UOP MKT441/MKT 441 Final Exam 2015 (100% ANSWER) Question 1 Which of the following is true of direct distribution? It reduces a producerâ€™s need for working capital. Most firms selling consumer products rely on direct distribution. It requires a significant investment in facilities. Direct distribution always serves customer needs better and at a lower cost. Question 2 Most firms in the business world set their prices using: Cost-oriented price setting. Supply and demand analysis. Federal price guidelines. Demand-oriented price setting. Question 3 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) _____. Penetration price policy Introductory price dealing Skimming price policy Temporary price cut policy Question 4 When a company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products, what type of statement is this? Determining Positioning Qualifying Clustering Question 5 Which of the following is a common cause of new product failures? The company delays putting the product on the market until it develops a complete marketing plan. The managers worry too much about the competition. The company tries to follow an organized new-product development processÂ—rather than using a faster and more spontaneous, â€œrace-to-marketâ€ approach. The product fails to offer the customer a unique benefit. Question 6 Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because: Family life cycles may be different. Many wants are culturally learned. The purchase situations may be different. Economic wants do not influence purchases in many regions of the world. Question 7 Compared with other approaches to business, the marketing concept is distinct in that it: Focuses on sales. Produces new products and services. Focuses on satisfying customersâ€™ needs. Creates a broad assortment of products. Question 8 When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiserâ€™s ad and links to the advertiserâ€™s website, this process is called a(n): pay-per-view. copy thrust. pay-per-click. pioneering ad. Question 9 A producer might use a â€œpulling policyâ€ rather than a â€œpushing policyâ€ if: It has a very limited promotion budget. It is offering a very â€œhigh-techâ€ product to a small product-market. Its sales force has been very successful getting wholesalers and retailers to handle its product. Intermediaries are reluctant to handle a new product. Question 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 Dissonance response Limited problem solving Low-involvement buying Question 11 In the American Marketing Associationâ€™s Statement of Ethics, which ethical value stresses a firmâ€™s attempts to balance the needs of its buyers with the interests of sellers? Responsibility Fairness Honesty Citizenship Question 12 The primary purpose of branding is: To identify a product. To prevent competitors from stealing product ideas. To enhance package design. To boost customer satisfaction. Question 13 The advantages of working with an intermediary usually increase when there is: A greater number of customers. Little distance between customers. A smaller number of competing products. Excellent communication with customers. Question 14 David Oreck advertises Oreck vacuum cleaners via commercials that run on national radio programs. He encourages consumers to â€œÂ…try my 8-pound Oreck vacuum for free for 30 days,â€ and to return it if they arenâ€™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: Hold interest. Arouse desire. Obtain action. Get attention. Question 15 A useful tool for organizing the competitor analysis is: The oligopoly chart. A competitor matrix. Rivals chart. The competitive summary. Question 16 From the perspective of macro-marketing, e-commerce specialists CarFax (which provides vehicle history reports) and Cars.com (a website offering auto comparison shopping) have emerged within the auto industry because: The role of the automotive sales person is becoming obsolete. The information they provide makes the exchange process between producers and consumers more efficient and effective. The market needs competitive rivals to auto dealerships. Auto manufacturers need to sell direct to consumers. Question 17 When new product ideas are chosen based on ratings and comments from customers, this process is called ______. Creative resourcing Reaction engineering Idea engineering Crowdsourcing Question 18 The main difference between a â€œmarketing strategyâ€ and a â€œmarketing planâ€ is that: A marketing plan includes several marketing strategies. A marketing strategy provides more detail. A marketing strategy omits pricing plans. Time-related details are included in a marketing plan. Question 19 Behavioral targeting: Tries to place ads on websites that are designed to appeal to the firmâ€™s target market. Tries to reach target customers who are actually interested in what the firm has to communicate. Allows advertisers to pay only when a customer clicks on the ad and links to the advertiserâ€™s website. Delivers ads to consumers based on previous websites the customer has visited. Question 20 The main difference between the â€œmarketing department eraâ€ and the â€œmarketing company eraâ€ is: Whether the president of the firm has a background in marketing. Whether the whole company is customer-oriented. More emphasis on selling and advertising in the marketing department era. More emphasis on short-run planning in the marketing company era. Question 21 Clearwater Office Supply sells frequently purchased office supplies to businesses in a metropolitan area. It is a well-established company with a large share of the market. Its promotion should probably focus on: Informing. Reminding. Innovators. Stimulating primary demand. Question 22 In the 1990s, DVDs replaced audiocassettes and floppy disks as the storage media of choice for music and computers. At which stage of the product life cycle is the DVD today? Market introduction Market extinction Sales decline Market immaturity Question 23 The three basic sales tasks are: Order-taking, order-managing, and order-getting. Order-taking, missionary selling, and order-getting. Order-taking, supporting, and order-getting. Order-closing, order-opening, and sales-promoting. Question 24 Genetech Corp. has invested heavily to develop a patented new product. Genetech wants to achieve a rapid return on its investment. It probably should set a ______________ pricing objective. Target return Status quo Sales-oriented Profit maximization Question 25 In which quadrant of the SWOT analysis tool does the following fit? A firm is in a fast-growing industry. Strengths Opportunities Weaknesses Threats Question 26 Blending the firmâ€™s promotion efforts to convey a complete and consistent message is the goal of: Sales management communications. Sales promotion communications. Integrated marketing communications. Integrated promotional marketing. Question 27 Tammi Soloft has itchy eyes and a stuffy nose, and suddenly becomes aware of many TV ads for allergy products that she never noticed before. This illustrates: selective perception. reinforced cognition. selective retention. selective exposure. Question 28 According to the concept of social responsibility, a firm has a duty to: Place customer satisfaction above all other considerations. Conduct business in a way that is good for society as a whole, both now and for the future. Communicate regularly with the public. Place profit above all other considerations. Question 29 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: â€œHello, Sophie, we have recommendations for you,â€ 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: Banners. Encoding. Decoding. Cookies. Question 30 The phrase â€œbig dataâ€ refers to: marketing research data taken from Internet sources. the top five firms in the marketing research industry. the use of marketing research in big marketing decisions. the massive amount of data being collected and processed by todayâ€™s organizations.