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MKT 571, MKT/571 - Final Exam - 29/30 correct

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1.A music school in Boyles Height, LA, specializes in teaching the guitar and the
violin. After a spurt in growth and a few successful years, the school is
experiencing a slowdown in sales and stability in its profits due to an increase in
competition. The school is in the ________ stage of its life cycle.
obsolescence
decline
growth
maturity
2. Another basis for decision-making is referred to as ________.
ethical practices
correct ethics
ethical dilemmas
situational ethics
3
What are the four characteristics of a marketing audit?
Comprehensive, systematic, independent, and periodic
Announced, semi-annually, dependent, and perpetual
Dependent, non-comprehensive, quarterly, and unannounced
Simple, unique, randomly, and exclusive
4
With ________ as a target market strategy, the firm concentrates on serving
many needs of a particular customer group.
market specialization
single-segment concentration
product specialization
selective specialization
5
A social definition of marketing says ______.
marketing is the process of extracting maximum value from consumers to
facilitate corporate growth
marketing is the process by which individuals and groups obtain
what they need and want through creating, offering, and freely
exchanging products and services of value with others
effective marketing requires companies to remove intermediaries to
achieve a closer connection with direct consumers

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a company should focus exclusively on achieving high production
efficiency, low costs, and mass distribution to facilitate the broadest
possible access to the company’s products
6
Which of the following can induce a firm to expand into the international arena?
Cater to a domestic mass market
A saturated domestic market
High income level of domestic consumers
A saturated foreign market
7
Marketers must see themselves as benefit providers. For example, when a
shopper purchases new shoes, he or she expects the shoes to cover his or her
feet and allow him or her to walk unobstructed. This is an example of what level
in the consumer-value hierarchy?
Augmented product
Pure tangible product
Basic product
Potential product
8
Through its cutting-edge point-of-sale inventory, management technology, and
highly efficient shipping practices, Wal-Mart is able to keep its inventory
expenditure extremely low and to pass these savings on to consumers in the
form of low prices. Wal-Mart's strategy is best described as ________.
differentiation
integrative growth
market development
overall cost leadership
9
_______ is an approach that considers different ethnic and cultural segments
require targeted marketing campaigns and tactics.
Multicultural marketing
Specialized marketing
Ethnic-based marketing
Diversity marketing
10

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BMW's "The ultimate driving machine," American Express' "Don't leave home
without it," New York Times' "All the news that's fit to print," and AT&T's "Reach
out and touch someone" are all examples of ________.
brand mission
brand vision
brand personality
brand slogan
11
The ability to meet humanity’s needs without harming future generations is now a
top priority in most corporate agenda ________.
ethics
righteousness
rules
sustainability
12
ABC Technology is nearing completion on their product and market research has
discovered a competitor is also close to launching a similar product. ABC has
decided launch before their competition, this is called ________.
early entry
parallel entry
late entry
first entry
13
2Wheels conducts exhaustive customer surveys to discover customer
preferences and attitudes towards the brand. Sally uses cluster analysis to
classify the data and help the company determine the trends in the information.
Sally is using the technique of ________.
data marketing
data governance
data accumulation
data mining
14
The marketing manager needs to know the cost of the research project before
approving it. During which stage of the marketing research process would such a
consideration most likely take place?
Step 2 – developing the research plan

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