MKT421 Final Exam Instant Download
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What's Inside the Marketing 421 Answers Study Guide?
Content: Three Unique Answer Guide Versions (30 questions each)
Update Notes: April 11th, 2017. Brand new MKT421 final exam study guide has been added to the package. This version includes 30 new questions that have been verified with explanations and references for perfect accuracy.
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Format: Microsoft Word
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Preview of Answers
30 NEW Answers
What is meant by “accelerating the process?”
Correct Answer = Speed up new product time to market
Explanation: Accelerating the process is a term used to describe the urgency required to bring a new product to market. In highly competitive markets, it is can be beneficial to speed up the process to be the first brand in a sector. For example, Apple’s release of the first smart watch gave it a considerable advantage over its key competitors.
Neuromarketing is becoming more important in marketing as experts realize that traditional research methods such as focus groups and surveys may not be enough to understand what drives consumer purchase behavior due to:
Correct Answer = Consumers cannot verbalize their emotional responses
Explanation: Neuromarketing was developed to fill the gap the is commonly found between marketing research and consumer feedback. Many subtle emotional responses are not detected in focus groups, which can skew the results of many business research and marketing studies.
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30 Answers from 2016
More than 600,000 loyal customers signed up in advance to purchase the iPhone4 in an Apple store the first day it was available for sale in the U.S. What type of response behavior were these Apple followers demonstrating?
Correct Answer = Routinized response
Explanation: In marketing, a routinized response occurs when a buyer has prepared or is conditioned in advance to make purchase decision.
Because she frequently buys books at Amazon.com, Sophie Soleil set up an account and password at the website. Now, when she logs on and searches for a specific book, a note pops up at the center of her laptop screen saying: "Hello, Sophie, we have recommendations for you," and proceeds to list other titles that Sophie might enjoy based on her previous purchases. Amazon can remember Sophie (and her previous purchases) because the online retailer uses:
Correct Answer = Cookies
Explanation: Cookies are simple files saved by your Internet browser that provide 3rd party websites with certain browsing information.
Past Study Guide Content
1) Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz must make some decisions regarding packaging and branding of the fruit juices. These decisions would fall under which variable of the marketing mix?
Explanation: Creating a new type of product would fall under the product category of marketing.
2) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of
C. A command economy.
D. Making goods or performing services
Explanation: Prediction can be considered the research process of marketing that allows business to gain a larger customer base.
3) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is:
A. An example of the micro-macro dilemma.
B. A part of marketing.
C. A production activity.
D. One of the universal functions of innovation
Explanation: Tesla must use marketing research to determine the number of competing firms will be in the business environment.
4) To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at:
A. Market development.
B. Product development
Explanation: The Company saw an opportunity to expand its brand by getting into a new niche.
5) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at
A. Market development.
B. Product development.
D. Market penetration.
Explanation: Penetrating a market will often require a firm to look into closely related industries where they can utilize business contacts.
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