Principles of Marketing (MKTG 3701) Final Exam ||
with 100% Verified Solutions Latest Update 2024.
During what stage in the evolution of marketing did firms believe that quality products would
sell themselves? correct answe rs production orientation
How often should firms undertake the task of strategic planning? correct answers on a continual basis as conditions change
What is the premise behind the marketing concept? correct answers 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? correct answers 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 correct
answers a need.
The measure of a firm's effectiveness in using the resources allocated to its marketing effort is called correct answers 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? correct answers 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? correct answers market share analysis
What is the overall purpose of a marketing plan? correct answers to guide the analysis, implementation, and control of the firm's marketing strategy
Which marketing mix element is typically the easiest to change? correct answers price
Which marketing strategy would Krispy Kreme doughnuts be using if it decided to begin selling its doughnuts in Mexico for the first time? correct answers market development
Think about the various marketing strategies as you read the following choices to determine which one describes a market penetration strategy. correct answers selling more of current products to existing markets
The major thesis of the McKinsey Quarterly article: We're All Marketers Now is correct answers Marketing should pervade the entire organization - everyone is accountable.
As it relates to customers, the aim of marketing is to correct answers provide customers with value.
Ask for more Exams or Study materials from (arthurmurphy121@gmail.com) 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? correct answers 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? correct answers 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? correct answers 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 correct answers financial projections.
A good mission statement should be oriented around the company's correct answers customer.
Compare the following statements regarding relationship marketing to determine which is most accurate? correct answers 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? correct answers 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? correct answers baby boomers
Monitoring developments outside of the firm's control with the goal of detecting and responding to threats and opportunities is called correct answers environmental scanning.
A marketer that uses social media sites to engage potential customers is most likely targeting which demographic group? correct answers 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 correct answers gross domestic product.
Compare the following statements to determine which one accurately depicts how income is distributed across the U.S. population. correct answers 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 correct answers the shift from one-income families to two-income and single-parent households.
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