MKT 421 Marketing Final Exam by hcj

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									MKT/421 Marketing Final Exam
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 1) According to the text, marketing means:
 A.         Advertising.
 B.         Much more than selling and advertising.
 C.         Selling.
 D.         Producing and selling.


 2) For Tesla, a new firm that makes an electric sports car, estimating how many
 competitors will make electric vehicles and what kinds they will make, is:
 A.         A part of marketing.
 B.         One of the universal functions of innovation.
 C.         A production activity.
 D.         An example of the micro-macro dilemma.


 3) Which of the following statements best describes the modern view of marketing?
 A.         Marketing begins with anticipating potential customer needs.
 B.         The job of marketing is to get rid of whatever the company is producing.
            Marketing should take over production, accounting, and financial services within
 C.
            a firm.
            Marketing is concerned with generating a single exchange between a firm and a
 D.
            customer.


 4) Which of the following statements regarding marketing strategies is FALSE?
            These strategies require decisions about the specific customers the firm will
 A.         target and the marketing mix the firm will develop to appeal to that target
            market.
            It is useful to think of the marketing strategy planning process as a narrowing-
 B.
            down process.
            These strategies must meet the needs of target customers, and a firm is likely to
 C.         get a competitive advantage if it just meets needs in the same way as some other
            firm.
            Developing successful marketing strategies does not need to be a hit-or-miss
 D.
            proposition.
5) Professional Dental Supply has been successfully selling dental instruments to
dentists for the past 20 years, and has developed strong customer relations. When
looking for new marketing opportunities, Professional Dental Supply will most likely
look first at
A.    Product development.
B.    Market penetration.
C.    Diversification.
D.    Market development.


6) To compete more successfully with its many competitors offering packaged cookies,
Famous Amos added its own line of extra chunky premium cookies. This seems to be
an effort at:
A.    Product development.
B.    Combination.
C.    Market penetration.
D.    Market development.


7) The marketing mix
      Includes four variables—advertising, personal selling, customer service, and
A.
      sales promotion.
B.    Helps to organize the marketing strategy decision areas.
C.    Includes four variables—People, Place, Promotion, and Price.
D.    Includes the target market


8) A firm's marketing mix decision areas would NOT include:
A.    Product
B.    Price
C.    Promotion
D.    People


9) The four Ps of a marketing mix are:
A.    Product, Place, Promotion, and Price
B.    Product, Price, Promotion, and Profit
C.    Production, Personnel, Price, and Physical Distribution
D.    Promotion, Production, Price, and People


10) A firm's decisions regarding channel type, market exposure, and kinds of
intermediaries would fall under the marketing mix variable of
A.    Price.
B.    Promotion.
C.    Product.
D.    Place.


11) When one considers the strategy decisions organized by the four Ps, branding is
related to packaging as:
A.    Personal selling is to mass selling.
B.    Store location is to sales force selection.
C.    Branding is to pricing.
D.    Production is to marketing.


12) Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit
juices to its existing product line. Big Fizz must make some decisions regarding
packaging and branding of the fruit juices. These decisions would fall under which
variable of the marketing mix?
A.    Price
B.    Promotion
C.    Product
D.    Place


13) Which of the following would probably NOT be in a proposed marketing plan?
A.    A description of the target market and marketing mix.
B.    Expected sales and profit results.
C.    A list of what company resources (costs) would be required.
D.    A statement of how frequently the design of the website will be changed.
14) Which of the following is part of a complete marketing plan?
A.    Competitors' marketing strategies.
B.    What company resources (costs) are required and at what rate.
C.    How different marketing mixes (for different target markets) relate to each other.
D.    All of these.


15) A marketing plan is:
A.    A target market and a related marketing mix.
B.    A marketing strategy.
C.    A marketing program.
D.    A marketing strategy—plus the time-related details for carrying it out.


16) Target marketing, in contrast to mass marketing,
A.    Focuses on fairly homogeneous market segments.
B.    Assumes that all customers are basically the same.
C.    Is limited to small market segments.
D.    Ignores markets that are large and spread out.


17) Marketing strategy planners should recognize that:
A.    Target marketing is not limited to small market segments.
B.    Mass marketing is often very effective and desirable.
C.    Target markets should not be large and spread out.
      Large firms like General Electric, Target, and Procter & Gamble are too large to
D.
      aim at clearly defined markets.


18) Good marketing strategy planners know that:
A.    The terms mass marketing and mass marketer mean basically the same thing.
B.    Target marketing does not limit one to small market segments.
      Firms like Nabisco and WalMart are too large to aim at clearly defined target
C.
      markets.
D.    Mass marketing is often very desirable and effective.
19) ______________ is the process of naming broad product-markets and then
segmenting these broad product-markets in order to select target markets and develop
suitable marketing mixes.
A.    Diversification
B.    Market segmentation
C.    Market positioning
D.    Mass marketing


20) Clustering techniques applied to segmenting markets
A.    Usually require computers to group people based on data from market research.
B.    Remove the need for managerial judgment.
      Eliminate the need for marketing managers to specify in advance what dimensions
C.
      might be relevant for grouping consumers.
D.    All of the above are true.


21) The process of naming broad product-markets and then segmenting them in order to
select target markets and develop suitable marketing mixes is called:
A.    Market research.
B.    Market segmentation.
C.    Market penetration.
D.    Market development.


22) Procedures that develop and analyze new information to help marketing managers
make decisions are called:
A.    Marketing research.
B.    Operational planning.
C.    Strategy planning.
D.    Analytical research.


23) ________________ ________________ utilizes qualitative and quantitative analysis
procedures to help marketing managers make more informed decisions.
A.    Marketing research.
B.    Marketing planning.
C.    Marketing structure.
D.    Marketing processing.


24) A ______________ is an organized way of continually gathering and analyzing data
to get information to help marketing managers make ongoing decisions.
A.    Marketing research department
B.    Marketing information system
C.    Marketing research project
D.    Marketing model


25) The part of the relevant population that is surveyed by a researcher is called the:
A.    Sample.
B.    Representative group.
C.    Target population.
D.    Focal group.


26) Marketing research which seeks structured responses that can be summarized is
called:
A.    Situation analysis research.
B.    Focus group research.
C.    Qualitative research.
D.    Quantitative research.


27) Focus groups:
A.    Are expensive compared to other marketing research methods.
B.    Are usually composed of 10 to 15 people as participants.
C.    Always do a good job of representing the broader target market.
D.    Yield results that are largely dependent on the viewpoint of the researcher.


28) A small manufacturing firm has just experienced a rapid drop in sales. The marketing
manager thinks that he knows what the problem is and has been carefully analyzing
secondary data to check his thinking. His next step should be to:
A.    Develop a hypothesis and predict the future behavior of sales.
B.    Conduct an experiment.
      Conduct informal discussion with outsiders, including intermediaries, to see if he
C.
      has correctly defined the problem.
D.    Develop a formal research project to gather primary data.


29) The observing method in marketing research:
A.    Is not suitable for obtaining primary data.
B.    Is used to gather data without consumers being influenced by the process.
C.    May require customers to change their normal shopping behavior.
D.    Uses personal interviews.


30) The attitudes and behavior patterns of people are part of the
A.    Firm's resources and objectives.
B.    Competitive environment.
C.    Social and cultural environment.
D.    Political environment.

31) The first step in market segmentation should be:
      Defining some broad product-markets where you may be able to operate
A.
      profitably.
B.    Finding a demographic group likely to use your products.
C.    Evaluating what segment(s) you currently serve.
D.    Deciding what new product you could develop.

32) ______________ is the process of naming broad product-markets and then
segmenting these broad product-markets in order to select target markets and develop
suitable marketing mixes.
A.     Market positioning
B.     Mass marketing
C.     Strategic planning
D.    Market segmentation

33) Market segmentation:
A.   Tries to identify homogeneous submarkets within a product-market.
B.   Is the same thing as positioning.
C.   Assumes that most submarkets can be satisfied by the same marketing mix.
D.   Means the same thing as marketing strategy planning.
34) The product life cycle:
A.    Shows that sales and profits tend to move together over time.
B.    Applies more to individual brands than to categories or types of products.
C.    Has five major stages.
D.    Describes the stages a new product idea goes through from beginning to end.

35) The product life cycle has four stages. Which of the following is NOT one of these?
A.    Economic competition
B.    Market maturity
C.    Market growth
D.    Market introduction

36) Which of the following is a DEMOGRAPHIC segmenting dimension?
A.   Type of problem solving.
B.   Brand familiarity.
C.   Family life cycle.
D.   Rate of use.

37) During the market introduction stage of the product life cycle:
A.    Most potential customers are quite anxious to try out the new-product concept.
      Products usually show large profits if marketers have successfully carved out new
B.
      markets.
C.    Funds are being invested in marketing with the expectation of future profits.
      Considerable money is spent on promotion while place development is left until
D.
      later stages.

38) An industry's sales have leveled off and profits are declining in oligopolistic
competition. Consumers see competing products as homogeneous. Several firms have
dropped out of the industry, but a new one entered recently. Firms in the industry are
trying to avoid price-cutting by spending on persuasive advertising. These firms are
competing in which stage of the product life cycle?
A.     Market development
B.    Market maturity
C.    Market introduction
D.    Market growth

39) Which of the following observations concerning the market maturity stage is NOT
TRUE?
A.   New firms cannot enter the market at this stage.
B.    There is a long-run downward pressure on prices.
C.    Promotion costs rise and some competitors cut prices to attract business.
D.    Many aggressive competitors have entered the race for profits.

40) While watching a television program, Liza gets a phone call just as a commercial is
starting. She presses the mute button on the television's remote control and takes the call,
so she pays no attention to the commercial. In terms of the communication process, the
telephone call is an example of:
A.     Decoding.
B.     Noise.
C.     Feedback.
D.    Encoding.

41) Price reductions given to channel members to encourage them to advertise or
otherwise promote a firm's products locally are:
A.     Push money allowances.
B.     Brokerage allowances.
C.     Advertising allowances.
D.     Quantity discounts.

42) Noise (in the traditional communication process) refers to:
A.    Messages which are too loud or bold.
B.    Any distractions that reduce the effectiveness of the communication process.
C.    Efforts by a firm's competitors to block its message channel.
D.    Radio advertising interference only.

43) The Canyonlands Corporation is introducing a new product next month. To prepare
for the introduction, the marketing manager is having his sales force call on distributors
to explain the unique features of the new product, how the distributors can best promote it,
and what sales volume and profit margins they can reasonably expect. In addition,
Canyonlands is budgeting 2% of its estimated sales for magazine advertising. This is an
example of:
A.     Exclusive distribution.
B.     Selective distribution.
C.     A pushing policy.
D.     A pulling policy.

44) Nantucket Hammocks, Inc. uses dealer incentives, discounts, and sales contests in
order to encourage retailers to give special attention to selling its products. Nantucket
Hammocks is using
A.    Dual distribution.
B.    Exclusive distribution.
C.    Pushing.
D.    A corporate channel system.

45) Integrated direct-response promotion:
A.     Is not necessary or useful when the channel of distribution involves intermediaries.
B.     Is usually part of a pushing effort rather than part of a pulling approach.
C.     Focuses on achieving a measurable, direct response from specific target customers.
D.     None of these are true.

46) Positioning analysis
A.    Is a visual aid to understanding a product-market.
B.    Helps managers understand the actual characteristics of their products.
C.    Shows that managers and customers usually view present brands similarly.
D.    Is not a product-oriented approach.

47) Quality Ceramic, Inc. (QCI) defined five submarkets within its broad product-market.
To obtain some economies of scale, QCI decided NOT to offer each of the submarkets a
different marketing mix. Instead, it selected two submarkets whose needs are fairly
similar, and is counting on promotion and minor product differences to make its one
basic marketing mix appeal to both submarkets. QCI is using the
A.     Multiple target market approach.
B.     Combined target market approach.
C.     Mass marketing approach.
D.     Single target market approach

48) When segmenting broad product-markets, cost considerations tend
A.   To be unimportant as long as the segmenting dimensions are operational.
     To encourage managers to disregard the criterion that a product-market segment
B.
     should be substantial.
     To lead to a large number of small, but very homogeneous, product-market
C.
     segments.
D.   To lead to more aggregating.

49) Which of the following is NOT a trend affecting marketing strategy planning in the
area of international marketing?
A.     Global communication over the Internet.
B.     Tensions between have and have-not cultures.
C.     Decreasing role of airfreight.
D.    More attention to exporting by small companies.

50) A _____ is a market with very similar needs and sellers offering various close
substitute ways of satisfying those needs.
A.     Target market
B.     Product-market
C.     Generic market
D.     Standard market

51) When a company grows globally, this is an example of:
A.   Diversification.
B.   Market penetration.
C.   Market development
D.   Product development.

52) Identify the incorrect statement about sales promotions.
A.     Changes in technology have made sales promotions more efficient.
       The availability of more ad agencies and specialists has spurred growth in sales
B.
       promotions.
C.     Sales promotions have increased because of competition in emerging markets.
D.     Sales promotions can be used as tools to overcome consumer price resistance.

53) It is usually the _________ job, perhaps with help from specialists in technology, to
decide what types of sales technology tools are needed and how they will be used.
A.      Marketing executive's
B.      Purchasing manager's
C.      Sales manager's
D.      Procurement manager's

54) Which of the following is a key trend affecting marketing strategy planning?
A.   Less use of technology in personal selling.
B.   Growth of marketing information systems.
C.    Senior and ethnic submarkets are getting smaller.
D.    Slower new-product development.

55) Which of the following statements about ethical behavior in business is true?
A.   The legal environment sets the minimum standards of ethical behavior
B.   The legal environment sets the normative standards of ethical behavior.
C.   The legal environment sets the highest standards of ethical behavior.
D.     The legal environment sets the maximum standards of ethical behavior.

56) Many Internet sites, such as Autobytel.com and Edmunds.com, have extensive
information about the prices of new and used vehicles that anyone can use for free. In
light of the availability of this information, what is the responsibility of consumers to use
it?
A.     Consumers can use it, but should not feel a responsibility to do so.
B.     Consumers have a responsibility to use the information and be smarter customers.
       Consumers should not use it because it gives them an unfair advantage over car
C.
       dealers.
       Consumers should not trust any information they receive from any source except
D.
       the government.

57) The future poses many challenges for marketing managers because:
      It is marketing managers who have full responsibility to preserve our macro-
A.
      marketing system.
B.    The marketing concept has become obsolete.
C.    New technologies are making it easier to abuse consumers' rights to privacy.
D.    Social responsibility applies only to firms—not to consumers.

								
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