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A comprehensive set of questions and answers related to buad 332 final exam 2025 at the university of tennessee knoxville, covering key concepts in marketing. It includes topics such as criticisms of marketing, pricing strategies, deceptive practices, international trade, and global marketing decisions. The material is structured in a question-and-answer format, providing verified answers to aid in exam preparation and understanding of core marketing principles. It also touches on consumerism, direct marketing, and the impact of the internet on business strategies, offering a broad overview of the marketing landscape. Useful for students preparing for marketing exams or seeking a concise review of essential marketing concepts. It is designed to enhance comprehension and retention of key marketing principles.
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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
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
What are the forms of direct marketing? ---------CORRECT ANSWER------------------ Direct-mail
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
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
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
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
S&OP should be ------ ---------CORRECT ANSWER-----------------both tactical and strategic Acronym for showrooming ---------CORRECT ANSWER-----------------ROPO