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MASTERPIECE2020

MKT 431 Final Exam Answer The Following Questions By Choosing The BEST Answer. Place The Letter Corresponding To Your Choice In…

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Answer the following questions by choosing the BEST answer. Place the letter corresponding to your choice in the space beside the question numbers on the Answer Sheet. The Answer Sheet is due by Monday at 11:59 MST. The basic reason marketing research is done is because:Interesting data may be foundThe desire to provide basic knowledgeThe need for managers to make a decisionResearch is always needed If a manager begins a research project by asking “What would the data need to look like for me to make this decision?” they would be engaging in:Traditional marketing researchBackward marketing researchKnowledge based researchQualitative research. What the text quotes as a “tidal wave of brand democratization” has led to the need for marketers to rethink how they communicate with markets to spread brand information. What has been the driving forces behind this revolution?The InternetDigital technologiesReality TV programmingAll of the above are contributing factors When FedEx first came on the scene, it offered a whole new way for both businesses and later consumers to quickly and economically ship small packages. It, in essence, launched a new industry. Which of these best describes FedEx at that time?It followed a Blue Ocean strategyIt followed a Red Ocean strategyIt followed a Differentiation strategyIt followed a Low-Cost strategy At the intersection of Main Street and Palm Drive there are three service stations. When one lowers price the other two follow suit. If one advertises a low price on soft drinks so do the others. What kind of situation describes these three competitors?All follow a Blue Ocean strategyAll follow a Red Ocean strategyAll follow a Differentiation strategyAll follow a Low-Cost strategyApple is known for introducing user friendly electronic devices to the market. Their iPod, iPad and iPhones are all examples. Although Apple did not invent any of those products, they provided designs and features that took those products to make Apple the market leader in each category. Apple would be an example of a:Market FollowerMarket ChallengerMarket Driven companyMarket Driving company All companies face competition in the marketplace even if only indirect. Which of the following statements is true?Once a company becomes a market driver, they will always be a driverOnce a company becomes market driven, they will always be market drivenA company may shift between being driven and being a market drivesAll of the above are true Crowd sourcing is an activity where a firm might turn to others – such as consumers – to suggest ideas. Frito-Lay, for instance, has been conducting contests for budding film makers to submit commercials for Doritos. One or two of these are selected for debut in the Super Bowl. Which best describes Frito-Lay’s approach to customers?ResistEnableDiscourageEncourage More companies are using ethnography. In ethnographical studies, a researcher observes behavior in its “natural environment.” For example, a cookware company went to people’s homes and observed them making dinner for their families. Based on this feedback, the company designed a new line of cookware that fit the needs of the consumer. Which category would best describe the cookware company with regard to consumers?FollowerShaperInteractIsolate Wal-Mart has built arguably the most efficient distribution system in the retailing world. Through the employment of various initiatives, such as Vendor Managed Inventory, RFID and distribution center layouts with cross-docking. The low cost (relative to other retailers) distribution system would best be called a:Business modelCore CompetencyA differentiation strategyA positioning strategy The chief marketing officer at Harley-Davidson Motorcycles once said that Harley riders are the brand. In this case, Harley’s brand =:IdentityTrustmarkExperienceStory Speaking of Harley-Davidson, rider groups (called HOGS) actively recruit people to become members and encourage them to ride Harleys. HOG members become, for Harley-Davidson:Brand knowledge expertsBrand evangelistsBrand identifiersBrand fantasizers Traditional bookstores are dwindling in number. Part of this is due to the increased use of e-books where people may download and read books from virtual companies such as Amazon (Kindle) or Barnes & Noble (Nook). The disappearance of the traditional bookstore is an example of:Disinternment ObsolescenceDisinterestDisintermediation Technology has disrupted distribution channels through:The death of distance Homogenization of time Irrelevance of location All of the above A sales organization that moves quickly in recognizing opportunity and acting on it would be a(n) __________ sales force:ExpeditionaryCreativeStrategicCollaborative Frances Greene is the sales manager of a medium sized company. She is committed to the idea that the sales force is more than a group of individuals who sell products to existing and potential customers, She believes that the sales force is instrumental is ensuring that the company achieve its objectives and can help guide the company’s direction. Frances thinks of the sales force as one that is ____________ in nature:ExpeditionaryCreativeStrategicCollaborativeThe text authors suggest that sales people should see themselves as:SalespeopleEntrepreneursCustomer drivenTechnical experts Brand loyalty means not just buying the same product or shopping at the same store, it also involves a __________ component:PerceptualPsychographicalMotivationalAttitudinal The total amount a customer will spend on a given product category over a strategically meaningful time period is called:Customer Lifetime ValueCustomer WorthinessCustomer EquityCustomer Profitability Analysis Starbuck’s initiatives include purchasing 100 percent of all coffee through ethical sourcing practices (Fair Trade) and investing in a better future for farmers and their communities by nearly doubling funding to organizations that provide farmer loans. This mostly reflects:Moral idealismUtilitarianismSocial responsibilityBusiness culture Purchase the answer to view it
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