Final+Exam+Practice+2+_answers_

Final+Exam+Practice+2+_answers_ - SM 122 Final Exam 2008...

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SM 122 Final Exam 2008 Version “A” 1) Ford offers consumers a special deal where anyone in Massachusetts who buys a new car in the next 30 days will get free fuel for six months. This is an example of A) The price component of the marketing mix B) A target market C) The place component of the marketing mix D) The product component of the marketing mix E) Sales promotion - an excellent example 2) Market Segmentation and Targeting A) Is the process by which a firm chooses to either engage in product or market development B) Is the process by which a firm chooses a specific customer group to try and reach with its value proposition. A firm must first segment the market before selecting a target market or markets. C) Is the process by which a firm chooses to vertically or horizontally integrate D) Is the task undertaken by marketing to evaluate the extent to which a product is successful in the marketplace. E) Is the task undertaken by marketing to evaluate the extent to which a product might be successful in the marketplace. 3) "Qualifying dimensions," in contrast to "determining dimensions”, A) are the only kind of dimensions useful for marketing strategy planning. B) indicate whether a person might be a potential customer for a specific brand. C) are the customer-related dimensions in a product-market. D) are related to the fundamental need being filled and not those specific elements that differentiate competitive products. Remember that qualifying dimensions are more generic and simply put customers into a broad market. E) show which product or brand they will buy but not whether they can do so. 4) Regarding product life cycles, a good marketing manager knows that A) a product that doesn't get beyond the introduction stage is still likely to be very profitable. B) Different promotion objectives are generally appropriate for the different stages of the product life cycle. The product life cycle is a very powerful tool used by marketing managers to guide a variety of decisions during the life of a product. C) industry profits are increasing well after sales start to decline. D) once a market goes into the growth stage of the product life cycle, oligopoly conditions set in. E) Products usually spend a predictable amount of time in each of the stages in turn. 5) Industry profits, but not necessarily a specific company’s, are largest in which of the following product life cycle stages? A) market introduction. 1
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SM 122 Final Exam 2008 Version “A” B) market growth. A specific company may indeed earn substantially higher profits with its product(s) in maturity but as we have seen on the graphs the industry-wide profitability is highest during growth. C) market maturity.
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This note was uploaded on 01/09/2011 for the course SMG 122 taught by Professor Arnold during the Spring '09 term at BU.

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Final+Exam+Practice+2+_answers_ - SM 122 Final Exam 2008...

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