Marketing Final Exam Solution Guide= CORRECT ANSWER
From the perspective of macro-marketing, e-commerce specialists CarFax (which provides vehicle history reports) and Cars.com (a website offering auto comparison shopping) have emerged within the auto industry because:
The information they provide makes the exchange process between producers and consumers more efficient and effective.
- Student: Jennifer, K.
- Course: MKT/421
The main difference between the “marketing department era” and the “marketing company era” is:
Whether the whole company is customer-oriented.
Delivers ads to consumers based on previous websites the customer has visited.
Explanation: Behavioral targeting uses a person’s web history to predict ads that will be of interest to them.
23 In the 1990s, DVDs replaced audiocassettes and floppy disks as the storage media of choice for music and computers. At which stage of the product life cycle is the DVD today?
Explanation: DVDs have become less common in recent years, but are not yet extinct from the market.
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.
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.
When new product ideas are chosen based on ratings and comments from customers, this process is called ______.
Explanation: Internet technology has made it possible to gain product ideas based on the wisdom of large crowds.
A useful tool for organizing the competitor analysis is:
A competitor matrix.
Explanation: A competitor matrix is used to classify competing firms based on their performance threat and position in the market.
Most firms in the business world set their prices using:
Cost-oriented price setting.
Explanation: Most firms consider their fixed/variable costs and the required rate of return to set prices.
A producer might use a “pulling policy” rather than a “pushing policy” if:
Intermediaries are reluctant to handle a new product.
Explanation: A pulling strategy gets consumers to demand a product, which will motivate intermediaries to carry it.
The phrase “big data” refers to:
the massive amount of data being collected and processed by today’s organizations.
Explanation: Large amounts of data are being generated by social technologies that and processed by a growing industry of technology companies