MKT 571/MKT571 FINAL EXAM NEW (2015 VERSION) 30/30 - 89594

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1. 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 ________. integrative growth differentiation overall cost leadership market development 2. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________. sustainability ethics righteousness rules 3. 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? Pure tangible product Augmented product Basic product Potential product 4. A social definition of marketing says ______. marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers marketing is the process of extracting maximum value from consumers to facilitate corporate growth 5. 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 durability conformance quality interoperability 6. 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 accumulation data governance data mining data marketing 7. 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. maturity growth obsolescence decline 8. What are the four characteristics of a marketing audit? Comprehensive, systematic, independent, and periodic Announced, semi-annually, dependent, and perpetual Simple, unique, randomly, and exclusive Dependent, non-comprehensive, quarterly, and unannounced 9. Another basis for decision-making is referred to as ________. ethical dilemmas correct ethics ethical practices situational ethics 10. 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? Lock strategy Push strategy Pull strategy Strategic plan 11. 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? Efficiency Solvency Profitability Activity 12. Which of the following can induce a firm to expand into the international arena? Cater to a domestic mass market A saturated domestic market High income level of domestic consumers A saturated foreign market 13. _______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics. Diversity marketing Multicultural marketing Specialized marketing Ethnic-based marketing 14. 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 ________. parallel entry first entry early entry late entry 15. Which method identifies the effect sponsorship has on consumers brand knowledge? Demand-side method Positioning method Supply-side method Pricing method 16. The three guidelines for anticipating management reactions are (1) prior to the crisis during normal day-to day operations, (2) at the moment some event triggers the crisis, and (3) during the crisis situation that triggers the event. These guidelines are the stages for ________. decision making provoking solutions crisis management problem-solving 17. What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides? Smartphones Tablets Avatars E-mail 18. 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 19. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company? Technological Political Economic Cultural 20. 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 21. 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 22. 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 23. Which control should periodically reassess its approach to the marketplace with a good marketing audit? Marketing control Ethical control Performance control Strategic control 24. 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 25. 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 26. A firm must know where to position its product based on price and ________. region quality promotional efforts communication 27. 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 28. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful? Emphasize benefits to the consumer rather than environmental benefits. Explain the rules and regulations laid out by governmental agencies to protect the environment. Demonstrate that the products will benefit both customers and the society in the long-term. Focus on the efforts and costs incurred by the company to bring these "green" products to consumers. 29. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place? Step 1 – defining the problem Step 2 – developing the research plan Step 4 – analyzing the information Step 5 – drafting the report 30. New-to-the-world products are ________. new product enhancements that supplement established products existing products that are targeted to new geographical markets new products that create an entirely new market low-cost products designed to obtain an edge in highly competitive markets
Solution Description

1. 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 ________.

integrative growth

differentiation

overall cost leadership

market development

2. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________.

sustainability

ethics

righteousness

rules

3. 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?

Pure tangible product

Augmented product

Basic product

Potential product

4. A social definition of marketing says ______.

marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers

marketing is the process of extracting maximum value from consumers to facilitate corporate growth

5. 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 ________.

com

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