MKT 3401 FINAL EXAM SPRING 2026 QUESTIONS AND ANSWERS
Retrieval cues: - Answers Trigger stored memory, help consumers recall brand information and
influence purchasing decisions
Components of the promotional mix: - Answers - Advertising
- Public relations
- Sales promotion
- Personal selling
Steps in the sales process: - Answers - Generating leads
- Qualifying leads
- Approaching the customer and probing needs
- Developing and Proposing Solutions
- Handling objections
- Closing the sale
- Following Up
Personal selling - Answers Sales messages can be personalized to motivations, needs, and interests of
each prospective customer
Personal Selling Limitations - Answers Cost per contact is much greater than for mass forms of
communication, leading companies to be highly selective about using salespeople
Sales Promotions: - Answers Involves short-term incentives such as discounts or giveaways to
encourage customers to try a product
Warranties: - Answers - Implied warranty: usually meant for products of convenience
- Written warranty: indicates the company stands behind the product and will provide a remedy if
there is a problem
Functions of packaging: - Answers - Contain and protect the product
- Promote the product
- Shape
- Sound
- Label
The marketing mix: - Answers How a company can blend product, price, place, and promotion
Product categories: low/high risk/involvement - Answers Marketing strategies differ, with high-
involvement focusing on information and trust, and low-involvement on brand familiarity
Goals of promotion - Answers To inform, persuade, or remind
Promotional mix - Answers The combination of promotional tools, used to reach the target market
and fulfill organization's overall goals
Switching costs: - Answers As a customer you take your business and go across the street to the
competition
Customer service failures - Answers The moment for a well- trained employee to respond and
manage the situation
Convenience products - Answers Low risk and low-involvement purchases: snacks, drinks, and other
inexpensive items
Differentiation: - Answers A positioning strategy that some firms use to distinguish their products
from those of competitors
Penetration Pricing: - Answers strategy is used when a company prices the product below the market
price.
Price Skimming: - Answers companies price the product as high as the market will bear
Status Quo Pricing: - Answers company decides not to compete on price and settles on a price like
the competition.
Bundling Pricing: - Answers where companies take many products and package them together to
show savings the consumer might receive
Dynamic Pricing: - Answers prices can be changed on the internet
Psychological Pricing - Answers odd/even pricing; prices ending in even number are perceived as
being of higher quality.
What enhances brand identity - Answers A compelling and authentic brand story, and a clear,
recognizable visual identity
Product Life Cycle: - Answers - Introduction
- Growth
Retrieval cues: - Answers Trigger stored memory, help consumers recall brand information and
influence purchasing decisions
Components of the promotional mix: - Answers - Advertising
- Public relations
- Sales promotion
- Personal selling
Steps in the sales process: - Answers - Generating leads
- Qualifying leads
- Approaching the customer and probing needs
- Developing and Proposing Solutions
- Handling objections
- Closing the sale
- Following Up
Personal selling - Answers Sales messages can be personalized to motivations, needs, and interests of
each prospective customer
Personal Selling Limitations - Answers Cost per contact is much greater than for mass forms of
communication, leading companies to be highly selective about using salespeople
Sales Promotions: - Answers Involves short-term incentives such as discounts or giveaways to
encourage customers to try a product
Warranties: - Answers - Implied warranty: usually meant for products of convenience
- Written warranty: indicates the company stands behind the product and will provide a remedy if
there is a problem
Functions of packaging: - Answers - Contain and protect the product
- Promote the product
- Shape
- Sound
- Label
The marketing mix: - Answers How a company can blend product, price, place, and promotion
Product categories: low/high risk/involvement - Answers Marketing strategies differ, with high-
involvement focusing on information and trust, and low-involvement on brand familiarity
Goals of promotion - Answers To inform, persuade, or remind
Promotional mix - Answers The combination of promotional tools, used to reach the target market
and fulfill organization's overall goals
Switching costs: - Answers As a customer you take your business and go across the street to the
competition
Customer service failures - Answers The moment for a well- trained employee to respond and
manage the situation
Convenience products - Answers Low risk and low-involvement purchases: snacks, drinks, and other
inexpensive items
Differentiation: - Answers A positioning strategy that some firms use to distinguish their products
from those of competitors
Penetration Pricing: - Answers strategy is used when a company prices the product below the market
price.
Price Skimming: - Answers companies price the product as high as the market will bear
Status Quo Pricing: - Answers company decides not to compete on price and settles on a price like
the competition.
Bundling Pricing: - Answers where companies take many products and package them together to
show savings the consumer might receive
Dynamic Pricing: - Answers prices can be changed on the internet
Psychological Pricing - Answers odd/even pricing; prices ending in even number are perceived as
being of higher quality.
What enhances brand identity - Answers A compelling and authentic brand story, and a clear,
recognizable visual identity
Product Life Cycle: - Answers - Introduction
- Growth
