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Exam 1 – MKTG 351 (1)
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- Millwright. Bearings
Exam 1 – MKTG 351 (1)
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Exam 1 – MKTG 351Product - CORRECT ANSWER-Henry Ford's Model T available in any color—as
long as it is black. This is an example of what type of management philosophy?
- Product
- Sales
- Market
- Societal Marketing
Conduct research to determine if needs have changed - CORRECT ANSWER-Coca
Cola has a market orientation. The company would react to consumer dissatisfaction
to its products by first:
- Hiring better sales people
- Increasing advertising to better explain product benefits
- Lowering price
- Conduct research to determine if needs have changed
Benefits - CORRECT ANSWER-The best way to market a product is to focus on:
- Advertising
- Pricing
- Product
- Benefits
Product - CORRECT ANSWER-Joe is very concerned about his hair. When he
needs shampoo, he wants to make sure he chooses one that fits his hairstyle and
characteristics. When selling their products to Joe, shampoo makers should primarily
focus on which of the 4 P's
- Product
- Price
- Promotion
- Place
Market development - CORRECT ANSWER-Taco Bell wants to increase its global
sales by opening up new countries where they are not present - and it has identified
South Africa as a key market to enter. This growth strategy could best be classified
as:
- Market penetration
- Market development
- Product development
,- Diversification
Diversification - CORRECT ANSWER-Launching new product into a new market is
classified as:
- Market penetration
- Market development
- Product development
- Diversification
Negative profits - CORRECT ANSWER-Using BBC, a problem child (question mark)
most likely has;
- High profit potential
- High level of sales
- Passive cash flow
- Negative profits
Harvesting - CORRECT ANSWER-Sam's Wine raises its prices and does not spend
any money on marketing, in order to maximize profits. This is called:
- Divesting
- Investing
- Harvesting
- Holding
Product development - CORRECT ANSWER-Apple launches the latest iPhone in the
US market. This is an example of:
- Product development
- Market development
- Market penetration
- Diversification
Cash cows - CORRECT ANSWER-LC has a high market share in wash/dryers.
However, this category is growing slowly. This is classified as:
- Problem child (question mark)
- Dogs
- Cash cows
- Stars
Psychographic factor - CORRECT ANSWER-What is not a factor in the marketing
environment?
, - Social factor
- Demographic factor
- Growing ethnic markets
- Psychographic factor
Distribution strategy - CORRECT ANSWER-David is creating a marketing plan for a
business that sells surfboards. Which is a controllable factor?
- Distribution strategy
- Competitive reaction
- Economic environment
- Regulatory changes
Millennials (Generation Y) - CORRECT ANSWER-The largest population in the US
people born between 1979 and 1994 are called:
- Gen Z
- Millennials or Gen Y
- Gen X
- Baby boomers
Gen z - CORRECT ANSWER-Born between 1995 and 2010. Most have grown up
with social media and smartphones. This group is called:
Baby boomers - CORRECT ANSWER-Demographic group that marketers have not
previously targeted but it is a huge market
- Baby boomers
- Gen X
- Gen Y
- Millennials
Gen X - CORRECT ANSWER-65 million US consumers. First gen of latchkey
children - kids of dual career households or, divorced/separated parents
- Baby boomers
- Gen X
- Gen Y
- Millennials
Demographic factors - CORRECT ANSWER-Uncontrollable variable in the external
environment - the study of people's stats - age, race, ethnicity, and location is called:
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