EXam (elaborations) MKT 421 FINAL EXAM JUNE 2021

. __________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing. Relationship marketing Digital mar ...

. __________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing. Relationship marketing Digital marketing Customer relationship management Environmental scanning 2. A __________ is often referred to as a business firm. government agency nonprofit organization publicly owned organization for-profit organization 3. The __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or products service gap analysis strategic focus and plan new-product process psychographic segmentation process 4. __________ differentiates retail outlets depending on whether contractual systems independent retailers, or corporate chains own the outlet. Form of ownership Retail servicing Level of service Merchandise line5. Which of the following is true of the price equation? Extra fees are not part of the price equation. Sellers subtract the add-on charges from the list price. The amount paid by customers is always the same as the quoted price. Customers are more inclined to pay additional fees than a higher list price. 6. A society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time. languages symbols values customs 7. __________ segmentation is done according to an objective measurable physical or other classification attribute of potential consumers. Psychographic Demographic Behavioral Geographic 8. A __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or products brand name trade name trademark brand personality 9. Yes Music is the authorized distributor for products of Trompa Instruments, a popular manufacturer of trumpets and other brass instruments. Yes Music purchases products from Trompa and distributes them to music stores across the country. What kind of intermediary function does Yes Music perform for Trompa? Managerial Facilitating Transactional Logistical 10. The idea of the __________ describes the phases a new product goes through in the marketplace. product life cycle strategic marketing process new-product process marketing life cycle 11. __________ are small, downloadable software programs that work on tablet devices and smartphones. Algorithms Apps Databases RFIDs 12. __________ is the combination of benefits such as convenience, quality, and on-time delivery provided to targeted buyers by firms at a particular price. Customer value Seller Value Manufacturer value Business value 13. The __________ sells a marketing plan to readers by being clear and direct. mission statement executive summary company description strategic focus and plan 14. __________ relate to the effort spent in making sales. Marketing input data Marketing outcome data Observational data Primary data 15. What is the difference between a marketing plan and a business plan? A marketing plan deals with marketing actions, whereas a business plan addresses the entire organization. A marketing plan contains a description of an organization, whereas a business plan does not contain any description. A marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not. A marketing plan addresses the financial projections of an organization, whereas a business plan does not 16. Darby’s Burgers Ltd. uses the best quality meats in its burgers. However, this fact is not being marketed well to its potential consumers, leading to a decline in sales. There is a growing demand for quality meat products among the health-conscious that could work in Darby’s favor. However, Darby’s must compete with fast-food chains that offer burgers at low prices. Which of the following statements describes Darby’s weakness according to SWOT analysis? There is a growing demand for quality meat products among the health-conscious. Darby’s must compete with fast-food chains that offer cheap burgers. Darby’s quality is not well-marketed or advertised to its potential consumers. Darby’s uses good quality meats in its burgers. 17. __________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition. Commercialism Centralism Provincialism Protectionism 18. The __________ of the environment include the population and culture’s demographic characteristics. technological forces competitive forces social forces economic forces 19. The trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called a(n) __________. exchange advertisement communication marketing mix 20. The shares of Agro Textiles Ltd. are valued lower than its competitors. To increase its value, the company decides to study its current situation and see how it can improve itself. Which of the following strategic marketing processes should be used by Agro to analyze its situation? Marginal analysis Break-even analysis Business portfolio analysis SWOT analysis 21. A __________ is when manufacturers direct their promotional efforts toward channel partners to convince them to order and stock products. multi-marketing strategy pull strategy push strategy skimming strategy 22. What is the difference between advertising and personal selling? Advertising is always a paid activity to sell a product, whereas personal selling involves no direct payment to sellers. Advertising can control the amount of wasted coverage, whereas personal selling cannot control the amount of wasted coverage. Advertising does not have an immediate feedback loop, whereas personal selling does because of direct interaction with potential consumers. Advertising uses customized interaction between sellers and potential consumers, whereas personal selling sells to a large group of potential consumers.