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BUAD 332 Final Exam 2025 | All Questions and
Correct Answers | Verified Answers |
University of Tennessee Knoxville
What are the 6 criticisms of marketing? ---------CORRECT ANSWER----------------- high prices, deceptive practices, high-pressure selling, shoddy or unsafe products, obsolescence, poor service to disadvantaged consumers What are high prices caused by? ---------CORRECT ANSWER-----------------high costs of distribution High advertising and promotion costs Excessive markups Example of excessive markups in class ---------CORRECT ANSWER----------------- Bayer Asprin V. store brand Deceptive pricing & ex in class ---------CORRECT ANSWER-----------------falsely advertising "factory" or "wholesale" prices or large reductions from phony high retail list prices ex: Jetstar & Virgin airlines
Deceptive promotion & ex in class ---------CORRECT ANSWER----------------- overstating a product's features or performance ex: Sketchers Deceptive packaging & example in class ---------CORRECT ANSWER----------------- includes exaggerating package contents through subtle design, using misleading labeling, or describing size in misleading terms ex: Disney princess jewelry making kit Example of unethical/illegal personal selling in class ---------CORRECT ANSWER------ -----------PFizer What industry has the highest amount of lobbying? ---------CORRECT ANSWER------ -----------Pharmaseuticals What are restrictions of the international trade system? ---------CORRECT ANSWER-----------------tariffs, quotas, embargos, exchange controls, and non-tariff trade barriers
- Political stability (communism in Romania caused problems v. Hungary not communist)
- Monetary regulations (Argentina monetary fluctuations have caused it to struggle v. Chile stable) Ex in class of understanding cultural environment ---------CORRECT ANSWER--------- --------Pepsi in china Milk in Mexico General motors in South America What are the 6 reasons to consider going global? ---------CORRECT ANSWER--------- --------1. foreign attacks on domestic market
- foreign markets w/ higher profit opportunities
- stagnant or shrinking domestic markets
- need larger customer base for econ. of scale
- reduce dependency on single market
- follow customers who are expanding What are the market entry strategies? ---------CORRECT ANSWER----------------- Exporting (least risk and cost), joint venturing, direct investment (most risk and cost)
What are the approaches to joint venturing? ---------CORRECT ANSWER--------------- --licensing and joint ownership ex KFC with Mitsubishi for joint venturing Example of direct investment used in class ---------CORRECT ANSWER----------------- Mondeleese (Oreos) What is direct investment? ---------CORRECT ANSWER-----------------the development of foreign base assembly or manufacturing facilities Definition: selling largely the same products and using same communication approaches worldwide ---------CORRECT ANSWER-----------------standardized marketing mix Definition: producer adjusts the marketing mix elements to each target market, bearing more costs but hoping for a larger market share and return --------- CORRECT ANSWER-----------------Adapted marketing mix Example of straight product extension in class ---------CORRECT ANSWER------------- ----Apple ipone commercial
- right to be protected against questionable practices
- right to influence marketing practices in a way that will improve quality of life Who was important influence in environmental movement? ---------CORRECT ANSWER-----------------Al Gore Example in class of green as a marketing strategy ---------CORRECT ANSWER--------- --------Ford Hybrid escape Definition: a marketing philosophy holding that a company's marketing should support the best long-run performance of the marketing system ---------CORRECT ANSWER-----------------enlightened marketing definition: Connecting directly with carefully targeted individual customers to both obtain immediate response and cultivate lasting customer relationships ------ ---CORRECT ANSWER-----------------Direct Marketing What is the fastest growing form of marketing? ---------CORRECT ANSWER----------- ------Direct marketing
- 10% of U.S. economy is generated by direct marketing sales
What are the forms of direct marketing? ---------CORRECT ANSWER------------------ Direct-mail
- Catalog
- Telemarketing
- mobile phone marketing Definition : Direct marketing through print, video, or digital methods that are mailed to select customers, made available in stores or presented online --------- CORRECT ANSWER-----------------Catalog marketing Definition: Involves sending an offer, announcement, reminder, or other item to a person at a particular physical or virtual address ---------CORRECT ANSWER---------- -------Direct-mail marketing
- largest direct marketing medium Example of direct mail marketing in class ---------CORRECT ANSWER----------------- JDA
Why are many click and mortar stores having more success than traditional brick and mortar stores? ---------CORRECT ANSWER-----------------Omni-presence What was the example in class of a click and mortar store? ---------CORRECT ANSWER-----------------Best Buy Definition: Businesses using websites, e-mail, online catalogs, online trading networks, and other online resources to reach new business customers, serve current customers more effectively, and obtain buying efficiencies and better prices ---------CORRECT ANSWER-----------------Business to business (B2B) online marketing Definition: Online exchanges of goods and information between final customers -- -------CORRECT ANSWER-----------------Customer to customer (C2C) online marketing Types of C2C marketing ---------CORRECT ANSWER-----------------Auction sites & Blogs and forums corporate website ---------CORRECT ANSWER-----------------designed to build customer goodwill, collect customer feedback, and supplement other sales channels rather than sell the company's products directly
- this is an example of "public relations" marketing web site ---------CORRECT ANSWER-----------------a web site that engages consumers to move them closer to a direct purchase or other marketing outcome
- this is an example of "direct marketing" Where are these companies headquartered?
- Adidas
- Budweiser
- Shell
- Ikea
- Samsung ---------CORRECT ANSWER------------------A : Germany
- B: Belgum
- Shell: Netherlands
- I: Netherlands
- Sam: South Korea Example in class of higher risk with globalization ---------CORRECT ANSWER---------- -------120 Los Angeles truck drivers strike and block ports where imports from China
SAFTA ---------CORRECT ANSWER-----------------South Asian Free Trade Agreement NAFTA ---------CORRECT ANSWER-----------------North American Free Trade Agreement (US, Canada, Mexico) EU ---------CORRECT ANSWER-----------------European Union, econ. area/free trade agreement 3 types of enlightened marketing ---------CORRECT ANSWER----------------- consumer-oriented marketing innovative marketing sense-of-mission marketing Consumer-oriented marketing ---------CORRECT ANSWER-----------------a company should view and organize its marketing activities from the consumer's point of view innovative marketing & example in class ---------CORRECT ANSWER-----------------a company should seek real product and marketing improvements ex: P&G
Sense-of-mission marketing & example in class ---------CORRECT ANSWER------------ -----a company should define mission in broad social terms rather than narrow product terms ex: Dove exposes beauty distortion What does S&OP stand for? ---------CORRECT ANSWER-----------------Sales and Operations Planning what is unconstrained demand ---------CORRECT ANSWER-----------------Demand that is not constrained by the ability to supply Demand forecast ---------CORRECT ANSWER-----------------a projection into the future of expected demand, given a stated set of assumptions (unconstrained forecast) 4 types of plans ---------CORRECT ANSWER-----------------supply plans inventory plans demand plans financial plans
- nature of people What are the 2 real functions accomplished by forecasting systems? --------- CORRECT ANSWER-----------------1. Statistical "engine" - software that does stats
- Communication - integration w/ other corporate systems & ability to share info w/ upstream and downstream users What are the 2 categories of forecasting techniques? ---------CORRECT ANSWER---- -------------1. Quantitative/statistical
- Qualitative What are the components of time series analysis? ---------CORRECT ANSWER-------- ---------1. trend - continuing pattern of demand increase or decrease
- seasonality - repeating pattern of demand incr. or decr. (single year)
- Noise - random fluctuation (good if its low) *remember that qualitative is looking backwards at history Demand is always on what axis? ---------CORRECT ANSWER-----------------Y axis b/c always dependent variable
When is regression analysis useful? ---------CORRECT ANSWER-----------------when you think there are measurable factors that affect demand how do you find forecast demand with regression output? ---------CORRECT ANSWER-----------------intercept + (slope (# below intercept) * ad dollars) Is qualitative looking at past or future? ---------CORRECT ANSWER----------------- future When do you use qualitative forecasting? ---------CORRECT ANSWER----------------- When you have reason to believe that future will not necessarily look exactly like the past
- new products w/ no historical data
- new conditions will change previous patterns When does it make sense for salespeople to forecast? ---------CORRECT ANSWER--- ---------------when have insights into changing demand patterns at large customers
- when have insight into probabilities of securing large orders *most common qualitative forecasting is when salespeople submit forecast
definition: the process by which a company matches its demand in the marketplace w/ its supply capabilities ---------CORRECT ANSWER-----------------S&OP Why do companies use S&OP? ---------CORRECT ANSWER------------------so that marketing will create demand for products that can be produced
- so that operations will supply products for which there is demand What are S&OP inputs? ---------CORRECT ANSWER-----------------capacity forecast demand forecast What are S&OP outputs? ---------CORRECT ANSWER-----------------Supply plans demand plans (financial plans) What are the S&OP meetings? ---------CORRECT ANSWER------------------Demand meeting (outcome - consensus demand forecast)
- Supply meeting (outcome - consensus capacity forecast)
- Partnership meeting (discuss - balancing demand w/ supply; outcome - agreed- upon demand & supply plans)
S&OP should be ------ ---------CORRECT ANSWER-----------------both tactical and strategic Acronym for showrooming ---------CORRECT ANSWER-----------------ROPO
