mkt 571

Through its cutting-edge point-of-sale inventory, management technology, and highly efficient shipping practices, Wal-Mart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Wal-Mart's strategy is best described as ________.

• integrative growth

• differentiation

• overall cost leadership

• market development

The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________.

• sustainability

• ethics

• righteousness

• rules

Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

• Pure tangible product

• Augmented product

• Basic product

• Potential product

A social definition of marketing says ______.

• marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

• a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

• effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers

• marketing is the process of extracting maximum value from consumers to facilitate corporate growth

If the Ford GT is designed to accelerate to 50 miles per hour within 10 seconds, and every Ford GT coming off the assembly line does this, the model is said to have high ________.

• compatibility

• durability

• conformance quality

• interoperability

2Wheels conducts exhaustive customer surveys to discover customer preferences and attitudes towards the brand. Sally uses cluster analysis to classify the data and help the company determine the trends in the information. Sally is using the technique of ________. 

• data accumulation

• data governance

• data mining

• data marketing

A music school in Boyles Height, LA, specializes in teaching the guitar and the violin. After a spurt in growth and a few successful years, the school is experiencing a slowdown in sales and stability in its profits due to an increase in competition. The school is in the ________ stage of its life cycle.

• maturity

• growth

• obsolescence

• decline

What are the four characteristics of a marketing audit?

• Comprehensive, systematic, independent, and periodic

• Announced, semi-annually, dependent, and perpetual

• Simple, unique, randomly, and exclusive

• Dependent, non-comprehensive, quarterly, and unannounced

Another basis for decision-making is referred to as ________.

• ethical dilemmas

• correct ethics

• ethical practices

• situational ethics

Which of the following is a strategy that uses the manufacturer’s sales force, trade promotion money, or other means to induce intermediaries to carry, promote, and sell the product to end users?

• Lock strategy

• Push strategy

• Pull strategy

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Strategic plan

What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities?

• Efficiency

• Solvency

• Profitability

• Activity

Which of the following can induce a firm to expand into the international arena?

• Cater to a domestic mass market

• A saturated domestic market

• High income level of domestic consumers

• A saturated foreign market

_______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics. 

• Diversity marketing

• Multicultural marketing

• Specialized marketing

• Ethnic-based marketing

ABC Technology is nearing completion on their product and market research has discovered a competitor is also close to launching a similar product. ABC has decided launch before their competition, this is called ________.

• parallel entry

• first entry

• early entry

• late entry

Which method identifies the effect sponsorship has on consumers brand knowledge?

• Demand-side method

• Positioning method

• Supply-side method

• Pricing method

The three guidelines for anticipating management reactions are (1) prior to the crisis during normal day-to day operations, (2) at the moment some event triggers the crisis, and (3) during the crisis situation that triggers the event. These guidelines are the stages for ________.

• decision making

• provoking solutions

• crisis management

• problem-solving

What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides?

• Smartphones

• Tablets

• Avatars

• E-mail

The effect of exposures on audience awareness depends on the following three factors:

• space, communication, and advertisements

• reach, frequency, and impact

• distance, timing, and focus

• height, length, and width