STR 581 Capstone Final Exam Part 3. / STR581 Capstone Final Exam Part 3.: GRADED A | 100% CORRECT
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Course
STR 581 (STR581)
Institution
UNIVERSITY OF PHOENIX
STR 581 Capstone Final Exam Part 3. / STR581 Capstone Final Exam Part 3.: GRADED A | 100% CORRECTSTR 581 Capstone Exam – Part 3
1. A firm must know where to position its product based on price and
2. What type of strategy consists of geographical pricing, price discounts and allowa...
str 581 capstone exam – part 3 1 a firm must know where to position its product based on price and 2 what type of strategy consists of geographical
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STR 581 (STR581)
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STR 581 Capstone Exam – Part 3
1. A firm must know where to position its product based on price and
Quality
Explanation: Price and Quality are the product factors used primarily
for positioning against competitors.
2. What type of strategy consists of geographical pricing, price discounts and
allowances, promotional pricing, and differentiated pricing?
price adaptation
Explanation: Price adaptation allocates price flexibility to cater to
specific income levels, geographic areas, and regional consumer
demands.
3. The marketing manager needs to know the cost of the research project
before approving it. During which stage of the marketing research process
would such a consideration most likely take place?
Step 2—develop the research plan
Explanation: The development of a research plan will include specific
considerations in regards to budgets.
4. A valuable result of task environment analysis with respect to geographic,
demographic, psychographic and buyer-behavior factors is called
Customer Profile
Explanation: A customer profile contains all relevant data a marketer
can find based on the task environment analysis.
5. New-to-the-world products are ________.
, new products that create an entirely new market
Explanation: These are highly innovative products the solve problems
that were not previously envisioned in the market.
6. These social responsibilities are those that are voluntarily assumed by a
business or organization. They include public relations activities, good
citizenship, and full corporate social responsibility.
Discretionary responsibility
Explanation: These activities are not directly necessary for profit
maximization, but they often provide indirect benefits.
7. When diversification involves additions of a business related to the firm
in terms of technology, markets or products, it involves
Concentric diversification
Explanation: Concentric diversification occurs when company acquires
or develops new products or services (closely related to its core business
or technology) to enter one or more new markets
8. Which component of a marketing audit includes major developments in
income, prices, savings, and credit that affect the company?
Economic
Explanation: This step of the marketing audit looks at changes in the
income, pricing, and financial conditions that may influence consumer
behaviors.
9. The ability to meet humanity’s needs without harming future generations
is now a top priority in most corporate agenda
Sustainability
Explanation: Sustainability initiatives are aimed at maintaining a
healthy balance with the environment and long-term needs of society.
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