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MKT 421 Week 5 Individual Assignment Final Examination


MKT 421 Week 5 Individual Assignment Final Examination fin571

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MKT 421 Week 5 Individual Assignment Final Examination
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 362 views.

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Date Created: 11/11/15
1 According to the text marketing means A Selling B Much more than selling and advertisingz C Producing and selling D Advertising 2 For Tesla a new rm that makes an electric sports car estimating how many competitors will make electric vehicles and what kinds they will make is A A production activity B One of the universal functions of innovation C An example of the micro macro dilemma D A part of marketing 3 Which of the following statements best describes the modern view of marketing A Marketing should take over production accounting and financial services Within a firm B The job of marketing is to get rid of Whatever the company is producing C Marketing is concerned with generating a single exchange between a firm and a customer D Marketing begins with anticipating potential customer needs 4 Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years and has developed strong customer relations When looking for new marketing opportunities Professional Dental Supply will most likely look first at Market development Diversification Product development Market penetration POP 5 To compete more successfully with its many competitors offering packaged cookies Famous Amos added its own line of extra chunky premium cookies This seems to be an effort at A Market development B Market penetration C Product development D Combination 6 Which of the following statements regarding marketing strategies is FALSE A Developing successful marketing strategies does not need to be a hit or miss proposition B These strategies must meet the needs of target customers and a rm is likely to get a competitive advantage if it iust meets needs in the same wav as some other m C These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market D It is useful to think of the marketing strategy planning process as a narrowing down process 7 A firm39s marketing mix decision areas would NOT include A Price B People C Product D Promotion 8 Which of the following is true A The product P in the marketing mix stands for only tangible merchandise B The product P in the marketing mix stands for both physical goods and services C The product P in the marketing mix stands for both physical goods and tangible D The product P in the marketing mix stands for only physical goods 9 Product is NOT concerned with A Wholesale price B Branding C Packaging D Quality level 10 Dell Inc wants to offer customers televisions in addition to computers This is a change in their A personnel B promotional C product D pricing 11 HewlettPackard sells personal computers through specialty computer stores electronics superstores and its own Internet site The marketing mix variable that is being considered here is Product Placement Promotional Pricing 00 12 The area of the marketing mix is concerned with decisions about getting the right product to the target market when and where it is wanted Promotion Place People Product wow 13 The main difference between a marketing strategy and a marketing plan is that A A marketing strategy provides more detail B A marketing strategy omits pricing plans C A marketing plan includes several marketing strategies D Timerelated details are included in a marketing plan 14 A marketing plan is A marketing strategy plus the timerelated details for carrying it out A target market and a related marketing mix A marketing strategy A marketing program POP 15 Which of the following is part of a complete marketing plan A Competitors39 marketing strategies B What company resources costs are required and at what rate C How different marketing mixes for different target markets relate to each other D All of these 16 Marketing strategy planners should recognize that A Large firms like General Electric Target and Procter amp Gamble are too large to aim at clearly defined markets B Target marketing is not limited to small market segments C Mass marketing is often very effective and desirable D Target markets should not be large and spread out 17 Target marketing in contrast to mass marketing A Ignores markets that are large and spread out B Focuses on fairly homogeneous market segments C Assumes that all customers are basically the same D Is limited to small market segments 18 Good marketing strategy planners know that A Mass marketing is often very desirable and effective B The terms mass marketing and mass marketer mean basically the same thing C Target marketing does not limit one to small market segments D Firms like Nabisco and WalMart are too large to aim at clearly defined target markets 19 is the process of naming broad productmarkets and then segmenting these broad productmarkets in order to select target markets and develop suitable marketing mixes Mass marketing Market positioning Diversification Market segmentation POP 20 Clustering techniques applied to segmenting markets A Usuallv require computers to group people based on data from market research B Remove the need for managerial judgment C Eliminate the need for marketing managers to specify in advance What dimensions might be relevant for grouping consumers D All of the above are true 21 The process of naming broad productmarkets and then segmenting them in order to select target markets and develop suitable marketing mixes is called A Market development B Market penetration C Market research D Market segmentation 22 Procedures that develop and analyze new information to help marketing managers make decisions are called A Analytical research B Strategy planning C Marketing research D Operational planning 23 utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions Marketing structure Marketing planning Marketing research Marketing processing PCP 24 A is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions A Marketing research project B Marketing information system C Marketing research department D Marketing model 25 Marketing research which seeks structured responses that can be summarized is called Qualitative research Focus group research Situation analysis research Quantitative research POP 26 One of the major disadvantages of the focus group interview approach is that It is difficult to get in depth information about the research topic It is dif cult to measure the results obiectivelv There is no interviewer so the research questions may not be answered Ideas generated by the group cannot be tested later with other research 00 27 Focus groups Always do a good job of representing the broader target market Yield results that are largely dependent on the viewpoint of the researcher Are expensive compared to other marketing research methods Are usually composed of 10 to 15 people as participants 00 28 The observing method in marketing research Is used to gather data without consumers being in uenced bv the process May require customers to change their normal shopping behavior Is not suitable for obtaining primary data Uses personal interviews POP 29 The attitudes and behavior patterns of people are part of the Competitive environment Social and cultural environment Firm39s resources and objectives Political environment 00 30 Which of the following statements about consumer products is true A Specialty products are those that customers usually are least willing to search for B Shopping products are those products for which customers usually want to use routinized buying behavior C Unsought products are not shopped for at all D Convenience products are those that customers want to buy at the lowest possible prlce 31 is the process of naming broad productmarkets and then segmenting these broad product markets in order to select target markets and develop suitable marketing mixes Mass marketing Strategic planning Market positioning Market segmentation POP 32 Which is the first step in market segmentation Naming a broad productmarket of interest to the rm Evaluating market segments to determine if they are large enough Finding one or two demographic characteristics to divide up the whole mass market Clustering people with similar needs into a market segment POP 33 The first step in market segmentation should be A Finding a demographic group likely to use your products B Defining some broad productmarkets where vou mav be able to operate profitably C Deciding what new product you could develop D Evaluating what segments you currently serve 34 Which of the following is NOT one of the text39s product life cycle stages A Market introduction B Market growth C Market maturity D Market penetration 35 The product life cycle Applies more to individual brands than to categories or types of products Shows that sales and profits tend to move together over time Describes the stages a new product idea goes through from beginning to end Has five major stages PCP 36 Tom and Sally Jones are preparing to purchase a new car He currently has a Toyota Camry and she has a Honda Accord They now have two children under age 5 so they plan to trade in Sally39s car to purchase a minivan Sally and Tom decided on a Honda Odyssey because Sally is familiar with Hondas and thinks they are very reliable In this purchase situation Tom and Sally39s family life cycle stage is a segmentation dimension and the benefit Sally seeks reliability is a segmentation dimension A Geographic behavioral B Demographic geographic C Geographic demographic D Demographic behavioral 37 Regarding product life cycles which of the following is NOT true A It is usually expensive for a new firm to enter in the market maturity stage B Industry profits are likely to level off or decline before sales level off C The level of promotion usually decreases in market maturity because there is less revenue to cover the cost D Many close substitutes are usually competing in the market maturity stage 38 An industry39s sales have leveled off and profits are declining in oligopolistic competition Consumers see competing products as homogeneous Several rms have dropped out of the industry but a new one entered recently Firms in the industry are trying to avoid pricecutting by spending on persuasive advertising These rms are competing in which stage of the product life cycle A Market introduction B Market growth C Market maturity D Market development 39 During the market introduction stage of the product life cycle A Funds are being invested in marketing with the expectation of future profits B Considerable money is spent on promotion while place development is left until later stages C Products usually show large profits if marketers have successfully carved out new markets D Most potential customers are quite anxious to try out the new product concept 40 Advertising allowances A Set the allowance amount as a percent of the retailer39s actual purchases B Are price reductions to rms further along in the channel to encourage them to advertise or otherwise promote the firm39s products locallv C Involve intermediaries and producers sharing in the cost of ads D Allow for coordination and integration of ad messages in the channel 41 SGCA is having a sales contest to encourage retailers to quickly reduce the inventory of SuperGamer computers Retailers with the highest sales during the next month win an expense paid trip to a special dealer meeting at a resort in Hawaii This is A An example of a producer using sales promotion in the channel B Probably illegal because it might encourage price competition among retailers C An example of cooperative advertising D The tvpe of promotion that continues to impact sales even after the promotion is over 42 While watching a television program Liza gets a phone call just as a commercial is starting She presses the mute button on the television39s remote control and takes the call so she pays no attention to the commercial In terms of the communication process the telephone call is an example of Feedback Noise Encoding Decoding new 43 A producer using very aggressive promotion to get nal consumers to ask intermediaries for a new product has A pushing policy A target marketing policy A pulling policy A selective distribution policy POP 44 American Tourister Inc a producer of luggage is planning to introduce a new product line The marketing manager is having her sales force call on retailers to explain American Tourister39s consumer advertising plans the unique features of the new luggage how the distributors can best promote it and what sales volume and profit margins they can reasonably expect This is an example of A pushing policv Intensive distribution A pulling policy Selective distribution POP 45 Integrated directresponse promotion A Is not necessary or useful when the channel of distribution involves intermediaries B Is usually part of a pushing effort rather than part of a pulling approach C Focuses on achieving a measurable direct response from speci c targg customers D None of these are true 46 Which of the following statements about positioning is NOT TRUE A It helps marketing managers know how customers View the firm39s offering B It refers to how customers think about proposed or present brands in a market C It often makes use of techniques such as perceptual mapping D Positioning issues are especially important when competitors in a market are very dissimilar 47 When segmenting broad productmarkets cost considerations tend A To lead to a large number of small but very homogeneous product market segments B To lead to more aggregating C To encourage managers to disregard the criterion that a product market segment should be substantial D To be unimportant as long as the segmenting dimensions are operational 48 Positioning analysis A Shows that managers and customers usually View present brands similarly B Is not a product oriented approach C Helps managers understand the actual characteristics of their products D Is a visual aid to understanding a productmarket 49 A is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs Productmarket Target market Generic market Standard market POP 50 Which of the following is NOT a trend affecting marketing strategy planning in the area of international marketing Decreasing role of airfreig Global communication over the Internet Tensions between have and have not cultures More attention to exporting by small companies POP 51 When a company grows globally this is an example of Market penetration Diversification Market development Product development PCP 52 Identify the incorrect statement about sales promotions A The availability of more ad agencies and specialists has spurred growth in sales promotions B Changes in technology have made sales promotions more efficient C Sales promotions have increased because of competition in emerging markets D Sales promotions can be used as tools to overcome consumer price resistance 53 Which of the following is a key trend affecting marketing strategy planning Growth of marketing information systems Less use of technology in personal selling Senior and ethnic submarkets are getting smaller Slower new product development POP 54 It is usually the job perhaps with help from specialists in technology to decide what types of sales technology tools are needed and how they will be used A Purchasing manager39s B Marketing executive39s C Sales manager39s D Procurement manager39s 55 The future poses many challenges for marketing managers because A Social responsibility applies only to firms not to consumers B New technologies are making it easier to abuse consumers39 rights to privacy C It is marketing managers who have full responsibility to preserve our macro marketing system D The marketing concept has become obsolete 56 Many Internet sites such as Autobytelcom and Edmundscom have extensive information about the prices of new and used vehicles that anyone can use for free In light of the availability of this information what is the responsibility of consumers to use it A Consumers should not trust any information they receive from any source except the government B Consumers should not use it because it gives them an unfair advantage over car dealers C Consumers can use it but should not feel a responsibility to do so D Consumers have a responsibility to use the information and be smarter customers 57 Which of the following statements about ethical behavior in business is true A The legal environment sets the normative standards of ethical behavior B The legal environment sets the highest standards of ethical behavior C The legal environment sets the minimum standards of ethical behavior D The legal environment sets the maximum standards of ethical behavior


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