MKT/421 Final Exam (Multiple Choice 30 Questions)

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1. Which of the following is true of the price equation?

a) Extra fees are not part of the price equation.
b) Customers are more inclined to pay additional fees than a higher list price.
c) Sellers subtract the add-on charges from the list price.
d) The amount paid by customers is always the same as the quoted price.

2. 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?

a) Logistical
b) Managerial
c) Transactional
d) Facilitating

3. 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?

a) Relationship marketing
b) Guerilla marketing
c) Digital marketing
d) Niche marketing

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4. 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?

a) Marginal analysis
b) Business portfolio analysis
c) SWOT analysis
d) Break-even analysis

5. __________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition.

a) Centralism
b) Commercialism
c) Provincialism
d) Protectionism

6. 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?

a) Darby’s must compete with fast-food chains that offer cheap burgers.
b) Darby’s uses good quality meats in its burgers.
c) Darby’s quality is not well-marketed or advertised to its potential consumers.
d) There is a growing demand for quality meat products among the health-conscious.

7. __________ segmentation is done according to where potential consumers live or work

a) Psychographic
b) Behavioral
c) Geographic
d) Demographic

8. __________ is the combination of benefits such as convenience, quality, and on-time delivery provided to targeted buyers by firms at a particular price.

a) Manufacturer value
b) Seller Value
c) Customer value
d) Business value

9. Which of the following is a step in the planning stage of the strategic marketing process?

a) The implementation phase
b) The marketing program
c) The results program
d) The evaluation phase

10. __________ are small, downloadable software programs that work on tablet devices and smartphones.

a) Algorithms
b) Databases
c) Apps
d) RFIDs

11. __________ is an activity that creates, communicates, and delivers products and services that benefit an organization, its stakeholders, its customers, and society as a whole.

a) Advertising
b) Marketing
c) Manufacturing
d) Purchasing

12. __________ differentiates retail outlets depending on whether contractual systems, independent retailers, or corporate chains own the outlet.

a) Merchandise line
b) Retail servicing
c) Level of service
d) Form of ownership

13. The trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called a(n) __________.

a) advertisement
b) exchange
c) communication
d) marketing mix

14. At the __________ level, the top management of a company directs the overall strategy for the whole company.
a) human resources
b) corporate
c) functional
d) strategic business unit

15. __________ relate to the effort spent in making sales.

a) Marketing input data
b) Marketing outcome data
c) Observational data
d) Primary data

16. A society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time.

a) customs
b) languages
c) values
d) symbols

17. A __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or products

a) brand personality
b) trademark
c) brand name
d) trade name

18. What is the difference between advertising and personal selling?

a) Advertising does not have an immediate feedback loop, whereas personal selling does because of direct interaction with potential consumers.
b) Advertising uses customized interaction between sellers and potential consumers, whereas personal selling sells to a large group of potential consumers.
c) Advertising is always a paid activity to sell a product, whereas personal selling involves no direct payment to sellers.
d) Advertising can control the amount of wasted coverage, whereas personal selling cannot control the amount of wasted coverage.

19. What is the difference between primary and secondary data?

a) Primary data are facts and figures recorded prior to a current project, whereas secondary data are newly collected facts and figures for a project.
b) Primary data relate to the effort spent in making sales, whereas secondary data relate to the results of marketing efforts.
c) Primary data are newly collected facts and figures for a project, whereas secondary data are facts and figures recorded prior to a current project.
d) Primary data relate to the results of marketing efforts, whereas secondary data relate to the effort spent in making sales.

20. __________ segmentation is done according to an objective measurable, physical, or other classification attribute of potential consumers.

a) Geographic
b) Behavioral
c) Psychographic
d) Demographic

21. The __________ of the environment include the population and culture’s demographic characteristics.

a) competitive forces
b) economic forces
c) social forces
d) technological forces

22. The __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or products

a) service gap analysis
b) strategic focus and plan
c) psychographic segmentation process
d) new-product process

23. A __________ is often referred to as a business firm.

a) publicly owned organization
b) government agency
c) for-profit organization
d) nonprofit organization

24. What must an organization use to determine its position respective to the competition during the new-product strategy development stage?

a) Strategic focus and strategic plan
b) Geographic and demographic segmentation
c) Promotion and price strategy
d) SWOT analysis and environmental scanning

25. Which of the following is true of economic development considerations?

a) A company must recognize a country’s currency exchange rates and price its products accordingly.
b) A company must understand whether a country has a mixed economy or a more agricultural economy.
c) A company must weigh the average income of a country’s consumers.
d) A company must consider a country’s communications, distribution, and transportation systems.

26. __________ 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.

a) Digital marketing
b) Customer relationship management
c) Environmental scanning
d) Relationship marketing

27. What is the difference between a marketing plan and a business plan?

a) A marketing plan addresses the financial projections of an organization, whereas a business plan does not
b) A marketing plan deals with marketing actions, whereas a business plan addresses the entire organization.
c) A marketing plan contains a description of an organization, whereas a business plan does not contain any description.
d) A marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not.

28. A __________ is when manufacturers direct their promotional efforts toward channel partners to convince them to order and stock products.

a) push strategy
b) skimming strategy
c) pull strategy
d) multi-marketing strategy

29. The idea of the __________ describes the phases a new product goes through in the marketplace.

a) marketing life cycle
b) strategic marketing process
c) product life cycle
d) new-product process

30. The __________ sells a marketing plan to readers by being clear and direct.

a) mission statement
b) company description
c) strategic focus and plan
d) executive summary

Course: MKT/421 Marketing
School: University of Phoenix

  • 12/11/2017
  • 2
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