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MKTG. 3310. Final Exam. || A+ Verified Solutions.
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How does the new concept of marketing differ from the old concept of marketing? correct answers The new concept focuses on the needs of the customer What is the main problem that sellers suffering from marketing myopia face? correct answers They focus more on products than the customer's overlyi...

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  • August 23, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • how does the new concept of marketing differ from

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  • MKTG. 3310.
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MKTG. 3310. Final Exam. || A+ Verified Solutions.
How does the new concept of marketing differ from the old concept of marketing? correct
answers The new concept focuses on the needs of the customer

What is the main problem that sellers suffering from marketing myopia face? correct answers
They focus more on products than the customer's overlying need

When a company divides the market into groups of customers, it is engaging in which of the
following? correct answers Market Segmentation

Advantage Airlines has instituted a loyalty rewards program that rewards customers with free
Wi-Fi, seat upgrades, and free miles for their continued patronage. What relationship tool is
Advantage Airlines using? correct answers Frequency marketing program

What is most likely to cause a variation in customer-perceived value? correct answers the
customer's opinion of what constitutes value

Craig's Craft Beer structures its company in such a way to encourage its most profitable older
customers to remain loyal while also targeting a new generation of customers. What is Craig's
Craft Beer attempting to build? correct answers Customer equity

Vince's Video has suffered in the current economy because fewer people have the money for
videos and because people utilize available technology, including online streaming sites like
YouTube and Hulu. The videos Vince's Video does sell are often out priced by versions coming
from China or Taiwan, or they are accused of damaging the environment. Which marketing
impacts has not likely affected Vince's Video? correct answers Not-for-profit marketing

The ultimate goal of the marketing process is to... correct answers capture value from customers

The act of obtaining a desired object from someone by offering something in return is known
as... correct answers an exchange

Selling and advertising are part of a larger set of marketing tools that work together to satisfy
customer needs and build customer relationships known as _____________. correct answers the
marketing mix

Four P's of the Marketing Mix correct answers Product, Place, Price, Promotion

What is the ultimate aim of customer relationship management? correct answers Produce high
customer equity

Bob's Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is
the FIRST thing Bob's Bicycle Sales and Repair needs to do? correct answers Determine who in
the community wants or needs a bicycle or repair service

,Dividing a market into several sections of customers is known as ________. correct answers
market segmentation

Susan now has the buying power to purchase the iPhone that she wanted to buy a year ago.
Susan's want has most likely become a correct answers demand

Louis Vuitton profitably appeals to families with more financial means. The retailer's approach is
most likely referred to as __________. correct answers target marketing

For the past few years, Dorito's has held a "Crash the Super Bowl" contest in which it invites 30-
second ads from consumers and runs the best ones during the game. This is an example of
__________. correct answers consumer-generated marketing

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their
needs. correct answers value proposition

Ford Motor Company issuing a recall that requires customers to schedule appointments with car
dealerships to repair faulty igniters would have the greatest impact on the _________ component
of its marketing mix correct answers place

a firm's decisions to identify and develop new markets for existing products is a ____________
strategy correct answers market development

Dunkin Donuts goal to increase customer satisfaction in its coffee by 18% during the first 6
months of the new fiscal year is an example of a correct answers marketing objective

Product Positioning correct answers Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers

Tim Hortons has introduced a Special Shopper Card that allows current customers to pay in
advance for coffee and snacks. This effort by management is most likely an example of correct
answers market penetration

To create value for customers, marketers must improve the performance of the __________,
which includes partnering with suppliers, distributors and customers correct answers value
delivery network

When consumers respond in a similar way to a given set of marketing efforts, they can be
referred to as a(n) correct answers market segment

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The
marketing team has already established the company's niche product premium, organic dog and
cat food and contracted to sell it in several high-end pet stores. The team has also determined the
optimum price to create value for customers and still make a profit. What does the marketing
team need to do now? correct answers Create a promotion strategy to increase customer
awareness

, What is the purpose of the marketing mix as part of the overall marketing strategy? correct
answers to elicit a response that influences a demand for the product from the customers the
company is targeting

How do the individual components of a SWOT analysis work together to determine the status of
a company? correct answers Ascertaining a company's strengths, relating them to opportunities,
minimizing weaknesses and identifying threats to growth and development

What is a business portfolio? correct answers the collection of businesses and products that make
up a company

The goal of a market development growth strategy is to correct answers identify and develop
new markets for current products of a company's market

What are stars in the growth share matrix? correct answers high-growth, high-share businesses or
products

Tammy's Tap Dancing School currently has several question marks in its business portfolio, but
it is currently maintaining its market share. At the most recent board meeting, the CEO of
Tammy's Tap Dancing School decided to allocate all of the company's profits toward the growth
and expansion of this question mark, in order to cause the question marks to become stars. What
is likely to happen to this company? correct answers The growth of the company will be
unpredictable since there is no guarantee a question mark will become a star

Which generational group is most comfortable using digital technologies? correct answers
Generation Z

According to the text, _______ are the most important actors in a company's microenvironment
correct answers customers

In a marketer's macroenvironment, the ________ environment consists of laws, government
agencies, and pressure groups that influence or limit various organizations and individuals in a
given society correct answers political

The Anheuser-Busch Emergency Drinking Water Program provides clean drinking water to
families in disaster-stricken areas. This is an example of __________ marketing correct answers
Cause-related

To exercise their social responsibility, many companies are linking themselves to what type of
marketing? correct answers Cause-related

Beverly's Burgers came under fire recently when allegations were made that its veggie burgers
were actually made with beef. To counter the claims, the restaurant called in a company to test
not only its veggie burgers but also the rest of its vegetarian options to prove they lacked meat.

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