MKT 431 Final Exam Guide
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FINAL EXAM MKT431 (10 points) – Fill in the Blank
Student’s Name _____ ____________________
1. Unlike traditional research, the entrepreneurial approach recognizes that customers are emotional, not just rational, and their feelings and instincts influence their __________.
2. Word of mouth (WOM) is essentially a ________ _________ with information passing from one individual to another, then to another—the oldest method of marketing in a snail-mail world.
3. The “Red Queen” runs and runs and runs—relentlessly. Chances are you can identify with this feeling. Like the Red Queen, we live in a world of breathtaking change as a result of ever faster cycles of innovation and ________________.
4. Education is one of the most rapidly growing sectors of developed work economies, and the ________________ in good education have never been greater. For every year of education, wages increase by a worldwide average of 10%.
5. Traditional marketing logic was simple: the marketer acts as agent of the company by managing the 4 P’s as variables with which to attract customers and build loyalties—the customer is viewed as a fish to be caught, a pawn in the ongoing struggle between competing firms in search of superior profits for their _______________.
6. Consumer psychologists have spent many years studying customer purchasing behavior. Much of this research has been grounded in ______________, stimulus-response models and views the consumer as a more or less passive recipient of, and responder to, marketing stimuli.
7. The marketing concept has its genesis in this _________ on the customer—finding out what the customer needs, wants, and values and then delivering this as expeditiously and economically as possible.
8. In simple markets of old, producers of goods or services dealt directly with the consumers of those...