BADM 320 Final Exam – Comprehensive Study Guide, Key Concepts & Practice Questions
Review
Which part of the product life cycle is noted for having the lowest prices for consumers? -
correct answer ✔✔Decline
How do firms come up with ideas for new products - correct answer ✔✔Looking at competitors
products
Old Farmer Wolters grows and sells potatoes to Wendy's fast food Restaurant, who then uses
the potatoes to make French Fries and sells these French Fries to customers. Suppose that Old
Farmer Wolters and Wendy's work together on controlling the price of the French Fries (to be
passed onto the customers), this pricing practice would be - correct answer ✔✔vertical price
fixing, and illegal
Why do firms create new products? - correct answer ✔✔All of the above
(to respond to customer needs, to respond to fashion cycles, to manage risk through diversity)
In order to attract customers Gold's Gym (a fitness studio) offers one month free membership
for first time users. Planet fitness is using the free trial to overcome which area that products
and services differ? - correct answer ✔✔Inseparable
The marketing of services such as accounting and financial services differ from product
marketing because services are: - correct answer ✔✔intangible, inseparable, variable, and
perishable
Which of the following is not one of the 4 P's of Marketing? - correct answer ✔✔Propaganda
The differences between what customers expect and what companies think their customers
expect is the definition of which Gap in the Gap Model? - correct answer ✔✔Knowledge gap
, Wendy's Restaurant and Burger King Restaurants waited to see if McDonald's Dollar Value Menu
would be a success before they started their own. This is an example of what? - correct answer
✔✔a second mover advantage
The Supply Chain is linked to which of the P's of marketing? - correct answer ✔✔Place
The most important job of advertising is? - correct answer ✔✔Persuading customers to buy a
product or service
Which of the following is one of the 5 C's of Pricing? - correct answer ✔✔All of the above are
(Customers, Company Objectives, Competition)
General Mills advertises their "Christmas Crunch" brand of breakfast cereal only during the late
fall and early winter leading up to Christmas. This is an example of what kind of schedule
advertising? - correct answer ✔✔Flighting
When firms test products "in-house" meaning only within the firm (no actual customers) which
type of testing is this considered? - correct answer ✔✔Alpha testing
Barnes & Noble Stores runs commercials throughout the year, but during the Christmas season
they increase their advertising in order to announce their Christmas book and gift selections.
Barnes & Noble is using what kind of advertising schedule. - correct answer ✔✔Pulsing
Which type of advertising is best for goods that have gained market acceptance like Coca-Cola
Soda? - correct answer ✔✔Reminder advertising
Which of the following is the correct order for product life cycle - correct answer
✔✔Introduction, growth, maturity, decline
Review
Which part of the product life cycle is noted for having the lowest prices for consumers? -
correct answer ✔✔Decline
How do firms come up with ideas for new products - correct answer ✔✔Looking at competitors
products
Old Farmer Wolters grows and sells potatoes to Wendy's fast food Restaurant, who then uses
the potatoes to make French Fries and sells these French Fries to customers. Suppose that Old
Farmer Wolters and Wendy's work together on controlling the price of the French Fries (to be
passed onto the customers), this pricing practice would be - correct answer ✔✔vertical price
fixing, and illegal
Why do firms create new products? - correct answer ✔✔All of the above
(to respond to customer needs, to respond to fashion cycles, to manage risk through diversity)
In order to attract customers Gold's Gym (a fitness studio) offers one month free membership
for first time users. Planet fitness is using the free trial to overcome which area that products
and services differ? - correct answer ✔✔Inseparable
The marketing of services such as accounting and financial services differ from product
marketing because services are: - correct answer ✔✔intangible, inseparable, variable, and
perishable
Which of the following is not one of the 4 P's of Marketing? - correct answer ✔✔Propaganda
The differences between what customers expect and what companies think their customers
expect is the definition of which Gap in the Gap Model? - correct answer ✔✔Knowledge gap
, Wendy's Restaurant and Burger King Restaurants waited to see if McDonald's Dollar Value Menu
would be a success before they started their own. This is an example of what? - correct answer
✔✔a second mover advantage
The Supply Chain is linked to which of the P's of marketing? - correct answer ✔✔Place
The most important job of advertising is? - correct answer ✔✔Persuading customers to buy a
product or service
Which of the following is one of the 5 C's of Pricing? - correct answer ✔✔All of the above are
(Customers, Company Objectives, Competition)
General Mills advertises their "Christmas Crunch" brand of breakfast cereal only during the late
fall and early winter leading up to Christmas. This is an example of what kind of schedule
advertising? - correct answer ✔✔Flighting
When firms test products "in-house" meaning only within the firm (no actual customers) which
type of testing is this considered? - correct answer ✔✔Alpha testing
Barnes & Noble Stores runs commercials throughout the year, but during the Christmas season
they increase their advertising in order to announce their Christmas book and gift selections.
Barnes & Noble is using what kind of advertising schedule. - correct answer ✔✔Pulsing
Which type of advertising is best for goods that have gained market acceptance like Coca-Cola
Soda? - correct answer ✔✔Reminder advertising
Which of the following is the correct order for product life cycle - correct answer
✔✔Introduction, growth, maturity, decline
