MKT 421 Final Exam Answers
1. Compared with other approaches to business, the marketing concept is distinct in that it:
• Produces new products and services.
• Focuses on satisfying customers' needs.
• Focuses on sales.
• Creates a broad assortment of products.
2. The sales analysis of a product revealed that profits were highest when it was initially introduced into the market with a high selling price. However, the price was gradually reduced as it started facing competition as substitutes entered the market. This is an example of a (n) _____.
• Skimming price policy
• Introductory price dealing
• Penetration price policy
• Temporary price cut policy
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3. Behavioral targeting:
• Delivers ads to consumers based on previous websites the customer has visited.
• Tries to reach target customers who are actually interested in what the firm has to communicate.
• Tries to place ads on websites that are designed to appeal to the firm's target market.
• Allows advertisers to pay only when a customer clicks on the ad and links to the advertiser's website.
4. Which of the following is true of direct distribution?
• It requires a significant investment in facilities.
• Direct distribution always serves customer needs better and at a lower cost.
• Most firms selling consumer products rely on direct distribution.
• It reduces a producer's need for working capital.
5. The three basic sales tasks are:
• Order-closing, order-opening, and sales-promoting.
• Order-taking, missionary selling, and order-getting.
• Order-taking, supporting, and order-getting.
• Order-taking, order-managing, and order-getting.
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6. A useful tool for organizing the competitor analysis is:
• The oligopoly chart.
• The competitive summary.
• A competitor matrix.
• Rivals chart.