MKT 421 Marketing Final Exam Answers – Part 1

Marketing Final Exam Answers

 
  • Student: Jennifer K.
  • Textbook: Not provided
  • Course: Marketing 421 – MKT 421
 

Octotutor provided the following exam solutions and explanations for the following questions related to undergraduate marketing.

 

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?

 

Positioning

 

Explanation:  A position statement is designed to identify the target market’s characteristics, which can aid advertisers in creating effective communication.

 

5  According to the concept of social responsibility, a firm has a duty to:

 

Conduct business in a way that is good for society as a whole, both now and for the future.

 

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