MKT 421 Final Exam Study Guide
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1. Genetech Corp. has invested heavily to develop a patented new product. Genetech wants to achieve a rapid return on its investment. It probably should set a ______________ pricing objective.
Profit maximization
Explanation: A profit maximization strategy will seek out the highest level of return on the new product.
2 . When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser's ad and links to the advertiser's website, this process is called a(n): pay-per-click.
Explanation: Pay-per-click is the backbone of modern web based advertising that is offered by companies like Google and Bing.
3 The advantages of working with an intermediary usually increase when there is: A greater number of customers.
Explanation: A larger number of customers will require a stronger group of people to reach fully, which can be assisted with the use of intermediaries.
4 When a company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products, what type of statement is this? …show more content…
At which stage of the product life cycle is the DVD today? Sales decline
Explanation: DVDs have become less common in recent years, but are not yet extinct from the market.
24 Blending the firm's promotion efforts to convey a complete and consistent message is the goal of: Integrated marketing communications.
Explanation: The goal of integrated marketing communications is to ensure that all channels are reaching consumers with a similar message.
25 Compared with other approaches to business, the marketing concept is distinct in that it: Focuses on satisfying customers' needs.
Explanation: The ultimate goal of marketing is to satisfy the needs of consumers through product design, branding, and advertising.
26 When new product ideas are chosen based on ratings and comments from customers, this process is called ______. Crowdsourcing
Explanation: Internet technology has made it possible to gain product ideas based on the wisdom of large crowds.
27 A useful tool for organizing the competitor analysis is: A competitor
Thank you for using ACCNerd.com. We love helping students earn better grades!
1. Genetech Corp. has invested heavily to develop a patented new product. Genetech wants to achieve a rapid return on its investment. It probably should set a ______________ pricing objective.
Profit maximization
Explanation: A profit maximization strategy will seek out the highest level of return on the new product.
2 . When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser's ad and links to the advertiser's website, this process is called a(n): pay-per-click.
Explanation: Pay-per-click is the backbone of modern web based advertising that is offered by companies like Google and Bing.
3 The advantages of working with an intermediary usually increase when there is: A greater number of customers.
Explanation: A larger number of customers will require a stronger group of people to reach fully, which can be assisted with the use of intermediaries.
4 When a company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products, what type of statement is this? …show more content…
At which stage of the product life cycle is the DVD today? Sales decline
Explanation: DVDs have become less common in recent years, but are not yet extinct from the market.
24 Blending the firm's promotion efforts to convey a complete and consistent message is the goal of: Integrated marketing communications.
Explanation: The goal of integrated marketing communications is to ensure that all channels are reaching consumers with a similar message.
25 Compared with other approaches to business, the marketing concept is distinct in that it: Focuses on satisfying customers' needs.
Explanation: The ultimate goal of marketing is to satisfy the needs of consumers through product design, branding, and advertising.
26 When new product ideas are chosen based on ratings and comments from customers, this process is called ______. Crowdsourcing
Explanation: Internet technology has made it possible to gain product ideas based on the wisdom of large crowds.
27 A useful tool for organizing the competitor analysis is: A competitor