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For more course tutorials visit<br>www.tutorialrank.com<br><br><br>MKT 571 Week 1 Assignment Researching Marketing Questions<br> <br>MKT 571 Week 2 Assignment Understanding Target Markets<br> <br>MKT 571 Week 3 Team Assignment New Product Launch<br> <br>MKT 571 Week 3 Assignment Promotion and the Product Life Cycle<br>
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MKT 571 Entire Course (Without Final Guide) For more course tutorials visit www.tutorialrank.com MKT 571 Week 1 Assignment Researching Marketing Questions MKT 571 Week 2 Assignment Understanding Target Markets MKT 571 Week 3 Team Assignment New Product Launch MKT 571 Week 3 Assignment Promotion and the Product Life Cycle MKT 571 Week 4 Assignment Price and Channel Strategy MKT 571 Week 5 Team Assignment Media Options MKT 571 Week 5 Assignment Marketing Communication and Brand Strategy
MKT 571 Week 6 Assignment Social, Ethical, and Legal Implications MKT 571 Week 1 DQ 1 MKT 571 Week 1 DQ 2 MKT 571 Week 2 DQ 1 MKT 571 Week 2 DQ 2 MKT 571 Week 3 DQ 1 MKT 571 Week 3 DQ 2 MKT 571 Week 4 DQ 1 MKT 571 Week 4 DQ 2 MKT 571 Week 5 DQ 1 MKT 571 Week 5 DQ 2 MKT 571 Week 6 DQ 1 MKT 571 Week 6 DQ 2 ============================================== MKT 571 Final Exam Guide (New)
For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating:B+ 1. The stage in the new product process that occurs first and has a pass ratio of 1:4 is the ________ stage. • test marketing • idea screening • product development • product soft launch 2. If Ming was interested in capturing distribution metrics for her retail organization, which of the following might she consider?
• Customer complaints • Effective reach • Share of shelf • Trial rate 3. Creative strategies refer to the ________. • amount of creative content in a communications message • degree of innovation involved in the marketing of a product • way marketers translate their messages into a specific communication • novelty of a marketing communication
4. Top Gear is an award-winning British television series about motor vehicles, mainly cars. The show is presented by hosts who test drive new cars and provide reviews on the cars' performance, prices, and other factors. Which of the following personal communications channels is Top Gear closest to in description? • Formal channel • Sponsored channel • Social channel • Expert channel 5. Mark feels that Shell delivers on its promises to supply the best gasoline possible to the public. His experiences with Shell have always been good, resulting in positive brand contact. Mark is most likely experiencing brand ________.
• parity • alliance • bonding • essence 6. Robert is the owner of an automobile manufacturing company. He calls for a board meeting and tells his directors that he wants to build a car that lets drivers experience power and exhilaration. He tells them that the car must allow users to soar from 0 to 60 mph in about 4 seconds. He also says the price of the car must be affordable enough for anybody making a good salary. In accordance with the given scenario, Robert is trying to segment the market on the basis of ________. • family size • occupation • nationality
• benefits 7. ROC Engineering, a Chinese shipbuilding company, agrees to build a fleet of submarines for the Sri Lankan navy, for which it will be paid in Sri Lankan currency. As per the agreement, ROC must also spend a substantial amount of the money it generates through this deal within the country. In accordance with the contract, ROC buys Sri Lankan tea at a reduced rate. This is an example of which of the following forms of countertrade? • barter • descending bid • offset • compensation deal
8. The ________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers. • economic • task • management • strategic 9. Apple hosts a large number of ________, which become customers' primary source of product information after warranties expire and are organized by product lines and type of user (consumer or professional). • niche networks • blogs
• online communities • microblogs 10. With respect to powerful brand elements, ________ is an extremely efficient means to build brand equity. This element functions as a useful "hook" to help consumers grasp what the brand is and what makes it special. • a product's shape • a slogan • a patent • the tangibility of a product
11. Which of the following best describes BR Chicken's value proposition? • We sell chicken at most major malls. • We sell tender golden chicken at a moderate price. • We undertake home delivery services. • We target quality-conscious consumers of chicken. 12. A ________ is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company's marketing performance. • Market-based scorecard analysis • Marketing audit
• Test market • Marketing plan 13. During which of the following stages in new product development decision-making do managers analyze if they can find a good idea consumers say they would try? • business analysis • concept development and testing • idea screening • idea generation
14. When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation. • personality • behavioral occasions • Psychographic lifestyle • social class 15. Which of the following is the strongest differentiator for brick- and-mortar stores who want to emphasize their superiority over online retailers? • pricing • product range
• the shopping experience • product quality 16. In an attempt to improve their product, a company that manufactures screwdrivers discusses the modification of each attribute, such as replacing the wooden handle with plastic, providing torque power, adding different screw heads, and so on. This creativity technique is called ________. • attribute listing • morphological analysis • lateral analysis • mind mapping
17. Josh separated people who wanted a high quality lawn mower from people who wanted a low priced lawn mower, then examined whether different characteristics were associated with each consumer- response segment. Josh was defining segments using ________ considerations. • behavioral • demographic • descriptive • psychographic 18. Joe is a computer service technician. People in his neighborhood usually depend on his suggestions for purchasing any computer accessory or hardware, as they believe he has access to far more information on computer technology than the average consumer. The neighbors are also aware that Joe has the required knowledge and background for understanding the technical properties of the products. Within this context, Joe can be called a(n) ________.
• transactional leader • gate keeper • role model • opinion leader 19. When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively fewer marketing skills as compared to other strategies. • overall cost leadership • product differentiation • focus
• domestic customer relationship 20. ________ analysis looks at specific products, territories, and so forth that failed to produce expected sales. • Expense-to-sales • Sales variance • Microsales • Full costing 21. Sapphire Toys actually sells more than toys. It also sells branded clothing, music CDs, and books for children. This expansion of dealership sales offerings is an attempt to increase the value of the customer base by ________.
• enhancing the growth potential of each customer through cross- selling • making low-profit customers more profitable • increasing the longevity of the customer relationship • reducing the rate of customer defection 22. Volkswagen concentrates on the small-car market and Porsche on the sports car market. These would be examples of what is called ________. • single-segment concentration • market specialization • product specialization • selective specialization
23. Companies provide rewards to customers who buy often and in substantial amounts. These reward schemes are referred to as ________ programs. • satisfaction • benefit • frequency • profitability 24. Which of the following questions is answered during the business analysis of ideas? • Can we find a cost-effective, affordable marketing strategy?
• Can this product meet sales expectations? • Will this product meet our profit goals? • Have we got a technically and commercially sound product? 25. You are the marketing research director of a medium-sized manufacturing firm and you would like to engage an outside marketing research firm to conduct field interviews. Which of the following categories of marketing research firms should you use? • specialty-line marketing research firms • custom marketing research firms • global research management firms • syndicated-service research firms
26. Market-penetration, product-development, and market- development strategies would all be examples of ________ strategies. • conglomerate • horizontal • concentric growth • intensive growth 27. ________ gives products the appearance of being more environmentally friendly without living up to that promise. • Greenwashing • Astroturfing
• Viral marketing • Ambush marketing 28. When a company introduces a product at a high price and then gradually drops the price over time, it is pursuing a ________ strategy. • switching cost • market-skimming pricing • market-penetration pricing • value-pricing 29. It has been observed that most new products have shorter product life cycles. What is the reason for this?
• New products do not get adequate management support. • Most new products are not backed by a marketable idea. • Social and governmental constraints lead to this failure. • Rivals quickly copy products that are successful. 30. A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________. • product class • product variant • product line
• product type ============================================== MKT 571 Final Exam Guide (New, 2018) For more course tutorials visit www.tutorialrank.com 1. A fundamental and distinctive mode of expression that appears in a field of human endeavor is called a __________. • style • theme • trend • pattern 2. A firm should use undifferentiated marketing to promote its products when: • the market shows several natural segments. • it wants to appeal to multiple market segments. ---not sure
• it wants to customize its products for each consumer. all consumers have roughly the same wants and preferences. 3. 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 • Market share • Customer awareness Shareholder value 4. ----------is the first step a firm should take while setting the price for a product. • Determining demand • Selecting the pricing objective • Selecting a pricing method Estimating cost 5. Business markets differ from consumer markets in that:
• in business markets, purchasing is often executed through intermediaries. • the total demand for many goods and services in business markets is elastic. • buying decisions in business markets are subject to multiple influences. in business markets, a marketer typically deals with several smaller buyers. 6. Which of the following best describes the term product system? • It is a set of variants that are developed for a single product. • 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 refers to a set of different but related items that operate in a compatible manner. 7. The width of a company’s product mix refers to: • the extent to which the different product lines in the mix are related in terms of end use.
• the number of variants offered for each product in a product line. • the number of different product lines carried by the company. the total number of items in the product mix. 8. 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. • chief marketing officer • finance manager • chief information officer marketing manager 9. In which of the following stages of a product life cycle are profits nonexistent? • Introduction • Maturity • Decline Growth
10. Which of the following statements is true of personal communications channels? • Their influence on purchase decisions is significant when products are purchased frequently. • Their effectiveness derives from individualized presentation and feedback. • They are often less effective than mass communication channels. They include public relations, advertising, and sales promotions. 11. __________ refers to the capacity to satisfy humanity’s needs without harming future generations. • Profitability • Sustainability • Accountability Durability 12. 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?
• Geographic segmentation • Psychographic segmentation • Demographic segmentation Behavioral segmentation 13. Which of the following is a difference between business markets and consumer markets? • In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers. • 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, 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. Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets are made by a buying committee. 14. Which of the following measures reflects the short-term results of a firm’s marketing efforts?
• Perceived quality • Customer awareness • Sales turnover Market share 15. __________ 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. • Targeting • Segmentation • Positioning Customization 16. __________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points. • Product modification • Customer cloning • Customer relationship management Enterprise resource planning
17. The __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service. • legal environment • demographic environment • natural environment task environment 18. __________ divides the market into units such as nations, states, regions, cities, or neighborhoods. • Geographic segmentation • Behavioral segmentation • Demographic segmentation Psychographic segmentation 19. In the context of the value chain, __________ is a primary activity that involves bringing materials into the business. • operations • inbound logistics • technology development marketing
20. __________ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require. • Multiple segment specialization • Single-segment concentration • Individual marketing Full market coverage 21. 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 __________. • agents • merchants • jobbers facilitators 22. 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. • A sharing economy is primarily the result of two activities, harvesting and divesting.
• 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. 23. Which of the following statements is true of fads? • They usually satisfy a strong customer need. • They tend to win over only a limited following. • They have a long acceptance cycle. They last for several generations. 24. 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 acquisition process • customer relationship management process • new-offering realization process fulfillment management process 25. When marketers combine an existing brand with a new brand, the product is called a __________.
• sub-brand • parent brand • master brand family brand 26. __________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement. • Introduction • Growth • Decline Maturity 27. __________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products. • Informative advertising • Reinforcement advertising • Reminder advertising Persuasive advertising
28. A customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service. • value proposition • value network • project objective mission statement 29. A company that interacts with its customers to get product ideas should: • engage the right customers in the right way. • allow all its customers to participate in the product-design process. • focus solely on its lead users. prohibit customers from innovating products without its consent. 30. __________ 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. • Attribute listing • Morphological analysis • Mind mapping Reverse-assumption analysis
============================================== MKT 571 Final Exam Guide For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating:B+ 1. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company? Technological Political
Economic Cultural 2. 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? Core benefit Pure tangible product Basic product Potential benefit
3. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing? Regular prices Price adaptation Altered pricing Fixed pricing 4. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own. hard-core loyals
split loyals shifting loyals switchers 5. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________. market valuation market estimation brand association Market partitioning
6. 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? Strategic plan Lock strategy Push strategy Pull strategy 7. What are the four characteristics of a marketing audit? Simple, unique, randomly, and exclusive Announced, semi-annually, dependent, and perpetual
Comprehensive, systematic, independent, and periodic Dependent, non-comprehensive, quarterly, and unannounced 8. 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 ________. first entry parallel entry late entry early entry
9. What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides? E-mail Avatars Tablets Smartphones 10. 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 ________. Overall cost leadership market development
integrative growth differentiation 11. 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 durabilitybmw interoperability conformance quality
12. Which control should periodically reassess its approach to the marketplace with a good marketing audit? Marketing control Ethical control Performance control Strategic control 13. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image? Total management benefit Complete marketing benefit Total customer benefit
Ultimate service benefit 14. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group. market specialization product specialization selective specialization single-segment concentration 15. Which of the following can induce a firm to expand into the international arena?
A saturated foreign market Cater to a domestic mass market High income level of domestic consumers A saturated domestic market 16. 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
17. 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 marketing data governance data accumulation data mining 18. 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.
decline Maturity obsolescence growth 19. A firm must know where to position its product based on price and ________. region quality promotional efforts communication
20. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________. righteousness rules ethics Sustainability 21. 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? Activity Profitability
Solvency Efficiency 22. Another basis for decision-making is referred to as ________. ethical practices situational ethics ethical dilemmas correct ethics 23. BMW's "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit
to print," and AT&T's "Reach out and touch someone" are all examples of ________. brand slogan brand personality brand vision brand mission 24. Which method identifies the effect sponsorship has on consumers brand knowledge? Demand-side method Pricing method Supply-side method
