is only tangible goods. - Answer -False
Which type of media is based on is the traditional advertising model in which a brand
funds the media space? - Answer -Paid media
Containing and protecting products, promoting products, facilitating storage and
recycling, are all functions of? - Answer -Packaging
Tennot Inc. sells used cars. It focuses solely on low-income customers who prefer to
buy a used car rather than a new one. Therefore, it develops one marketing mix that
targets a low-income demographic group. In this scenario, Tennot Inc. most likely uses
a/ an _____. - Answer -concentrated targeting strategy
A product refers to tangible goods, services, and ideas. - Answer -True
The final step in market segmentation is selecting segmentation descriptors. - Answer -
False
Buzz is a social media metric based on: - Answer -the volume of consumer comments
generated for a brand on posts and impressions, by social channel, by stage in the
purchase channel, by season, and by time of day.
Restaurant Reveille strives to improve its customer service and makes sure that its
customers enjoy the food and ambience at the restaurant. The restaurant's manager
gathers and assesses customer reviews from various online sources and then
evaluates their opinions and sentiments. This scenario illustrates the process of _____.
- Answer -social media monitoring
Websites that allow consumers to post, read, rate, and comment on opinions regarding
all kinds of products and services are called ______________ sites. - Answer -review
Sweets Galore is a bakery that manufactures cupcakes. It does not use specific
strategies to target children when marketing its products. Instead it uses the same
Satsuma, a manufacturer of hair and beauty products, mainly sells convenience
products. Given this information, which is a characteristic of Satsuma's products? -
Answer -They require wide distribution in order to sell sufficient quantities
Which of the following best defines an unsought product? - Answer -A product
unknown to the potential buyer or a known product that the buyer does not actively seek
What pricing policy entails charging a relatively low price for a product when it is first
rolled out as a way to reach the mass market? - Answer -Penetration pricing
Which of the following best describes a difference between an attribute and a benefit of
a product? - Answer -An attribute is simply a feature of a product, whereas a benefit is
what consumers receive by using a product.
Highland Mobile has launched a new smartphone in two different models. Both variants
of the smartphone have a similar design but have different hardware specifications and
therefore, different price points. The company uses this strategy to make this
smartphone more universally affordable. In this scenario, Highland Mobile is most likely
using - Answer -income segmentation
Office Stop, an office furniture manufacturing company, does not manufacture any
pieces until an order is received. It coordinates and integrates the activities of its
suppliers, designers, and carpenters to ensure an efficient production cycle. This
enables Office Stop to deliver the products to customers within five working days. This
is an example of _____ management. - Answer -supply chain
Which of the following statements is true of supply chain-oriented firms? - Answer -
They are financially better off in the long run than companies that are not.
To develop a successful segmentation scheme, marketers gather data about the
population within specific geographic boundaries, the number of people in various age
categories, and other social and demographic characteristics. This example describes
which of the four basic criteria used to develop useful segment schemes? - Answer -
Identifiability and measurability
A particular item for which consumers search extensively and are very reluctant to
accept substitutes is called a/ an __________. - Answer -specialty product
In an interactive space, earned media include: - Answer -viral videos
Electronica Inc. manufactures electronic gadgets. Its marketing team spent a great deal
of money on advertising to create awareness about the company's products among
potential customers and employs a variety of methods, such as print, broadcast, and
, online advertising. According to the steps involved in segmenting a market, Electronica
Inc. most likely is: - Answer -designing and implementing its marketing mix.
Glam Co., a fashion design company, organizes an online contest. Participants are
asked to design women's apparel to be posted on a social media website where its
members can vote and provide feedback. Based on those votes, Glam Co. will
announce the winner and offer that individual a job at its firm. In this scenario, Glam Co.
is involved in _____. - Answer -crowdsourcing
Traditional advertising provides more sophisticated methods of measuring how
marketers meet and interact with consumers than social media does. - Answer -False
A product is only tangible goods. - Answer -False
Which type of media is based on is the traditional advertising model in which a brand
funds the media space? - Answer -Paid media
Containing and protecting products, promoting products, facilitating storage and
recycling, are all functions of? - Answer -Packaging
Tennot Inc. sells used cars. It focuses solely on low-income customers who prefer to
buy a used car rather than a new one. Therefore, it develops one marketing mix that
targets a low-income demographic group. In this scenario, Tennot Inc. most likely uses
a/ an _____. - Answer -concentrated targeting strategy
A product refers to tangible goods, services, and ideas. - Answer -True
The final step in market segmentation is selecting segmentation descriptors. - Answer -
False
Buzz is a social media metric based on: - Answer -the volume of consumer comments
generated for a brand on posts and impressions, by social channel, by stage in the
purchase channel, by season, and by time of day.
Restaurant Reveille strives to improve its customer service and makes sure that its
customers enjoy the food and ambience at the restaurant. The restaurant's manager
gathers and assesses customer reviews from various online sources and then
evaluates their opinions and sentiments. This scenario illustrates the process of _____.
- Answer -social media monitoring
Websites that allow consumers to post, read, rate, and comment on opinions regarding
all kinds of products and services are called ______________ sites. - Answer -review
Sweets Galore is a bakery that manufactures cupcakes. It does not use specific
strategies to target children when marketing its products. Instead it uses the same
