I need help with my MKT 571 Final Exam

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Complete the Final Examination. You are allowed one
attempt to complete the examination, which is timed and must be completed in 2
hours. Results are automatically graded and sent to your instructor.

Note: The automated final exam was designed in
Google Chrome and is best viewed in the latest version of the browser. If you
do not use the latest version of Google Chrome to view and complete the
automated final exam, you may not be able to view the entire exam content. If
you do not have the most current version of Google Chrome, download the browser
before you enter the exam.

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 is the Final Exam
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?

The exam questions are
based on course objectives and concepts from throughout the course.

There are 30
multiple-choice questions for each exam. The exam is timed and must be
completed in 3 hours. Students are given one attempt to complete each exam.
Results are auto-graded and sent to the instructor.

Note: The final exam is best viewed via the Google
Chrome web browser. Please download the latest version of Google Chrome if you
do not have access.

What kinds of questions will I
see? Can I see some examples?

The Final Exam will have
a mix of the following types of questions:

·Applications: Knowing
definitions is important, but you also need to be able to apply those
definitions in practice. On your exam, you’ll need to apply definitions from
individual courses, and you’ll also see questions combining concepts from
different courses. These different kinds of application questions can ask you
to:

oConnect a concept to an example of that concept.
These questions might ask you to recognize an externality in a transaction,
identify a marketing strategy given a description of activities, or spot an
example of a management technique in action.

oEvaluate a situation and draw conclusions. These
questions ask you to analyze a situation and make an appropriate
recommendation. For example, you might be asked what would make communications
more effective, what is required for a contract to be enforced, or to identify
what would likely happen according to a particular theory.

oPerform calculations and apply techniques: You
could be asked to perform operations related to finance or accounting,
determine what would happen to an equilibrium point if something in the world
changes, or predict changes in exchange rates.

·Critical Thinking
Questions: On your Final Exam, you’ll see questions testing your critical
thinking skills, which means that you’ll have to draw sound, logical
conclusions while applying the techniques you’ve learned. You might be asked to
identify an assumption, analyze an argument to determine what would make it
stronger or weaker, or spot a flaw in an argument. These questions are often
quite difficult, so get started by checking out the examples below.

Sample Questions:

Note: These are general examples that may not
necessarily reflect the content of your specific course, but rather will give
you an idea of how the questions on your exam will be structured.

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?

  1. doubling the proposed percentage increases in revenue
    from guided tours and Web site visitors
  2. clarifying what is meant by an “ambassador for the
    Acadia Bear brand”
  3. including proposals for changing Acadia Bear’s core
    mission
  4. specifying the decisions that Rahul should make each
    week in order to meet these goals

Answer: (B)

Explanation: For goals
to motivate employees, they must be clear. While many organizations want to
turn their customers into “brand ambassadors,” this goal should be
more specific in order for Rahul to understand what success with respect to
that goal would look like. (B) Is therefore correct, as it would provide Rahul
with the clear understanding he would require. (A) Could be a good idea, but
might not be realistic. Goals are not always improved by making them more
demanding, so it is not clear that (A) would be an improvement. Asking Rahul to
change the organization’s core mission would be outside the scope of his
responsibilities and so would not be a clear improvement to this list of goals.
The list of weekly actions in (D) would probably make things worse by
micromanaging Rahul. Yearly goals should not be that specific.

2. What real-world
decisions would people be more likely to make if they are risk averse when
considering potential losses?

  1. paying more for an extended warranty than the expected
    value of the cost of the repairs covered by the warranty
  2. considering the entertainment value of the gambling
    experience itself when deciding whether to wager in a casino
  3. performing home repairs oneself instead of hiring a
    professional
  4. preferring to participate in a lottery with a small
    chance of winning a large prize instead of receiving a small gift
    certificate

Answer: (A)

Explanation: If people
fear losses in a way that strict calculations would not predict, then they
would be willing to pay more to insure against those risks than the expected
value of taking that risk would suggest. In (A), people pay high amounts to
insure themselves against a risk that, on average, would be less costly than
the warranty. So (A) is correct. (B) Makes people sound more inclined to risk
losses, which doesn’t fit here. (C) Is also at least arguably on the side of
taking risks, given that regular individuals tend to know less about home
repair than professionals do. (D) Suggests that people prefer risks when it
comes to gains, but this question is about losses.

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 _.

  1. fails to demonstrate that all potential consumers have
    the same willingness to pay as the individuals who were studied
  2. provides insufficient evidence to show that any one of
    the consumers studied would be willing to pay exactly $125
  3. fails to demonstrate that the mean amount that the
    consumers would be willing to pay is also $125
  4. 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

Answer: (D)

Explanation: The
researchers have evidence on the range of prices that the consumers would be
willing to pay, but that does not mean that the median is the average of the
highest and lowest figures. The median is the middle value, and for all we
know, the other consumers could be willing to pay much less than $125, or much
more. (D) Described this flaw and is correct. (A) is incorrect because the
conclusion concerns the consumers who were studied. The researchers aren’t
claiming that this data represents all potential consumers. (B) is incorrect
because $125 could be the median even if no individual would be willing to pay
exactly $125. The median of an even number of items is the average of the
middle two items. (C) Is wrong because the median and the mean are different
measures that do not have to be the same.

Questions 5-6

A Web site offers free
resources to visitors who have medical questions. The site provides lists of
symptoms and possible treatments for various conditions but makes no specific
recommendations. The owners of the Web site claim that since the information in
the site is medically accurate, use of the site will only improve the health
outcomes of the people who use it.

5. The owners’ claim
depends on which of the following assumptions?

  1. Most of the visitors to the site have received
    inaccurate health advice from medical doctors.
  2. The site contains advice on mental health issues as
    well.
  3. The visitors to the site are capable of interpreting
    the information on the site accurately.
  4. No single resource can be expected to keep up to date
    with all of the latest medical research.

Answer: (C)

Explanation: The advice
on the site is accurate, but can it do harm? One open question is whether the
visitors are capable of understanding the information they receive. If (C) is
not true, and they cannot interpret the information on the site accurately,
then they may well do harm to themselves or others as a result of this
misunderstanding. (C), therefore, must be assumed. (A) Suggests that
traditional sources of advice are not perfect, but that does not suggest
anything about whether any harm can come from this site. (B) Need not be
assumed because the issue here is the harm that can come from the medical
advice present. Nothing about other kinds of advice need be assumed. (D) Could
only weaken the argument by suggesting that the advice may not be up to
date.

6. Which of the
following, if true, would weaken the owners’ claim?

  1. When they have a medical issue, users of the site tend
    to rely on the site instead of seeing medical professionals.
  2. The site’s revenue is closely linked to the number of
    unique visitors who come to the site each month.
  3. The site owners have plans to expand the range of
    medical conditions addressed on the site based on suggestions from the
    site visitors themselves.
  4. For years, the cost of medical care has increased at a
    higher rate than the rate of inflation.

Answer: (A)

Explanation: If the
information is accurate, could the site still cause harm? Simply receiving
accurate information doesn’t seem likely to cause harm, but if (A) is true,
using the site could lead people to rely on the site instead of consulting with
professionals. If the site becomes a substitute for proven forms of medical
care, then it could cause considerable harm. (A) Is therefore correct. (B) is
incorrect because there is no clear link between this form of revenue
generation and harm. If anything, the site owners would have an incentive to
maintain quality in order to get people to keep coming back. (C) Is wrong
because taking suggestions from visitors on the topics the site should cover
should not be a problem. The customers know what their issues are, so why not
ask them? (C) Would be a problem if the advice were based on customer
suggestions, but that’s not what (C) says. (D) is irrelevant because it tells
us nothing about this site or what happens to the people who use it.

Academic Integrity

The exams for this
course are individual, at home, open book exercises. Although you have and can
continue to discuss concepts with others prior to taking the exams, the exams
must represent your own learning and information utilization competency.

Collaboration in
completing the exams or sharing of questions and answers with other students or
on the Internet will be treated as serious violations of the Student Code of
Conduct and reported to the University as a violation of the Student Code of
Conduct.

By completing the exams
you certify that the results represent your individual effort and that you will
adhere to the Student Code of Academic Integrity.

Why is the Final Exam designed
this way?

The Final Exam brings
together key concepts, skills, and knowledge from the entire course, because
that’s what you’ll need to do in the real world to help organizations reach
their goals. While we often study skills one at a time, we use them in
combinations.

In addition, while
understanding concepts and techniques will always help and is often necessary,
you’ll also need critical thinking skills to maximize your impact in your
career. There is widespread agreement that critical thinking is one of the
essential skills required for post-graduation success. Critical thinkers can
help organizations avoid disaster, but they can also spot opportunities that
other people miss and find alternative solutions when others see only one way.
That’s why your Final Exam has questions asking you to critically evaluate
claims and analyze the connection between evidence and conclusion.

How should I study for the
Final Exam?

Start by reviewing the
core concepts from each week of the course. Without that background, you’ll
have trouble with the applications. Don’t just memorize terms and formulas.
Imagine how you would use those concepts to make better decisions. Use the
sample questions above to get a better sense of what the Final Exam will be
like. Get used to critically evaluating claims, spotting assumptions, and
weighing evidence. This will help you do better on the exam, and those skills
will stay with you for your entire career.

A bonus: Preparing for
the exams will allow you to take inventory of the knowledge and tools you’ve
acquired throughout the course, so you can more readily apply what you’ve
learned for professional success.

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