MKT/571 Final Exam (Multiple Choice 30 Questions)

MKT/571 Final Exam (Multiple Choice 30 Questions)

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  1. The __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service.
  • Natural environment
  • Task environment
  • Demographic environment
  • Legal environment
  1. __________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products.
  • Persuasive advertising
  • Reminder advertising
  • Reinforcement advertising
  • Informative advertising

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  1. In which of the following stages of a product life cycle are profits nonexistent?
  • Decline
  • Maturity
  • Introduction
  • Growth
  1. Which of the following is a difference between business markets and consumer markets?
  • Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets are made by a buying committee.
  • Suppliers in business markets are often expected to customize their products to suit the requirements of individual business customers, whereas suppliers in consumer markets are seldom expected to do so.
  • In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers.
  • In business markets, the total demand for goods and services is significantly affected by price changes, whereas in consumer markets, the total demand for goods and services is not significantly affected by price changes.
  1. When marketers combine an existing brand with a new brand, the product is called a __________.
  • Parent brand
  • Family brand
  • Sub-brand
  • Master brand
  1. __________ refers to the activity of designing a company’s product and image so that they occupy a distinctive place in the minds of the target market.
  • Positioning
  • Segmentation
  • Targeting
  • Customization
  1. A company that interacts with its customers to get product ideas should:
  • prohibit customers from innovating products without its consent.
  • focus solely on its lead users.
  • allow all its customers to participate in the product-design process.
  • engage the right customers in the right way.
  1. __________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement.
  • Growth
  • Maturity
  • Introduction
  • Decline
  1. __________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points.
  • Customer cloning
  • Customer relationship management
  • Product modification
  • Enterprise resource planning
  1. Entities that assist in the distribution process of a product but neither take title to goods nor engage in the negotiation of purchases or sales are called __________.
  • Facilitators
  • Jobbers
  • Merchants
  • Agents
  1. Which of the following statements is true of personal communications channels?
  • They are often less effective than mass communication channels.
  • They include public relations, advertising, and sales promotions.
  • Their influence on purchase decisions is significant when products are purchased frequently.
  • Their effectiveness derives from individualized presentation and feedback.
  1. __________ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require.
  • Full market coverage
  • Individual marketing
  • Single-segment concentration
  • Multiple segment specialization
  1. In the context of the value chain, __________ is a primary activity that involves bringing materials into the business.
  • technology development
  • marketing
  • operations
  • inbound logistics
  1. __________ divides the market into units such as nations, states, regions, cities, or neighborhoods.
  • Behavioral segmentation
  • Demographic segmentation
  • Psychographic segmentation
  • Geographic segmentation
  1. Which of the following statements is true of fads?
  • They have a long acceptance cycle.
  • They usually satisfy a strong customer need.
  • They tend to win over only a limited following.
  • They last for several generations.
  1. Business markets differ from consumer markets in that:
  • In business markets, purchasing is often executed through intermediaries.
  • Buying decisions in business markets are subject to multiple influences.
  • In business markets, a marketer typically deals with several smaller buyers.
  • The total demand for many goods and services in business markets is elastic.
  1. Which of the following best describes the term product system?
  • It refers to a set of different but related items that operate in a compatible manner.
  • It is a group of products that perform a similar function and belong to a single product class.
  • It refers to a set of products available only to high-income consumers.
  • It is a set of variants that are developed for a single product.
  1. The width of a company’s product mix refers to:
  • The number of variants offered for each product in a product line.
  • The extent to which the different product lines in the mix are related in terms of end use.
  • The total number of items in the product mix.
  • The number of different product lines carried by the company.
  1. A fundamental and distinctive mode of expression that appears in a field of human endeavor is called a __________.
  • Pattern
  • Trend
  • Style
  • Theme
  1. Fashion Vista Designers, a firm that sells designer clothes, has outlets in four countries. In each country, it offers clothes that suit the climatic conditions of the country and match the cultural sensibilities of the local population. The marketing department of Fashion Vista often releases advertisements that show regional celebrities endorsing the company’s products. In this scenario, which of the following types of market segmentation does Fashion Vista employ?
  • Behavioral segmentation
  • Demographic segmentation
  • Geographic segmentation
  • Psychographic segmentation
  1. __________ is one of the methods used to develop ideas for a new product in which each feature of an existing product is noted and modified.
  • Morphological analysis
  • Attribute listing
  • Mind mapping
  • Reverse-assumption analysis
  1. The marketing department of StyleWheel Inc., a manufacturer of luxury cars, initiates intensive marketing efforts prior to the launch of a new model. Three months into the launch of the new model, the department decides to assess the short-term effects of its marketing activities. Which of the following is a reliable measure of performance for this purpose?
  • Perceived quality
  • Customer awareness
  • Shareholder value
  • Market share
  1. __________ is the first step a firm should take while setting the price for a product.
  • Estimating cost
  • Determining demand
  • Selecting a pricing method
  • Selecting the pricing objective
  1. __________ refers to the capacity to satisfy humanity’s needs without harming future generations.
  • Sustainability
  • Profitability
  • Accountability
  • Durability
  1. Nowadays, a __________ is being appointed by many firms so as to place the marketing function on a more equal footing with the functions performed by other C-level executives.
  • Marketing Manager
  • Finance Manager
  • Chief Marketing Officer
  • Chief Information Officer
  1. The __________ refers to the core business process in which an organization researches, develops, and introduces novel, high-quality products quickly and within the firm’s budget.
  • Customer relationship management process
  • New-offering realization process
  • Fulfilment management process
  • Customer acquisition process
  1. A customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service.
  • Value network
  • Project objective
  • Mission statement
  • Value proposition
  1. Which of the following statements is true of a sharing economy?
  • An organization’s trust and reputation have little role in determining its place in a sharing economy.
  • Self-policing mechanisms are typically absent in most platforms that form part of a sharing-related business.
  • In a sharing economy, an individual experiences the benefits of being both a consumer and a producer.
  • A sharing economy is primarily the result of two activities, harvesting and divesting.
  1. A firm should use undifferentiated marketing to promote its products when:
  • It wants to appeal to multiple market segments.
  • The market shows several natural segments.
  • It wants to customize its products for each consumer.
  • All consumers have roughly the same wants and preferences.
  1. Which of the following measures reflects the short-term results of a firm’s marketing efforts?
  • Sales turnover
  • Market share
  • Perceived quality
  • Customer awareness

Course: MKT 571 Marketing
School: University of Phoenix

  • : 14/08/2018
  • : 35
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