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BUAD 332 Final Exam Prep: Key Marketing Questions & Answers, Exams of Marketing

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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2024/2025

Available from 05/30/2025

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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
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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
  1. foreign markets w/ higher profit opportunities
  2. stagnant or shrinking domestic markets
  3. need larger customer base for econ. of scale
  4. reduce dependency on single market
  5. 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
  1. 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
  2. Qualitative What are the components of time series analysis? ---------CORRECT ANSWER-------- ---------1. trend - continuing pattern of demand increase or decrease
  3. seasonality - repeating pattern of demand incr. or decr. (single year)
  4. 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