MKT 571 FREE Final Exam Review with answer key
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1. Another basis for decision-making is referred to as ethical practices ?? ethical dilemmas situational ethics correct ethics
2. New-to-the-world products are ________.
existing products that are targeted to new geographical markets
new product enhancements that supplement established products
low-cost products designed to obtain an edge in highly competitive markets
new products that create an entirely new market
3. A company can learn a great deal by
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13. 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 5 – drafting the report
Step 4 – analyzing the information
Step 2 – developing the research plan
Step 1 – defining the problem
14. 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 customer benefit
Complete marketing benefit
Ultimate service benefit
Total management benefit
15. The effect of exposures on audience awareness depends on the following three factors:
distance, timing, and focus
space, communication, and advertisements
height, length, and width
reach, frequency, and impact
16. Which of the following can induce a firm to expand into the international arena?
Cater to a domestic mass market
A saturated foreign market
High income level of domestic consumers
A saturated domestic market
17. 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
18. With ________ as a target market
Exporting, licensing, and using trading companies are preferred modes of international market entry for firms with a(n) ____ structure.
Locals from Virginia had to deal with many different agricultural problems. Farming in Northampton County was not as rewarding as living in areas like the James and the York. “Early inhabitance of Northampton County could not escape the omnipresent influence of the sea…They were for the most part, small scale producers of grain, tobacco, and livestock.”(Breen, Innes 37) What really devastated this reign was the lack of trade routes due to the shallow harbor and creeks. Many powerful storms from all four seasons destroyed the coast. These storms altered the geographic representation of Northampton County. Due to the vast amounts of streams and creeks flooding into the ocean many coves were formed which as Breen and Innes stated “they anticipated not only that the coves were afforded safe, deep-water harbors, but also that the creeks provided easy access to distant inland resources.” (Breen, Innes 38) Despite the deeper harbor and creeks, a captain
After defining the problem that Marketing wants solved, you need to determine the main thrust of the research. Which of the following research directions would best serve to provide an answer to the business problem that you decided upon?
3. Repeat the Question 2 analysis, but now assume that the new marketing program is implemented.
2. Doe sit matter whether you do the research in-house or hire a marketing research firm?
Core customer needs which should be addressed in the business to consumer (B-C) market are psychological and functional (Grewal, 2014, p. 176).
B. Compare U.S. business practices to practices in your proposed country for each of the following: Product, Price, Promotion and Place The marketing mix should be taken into consideration as Company X considers expansion int the China market. It is important to
A __________ is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
a. Do you think that either the acquisition of a foreign firm or licensing will result in greater growth for an MNC? Which alternative is likely to have more risk?
The reason being is that each part would serve as a guide for the next step. In doing this, Janis is ensuring that she establishes clear goals and objectives for the project. According to Janis’s view point, she felt that it would be appropriate to create a project charter using the task list as a guide, which was a good place to first start. However the key thing to remember is a project charter must include the roles and responsibilities of all parties involved, project objectives, all primary stakeholders, and authority for the project manager. When analyzing this from Janis’s point of view, the task list clearly identifies the reason for the project; it provides a list of tasks or objectives that will be needed to
Briefly relate this situation to each of the major stages of the marketing research process?”
In this section, I will break down the common consumer in attempt to understand what sways him/her into purchasing certain goods—especially those that “they do not need” In addition, I will discuss how consumers determine a certain product to be “worth it”
2. Do the driving forces always outweigh the restraining forces in ensuring the attractiveness of international marketing to the Asia-Pacific firm?
2. There are many ways to differentiate the product or service and many buyers perceive these differences as having value
Do you agree that these are the key factors underlying success in the international business environment? Give reasons for your answer.