Mkt 421 Final Exams 2

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1) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of

A. A command economy.

B. Making goods or performing services.

C. Marketing.

D. Production.

2) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is:

A. A production activity.

B. A part of marketing.

C. An example of the micro-macro dilemma.

D. One of the universal functions of innovation.

3) According to the text, marketing means:

A. Selling.

B. Advertising.

C. Producing and selling.

D. Much more than selling and advertising.

4) To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at:

A. Market penetration.

B. Product development.

C. Combination.

D. Market development.

5) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at

A. Diversification.

B. Product development.

C. Market penetration.

D. Market development.

6) Which of the following statements regarding marketing strategies is FALSE?

A. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm.

B. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market.

C. It is useful to think of the marketing strategy planning process as a...
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