MKT 421 Final Exam – Assignment
Questions to MKT 421 Final Exam Answers are as follow:
1. Compared with other approaches to business, the marketing concept is distinct in that it:
• Produces new products and services.
• Focuses on satisfying customers' needs.
• Focuses on sales.
• Creates a broad assortment of products.
2. The sales analysis of a product revealed that profits were highest when it was initially introduced into the market with a high selling price. However, the price was gradually reduced as it started facing competition as substitutes entered the market. This is an example of a (n) _____.
• Skimming price policy ...view middle of the document...
6. A useful tool for organizing the competitor analysis is:
• The oligopoly chart.
• The competitive summary.
• A competitor matrix.
• Rivals chart.
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7. Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because:
• The purchase situations may be different.
• Family life cycles may be different.
• Many wants are culturally learned.
• Economic wants do not influence purchases in many regions of the world.
8. The main difference between the "marketing department era" and the "marketing company era" is:
• More emphasis on short-run planning in the marketing company era.
• More emphasis on selling and advertising in the marketing department era.
• Whether the president of the firm has a background in marketing.
• Whether the whole company is customer-oriented.
9. David Oreck advertises Oreck vacuum cleaners via commercials that run on national radio programs. He encourages consumers to "…try my 8-pound Oreck vacuum for free for 30 days," and to return it if they aren't satisfied. He then provides an easy-to-remember toll-free telephone number that consumers can use to place orders. Regarding the AIDA model, the free-trial period and availability of a toll-free number are devices used mainly to:
• Obtain action.
• Hold interest.
• Arouse desire.
• Get attention.
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10. More than 600,000 loyal customers signed up in advance to purchase the iPhone4 in an Apple store the first day it was available for sale in the U.S. What type of response behavior were these Apple followers demonstrating?
• Routinized response
• Low-involvement buying
• Limited problem solving
• Dissonance response
11. Because she frequently buys books at Amazon.com, Sophie Soleil set up an account and password at the website. Now, when she logs on and searches for a specific book, a note pops up at the center of her laptop screen saying: "Hello, Sophie, we have recommendations for you," and proceeds to list other titles that Sophie might enjoy based on her previous purchases. Amazon can remember Sophie (and her previous purchases) because the online retailer uses:
12. When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser's ad and links to the advertiser's website, this process is called a(n):
• copy thrust.
• pioneering ad.
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13. According to the concept of social responsibility, a firm has a duty to:
• Conduct business in a way that is good for...