Mkt571 final exam 1and 2

MKT571 Final Exam 1AND 2

                    UPDATED NEW COURSE

 

1) Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series?

A. Data from sales records kept by exclusive dealers of Topp’s hologram series

B. Sales records for baseball cards gathered by the industry’s trade council.

C. Input from focus groups that was put together specifically to discuss their perception of popularity of the hologram card series.

D. An article about the hologram cards in a recent issue of Sports Illustrated

2) The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company is termed _______________.

 A. Marketing research

B. Top management

C. Marketing intelligence

D. The sales reporting system

3) Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________.

A. Buying information from database companies like A.C. Nielsen

 B. Using an online information service such as the internet

C. Using its own internal marketing research department

D. Setting up their own web site

4) The step in the marketing research process that includes

determining who will be sampled is to _______________.

 A. Develop the research plan

B. Make the decision based on the project outcomes

C. Collect the information

D. Define the problem and research objectives

5) Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by ________________.

 

A. Defining the problem

B. Holding focus groups of members of other similar organizations to determine whether the problems the Chamber is facing are universal or local.

C. Developing the marketing research plan that she would employ

D. Evaluating the advantages the Chamber officers over other similar organization.

6) The second step in the marketing research process is ______________.

A. Define the problem and research objectives

B. Collection of the available sources for information needed

C. Decision regarding the research tools and target group

 D. Development of the research plan

 

7) Marketing information systems are developed from internal company records, marketing intelligence, and marketing research.

A. True

B. False

8) Data published by the government and data purchased fromout side suppliers can improve the quality of a company’s marketing intelligence efforts.

A. True

B. False

9) The last step in marketing research is developing the research plan.

A. True

B. False

10) Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving theoffer via _____________.

A. Increasing total customer value

B. Increasing the service value

C. Reducing the product’s monetary costs to the buyers.

D. Reducing the buyer’s nonmonetary costs

11) Which of the following is NOT a component part of total customer value?

A. Image value

B. Psychic value

C. Services value

D. Product value

12) ______________ is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives.

A. Customer relationship management

B. Customer delivered value

 C. Customer perceived value

D. Total customer cost

13) _____________ are relatively homogeneous and enduring divisions in society, and may exhibit distinct product, brand, and media preferences.

A. Cultures

B. Demographic groups

C. Social classes

D. Subcultures

14) Each of the following is considered consumer behavior EXCEPT:

A. Acceptance of a political idea

B. Use of public transit

C. Production of a concert

D. Selection of a product

 

 

15) Which factors have the broadest and deepest influence on consumer behavior?

A. Psychological

B. Cultural 

C. Social

D. Personal

16) The business market differs from the consumer market in that _____________.

A. It is a much smaller market in dollar volume than the consumer market

B. It is a much larger market with many more buyers than the consumer market

C. More product customization takes place in the consumer market

D. It acquires goods and services in order to use them for another purposeas opposed to acquiring goods or services for personal consumption

17) Organizational buying is ______________.

A. A way a company can produce a greater variety of high-quality products at lower cost, in less time, with less labor.

B. A process by which organizations recognize their needs for goods and services

 C. The decision-making process by which organizations establish and

 satisfy their needs for goods and services. 

D. The practice of establishing strategic partnerships between manufacturers and their suppliers.

 

18) The ____________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers.

A. Institutional market

B. Business market

C. Consumer market

D. Government market

19) Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products?

A. Blanket family names

B. Separate family names

C. Individual names

D. Corporate names

20) Brands can play a number of specific roles within a company’s brand portfolio. For example, a __________ is positioned with respect to competitors’ brands so that more important and profitable brands retain their desired positioning.

A. Low-end, entry level brand

B. Cash cow

C. High-end, prestige brand

 D. Flanker

21) Which of the following is NOT an advantage of co-branding?

A. Helps position new products

 B. Might contribute to overexposure of the brand

C. Generates additional sales from the existing target market

D. Provides more opportunities with new customers

22) In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of _________________.

A. Line cannibalization

B. Line featuring

C. Line padding

 D. Line stretching

23) ___________ are formal statements of expected product performance by the manufacturer.

A. General guarantees

B. Open pricing statements

 C. Warranties

D. Promotional statements

24) Mazda’s Miata convertible originally drew the most interest from women between the ages of 35-55. In order to interest more potential customers in the roadster, Mazda beefed up the model with heavier shocks and a faster engine, and then emphasized performance in its advertising. This is an example of creating a new product by ____________.

A. Product development strategy

B. Repositioning

 C. Market diversification strategy

D. The development of a new product line

 

 

C. Market diversification strategyD. The development of a new product line

25) For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a _____________.

A. Major service with accompanying minor goods and services

B. Tangible good with accompanying service

C. Pure service

D. Hybrid

26) Which of the following best describes the category in which the offering’s service mix is distinguished? “People patronize restaurants for both food and service.”

A. Pure service

B. Pure tangible good

C. Hybrid

D. Tangible good with accompanying services

27) Best Buy will often try to sell the buyer of a high end television monitor an extended warranty. This is an example of  _______________.

A. Pure tangible good

 B. Tangible good with accompanying services

C. Hybrid

D. Pure service

 

28) When customers buy on the basis of a reference price orbecause the price conveys a particular quality image to them, they are being influenced by ____________.

A. Value augmented by perception

B. Value pricing

C. The going rates of competitors

D. The psychology of pricing

29) A common mistake in pricing is ____________________.

 A. Setting prices independently of the rest of the market mix

B. Revising prices too often

C. Ignoring costs when setting prices

D. Considering price and price competition as a key problem in marketing

30) Scotty is in the process of opening Suburban Legends SK8S to sell boards, wheels, trucks, clothing, videos, and skateboarding related collectibles. The first thing Scotty should do when setting the store’s prices is to ____________.

A. Determine her target market

B. Estimate costs

C. Select a pricing method

 D. Select a pricing objective

31) When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing

 service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a _______________.

A. Category killer

B. Combination store

C. Superstore

D. Hypermarket

32) Which of the following is NOT one of the four levels of retail services mentioned in the text?

A. Self-service

 B. Staffed service

C. Self-selection

D. Limited service

33) Belk is a chain of stores found primarily in southern United States. Each store carries several product lines and each line is managed separately by a specialist buyer or merchandiser. McRae’s offers many types of customer service and its prices reflect that fact. Belk’s is an example of a ____________.

A. Superstore

B. Factory outlet

C. Combination store

D. Department store

 

 

 

34) Which is the last major decision in international marketing?

 A. Deciding on the marketing organization

B. Deciding how to enter the market

C. Deciding on the marketing program

D. Deciding which markets to enter

35) Because of Coca-Cola’s size and power in the marketplace, theyt end to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a(n) _____________.

A. Horizontal marketing system

B. Administered vertical marketing system

C. Corporate vertical marketing system

D. Contractual vertical marketing system

36) McDonald’s franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30days after delivery). This is an example of ___________ within channel relations.

A. Territorial rights

B. Price policies

C. Sharing the risks

 D. Conditions of sale

37) Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of _________advertising.

A. Informative

B. Descriptive

C. Reminder

D. Persuasive

 

38) Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is _____________.

A. Direct mail

B. Television

C. Magazine

D. Newspapers

39) Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money.

A. Informative

B. Persuasive

 C. Reinforcement

D. Comparative

40) Which of the following is NOT a major mode of communications in the marketing communications mix?

A. Events and experiences

B. Advertising

C. Sales promotion

D. Satellite radio

41) Which is correct about “noise” in the communication process?

 A. It has only one source

B. It is controllable

C. It mostly happens during the decoding stage

D. It interferes with intended communication

42) Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform?

A. Experiences

B. Public Relations

C. Personal selling

D. Sales promotion

43) The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software.

 

A. Metamarket

B. Marketplace

C. Macromarket

D. Marketspace

44) __________ marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long-term preference and business.

A. Transaction-oriented

 B. Business-to-business

C. Behavioral response

D. Relationship

45) Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the __________ concept.

A. Product

 B. Production

C. Customer

D. Marketing

46) Marketing __________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

A. integration 

B. internally

C. management

D. segmentation

47) Which of the following is an example of a transfer?

 A. Anne donates money to the American Cancer Society.

B. Ms. Kelly gives Bonnie a dozen cookies for walking her dog.

C. Ofeera buys a sweater at a flea market

D. Andi places the winning bid on a vase at an auction.

 

48) Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons?

A. To satisfy upper management that all is going well.

B. Communicating satisfaction findings externally would have little marketingvalue.

C. You should not communicate satisfaction results internally for ethicalreasons.

D. To highlight good news and act on bad news. 

49) _____________ is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade.

A. Personal selling

B. Advertising

C. Public relations

 D. Sales promotion

50) Within the last couple years several cosmetics manufacturer shave introduced non-clumping mascara. Revlon was one of these manufacturers. Revlon should use ________ advertising to increase selective demand for its non-clumping mascara.

 A. Persuasive

B. Descriptive

C. Informative

D. Reminder

 

51) Public policy makers have developed a substantial body of laws and regulations to govern advertising. For these reasons, an important step in developing an advertising campaign is

 _____________.

A. The creative development of the message

B. Asking network censors what to cut out of the communication

C. Preparing a copy strategy statement

D. The social responsibility review

 

 

 

 

 

52)What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides?

E-mail

Avatars

Smartphones

Tablets

 

53)Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a “green marketing” program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program’s chances of being successful?

Focus on the efforts and costs incurred by the company to bring these “green” products to consumers.

Explain the rules and regulations laid out by governmental agencies to protect the environment.

Emphasize benefits to the consumer rather than environmental benefits.

Demonstrate that the products will benefit both customers and the society in the long-term.

 

 

 

54)A firm must know where to position its product based on price and ________.

quality

communication

promotional efforts

region

 

 

55)_______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics. 

Specialized marketing

Ethnic-based marketing

Multicultural marketing

Diversity marketing

 

 

 

56)Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.

market valuation

brand association

market partitioning

market estimation

57)Which method identifies the effect sponsorship has on consumers brand knowledge?

Supply-side method

Pricing method

Positioning method

Demand-side method

 

 58)The three guidelines for anticipating management reactions are (1) prior to the crisis during normal day-to day operations, (2) at the moment some event triggers the crisis, and (3) during the crisis situation that triggers the event. These guidelines are the stages for ________.

decision making

provoking solutions

crisis management

problem-solving

59)What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?

Total customer benefit

Complete marketing benefit

Total management benefit

Ultimate service benefit

60)ABC Technology is nearing completion on their product and market research has discovered a competitor is also close to launching a similar product. ABC has decided launch before their competition, this is called ________.

first entry

parallel entry

late entry

early entry

61)What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities?

Activity

Solvency

Efficiency

Profitability

62)A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.

hard-core loyals

switchers

split loyals

shifting loyals

62)Which control should periodically reassess its approach to the marketplace with a good marketing audit?

Marketing control

Performance control

Strategic control

Ethical control

 

 

63)Which of the following can induce a firm to expand into the international arena?

A saturated foreign market

A saturated domestic market

Cater to a domestic mass market

High income level of domestic consumers

 

 

 

64)With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

product specialization

selective specialization

market specialization

single-segment concentration

65)If the Ford GT is designed to accelerate to 50 miles per hour within 10 seconds, and every Ford GT coming off the assembly line does this, the model is said to have high ________.

interoperability

durability

compatibility

conformance quality

 

66)2Wheels conducts exhaustive customer surveys to discover customer preferences and attitudes towards the brand. Sally uses cluster analysis to classify the data and help the company determine the trends in the information. Sally is using the technique of ________. 

data mining

data governance

data accumulation

data marketing

 

 

 

67)Another basis for decision-making is referred to as ________.

 

correct ethics

ethical dilemmas

situational ethics

ethical practices

 

 

68)The effect of exposures on audience awareness depends on the following three factors:

distance, timing, and focus

height, length, and width

reach, frequency, and impact

space, communication, and advertisements

 

 

69)Which of the following is a strategy that uses the manufacturer’s sales force, trade promotion money, or other means to induce intermediaries to carry, promote, and sell the product to end users?

Strategic plan

Pull strategy

Lock strategy

Push strategy

 

 

70)The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?

Step 1 – defining the problem

Step 2 – developing the research plan

Step 5 – drafting the report

Step 4 – analyzing the information

 

 

71)Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?

Cultural

Economic

Technological

Political

 

 

72)Through its cutting-edge point-of-sale inventory, management technology, and highly efficient shipping practices, Wal-Mart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Wal-Mart’s strategy is best described as ________.

market development

differentiation

integrative growth

overall cost leadership

 

 

 

73)Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

Basic product

Pure tangible product

Potential benefit

Core benefit

 

 

 

74)New-to-the-world products are ________.

new products that create an entirely new market

existing products that are targeted to new geographical markets

new product enhancements that supplement established products

low-cost products designed to obtain an edge in highly competitive markets

 

 

75)What are the four characteristics of a marketing audit?

Announced, semi-annually, dependent, and perpetual

Simple, unique, randomly, and exclusive

Comprehensive, systematic, independent, and periodic

Dependent, non-comprehensive, quarterly, and unannounced

 

 

76)What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?

Regular prices

Price adaptation

Fixed pricing

Altered pricing

 

 

 

77)The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________.

righteousness

sustainability

rules

ethics

 

 

 

78)social definition of marketing says ______.

marketing is the process of extracting maximum value from consumers to facilitate corporate growth

effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers

a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

 

 

 

79)BMW’s “The ultimate driving machine,” American Express’ “Don’t leave home without it,” New York Times’ “All the news that’s fit to print,” and AT&T’s “Reach out and touch someone” are all examples of ________.

brand vision

brand mission

brand slogan

brand personality

 

 

 

80)A music school in Boyles Height, LA, specializes in teaching the guitar and the violin. After a spurt in growth and a few successful years, the school is experiencing a slowdown in sales and stability in its profits due to an increase in competition. The school is in the ________ stage of its life cycle.

growth

obsolescence

maturity

decline







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