$1.$ Marke$1.$ Marketing is a process by which companies $\_\_\_\_\_\_\_\_\_\_$ and build strong customer relationships in order to capture value from customers in return.

A$.$sell tangible products to custometing is a process by which companies $\_\_\_\_\_\_\_\_\_\_$ and build strong customer relationships in order to capture value from customers in return.

A$.$sell tangible products to customers

B$.$create value for customers

C$.$exploit limited internal resources

D$.$advertise and promote product

$\_\_\_\_$D$\_\_\_2.$ The $\_\_\_\_\_\_\_\_\_\_$ suggests that marketers know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.

A$.$ the production concept

B$.$ the product concept

C$.$ the selling concept

D$.$ marketing concept

$\_\_\_$B$\_\_\_3.$ Which of the following is not an element of the marketing mix?

A$.$ product

B$.$ presentation

C$.$ price

D$.$ place

$\_\_\_$B$\_\_\_4.$ A $\_\_\_\_\_\_\_\_\_\_$ is a group of consumers who respond in a similar way to a given set of marketing efforts.

A$.$ product portfolio

B$.$ market segment

C$.$ small business unit $($SBU$)$

D$.$ preferred population

$\_\_\_$D$\_\_\_5.\_\_\_\_\_\_\_\_\_\_$ takes place when a company makes arrangements for a product to occupy a clear, distinctive, and desirable place in the minds of consumers.

A$.$ Market segmentation

B$.$ Market sensing

C$.$ Market quantification

D$.$ Market positioning

MKTG $406$

Marketing Strategy: Theory & Practice

Final Exam $($page $2)$

May $3,2024$

$\_\_\_$D$\_\_\_6.\_\_\_\_\_\_\_\_\_\_$ is the overall study of human populations $($size$,$ age, race, etc.$).$

A$.$Anthropology

B$.$Psychology

C$.$Sociology

D$.$Demography

$\_\_\_$A$\_\_\_7.$ Consumer markets are made up of all the individuals that buy goods and services $\_\_\_\_\_\_\_\_\_\_.$

A$.$ for personal consumption

B$.$ for purpose of resale

C$.$ for use in the manufacture of other goods

D$.$ for the benefit of nonprofits

$\_\_$A$\_\_8.$ Maslow suggests that $\_\_\_\_\_\_\_\_\_\_$ needs are the most basic of human needs.

A$.$ physiological

B$.$ safety

C$.$ social

D$.$ esteem

$\_\_\_$A$\_\_\_9.\_\_\_\_\_\_\_\_\_\_$ is the first step in the traditional buyer decision process.

A$.$ Need recognition

B$.$ Information search

C$.$ Evaluation of alternatives

D$.$ Discovery

$\_\_\_$C$\_\_\_10.$ Cognitive dissonance is:

A$.$ the journey buyers experience throughout the buying cycle.

B$.$ the difference between buyer satisfaction and remorse.

C$.$ buyer discomfort caused by postpurchase conflict.

D$.$ a clinically significant increase in a person$$s gastric acid.

MKTG $406$

Marketing Strategy: Theory & Practice

Final Exam $($page $3)$

May $3,2024$

$\_\_\_$B$\_\_\_11.\_\_\_\_$B$\_\_\_\_\_\_$ is the process by which marketers divide markets into smaller groups, each with distinct needs, characteristics and behaviors.

A$.$Relational marketing

B$.$Market segmentation

C$.$Market segregation

D$.$Product positioning

$\_\_\_$D$\_\_\_12.$ Which of the following characteristics should be present in order to create a meaningful market segment?

A$.$ The segment should be measurable.

B$.$ The segment should be substantial.

C$.$ The segment should be actionable.

D$.$ These are all characteristics that should be present in order to create a meaningful market segment.

$\_\_\_$D$\_\_\_13.$ A $\_\_\_\_\_\_\_\_\_\_$ graphically depicts consumer perceptions of a marketer$$s brand versus competing products on dimensions like quality and price.

A$.$ scatter plot

B$.$ Venn diagram

C$.$ segmented schematic

D$.$ positioning map

$\_\_\_$C$\_\_\_14.$ According to the text, the first step in the new product development process is:

A$.$ goal setting

B$.$ budget determination

C$.$ idea generation

D$.$ market segmentation

$\_\_\_$B$\_\_\_15.$ Which stage of the product life cycle is characterized by rapidly rising sales, rising profits and a growing number of competitors?

A$.$ Introduction

B$.$ Growth

C$.$ Maturity

D$.$ Decline

MKTG $406$

Marketing Strategy: Theory & Practice

Final Exam $($page $4)$

May $3,2024$

$\_\_\_\_$B$\_\_\_16.$ Rent, heat and executive salaries are all examples of:

A$.$ indirect costs

B$.$ fixed costs

C$.$ variable costs

D$.$ combined costs

$\_\_\_$C$\_\_\_17.$ A company$$s break$-$even point is the point at which:

A$.$ net revenue exceeds marginal cost

B$.$ earned income equals combined costs

C$.$ total revenue equals total cost

D$.$ fixed costs exceed variable costs

$\_\_\_$D$\_\_\_18.\_\_\_\_\_\_\_\_\_\_$ is a measure of the sensitivity of demand to changes in price

A$.$ Pricing parity

B$.$ Consumer valuation

C$.$ Inverse economics

D$.$ Price elasticity

$\_\_\_$B$\_\_\_19.$ The term $\_\_\_\_\_\_\_\_\_\_$ refers to all of those logistical processes that take place before the point of production.

A$.$ mainstream

B$.$ upstream

C$.$ downstream

D$.$ slipstream

$\_\_\_$A$\_\_\_20.$ The term $\_\_\_\_\_\_\_\_\_\_$ refers to the process by which marketers place products in as many outlets as possible $($i$.$e$.$ chewing gum$).$

A$.$ intensive distribution

B$.$ exclusive distribution

C$.$ selective distributions

D$.$ supplemental distribution

MKTG $406$

Marketing Strategy: Theory & Practice

Final Exam $($page $5$