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MKT 421: Final Exam Review - Marketing Concepts and Strategies

This exam review focuses on marketing concepts and strategies, providing a comprehensive overview of essential marketing principles to prepare for final exams.

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    MKT 421: Final Exam Review - Marketing Concepts and Strategies MKT 421 Final Exam, Latest 1. A producer might use a "pulling policy" rather than a "pushing policy" if: Intermediaries are reluctant to handle a new product. Its sales force has been very successful getting wholesalers and retailers to handle its product. It has a very limited promotion budget. It is offering a very "high - tech" product to a small product - market. 2. When new product ideas are chosen based on ratings and comments from customers, this process is called ______. Creative resourcing Idea engineering Reaction engineering Crowdsourcing 3. The primary purpose of branding is: To prevent competitors from stealing product ideas. To boost customer satisfaction. To identify a product. To enhance package design. 4. The company tries to follow an organized new - product development process — rather than using a faster and more spontaneous, "race - to - market" approach. The managers worry too much about the competition. The product fails to offer the customer a unique benefit. The company delays putting the product on the market until it develops a complete marketing plan.

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    5. Genetech Corp. has invested heavily to develop a patented new product. Genetech wants to achieve a rapid return on its investment. It probably should set a ______________ pricing objective. Status quo Target return Profit maximization Sales - oriented 6. In the American Marketing Association's Statement of Ethics, which ethical value stresses a firm's attempts to balance the needs of its buyers with the interests of sellers? Responsibility Citizenship Fairness Honesty 7. David Oreck advertises Oreck vacuum cleaners via commercials that run on national radio programs. He encourages consumers to "…try my 8 - pound Oreck vacuum for free for 30 days," and to return it if they aren't satisfied. He then provides an easy - to - remember toll - free telephone number that consumers can use to place orders. Regarding the AIDA model, the free - trial period and availability of a toll - free number are devices used mainly to: Get attention. Arouse desire. Obtain action. Hold interest. 8. Most firms in the business world set their prices using: Supply and demand analysis. Federal price guidelines. Cost - oriented price setting. Demand - oriented price setting. 9. Compared with other approaches to business, the marketing concept is distinct in that it:

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