Mkt 571 multiple choice questions use it as a guide only4
Mkt 571 multiple choice questions use it as a guide only4
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Date Created: 11/16/15
1) 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. Experiential research data B. Marketing intelligence C. Accountability information system (AIS) D. Marketing research 2) Which of the following is NOT a step that might be used to improve the quality of a firm's marketing intelligence? A. Collecting competitive intelligence by buying a competitor's products B. Motivating distributors to pass along important intelligence from the marketplace. C. Watching how the stock market reacts to interest rate changes D. Setting up a consumer panel 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) 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. 5) 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 6) All of the following are steps in the marketing research process EXCEPT: A. Collect the information B. Present the findings C. Compare data to government sources D. Define the problem and research objectives 7) The last step in marketing research is developing the research plan. A. True B. False 8) Marketing information systems are developed from internal company records, marketing intelligence, and marketing research. A. True B. False 9) The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situations is called marketing research. A. True B. False 10) ______________ is the difference between a prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives. A. Customer perceived value B. Customer relationship management C. Customer delivered value D. Total customer cost 11) 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. Reducing the product's monetary costs to the buyers. B. Increasing the service value C. Reducing the buyer's nonmonetary costs D. Increasing total customer value 12) Which of the following is NOT a component part of total customer value? A. Services value B. Psychic value C. Product value D. Image value 13) Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he'll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a _______________. A. Reference group B. Social class C. Subculture D. Demographic group 14) Which factors have the broadest and deepest influence on consumer behavior? A. Social B. Cultural C. Personal D. Psychological 15) Within the United States, Southerners, Mormons, and Native Americans are examples of: A. Subcultures B. Psychologically defined groups C. Social classes D. Cultures 16) 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. Consumer market C. Business market D. Government market 17) The institutional market is best described as having _____________. A. Demand elasticity and geographically concentrated suppliers B. Contract negotiations and fluctuating demand C. Low budgets and a captive clientele D. Derived demand, geographically concentrated suppliers, and budgetary constraints. 18) Business buying behavior differs from consumer buying behavior in that _________. A. Fewer people typically participate in or influence business buying decisions than in the consumer market. B. [Answer Text]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. The demand for business goods and services is derived from consumer's final demand. 19) 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. Same company co-brand B. Category extension C. Line extension D. Joint-venture co-brand 20) BMW, the maker of the Mini Cooper brand, is using what kind of brand strategy with its Mini products? A. Blanket family names B. Separate family names C. Corporate names D. Individual names 21) 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. Preemptive cannibalization B. A brand shake-out C. Product maturity D. CEO Steve Job's large ego 22) Painting and consulting are considered industrial goods because ______________. A. They are considered “component materials" B. Most firms do not seek them directly C. They facilitate developing and managing the finished product D. They are specialty goods 23) ___________ are formal statements of expected product performance by the manufacturer. A. Promotional statements B. Warranties C. General guarantees D. Open pricing statements 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. Expected-potential-basic-augmented-core B. Core-basic-expected-augmented-potential C. Potential-augmented-expected-core-basic D. Basic-expected-augmented-core-potential 25) Mr. Tse and his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn't have the opportunity to go. The experience of the Tse's is an example of which offering? A. A hybrid B. A pure service C. A major service with accompanying minor goods and services D. A tangible good with accompanying services 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. Tangible good with accompanying services B. Pure tangible good C. Pure service D. Hybrid 27) Characteristics a buyer can evaluate before purchase are called _______________. A. Experience qualities B. Search qualities C. Differentiation qualities D. Credence qualities 28) When introduced in the late 1970s, personal computers had large initial demand. People were interested in buying them to make writing and editing easier. The earliest simple PCs were initially priced around $2,500. The manufacturers of the first PCs were probably using a _________ pricing strategy. A. Market-skimming B. Cost-oriented C. Market-penetration D. Value-oriented 29) A common mistake in pricing is ____________________. A. Considering price and price competition as a key problem in marketing B. Revising prices too often C. Setting prices independently of the rest of the market mix D. Ignoring costs when setting prices 30) 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 high price communicates nothing to potential buyers D. The market is highly price sensitive 31) 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. Department store D. Combination store 32) A concept in retailing that helps explain the emergence of new retailers is called the ___________ hypothesis. A. Wheel-of-retailing B. Retail life cycle C. Product life-cycle D. Service-assortment 33) 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. Limited service D. Self-selection 34) Ayal and Zif argue that going into fewer countries is advisable when ___________. A. Population, income size and growth are low in the initial countries chosen. B. Population and income size are high, and population growth is low in the initial countries chosen. C. Population, income size, and growth are high in the initial countries chosen. D. Population is low, and income size and growth are high in the initial countries chosen. 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. Contractual vertical marketing system C. Administered vertical marketing system D. Corporate 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 30 days after delivery). This is an example of ___________ within channel relations. A. Conditions of sale B. Territorial rights C. Price policies D. Sharing the risks 37) 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. Comparative B. Informative C. Persuasive D. Reinforcement 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. Newspapers B. Direct mail C. Television D. Magazine 39) 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. Creative development and execution B. Media selection C. Marketing plan D. Plan of attack 40) Which of the following would NOT be considered part of a marketing communications program? A. A sales promotion B. Personal selling C. Brand contact D. An event sponsorship 41) __________________ are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell. A. Marketing communications B. Sales promotions C. Mass communications D. Brand images 42) Which of the following is NOT a major mode of communications in the marketing communications mix? A. Satellite radio B. Events and experiences C. Advertising 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. Marketspace C. Marketplace D. Macromarket 44) 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. Marketing C. Production D. Customer 45) __________ 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. Relationship C. Business-to-business D. Behavioral response 46) Which of the following is most closely associated with a proactive marketing orientation? A. It is about understanding and meeting customers' expressed needs. B. The marketer focuses on the customers' latent needs. C. It involves delivering superior value. D. It represents the “make and sell“philosophy. 47) 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. management B. integration C. internally D. segmentation 48) Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons? A. You should not communicate satisfaction results internally for ethical reasons. B. To satisfy upper management that all is going well. C. Communicating satisfaction findings externally would have little marketing value. D. To highlight good news and act on bad news. 49) 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. The social responsibility review C. Preparing a copy strategy statement D. Asking network censors what to cut out of the communication 50) Within the last couple years several cosmetics manufacturers have 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. Reminder C. Informative D. Descriptive 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. Persuasive B. Reminder C. Informative D. Descriptive
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