MKTG 201 Final (100% Verified Answers)

MKTG 201 Final (100% Verified Answers) Marketing creates, communicates, and delivers value to the firm's chosen customers. This enables the firm to attract and keep customers. Attracting and keeping customers drive _____________ for the firm. A. Priced B. Profitability C. Promotion D. Product E. Place correct answers B. Profitability The path to profitability starts with: A. Understanding customers within the context of the marketing environment B. Executing clever advertising campaigns using digital media C. Reducing price for disadvantaged customers D. Developing distribution channels to reach a variety of customers E. Benchmarking and then copying successful competitors correct answers A. Understanding customers within the context of the marketing environment For every pair of Toms shoes purchased, the company donates a pair of shoes to a child in need. Which marketing philosophy does Toms use? A. Production B. Sales C. Market D. Societal E. Consumer correct answers D. Societal Marketing strategy addresses a specific target market with a cohesive marketing mix of: A. Product, price, place, promotion B. Product, price, promotion, profit C. Positioning, performance, potential, profitability D. Price, place, people, promotion E. Place, potential, product, performance correct answers A. Product, price, place, promotion "How do I come up with a killer product idea?" A. Ask customers what they want B. Ask, "How much money can I make?" C. Ask, "What problems are people trying to solve." D. Ask, "What are the competitive offerings?" E. Ask, "Which distribution channels offer the most cost effective solution?" correct answers C. Ask, 'What problems are people trying to solve." Skullcandy, a $300 million headphones and audio accessories business located in Park City, Utah, recognized a growing trend in the purchase and use of digital audio devices--MP3 players. The company created a unique line of headphones, earbuds, and docks to capitalize on this growing business. This is an example of which part of the SWOT analysis? A. Strength B. Weakness C. Opportunity D. Threat E. Option correct answers C. Opportunity Malibu Boats, specialize in the production and marketing of recreational water sports boats, primarily for wake boarding and wake surfing. What type of income is used to purchase expensive boats and accessories offered by Malibu Boats? A. Gross income B. Disposable income C. Discretionary income D. Total income E. Benchmarking income correct answers C. Discretionary Achara is a marketing manager for a new line of Thai food. The company wants to launch this new line in Scandinavia--Denmark, Norway, Sweden, Finland, and Iceland. Achara knows that social forces affect consumers' attitudes, beliefs, lifestyle, and ultimately consumption behavior. Which social force has the most influence on Achara's new product line--affecting what people eat? A. Demographic B. Culture C. Generational cohorts D. Regulatory E. Economic correct answers B. Cultural Johan, a research analyst for LEGO, has been gathering information about age, gender, and income for Southeast Asia, particularly Indonesia, Thailand, Singapore, Malaysia and Philippines. Johan is gathering _________ data: A. Demographic B. Psychographic C. Generational cohort D. Economic E. Political preference correct answers A. Demographic In the United States, people born during the same time period and who share similar life experiences are referred to as: A. Geographics B. Psychographics C. Generational cohorts D. Economics E. Culture correct answers C. Generational Cohorts Cereal Partners Worldwide (CPW) was established in 1991 by General Mills (USA) and Nestle (Switzerland) to produce and market ready-to-eat breakfast cereals worldwide. The companies share ownership, control, and risk. This is an example of which global market entry strategy? A. Exporting B. Licensing C. Joint Venture D. Foreign Direct Investment E. International correct answers C. Joint Venture When Procter & Gamble first entered eastern Europe in the early 1990s, the company made significant changes to product packaging and pricing to fit local needs. This is an example of: A. Standardization B. Commoditization C. Realization D. Customization E. Humanizing correct answers D. Customization Novell, a software and services company, found global success by entering legal agreements with firms in other countries, providing them with the right to sell Novell products under the Novell name. In this case, Novell used the market entry strategy _________ to enter foreign markets. A. Exporting B. Licensing C. Joint Venture D. Foreign Direct Investment E. Diadic correct answers B. Licensing The global marketing strategy based on a standard platform combined with some modification for the market is called: A. Glocal B. Global C. International D. Multinational E. Multi-cultural correct answers A. Glocal The overall attractiveness of a foreign market depends on the risks and rewards of conducting business in the country of interest. Inadequate protection of intellectual property (IP) in a number of developing countries has caused some U.S. companies to avoid certain foreign markets because of the ____________ risk. A. Competitive B. Economic C. Political D. Legal E. International correct answers D. LegalPowered by TCPDF ()