MKT 421 Final Exam 3
MKT 421 Final Exam 3
CSU - Dominguez hills
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Date Created: 11/16/15
Your passing grade is dependent upon you taking the exam yourself, checking your answers against these, and determining any discrepancies before submitting the exam. It would be appreciated if you would let me know of any differences you might find. I hope you have found this answer helpful. Your positive feedback will also be greatly appreciated. If you need additional information or further assistance, please message me. Thanks for the opportunity to be of help. Best wishes, SPQR 1) According to the text, marketing means: A. Selling. B. Much more than selling and advertising. C. Producing and selling. D. Advertising. 2) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of A. A command economy. B. Production. C. Marketing. D. Making goods or performing services. 3) Which of the following statements best describes the modern view of marketing? A. Marketing should take over production, accounting, and financial services within a firm. B. The job of marketing is to get rid of whatever the company is producing. C. Marketing is concerned with generating a single exchange between a firm and a customer. D. Marketing begins with anticipating potential customer needs. 4) Which of the following statements regarding marketing strategies is FALSE? A. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. B. It is useful to think of the marketing strategy planning process as a narrowingdown process. C. Developing successful marketing strategies does not need to be a hitormiss proposition. D. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market. 5) 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. Market penetration. B. Combination. C. Market development. D. Product development. 6) 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. Diversification. B. Market penetration. C. Market development. D. Product development. 7) Which of the following is true? A. The product P in the marketing mix stands for both physical goods and tangible B. The product P in the marketing mix stands for only tangible merchandise. C. The product P in the marketing mix stands for only physical goods. D. The product P in the marketing mix stands for both physical goods and services. 8) The marketing mix A. Includes four variables—advertising, personal selling, customer service, and 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 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) HewlettPackard sells personal computers through specialty computer stores, electronics superstores, and its own Internet site. The marketing mix variable that is being considered here is: A. Placement. B. Product. C. Pricing. D. Promotional. 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 colaflavored 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) The main difference between a marketing strategy and a marketing plan is that: A. A marketing strategy omits pricing plans. B. A marketing strategy provides more detail. C. Timerelated details are included in a marketing plan. D. A marketing plan includes several marketing strategies. 14) A marketing plan is: A. A target market and a related marketing mix. B. A marketing strategy—plus the timerelated details for carrying it out. C. A marketing program. D. A marketing strategy. 15) 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. 16) Good marketing strategy planners know that: A. The terms mass marketing and mass marketer mean basically the same thing. B. Mass marketing is often very desirable and effective. C. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets. D. Target marketing does not limit one to small market segments. 17) Marketing strategy planners should recognize that: A. Target marketing is not limited to small market segments. B. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly defined markets. C. Target markets should not be large and spread out. D. Mass marketing is often very effective and desirable. 18) Target marketing, in contrast to mass marketing, A. Focuses on fairly homogeneous market segments. B. Ignores markets that are large and spread out. C. Is limited to small market segments. D. Assumes that all customers are basically the same. 19) ______________ is the process of naming broad productmarkets and then segmenting these broad productmarkets in order to select target markets and develop suitable marketing mixes. A. Diversification B. Mass marketing C. Market positioning D. Market segmentation 20) The process of naming broad productmarkets and then segmenting them in order to select target markets and develop suitable marketing mixes is called: A. Market segmentation. B. Market penetration. C. Market development. D. Market research. 21) 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. C. Eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers. D. All of the above are true. 22) A ______________ is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions. A. Marketing model B. Marketing information system C. Marketing research project D. Marketing research department 23) ________________ ________________ utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions. A. Marketing processing. B. Marketing planning. C. Marketing structure. D. Marketing research. 24) Procedures that develop and analyze new information to help marketing managers make decisions are called: A. Operational planning. B. Strategy planning. C. Analytical research. D. Marketing research. 25) Focus groups: A. Yield results that are largely dependent on the viewpoint of the researcher. B. Are usually composed of 10 to 15 people as participants. C. Always do a good job of representing the broader target market. D. Are expensive compared to other marketing research methods. 26) When focus group interviews are used in marketing, A. The typical group size is 15 to 20 typical consumers whether online or offline. B. Each person in the group answers the same questionnaire, to focus the discussion. C. It is primarily as a followup to more quantitative research. D. The research conclusions will vary depending on who watches the interview whether online or offline. 27) Marketing research which seeks structured responses that can be summarized is called: A. Quantitative research. B. Focus group research. C. Qualitative research. D. Situation analysis research. 28) The marketing manager at Massimino & McCarthy, a chain of retail stores that sells men's clothing, is reviewing marketing research data to try to determine if changes in marketing strategy are needed. Which of the following sources of data would be a secondary data source? A. Reviewing videotapes of a recent focus group. B. Looking through the company's marketing information system to see past sales trends. C. Making phone calls to some of the best customers to learn their interest in a new line of clothing. D. Spending time in stores observing customers' behavior. 29) 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: X. XXXXXXX a formal research project to gather primary data. B. Conduct an experiment. C. Conduct informal discussion with outsiders, including intermediaries, to see if he has correctly defined the problem. D. Develop a hypothesis and predict the future behavior of sales. 30) The attitudes and behavior patterns of people are part of the A. Social and cultural environment. B. Political environment. C. Competitive environment. D. Firm's resources and objectives. 31) Market segmentation: A. Is the same thing as positioning. B. Assumes that most submarkets can be satisfied by the same marketing mix. C. Tries to identify homogeneous submarkets within a productmarket. D. Means the same thing as marketing strategy planning. 32) Which is the first step in market segmentation? A. Naming a broad productmarket of interest to the firm. B. Clustering people with similar needs into a market segment. C. Evaluating market segments to determine if they are large enough. D. Finding one or two demographic characteristics to divide up the whole mass market. 33) The first step in market segmentation should be: A. Finding a demographic group likely to use your products. B. Evaluating what segment(s) you currently serve. C. Defining some broad productmarkets where you may be able to operate profitably. D. Deciding what new product you could develop. 34) Which of the following is NOT one of the text's product life cycle stages? A. Market introduction B. Market penetration C. Market growth D. Market maturity 35) The product life cycle: A. Applies more to individual brands than to categories or types of products. B. Has five major stages. C. Shows that sales and profits tend to move together over time. D. Describes the stages a new product idea goes through from beginning to end. 36) Tom and Sally Jones are preparing to purchase a new car. He currently has a Toyota Camry and she has a Honda Accord. They now have two children under age 5, so they plan to trade in Sally's car to purchase a minivan. Sally and Tom decided on a Honda Odyssey because Sally is familiar with Hondas and thinks they are very reliable. In this purchase situation, Tom and Sally's family life cycle stage is a _____________ segmentation dimension, and the benefit Sally seeks (reliability) is a _____________ segmentation dimension. A. Geographic; behavioral. B. Demographic; behavioral. C. Demographic; geographic. D. Geographic; demographic. 37) During the MARKET INTRODUCTION stage of the product life cycle: A. Much money is spent on Promotion, while spending on Place is left until later. B. Price and promotion are more important than Place and Product. C. Money is invested—in the hope of FUTURE profits. D. Large profits are typical—until competition arrives. 38) During the market introduction stage of the product life cycle: A. Most potential customers are quite anxious to try out the newproduct concept. B. Products usually show large profits if marketers have successfully carved out new markets. C. Funds are being invested in marketing with the expectation of future profits. D. Considerable money is spent on promotion while place development is left until later stages. 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 longrun 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) Advertising allowances A. Allow for coordination and integration of ad messages in the channel. B. Involve intermediaries and producers sharing in the cost of ads. C. Set the allowance amount as a percent of the retailer's actual purchases. D. Are price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally. 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. any distractions that reduce the effectiveness of the communication process. B. Efforts by a firm's competitors to block its message channel. C. Messages which are too loud or bold. D. Radio advertising interference only. 43) American Tourister, Inc.—a producer of luggage—is planning to introduce a new product line. The marketing manager is having her sales force call on retailers to explain American Tourister's consumer advertising plans, the unique features of the new luggage, how the distributors can best promote it, and what sales volume and profit margins they can reasonably expect. This is an example of: A. A pulling policy. B. A pushing policy. C. Selective distribution. D. Intensive distribution. 44) A producer using very aggressive promotion to get final consumers to ask intermediaries for a new product has: A. A pulling policy B. A pushing policy. C. A selective distribution policy. D. A target marketing policy. 45) A producer using normal promotion efforts—personal selling, sales promotion, and advertising—to help sell a whole marketing mix to possible channel members has: A. A selective distribution policy. B. A pushing policy. C. An intensive distribution policy. D. A target marketing policy. 46) Which of the following statements about positioning is NOT TRUE? A. It often makes use of techniques such as perceptual mapping. B. It helps marketing managers know how customers view the firm's offering. C. Positioning issues are especially important when competitors in a market are very dissimilar. D. It refers to how customers think about proposed or present brands in a market. 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. Combined target market approach. B. Mass marketing approach. C. Multiple target market approach. D. Single target market approach 48) Positioning analysis A. Helps managers understand the actual characteristics of their products. B. Shows that managers and customers usually view present brands similarly. C. Is a visual aid to understanding a productmarket. D. Is not a productoriented approach. 49) When a company grows globally, this is an example of: A. Market development B. Market penetration. C. Diversification. D. Product development. 50) A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. A. Generic market B. Productmarket C. Target market D. Standard market 51) Which of the following is NOT a trend affecting marketing strategy planning in the area of international marketing? A. Tensions between have and havenot cultures. B. Decreasing role of airfreight. C. Global communication over the Internet. D. More attention to exporting by small companies. 52) Which of the following statements DOES NOT indicate that a marketing manager is about to make a serious mistake? A. "When it comes to my marketing strategy, if it ain't broke, don't fix it." B. "I try to place myself in the position of the consumer and do unto others as I would have them do unto me." C. "I leave marketing applications of technology to the information technology staff. There's no need for me to learn about them." D. "International competition is just a fad. We can ignore it." 53) Which of the following is a key trend affecting marketing strategy planning? A. Senior and ethnic submarkets are getting smaller. B. Growth of marketing information systems. C. Less use of technology in personal selling. D. Slower newproduct development. 54) 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. Sales manager's C. Purchasing manager's D. Procurement manager's 55) 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 should not use it because it gives them an unfair advantage over car dealers. C. Consumers should not trust any information they receive from any source except the government. D. Consumers have a responsibility to use the information and be smarter customers. 56) 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 highest standards of ethical behavior. C. The legal environment sets the normative standards of ethical behavior. D. The legal environment sets the maximum standards of ethical behavior. 57) The future poses many challenges for marketing managers because: A. It is marketing managers who have full responsibility to preserve our macro marketing system. B. New technologies are making it easier to abuse consumers' rights to privacy. C. Social responsibility applies only to firms—not to consumers. D. The marketing concept has become obsolete.
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