MKT 421 Final Exam Guide New 2019
1. _________ 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.
2. A __________ is often referred to as a business firm.
3. The __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or products
4. __________ differentiates retail outlets depending on whether contractual systems independent retailers or corporate chains own the outlet.
5. Which of the following is true of the price equation?
6. A society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time.
7. __________ segmentation is done according to an objective measurable physical or other classification attribute of potential consumers.
8. A __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or products
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?
10. The idea of the __________ describes the phases a new product goes through in the marketplace.
11. __________ are small downloadable software programs that work on tablet devices and smartphones.
12. __________ is the combination of benefits such as convenience, quality, and on-time delivery provided to targeted buyers by firms at a particular price.
13. The __________ sells a marketing plan to readers by being clear and direct.
14. __________ relate to the effort spent in making sales.
15. What is the difference between a marketing plan and a business plan?
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?
17. __________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition.
18. The __________ of the environment include the population and culture’s demographic characteristics.
19. The trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called a(n) __________.
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?
21. A __________ is when manufacturers direct their promotional efforts toward channel partners to convince them to order and stock products.
22. What is the difference between advertising and personal selling?
23. __________ is an activity that creates, communicates, and delivers products and services that benefit an organization, its stakeholders, its customers, and society as a whole.
24. What is the difference between primary and secondary data?
25. What must an organization use to determine its position respective to the competition during the new-product strategy development stage?
26. Banana Technologies Inc. operates through brick-and-mortar stores that allow customers to personally check the brand’s computers and ask questions about its products. Upon purchase of any of its computers, the company allows the customers to return to the store for free consultations up to one year while also providing free software upgrades. Which marketing strategy is Banana Technologies Inc. following?
27. At the __________ level the top management of a company directs the overall strategy for the whole company.
28. Which of the following is true of economic development considerations?
29. Which of the following is a step in the planning stage of the strategic marketing process?
30. __________ segmentation is done according to where potential consumers live or work