MKT571 Final exam,100% CORRECT

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A company that interacts with its customers to get product ideas should: • engage the right customers in the right way. • prohibit customers from innovating products without its consent. ... • allow all its customers to participate in the product-design process. • focus solely on its lead users. 2 In which of the following stages of a product life cycle are profits nonexistent? • Maturity • Introduction • Growth • Decline Which of the following statements is true of a sharing economy? • In a sharing economy, an individual experiences the benefits of being both a consumer and a producer. • Self-policing mechanisms are typically absent in most platforms that form part of a sharing-related business. • 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. 4 A customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service. • project objective • value network • value proposition • mission statement 5 ?????? Which of the following is a difference between business markets and consumer markets? • 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, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers. • 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. • 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. 6 __________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products. • Reminder advertising • Reinforcement advertising • Persuasive advertising • Informative advertising 7 The width of a company’s product mix refers to: • the number of different product lines carried by the company. • the number of variants offered for each product in a product line. • the extent to which the different product lines in the mix are related in terms of end use. • the total number of items in the product mix. 8 A fundamental and distinctive mode of expression that appears in a field of human endeavor is called a __________. • style • pattern • theme • trend 9 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 __________. • jobbers • merchants • agents • facilitators 10 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? • Market share • Shareholder value • Customer awareness • Perceived quality 11 In the context of the value chain, __________ is a primary activity that involves bringing materials into the business. • inbound logistics • marketing • technology development • operations 12 __________ 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. • Mind mapping • Reverse-assumption analysis • Attribute listing • Morphological analysis 13 The __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service. • natural environment • demographic environment • task environment • legal environment 14 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. • finance manager • chief marketing officer • marketing manager • chief information officer 15 __________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement. • Maturity • Decline • Introduction • Growth 16 Which of the following measures reflects the short-term results of a firm’s marketing efforts? • Perceived quality • Market share • Customer awareness • Sales turnover 17 __________ is the first step a firm should take while setting the price for a product. • Selecting a pricing method • Selecting the pricing objective • Estimating cost • Determining demand 18 __________ 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. • Segmentation • Targeting • Positioning • Customization 19 __________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points. • Customer cloning • Product modification • Enterprise resource planning • Customer relationship management 20 ???? Business markets differ from consumer markets in that: • in business markets, a marketer typically deals with several smaller buyers. • buying decisions in business markets are subject to multiple influences. • in business markets, purchasing is often executed through intermediaries. • the total demand for many goods and services in business markets is elastic. 21 Which of the following best describes the term product system? • It refers to a set of different but related items that operate in a compatible manner. • 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. 22 __________ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require. • Individual marketing • Multiple segment specialization • Single-segment concentration • Full market coverage 23 ???? 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? • Behavioral segmentation • Geographic segmentation • Psychographic segmentation • Demographic segmentation 24 Which of the following statements is true of personal communications channels? • 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. 25 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. • it wants to customize its products for each consumer. • all consumers have roughly the same wants and preferences. 26 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. • new-offering realization process • customer relationship management process • customer acquisition process • fulfillment management process 27 __________ divides the market into units such as nations, states, regions, cities, or neighborhoods. • Geographic segmentation • Demographic segmentation • Psychographic segmentation • Behavioral segmentation 28 When marketers combine an existing brand with a new brand, the product is called a __________. • parent brand • family brand • sub-brand • master brand 29 Which of the following statements is true of fads? • They tend to win over only a limited following. • They usually satisfy a strong customer need. • They last for several generations. • They have a long acceptance cycle. 30 __________ refers to the capacity to satisfy humanity’s needs without harming future generations. • Sustainability • Durability • Profitability • Accountability [Show More]

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