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QUESTION

MSSU MKRT300 Final Exam

Question 

Question 1

The number of times a person is exposed to an advertisement during a certain time period is known as: 

reach

frequency

enumeration

randomization

2 points

Question 2

A five-pound bag of roasted peanuts sells for $8, and the average variable cost is $4 per bag. If the total fixed cost for the roasted peanuts is $80,000, the breakeven point in bags is: 

20,000

40,000

80,000

120,000

2 points

Question 3

Which of the following sales promotions produces a higher response rate? 

Sweepstakes

Rebates

Sampling

Coupons

2 points 

Question 4

Trade dress refers to: 

visual components that contribute to the overall look for a product.

a promotional philosophy of targeting all sales efforts to the trade.

the general size of the packaging used by a product.

the correlation between a trademark and its trade name.

2 points

Question 5

Why do customers prefer to have continuing relationships with businesses or suppliers? 

Businesses tend to offer better financial incentives to customers who engage in continued relationships with them.

By nature, customers are resistant to change and prefer preexisting relationships with businesses.

By reducing the number of choices, the decision-making process is made easier.

Most businesses have low switching costs which make them attractive to have continued relationships with.

2 points

Question 6

Marketers applying a positioning strategy want to: 

make their product look as much like the market leader as possible.

emphasize a product's unique advantages and differentiate it from competitors' options.

make sure they clearly outline the product's possible applications.

talk to specific, known users of the product.

2 points

Question 7

SWOT is an acronym for:

strategy, working, opinion, tactical.

strengths, weaknesses, opportunities, threats.

strategy, work, openness, toughness.

 strategy, weakness, opinions, threats.

2 points

Question 8

In a process called _____, products pass through a series of stages from their initial appearance to their decline. 

product life potential

promotional cycle

pricing cycle

product lifecycle

2 points

Question 9

The most common method of market segmentation is: 

product sampling.

demographic segmentation.

economic segmentation.

psychographic segmentation.

2 points

Question 10

Common carriers move freight: 

that is non-hazardous.

by limited-rate contract.

only for business customers.

via all modes of transport.

2 points 

Question 11

An offering within a product line, such as a specific size of liquid detergent, is known as a(n) _____. 

universal product code

price look-up code

stock-keeping unit

universal resource locator

2 points

Question 12

Which term is used to describe the amount of money available with people after buying necessities such as food, clothing, and housing? 

Basic income

Gross income

Discretionary income

Personal income

2 points

Question 13

The ideal form of promotion for large, geographically dispersed audiences that will listen to the same message is: 

advertising.

phishing.

public relations.

sales promotion.

2 points 

Question 14

Setting aside a specified percentage of sales for promotional mix expenses -- either based on past records or projected for the future -- is known as _____ budgeting. 

fixed percent applied

percentage-of-sales

fixed-sum-per unit

competitive match

2 points

Question 15

The failure of the management of a firm to recognize the scope of its business is referred to as: 

disintermediation.

intermodal operations.

marketing myopia.

management dystopia.

2 points

Question 16

The organizational function and set of processes that creates, communicates, and delivers value to customers and manages customer relationships in ways that benefit the organization and its stakeholders is called _____. 

marketing

financing

operations

administration

2 points

Question 17

All planning strategies have the goal of creating: 

sustainable competitive advantage.

bargaining power.

a strategic window.

barriers to market entry.

2 points

Question 18

The sequence of suppliers and activities that contribute to creating and delivering merchandise is called a: 

supply chain.

distribution agency.

logistics channel.

retail cooperative.

2 points

Question 19

The identity of the _____ is the most difficult role for salespeople to pinpoint. 

user

decider

buyer

influencer

2 points

Question 20

Helene, an industrial sales representative, made sure her company car was equipped with OnStar devices in case she ever had car trouble or got lost while traveling between appointments. Which level of Maslow’s Hierarchy of Needs is Helene addressing? 

Physiological

Safety

Esteem

Self-actualization

2 points

Question 21

Strategic planning has a critical impact on a firm’s destiny because it provides _____ for its decision makers. 

customer input

individual goals

departmental goals

long-term direction

2 points

Question 22

You are reluctant to try out the newly opened department store in your neighborhood because you are unsure of the service you will get. When you do however, you find that the staff are friendly and helpful, the cashiers are fast, and the store is extremely well stocked. One can say that: 

the store is unlikely to get any word-of-mouth publicity.

this store need not have a benchmarking process in place.

you had a positive service encounter.

there was no gap between your expectation and the service you received at the store.

2 points 

Question 23

The dominant and controlling member of a marketing channel is the: 

vertical lead.

producer.

channel captain.

wholesaler.

2 points

Question 24

A consumer expects to purchase convenience products: 

without having full knowledge about what is sought.

immediately and with minimal effort.

after visiting numerous stores and comparing prices.

by traveling any distance required to get what is wanted.

2 points 

Question 25

An example of a first-level relationship marketing program would be a(n): 

fan club for a famous entertainer.

high-school alumni association.

club for owners of a particular model of car.

two-for-one deal on airline tickets.

2 points

Question 26

A brand for which the owner claims exclusive legal protection is known as a: 

patent.

copyright.

trademark.

royalty.

2 points

Question 27

In marketing, the term product: 

refers only to tangible items that can be seen, tasted, or touched.

is a broad concept encompassing the satisfaction of consumer needs.

is limited in meaning to goods, services, and ideas.

never refers to such things as package design, brand name, or warranty.

2 points

Question 28

A series of related but different ads that use a single theme and appear in different media within a specified time period is an example of a(n): 

advertising campaign.

reminder advertising.

special promotion.

advertisement series.

2 points 

Question 29

A characteristic of a good brand name is that it should: 

avoid any specific connotation relative to product content.

be short and also descriptive of the product or its characteristics.

hold universal appeal with respect to its customers.

be pronounced the same in every language.

2 points

Question 30

Core competencies are capabilities that customers value and competitors: 

can easily copy.

tend to overestimate.

find difficult to duplicate.

undervalue.

2 points

Question 31

Secondary data has two important advantages over primary data. These advantages include: 

wide variety of statistics and large sample groups used to create the data.

high level of detail and endorsement by other users.

accuracy of the data specifically gathered for the research study.

cost and speed of locating and using the data.

2 points

Question 32

Which of the following federal agencies is the most important source of secondary data for marketing research studies? 

Federal Reserve

Treasury Department

Census Bureau

Bureau of Labor Statistics

2 points 

Question 33

Customer relationship management is: 

the process of maintaining good relationships between all wholesalers and/or retailers in the distribution channel.

a process used to retain customers by offering lower prices on the purchase of specific products or services.

a network of interconnected businesses involved in the ultimate provision of products and services required by end customers.

the process of re-orienting a business to a concentrated focus on satisfying customers.

2 points

Question 34

The process of collecting information about the external marketing environment is called: 

environmental management.

marketing research.

marketing management.

environmental scanning.

2 points

Question 35

A _____ is a channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors, or B2B customers. 

category killer

merchandiser

supermarketer

wholesaler

2 points

Question 36

The function performed by the gatekeeper in the company buying center is to: 

supply information to guide the evaluation of alternatives.

select a supplier and implement the procedures for securing the goods and services.

choose which goods and services will actually be bought.

control the information that all buying center members will review.

2 points

Question 37

When a business purchaser renews the terms of sale of an item that has performed satisfactorily in the past and requires no new information to decide to purchase it again, the buying situation is called: 

straight rebuying.

new-task buying.

reciprocity.

modified rebuying.

2 points 

Question 38

_____ is a promotional effort that involves assigning a dedicated sales teams to a firm’s major customers to provide sales and service. 

National account selling

Quick-response merchandising

Vendor-managed inventory

Collaborative planning

2 points

Question 39

The _____ is at the heart of integrated marketing communications. 

product

brand

organization

customer

2 points

Question 40

The broadest environmental determinant of consumer behavior is: 

income or purchasing power.

educational background.

culture.

social status.

2 points 

Question 41

The 80/20 principle states that: 

market segmentation succeeds 80 percent of the time and fails the remaining 20 percent of the time.

roughly 80 percent of total product sales come from 20 percent of customers.

80 percent of the market segment is tapped, and 20 percent has not yet been reached.

80 percent of the market can be segmented, and 20 percent cannot.

2 points

Question 42

The type of advertising that seeks to develop initial demand for a newly introduced good, service, organization, person, place, idea, or cause is known as _____ advertising. 

reminder

informative

comparative

advocacy

2 points

Question 43

Which of the following statements regarding the nature of the business market is true? 

Distribution channels for business products are significantly longer than those for consumer products.

Customer relationships for business products tend to be short-term and transactions-based.

Personal selling plays a larger role in business products markets than in consumer markets.

Customer service plays a smaller role in the distribution of business products, as compared to the consumer market.

2 points

Question 44

The utility of a product or service is its: 

want-satisfying power.

re-usability.

function as a commodity.

design quality.

2 points

Question 45

Salespeople usually have the most difficulty with: 

approaching potential buyers.

precall planning.

closing the sale.

following up after the sale.

2 points 

Question 46

The role of a sales representative in the promotion process has changed from that of persuader to that of: 

a technician and expert on product repair.

a process designer.

a consultant and problem solver.

a close friend and confidant.

2 points 

Question 47

At which stage of the consumer decision-making process might cognitive dissonance occur? 

Search

Evaluation

Purchase decision and purchase act

Post purchase evaluation

2 points

Question 48

In which of the following types of market structures would a producer have theleastamount of flexibility in setting prices? 

Pure competition

Monopolistic competition

Oligopoly

Monopoly

2 points

Question 49

A major benefit of test markets as a quantitative forecasting method is: 

they provide realistic information on actual purchases rather than intent to buy.

they are quick, inexpensive, and effective with stable customer demand and environment.

they are useful in predicting short-term and intermediate sales for firms that serve selected customers.

they provide salespeople with expert customer, product, and competitor knowledge.

2 points

Question 50

Pricing a product “Free on Board plant” or “Free on Board origin”: 

means the buyer pays all shipping charges from the manufacturer's dock

allows the same total price to be quoted to all customers, regardless of their distance from the factory

has the effect of dividing the market into different regions with a different price being charged in each

is based on the belief that certain prices or price ranges are more appealing than

2 points

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