MKT 421 (new) Inspiring Minds/uophelp.com - Page 5 - For more course tutorials visit www.uophelp.com This Tutorial contains 2 Different Sets of Papers for all Assignments MKT 421 Week 1 Individual Assignment Favorite Brand Paper (2 Papers) MKT 421 Week 1 Discussion Question 1 MKT 421 Week 1 Discussion 10. the cluster of benefits that an organization promises customers to satisfy their needs. the need of a customer to receive the highest quality product at the lowest possible price. a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers. the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. 11. Developing a pool of concepts to serve as candidates for new products is the __________ stage of the new-product process. idea generation product development open innovation new-product strategy development 12. The goal of a SWOT analysis is to: identify market research questions in order to develop new products for new market segments. determine how raises, bonuses, and dividends will be paid. identify the critical strategy-related factors that can impact the firm. reorganize the firm’s marketing department. 13. Marketing research refers to: the science of using observable human behavior in order to identify and solve marketing problems. the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. the use of information technology to find objective solutions to a marketing problem. the process of systematically collecting and analyzing information in order to define a marketing problem. There is no single “generic” marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on the following: the industry, the kind and complexity of the organization, and ________. available resources the financial investment needed the competition the target audience and purpose 14. Which of the following conditions are necessary for marketing to occur? a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product two or more people, a product, a reasonable price, and a place to make an exchange two or more people, a method of assessing needs, a way to communicate, and an exchange two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange 15. Environmental scanning refers to: assessing any possible negative impact a firm’s activities might have on the local ecology. setting up a regular schedule to assess the performance of different divisions within a firm. 16. Relationship selling refers to: the assignment of a single salesperson to a single customer throughout the entire sales process. the practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time. when suppliers and sellers combine their expertise and resources to create customized solutions; 17. A global marketing strategy refers to: the strategy currently used by most U.S. domestic firms that when entering a new international market, these firms offer only those products that require the least amount of product adaptation. the global strategy of seeking out already established firms in other nations and selling them the rights to manufacture and distribute the firm’s products through a host nation’s local businesses. the strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. the strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business. 18. Segmentation based on some subjective mental or emotional attributes, aspirations, or needs of prospective customers is referred to as: socioeconomic segmentation. psychosocial segmentation. affective segmentation. psychographic segmentation. 19. Online retail purchases by consumers can be the result of several very different approaches, which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls; and (4) _______. participating in a buying cooperative becoming a secret shopper using a shopping “bot” to search for a product at locations with the best price becoming a member of a research group that evaluates new products 20. The term branding refers to __________. the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years, at which time a firm may renew its intellectual property rights to them an organization’s use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors the establishment of a commercial, legal name under which a company does business the identification of an organization’s products based upon individual SKUs Computer-based networks that trigger actions by sensing changes in the real or digital world are known as: global marketing platforms. convergent systems. intelligence technologies. smart systems. 21. In the nonprofit world of the performing arts, box office technology has essentially remained the same since the 1980s. A company called Tessitura is trying to change that. Tessitura is able to track every transaction with its patrons in one database. The information collected includes ticket purchases, fund-raising, volunteering, and gift shop purchases that will help symphonies, operas, and theaters develop customer profiles in order to tailor their sales messages to specific individuals. In other words, Tessitura will allow arts groups to engage in: mainstream marketing societal marketing relationship marketing market aggregation 22. Advertising, personal selling, sales promotion, public relations, and direct marketing are marketing communications alternatives that make up a firm’s __________. marketing mix promotional mix communication source media strategy 23. Neuromarketing is becoming more important in marketing as experts realize that traditional research methods such as focus groups and surveys may not be enough to understand what drives consumer purchase behavior due to: It is not possible to formulate questions without bias Consumers cannot verbalize their emotional responses The data obtained is not quantifiable The sample size is too small 24. The study of similarities and differences among consumers in two or more nations or societies is referred to as __________. transnational finance market synthesis cross-cultural analysis international sociographics 25. Which of the following transactions occurred in the marketspace? Connie sold Discovery Toys creative puzzles at an in-home demonstration. Josh bought his mother a menorah through the Source for Everything Jewish gift catalog by calling a toll-free telephone number. Corey bought a double-dipped chocolate ice cream cone from the ice cream person when his mobile ice cream truck came down the street. Joan bought a brand new pair of Dansko shoes through Zappos.com. 26. Four trends in the past decade have significantly influenced the landscape of global marketing. One of them is: a decrease in most countries’ GDPs and a renewal of nationalism. the emergence of networked global marketspace. a more aggressive attitude towards initiating international tariffs and quota systems. an increase in most countries’ GDPs coupled with an increased degree of consumer ethnocentrism. 27. The term branding refers to __________. the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years, at which time a firm may renew its intellectual property rights to them an organization’s use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors the establishment of a commercial, legal name under which a company does business the identification of an organization’s products based upon individual SKUs 30 The initial step in the strategic marketing process is to begin planning by conducting a _______. situation (SWOT) analysis market-product analysis and setting goals diversification analysis business portfolio analysis. ------------------------------------------------------------------------ MKT 421 Final Exam Guide (New) For more course tutorials visit www.uophelp.com 1. Blending the firm's promotion efforts to convey a complete and consistent message is the goal of: Sales management communications. Integrated promotional marketing. Sales promotion communications. Integrated marketing communications. 2 .When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser's ad and links to the advertiser's website, this process is called a(n): pioneering ad. pay-per-view. pay-per-click. copy thrust. 3 Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because: Many wants are culturally learned. Family life cycles may be different. Economic wants do not influence purchases in many regions of the world. The purchase situations may be different. 4 Because she frequently buys books at Amazon.com, Sophie Soleil set up an account and password at the website. Now, when she logs on and searches for a specific book, a note pops up at the center of her laptop screen saying: "Hello, Sophie, we have recommendations for you," and proceeds to list other titles that Sophie might enjoy based on her previous purchases. Amazon can remember Sophie (and her previous purchases) because the online retailer uses: Decoding. Encoding. Banners. Cookies. 3 Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because: Many wants are culturally learned. Family life cycles may be different. Economic wants do not influence purchases in many regions of the world.
MKT 421 (new) Inspiring Minds/uophelp.com - Page 5
MKT 421 (new) Inspiring Minds/uophelp.com - Page 6