MKT 571 Final Exam Latest Version MKT 571 Final Exam New (2015 Version)

 

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

A. Using its own internal marketing research department

B. Buying information from database companies like A.

C. Nielsen C. Setting up their own web site

D. Using an online information service such as the internet

2) A marketing information system (MIS) consists of ___________.

A. An organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes.

B. The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation.

C. A set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment.

D. The people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

3) When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s __________ systems.

A. Accountability information system (AIS)

B. Experiential research data

C. Marketing research

D. Marketing intelligence

4) All of the following are steps in the marketing research process EXCEPT:

A. Compare data to government sources

B. Collect the information

C. Define the problem and research objectives

D. Present the findings

5) The step in the marketing research process that includes determining who will be sampled is to _______________.

A. Collect the information

B. Develop the research plan

C. Define the problem and research objectives

D. Make the decision based on the project outcomes

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

A. Decision regarding the research tools and target group

B. Define the problem and research objectives

C. Development of the research plan

D. Collection of the available sources for information needed

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

A. True

B. False

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

A. True

B. False

9) Typically, companies budget about 11-12 percent of company sales for marketing research.

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 the offer via _____________.

A. Increasing the service value

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

C. Reducing the buyer’s nonmonetary costs

D. Increasing total customer value

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

A. Customer delivered value

B. Customer perceived value

C. Total customer cost

D. Customer relationship management

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

A. Psychic value

B. Services value

C. Product value

D. Image value

13) A(n) ________________ is likely to offer informal advice and information about a product or product category.

A. Opinion leader

B. Aspirational reference group

C. Primary reference group

D. Diversity marketing program

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

A. Acceptance of a political idea

B. Use of public transit

C. Selection of a product

D. Production of a concert

15) Within the United States, Southerners, Mormons, and Native Americans are examples of:

A. Cultures

B. Psychologically defined groups

C. Social classes

D. Subcultures

16) Business buying behavior differs from consumer buying behavior in that _________.

A. The demand for business goods and services is derived from consumer’s final demand.

B.]Businesses buy products to accomplish a single goal, which varies by industry and business.

C. The buyers for the business market are typically more geographically dispersed than those for the consumer market and the demand for products and services in the consumer market is unaffected by price fluctuations.

D. Fewer people typically participate in or influence business buying decisions than in the consumer market.

17) The institutional market is best described as having _____________.

A. Derived demand, geographically concentrated suppliers, and budgetary constraints.

B. Contract negotiations and fluctuating demand

C. Low budgets and a captive clientele

D. Demand elasticity and geographically concentrated suppliers

18) Business buyers ______________.

A. Use geographical dispersion to keep shipping costs low

B. Are largely concentrated in the southwestern United States

C. Are geographically as diverse as consumers

D. Tend to be geographically concentrated with over half of them in seven states

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

A. Provides more opportunities with new customers

B. Generates additional sales from the existing target market

C. Might contribute to overexposure of the brand

D. Helps position new products

20) When Apple introduced its popular iPod Nano model, it dropped its Mini iPod at the same time. The Mini was, at the time, the most popular mp3 player in the marketplace. This is an example of __________.

A. Product maturity

B. A brand shake-out

C. CEO Steve Job’s large ego

D. Preemptive cannibalization

21) A ___________ is when a parent brand is used on a new product targeting a new market segment within a category currently served by the parent.

A. Line extension

B. Category extension

C. Joint-venture co-brand

D. Same company co-brand

22) Painting and consulting are considered industrial goods because ______________.

A. They facilitate developing and managing the finished product

B. Most firms do not seek them directly

C. They are specialty goods

D. They are considered “component materials"

23) 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 stretching

B. Line padding

C. Line featuring

D. Line cannibalization

24) Marketers plan their market offerings at five levels. What is the correct order of the levels, going from most fundamental to the level with the most benefits?

A. Potential-augmented-expected-core-basic

B. Core-basic-expected-augmented-potential

C. Basic-expected-augmented-core-potential

D. Expected-potential-basic-augmented-core

25) Which of the following is the best example of pure service?

A. A car repair shop

B. A lawn mowing service

C. A weight loss clinic that provides the consumer with its own brand of food

D. A movie theater

26) 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. Hybrid

B. Tangible good with accompanying service

C. Pure service

D. Major service with accompanying minor goods and services

 27) 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. Tangible good with accompanying services

B. Pure tangible good

C. Hybrid

D. Pure service

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

A. The psychology of pricing

B. Value pricing

C. The going rates of competitors

D. Value augmented by perception

29) The introduction of a new product to the market using market-penetration pricing is most likely to be successful when _____________.

A. There must be no existing demand for the product

B. The unit costs of producing a small volume of the product are high

C. The market is highly price sensitive

D. The high price communicates nothing to potential buyers

30) A common mistake in pricing is ____________________.

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

B. Revising prices too often

C. Ignoring costs when setting prices

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

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) Best Buy stores carry a deep assortment of the latest electronics gadgets. They offer buyers a great deal of assistance and advice in making selections. Best Buy would be an example of a _____________.

A. Factory outlet

B. Specialty store

C. Department store

D. Superstore

33) Convenience goods such as snack foods are sold through _________________.

A. Limited service

B. Self-selection

C. Full-service

D. Self-service

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

A. Conditions of sale

B. Price policies

C. Sharing the risks

D. Territorial rights

35) Because of Coca-Cola’s size and power in the marketplace, they tend 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) 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

37) Zhao is advertising her import-export business and wants to find the most cost-effective way of delivering the desired number and types of message exposures to her target audience. Zhao is considering her ________________.

A. Media selection

B. Creative development and execution

C. Plan of attack

D. Marketing plan

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

A. Informative

B. Persuasive

C. Reminder

D. Descriptive

39) 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. Newspapers

C. Magazine

D. Television

40) Which of the following would NOT be considered part of a marketing communications program?

A. Personal selling

B. A sales promotion

C. An event sponsorship

D. Brand contact

41) This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects.

A. Direct marketing

B. Viral marketing

C. Brand building

D. Personal selling

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. Sales promotion

B. Experiences

C. Personal selling

D. Events

43) The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At the time, the firm offering these kits would likely have been using the __________ concept.

A. Production

B. Market

C. Technological

D. Product

44) 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. Marketspace

B. Metamarket

C. Macromarket

D. Marketplace

45) Which of the following is correct?

A. A megamarket includes only suppliers

B. A metamarket is a huge store

C. A marketspace is a digital shopping “area.”

D. A metamediary is a physical marketplace.

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. internally

B. integration

C. segmentation

D. management

47) Which of the following is most closely associated with a proactive marketing orientation?

A. It involves delivering superior value.

B. The marketer focuses on the customers’ latent needs.

C. It represents the “make and sell“philosophy.

D. It is about understanding and meeting customers’ expressed needs.

48) __________________ is/are an organization function(s) and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders.

A. Marketing

B. Ethics

C. Strategic planning

D. Management

49) Which of the following is NOT one of the Ms in marketing?

A. Management

B. Measurement

C. Money

D. Mission

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

A. Persuasive

B. Instructive

C. Informative

D. Reminder

51) Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families?

A. Descriptive

B. Informative

C. Reminder

D. Persuasive

 

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