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MKT 571 Final Exam Guide (New, 2018)
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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

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MKT 571 Innovative Education/tutorialrank.com

  • 1. 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

  • 2. • 

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:
  • 3. • 

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.

  • 4. • 

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.

  • 5. • 

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
  • 6. 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

  • 7. 

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.
  • 8. 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

  • 9. • 

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