(GCU) MKT 315 Introduction to Marketing - Latest Final Exam Review Q & S 2024.
2 views 0 purchase
Course
Business admin
Institution
Business Admin
(GCU) MKT 315 Introduction to Marketing - Latest Final Exam Review Q & S 2024.(GCU) MKT 315 Introduction to Marketing - Latest Final Exam Review Q & S 2024.(GCU) MKT 315 Introduction to Marketing - Latest Final Exam Review Q & S 2024.
,1. Multiple Choice: Which of the following is a key characteristic of
strategic marketing?
a) Focusing on short-term sales
b) Prioritizing product over customer needs
c) Aligning business goals with market needs
d) Ignoring market trends
Answer: c) Aligning business goals with market needs
Rationale: Strategic marketing involves creating a plan that helps
align business goals with the needs and preferences of the market,
ensuring long-term success and customer satisfaction.
2. Fill-in-the-Blank: __________ is the process of dividing a market
into distinct groups of buyers who have different needs,
characteristics, or behaviors.
Answer: Market segmentation
Rationale: Market segmentation allows companies to target
specific groups more effectively by understanding their unique
needs and tailoring marketing efforts accordingly.
,including how the product is priced, placed, and promoted in the
market.
4. Multiple Response: Which of the following are components of a
SWOT analysis?
a) Strengths
b) Weaknesses
c) Opportunities
d) Threats
e) Solutions
Answers: a) Strengths, b) Weaknesses, c) Opportunities, d)
Threats
Rationale: A SWOT analysis is a strategic planning tool used to
identify and analyze the internal Strengths and Weaknesses of an
organization, as well as external Opportunities and Threats.
, Rationale: CSR refers to a company's commitment to manage the
social, environmental, and economic effects of its operations
responsibly and in line with public expectations.
6. Fill-in-the-Blank: The __________ effect occurs when
consumers change their behavior due to the observation of others.
Answer: Bandwagon
Rationale: The bandwagon effect is a psychological phenomenon
where people do something primarily because other people are
doing it, regardless of their own beliefs.
7. True/False: Price elasticity of demand is the measure of how
sensitive the quantity demanded is to a change in price.
Answer: True
Rationale: Price elasticity of demand quantifies how changes in
price affect the quantity of the product demanded, indicating how
responsive consumers are to price changes.
8. Multiple Response: Effective brand management can lead to:
a) Increased customer loyalty
b) Higher price points
c) Decreased market share
d) Strong brand equity
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller testbank11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
