PRINCIPLES OF MARKETING (MKTG 3701) FINAL EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

PRINCIPLES OF MARKETING (MKTG 3701) FINAL EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 During what stage in the evolution of marketing did firms believe that quality products would sell themselves? - Answers production orientation How often should firms undertake the task of strategic planning? - Answers on a continual basis as conditions change What is the premise behind the marketing concept? - Answers a focus on satisfying the needs of the customer What two elements are combined on the BCG matrix to produce its four unique product categories? - Answers market growth and relative market share Daphne used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. For Daphne, these things represent - Answers a need. The measure of a firm's effectiveness in using the resources allocated to its marketing effort is called - Answers return on marketing investment. What era in the history of marketing best reflects the idea that a firm's long-term success must include a company-wide effort to satisfy customer needs? - Answers marketing concept Daryl recently took a marketing job with a new firm. His first order of business is to find out how his new company performs relative to its competitors. Which of the following would Daryl use to do this? - Answers market share analysis What is the overall purpose of a marketing plan? - Answers to guide the analysis, implementation, and control of the firm's marketing strategy Which marketing mix element is typically the easiest to change? - Answers price Which marketing strategy would Krispy Kreme doughnuts be using if it decided to begin selling its doughnuts in Mexico for the first time? - Answers market development Think about the various marketing strategies as you read the following choices to determine which one describes a market penetration strategy. - Answers selling more of current products to existing markets The major thesis of the McKinsey Quarterly article: We're All Marketers Now is - Answers Marketing should pervade the entire organization - everyone is accountable. As it relates to customers, the aim of marketing is to - Answers provide customers with value. A local family is advertising a 5K run to raise awareness for autism since one of their children suffers from the disorder. Salina likes to run, so she decides to pay the fee to participate in the event. Afterward, she is pleased that she went and felt good about helping out the family. Would this be considered a marketing exchange? - Answers yes, because participating in the run was exchanged for Salina's feeling of satisfaction for helping the family Which of the following questions relates to the place element of the marketing mix? - Answers How much inventory should I have? Which approach to marketing was especially important during the Great Depression when consumers did not have much money and firms competed intensely for customer sales? - Answers sales orientation Gavin wants to perform a situation analysis of his business to help him make strategic decisions for the future. The situation analysis will tell Gavin all of the following except - Answers financial projections. A good mission statement should be oriented around the company's - Answers customer. Compare the following statements regarding relationship marketing to determine which is most accurate? - Answers Relationship marketing is most successful when firms focus on attracting, maintaining, and enhancing customer relationships. Compare the following product offerings. Which is an example of indirect competition? - Answers Burger King and Subway The generation of children born between 1946 and 1964 is retiring at a rate of 10,000 per day. What is the name of this demographic group? - Answers baby boomers Monitoring developments outside of the firm's control with the goal of detecting and responding to threats and opportunities is called - Answers environmental scanning. A marketer that uses social media sites to engage potential customers is most likely targeting which demographic group? - Answers Millennials A measure of the market value of all officially recognized final goods and services produced within a country in a given period is referred to as - Answers gross domestic product. Compare the following statements to determine which one accurately depicts how income is distributed across the U.S. population. - Answers Over the past several decades, income for the highest wage earners grew at a much quicker pace than for households in the bottom wage-earning bracket. According to your text, one of the biggest sociocultural changes in the United States over the past half century has been - Answers the shift from one-income families to two-income and single-parent households. Compare the following product offerings. Which is the best example of direct competition? - Answers Crest and Colgate Compare the following statements and select the one that reflects your text's assertion as to why educated consumers are prime targets for marketing strategies. - Answers Educated consumers are more likely to earn significantly more money throughout the course of their lifetime. Currently, females account for what percentage of all consumer purchases in the United States? - Answers 85 percent A situation in which products that perform the same function compete against one another is referred to as - Answers direct competition. Which of the following is the fastest growing demographic group in the United States? - Answers seniors Which regulation was passed to eliminate monopolies and guarantee competition? - Answers the Sherman Antitrust Act (1890)