Mkt 421 Final Exam Answers Essay
Questions to MKT 421 Final Exam Answers are as follow:
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
• …show more content…
• A competitor matrix.
• Rivals chart.
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7. Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because:
• The purchase situations may be different.
• Family life cycles may be different.
• Many wants are culturally learned.
• Economic wants do not influence purchases in many regions of the world.
8. The main difference between the "marketing department era" and the "marketing company era" is:
• More emphasis on short-run planning in the marketing company era.
• More emphasis on selling and advertising in the marketing department era.
• Whether the president of the firm has a background in marketing.
• Whether the whole company is customer-oriented.
9. David Oreck advertises Oreck vacuum cleaners via commercials that run on national radio programs. He encourages consumers to "…try my 8-pound Oreck vacuum for free for 30 days," and to return it if they aren't satisfied. He then provides an easy-to-remember toll-free telephone number that consumers can use to place orders. Regarding the AIDA model, the free-trial period and availability of a toll-free number are devices used mainly to:
• Obtain action.
• Hold interest.
• Arouse desire.
• Get attention.