Mkt571 final exam score 100 percent

  

Question 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.

Select the correct answer

marketing manager

chief information officer

finance manager

chief marketing officer

Question 2

In the context of the value chain, __________ is a primary activity that involves bringing materials into the business.

Select the correct answer

operations

technology development

marketing

inbound logistics

Question 3

Which of the following is a difference between business markets and consumer markets?

Select the correct answer

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.

Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets are made by a buying committee.

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.

In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers.

Question 4

__________ divides the market into units such as nations, states, regions, cities, or neighborhoods.

Select the correct answer

Geographic segmentation

Demographic segmentation

Psychographic segmentation

Behavioral segmentation

Question 5

______ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require.

Select the correct answer

Full market coverage

Multiple segment specialization

Single-segment concentration

Individual marketing

Question 6

__________ 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.

Select the correct answer

Targeting

Segmentation

Positioning

Customization

Question 7

A company that interacts with its customers to get product ideas should:

Select the correct answer

engage the right customers in the right way.

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.

Question 8

In which of the following stages of a product life cycle are profits nonexistent?

Select the correct answer

Decline

Maturity

Growth

 Introduction

Question 9

A fundamental and distinctive mode of expression that appears in a field of human endeavor is called a ________________.

Select the correct answer

theme

pattern

style

trend

Question 10

Which of the following best describes the term product system?

Select the correct answer

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.

Question 11

Which of the following statements is true of a sharing economy?

Select the correct answer

A sharing economy is primarily the result of two activities, harvesting and divesting.

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.

Question 12

__________ is the first step a firm should take while setting the price for a product.

Select the correct answer

Determining demand

Selecting a price method

Estimating cost

Selecting the price objective

Question 13

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 ________.

Select the correct answer

agents

 facilitators

merchants

jobbers

Question 14

Which of the following statements is true of personal communications channels?

Select the correct answer

Their effectiveness derives from individualized presentation and feedback.

They include public relations, advertising, and sales promotions.

They are often less effective than mass communication channels.

Their influence on purchase decisions is significant when products are purchased frequently.

Question 15

__________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products.

Select the correct answer

Informative advertising

Persuasive advertising

Reminder advertising

Reinforcement advertising

Question 16

When marketers combine an existing brand with a new brand, the product is called a ________.

Select the correct answer

family brand

master brand

 sub-brand

parent brand

Question 17

____________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points.

Select the correct answer

Customer relationship management

Product modification

Enterprise resource planning

Customer cloning

Question 18

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?​

Select the correct answer

Shareholder value

Customer awareness

Market share

Perceived quality

Question 19

Which of the following measures reflects the short-term results of a firm’s marketing efforts?​

Select the correct answer

Perceived quality

Market share

Customer awareness

Sales turnover

Question 20

__________ refers to the capacity to satisfy humanity’s needs without harming future generations.​

Select the correct answer

Durability

Accountability

 Sustainability

Profitability

Question 21

The __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service.​

Select the correct answer

task environment

demographic environment

natural environment

legal environment

Question 22

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.​

Select the correct answer

customer relationship management process

customer acquisition process

new-offering realization process

fulfillment management process

Question 23

Business markets differ from consumer markets in that:​

Select the correct answers

​in business markets, a marketer typically deals with several smaller buyers.

​the total demand for many goods and services in business markets is elastic.

​in business markets, purchasing is often executed through intermediaries.

​buying decisions in business markets are subject to multiple influences.

Question 24

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?​

Select the correct answer

Geographic segmentation

Demographic segmentation

Psychographic segmentation

Behavioral segmentation

Question 25

A firm should use undifferentiated marketing to promote its products when:​

Select the correct answer

it wants to appeal to multiple market segments.

it wants to customize its products for each consumer.

the market shows several natural segments.

all consumers have roughly the same wants and preferences.

Question 26

A customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service.​

Select the correct answer

value network

project objective

value proposition

mission statement

Question 27

__________ 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.​

Select the correct answer

Attribute listing

Morphological analysis

Mind mapping

Reverse-assumption analysis

Question 28

__________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement.​

Select the correct answer

Introduction

Growth

Decline

Maturity

Question 29

Which of the following statements is true of fads?

Select the correct answer

They have a long acceptance cycle. 

They tend to win over only a limited following.

They usually satisfy a strong customer need.

They last for several generations.

Question 30

The width of a company’s product mix refers to:​

Select the correct answer

​the total number of items in the product mix.

​the number of variants offered for each product in a product line.

​the number of different product lines carried by the company.

the extent to which the different product lines in the mix are related in terms of end use.MKT571 Final Exam SCORE 100 PERCENT

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