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MKT 421 WEEK 5 FINAL EXAMINATION
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Final Exam Study Guide
If you're taking the Final Exam, you probably have some questions, such as:
What is the structure of the Final Exam?
What kinds of questions will I see? Can I see some examples?
Why the Final Exam is designed this way?
How should I study for the Final Exam?
This document will answer these questions and help get you ready for the exam. Best wishes!
What's the structure of the Final Exam?
What kinds of questions will I see? Can I see some examples?
Sample Questions:
1. Rahul is a manager in the Marketing Department of Acadia Bear Hospitality, a mid-size chain of hotels primarily appealing to vacationers who are interested in nature. Rahul's goals for next year include the following: increasing revenue from guided tours by 20%, increasing the number of customers who visit Acadia Bear's Web site by 25%, and turning Acadia Bear customers into ambassadors for the Acadia Bear brand.
Which of the following changes would most improve the list of yearly goals specified above?
doubling the proposed percentage increases in revenue from guided tours and Web site visitors
clarifying what is meant by an "ambassador for the Acadia Bear brand"
including proposals for changing Acadia Bear's core mission
specifying the decisions that Rahul should make each week in order to meet these goals
2. What real-world decisions would people be more likely to make if they are risk averse when considering potential losses?
paying more for an extended warranty than the expected value of the cost of the repairs covered by the warranty
considering the entertainment value of the gambling experience itself when deciding whether to wager in a casino
performing home repairs oneself instead of hiring a professional
preferring to participate in a lottery with a small chance of winning a large prize instead of receiving a small gift certificate
3. A research team is measuring the willingness of consumers to pay for a bundle of premium television channels. The lowest any of the participants would be willing to pay per month was $50, and the highest amount was $200. Based on this evidence, the team concludes that the median amount that the consumers studied would be willing to pay would be $125.
The conclusion reached by the researchers is flawed because it _.
fails to demonstrate that all potential consumers have the same willingness to pay as the individuals who were studied
provides insufficient evidence to show that any one of the consumers studied would be willing to pay exactly $125
fails to demonstrate that the mean amount that the consumers would be willing to pay is also $125
does not compare the number of consumers who would be willing to pay more than $125 with the number of consumers who would not be willing to pay $125
5. The owners' claim depends on which of the following assumptions?
Most of the visitors to the site have received inaccurate health advice from medical doctors.
The site contains advice on mental health issues as well.
The visitors to the site are capable of interpreting the information on the site accurately.
No single resource can be expected to keep up to date with all of the latest medical research.
6. Which of the following, if true, would weaken the owners' claim?
When they have a medical issue, users of the site tend to rely on the site instead of seeing medical professionals.
The site's revenue is closely linked to the number of unique visitors who come to the site each month.
The site owners have plans to expand the range of medical conditions addressed on the site based on suggestions from the site visitors themselves.
For years, the cost of medical care has increased at a higher rate than the rate of inflation.
Why is the Final Exam designed this way?
How should I study for the Final Exam?
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