MKTG 3340 Final Exam with complete solutions 2023/2024 latest update

MKTG 3340 Final Exam Possession Utility - correct answer e.g.) allowing several payment and credit options Depth of Product Line - correct answer the store carries a large assortment of each item e.g.) a shoe store that offers running shoes, dress shoes, and children's shoes Limited Service - correct answer the store provides some services, such as credit and merchandise return, but not others such as clothing alteration e.g.) General merchandise stores such as Walmart make the customers responsible for shopping, but have salespeople available Specialty Outlet - correct answer Stores that carry tremendous depth in one primary line of merchandise e.g.) Victoria's Secret Category Killers - correct answer Specialty Discount Outlets that focus on one type of product, such as electronics (Best Buy), office supplies (Staples), or books (Barnes & Noble), at very competitive prices they typically dominate the market Trends in Category Killers - correct answer A shift to smaller stores and the use of price matching to compete with online retailers Direct Mail - correct answer It eliminates the cost of a store and clerks. Improves marketing efficiency through segmentation and targeting. Encourages visiting websites and social media pages. Telemarketing - correct answer Uses the telephone to interact with and sell directly to consumers. More efficient than direct mail with targeting consumers Maintained Markup - correct answer the difference between the final selling price and retailer cost Rack Jobbers - correct answer furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers, which means that retain the title to the products displayed and bill retainers only for merchandise sold Example Rack Jobber Products - correct answer Hosiery, toys, housewares, and health and beauty items Integrated Marketing Communications (IMC) - correct answer the concept of designing marketing communications programs that coordinate all promotional activities (advertising, personal selling, sales promotion, public relations, and direct marketing) to provide a consistent message cross all audiences Communication Error/Response - correct answer 1) The source may not adequately transform the abstract idea into an effective set of symbols 2) A properly encoded message may be sent through the wrong channel and never make it to the receiver 3) The receiver may not properly transform the set of symbols into the correct abstract idea 4) Feedback may be so delayed that it is of no use to the sender Introduction Stage - correct answer Promotional Objective is to inform Promotion activities include: 1) Publicly in magazines 2) Advertising 3) Sales-force calling on intermediaries 4) Sales promotion in the form of free samples Growth Stage - correct answer Promotional Objective is to persuade