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Principles of Marketing (MKTG 3701) Final Exam questions and answers 2024/2025 verified answers
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Principles of Marketing (MKTG 3701) Final ExamDuring what stage in the evolution of marketing did firms believe that quality products
would sell themselves?
production orientation
How often should firms undertake the task of strategic planning?
on a continual basis as conditions changerRead More
What is the premise behind the marketing concept?
a focus on satisfying the needs of the customer
What two elements are combined on the BCG matrix to produce its four unique product
categories?
market growth and relative market share
Daphne used to work in the city where she would take public transportation to work.
However, she just took a new job in the suburbs and now not only has to find a place to
live, but also has to buy a car to get to and from her job. For Daphne, these things
represent
a need.
The measure of a firm's effectiveness in using the resources allocated to its marketing
effort is called
return on marketing investment.
What era in the history of marketing best reflects the idea that a firm's long-term
success must include a company-wide effort to satisfy customer needs?
marketing concept
Daryl recently took a marketing job with a new firm. His first order of business is to find
out how his new company performs relative to its competitors. Which of the following
would Daryl use to do this?
market share analysis
What is the overall purpose of a marketing plan?
to guide the analysis, implementation, and control of the firm's marketing strategy
Which marketing mix element is typically the easiest to change?
price
Which marketing strategy would Krispy Kreme doughnuts be using if it decided to begin
selling its doughnuts in Mexico for the first time?
market development
Think about the various marketing strategies as you read the following choices to
determine which one describes a market penetration strategy.
selling more of current products to existing markets
The major thesis of the McKinsey Quarterly article: We're All Marketers Now is
Marketing should pervade the entire organization - everyone is accountable.
As it relates to customers, the aim of marketing is to
provide customers with value.
A local family is advertising a 5K run to raise awareness for autism since one of their
children suffers from the disorder. Salina likes to run, so she decides to pay the fee to
, participate in the event. Afterward, she is pleased that she went and felt good about
helping out the family. Would this be considered a marketing exchange?
yes, because participating in the run was exchanged for Salina's feeling of satisfaction
for helping the family
Which of the following questions relates to the place element of the marketing mix?
How much inventory should I have?
Which approach to marketing was especially important during the Great Depression
when consumers did not have much money and firms competed intensely for customer
sales?
sales orientation
Gavin wants to perform a situation analysis of his business to help him make strategic
decisions for the future. The situation analysis will tell Gavin all of the following except
financial projections.
A good mission statement should be oriented around the company's
customer.
Compare the following statements regarding relationship marketing to determine which
is most accurate?
Relationship marketing is most successful when firms focus on attracting, maintaining,
and enhancing customer relationships.
Compare the following product offerings. Which is an example of indirect competition?
Burger King and Subway
The generation of children born between 1946 and 1964 is retiring at a rate of 10,000
per day. What is the name of this demographic group?
baby boomers
Monitoring developments outside of the firm's control with the goal of detecting and
responding to threats and opportunities is called
environmental scanning.
A marketer that uses social media sites to engage potential customers is most likely
targeting which demographic group?
Millennials
A measure of the market value of all officially recognized final goods and services
produced within a country in a given period is referred to as
gross domestic product.
Compare the following statements to determine which one accurately depicts how
income is distributed across the U.S. population.
Over the past several decades, income for the highest wage earners grew at a much
quicker pace than for households in the bottom wage-earning bracket.
According to your text, one of the biggest sociocultural changes in the United States
over the past half century has been
the shift from one-income families to two-income and single-parent households.
Compare the following product offerings. Which is the best example of direct
competition?
Crest and Colgate
Compare the following statements and select the one that reflects your text's assertion
as to why educated consumers are prime targets for marketing strategies.
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