Mkt 421 Final Exam 2016 New Version Essay

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Pages: 8

MKT 421 FINAL EXAM 2016 NEW VERSION

A __________ is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
marketing dashboard
marketing plan
operation plan
mission statement

What is meant by “accelerating the process?”
Increase advertising costs during product launch
Speed up new product time to market
Identify major competitors early
Create a new market space

The product life cycle refers to __________.
a concept that describes the stages a new product goes through from product concept to commercialization
the average life span of a product
a concept that describes the stages a product goes through in the marketplace—early growth,
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the need of a customer to receive the highest quality product at the lowest possible price.
a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Developing a pool of concepts to serve as candidates for new products is the __________ stage of the new-product process.
idea generation
product development
open innovation
new-product strategy development

The goal of a SWOT analysis is to:
identify market research questions in order to develop new products for new market segments.
determine how raises, bonuses, and dividends will be paid.
identify the critical strategy-related factors that can impact the firm.
reorganize the firm’s marketing department.

Marketing research refers to:
the science of using observable human behavior in order to identify and solve marketing problems.
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.