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AGBU 3361 TEST 2 CHAPTERS 6-13 100% VERIFIED

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AGBU 3361 TEST 2 CHAPTERS 6-13 100% VERIFIED...

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  • January 8, 2025
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  • 2024/2025
  • Exam (elaborations)
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  • agbu 3361
  • AGBU 3361
  • AGBU 3361
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AGBU 3361 TEST 2 CHAPTERS 6-13 100% VERIFIED


Characteristic(s) of a market-driven organization would include: - ANSWER "Focus on
what the customer needs/wants"



A strategic marketing plan involves which of these marketing activity:



a. Choose a target market

b. Develop the appropriate

c. Choose a position

d. All of the above - ANSWER d. All of the above



What is NOT included in the SWOT analysis? - ANSWER Objectives



Grouping customers according to age, income, and education is called _________
segmentation. - ANSWER Demographic



_________ segmentation calls for dividing the market into regions, states, countries,
cities, or even neighborhoods. - ANSWER Geographic



The process of creating the desired image in the customer's mind is called: - ANSWER
Positioning



Pursuing a competitive advantage means that a firm pursues a set of competencies
where the firm has a clear and distinct advantage over the competition. - ANSWER
True



If clearly definable differences between market segments do not exist the best market

, strategy is the: - ANSWER Mass market strategy



A market-coverage strategy in which a firm decides to target several market segments
and designs separate offers for each is known as _________ marketing. - ANSWER
Segmented



The last set of marketing activities and decisions in a strategic marketing plan is to
choose a position. - ANSWER False



The marketing mix includes all of the following, EXCEPT - ANSWER Profit



The ratio of what customers receive (benefits) relative to what they give up (costs) is
called - ANSWER Value



Cost of production sets the _________ of the product. - ANSWER Price floor



Adding a constant margin to the basic cost of an individual product or service is known
as what type of pricing? - ANSWER Cost-Plus Pricing



Smucker's plans to launch a 6-pack case with a unit cost of $12 per case and wants to
earn a 20% markup on its retail sales. How much is the selling price of Smucker's 6-Pack
case? - ANSWER 15.0



A price that ends with ".99" is an example of _________ pricing. - ANSWER
Psychological



When a product is offered at a low price in order to gain broad market acceptance
quickly, it is called _________ pricing. - ANSWER Penetration



Advertising that is intended not to promote a particular product but rather to build
goodwill for a total company or industry is called _________ advertising - ANSWER

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