MKT 421 Final Exam 2017 (100% Answer)

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 marketingDigital marketingCustomer relationship managementEnvironmental scanning2. A __________ is often referred to as a business firm.government agencynonprofit organizationpublicly owned organizationfor-profit organization3. The __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or productsservice gap analysisstrategic focus and plannew-product processpsychographic segmentation process4. __________ differentiates retail outlets depending on whether contractual systems independent retailers, or corporate chains own the outlet.Form of ownershipRetail servicingLevel of serviceMerchandise line5. 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.languagessymbolsvaluescustoms7. __________ segmentation is done according to an objective measurable physical or other classification attribute of potential consumers.PsychographicDemographicBehavioralGeographic8. A __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or productsbrand nametrade nametrademarkbrand personality9. 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?ManagerialFacilitatingTransactionalLogistical10. The idea of the __________ describes the phases a new product goes through in the marketplace.product life cyclestrategic marketing processnew-product processmarketing life cycle11. __________ are small, downloadable software programs that work on tablet devices and smartphones.AlgorithmsAppsDatabasesRFIDs12. __________ is the combination of benefits such as convenience, quality, and on-time delivery provided to targeted buyers by firms at a particular price.Customer valueSeller ValueManufacturer valueBusiness value13. The __________ sells a marketing plan to readers by being clear and direct.mission statementexecutive summarycompany descriptionstrategic focus and plan14. __________ relate to the effort spent in making sales.Marketing input dataMarketing outcome dataObservational dataPrimary data15. What is the difference between a marketing plan and a business plan?A marketing plan deals with marketing actions, whereas a business plan addresses the entire organization.A marketing plan contains a description of an organization, whereas a business plan does not contain any description.A marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not.A marketing plan addresses the financial projections of an organization, whereas a business plan does not16. 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?There is a growing demand for quality meat products among the health-conscious.Darby’s must compete with fast-food chains that offer cheap burgers.Darby’s quality is not well-marketed or advertised to its potential consumers.Darby’s uses good quality meats in its burgers.17. __________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition.CommercialismCentralismProvincialismProtectionism18. The __________ of the environment include the population and culture’s demographic characteristics.technological forcescompetitive forcessocial forceseconomic forces19. The trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called a(n) __________.exchangeadvertisement    communicationmarketing mix20. 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?Marginal analysisBreak-even analysisBusiness portfolio analysisSWOT analysis21. A __________ is when manufacturers direct their promotional efforts toward channel partners to convince them to order and stock products.multi-marketing strategypull strategypush strategyskimming strategy22. What is the difference between advertising and personal selling?Advertising is always a paid activity to sell a product, whereas personal selling involves no direct payment to sellers.Advertising can control the amount of wasted coverage, whereas personal selling cannot control the amount of wasted coverage.Advertising does not have an immediate feedback loop, whereas personal selling does because of direct interaction with potential consumers.Advertising uses customized interaction between sellers and potential consumers, whereas personal selling sells to a large group of potential consumers.23. __________ is an activity that creates, communicates, and delivers products and services that benefit an organization, its stakeholders, its customers, and society as a whole.MarketingAdvertisingPurchasingManufacturing24. What is the difference between primary and secondary data?Primary data are newly collected facts and figures for a project, whereas secondary data are facts and figures recorded prior to a current project.Primary data relate to the results of marketing efforts, whereas secondary data relate to the effort spent in making sales.Primary data relate to the effort spent in making sales, whereas secondary data relate to the results of marketing efforts.Primary data are facts and figures recorded prior to a current project, whereas secondary data are newly collected facts and figures for a project.25. What must an organization use to determine its position respective to the competition during the new-product strategy development stage?Strategic focus and strategic planPromotion and price strategyGeographic and demographic segmentationSWOT analysis and environmental scanning26. 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?Niche marketingDigital marketingRelationship marketingGuerilla marketing27. At the __________ level the top management of a company directs the overall strategy for the whole company.strategic business unitfunctionalhuman resourcescorporate28. Which of the following is true of economic development considerations?A company must understand whether a country has a mixed economy or a more agricultural economy.A company must weigh the average income of a country’s consumers.A company must consider a country’s communications, distribution, and transportation systems.A company must recognize a country’s currency exchange rates and price its products accordingly.29. Which of the following is a step in the planning stage of the strategic marketing process?The implementation phaseThe results programThe evaluation phaseThe marketing program30. __________ segmentation is done according to where potential consumers live or workBehavioralDemographicPsychographicGeographic