MKT421 Wk 5 Final Exam
MKT421 Wk 5 Final Exam
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Date Created: 11/17/15
1) 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. One of the universal functions of innovation. B. An example of the micro-macro dilemma. C. A production activity. D A part of marketing. . 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 Production. A. B. Marketing. C. A command economy. D Making goods or performing services. . 3) Which of the following statements best describes the modern view of marketing? A. The job of marketing is to get rid of whatever the company is producing. B. Marketing is concerned with generating a single exchange between a firm and a customer. C. Marketing should take over production, accounting, and financial services within a firm. D Marketing begins with anticipating potential customer needs. . 4) Which of the following statements regarding marketing strategies is FALSE? A. It is useful to think of the marketing strategy planning process as a narrowing-down process. B. Developing successful marketing strategies does not need to be a hit-or-miss proposition. C. 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. 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: Combination. A. B. Market development. C. Market penetration. 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 Market penetration. A. B. Market development. C. Product development. D Diversification. . 7) A firm's marketing mix decision areas would NOT include: A. Promotion B. Price Product C. D People . 8) The four Ps of a marketing mix are: Production, Personnel, Price, and Physical Distribution A. B. Product, Price, Promotion, and Profit C. Product, Place, Promotion, and Price D Promotion, Production, Price, and People . 9) The marketing mix A. Includes four variables—People, Place, Promotion, and Price. Helps to organize the marketing strategy decision areas. B. C. Includes four variables—advertising, personal selling, customer service, and sales promotion. D Includes the target market . 10) Dell, Inc. wants to offer customers televisions in addition to computers. This is a change in their _____________________ A. pricing. B. personnel. product. C. D promotional. . 11) Hewlett-Packard 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. Pricing. B. Product. C. Placement. D . Promotional. 12) The ______ area of the marketing mix is concerned with decisions about getting the right product to the target market when and where it is wanted. A. Product B. Promotion C. Place D People . 13) Which of the following is part of a complete marketing plan? Competitors' marketing strategies. A. 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. . 14) Which of the following would probably NOT be in a proposed marketing plan? A. A list of what company resources (costs) would be required. B. Expected sales and profit results. A description of the target market and marketing mix. C. D A statement of how frequently the design of the website will be changed. . 15) The main difference between a marketing strategy and a marketing plan is that: A. Time-related details are included in a marketing plan. B. A marketing strategy provides more detail. C. A marketing strategy omits pricing plans. D . A marketing plan includes several marketing strategies. 16) Target marketing, in contrast to mass marketing, A. Is limited to small market segments. Ignores markets that are large and spread out. B. C. Focuses on fairly homogeneous market segments. D Assumes that all customers are basically the same. . 17) Good marketing strategy planners know that: A. Firms like Nabisco and Wal-Mart are too large to aim at clearly defined target markets. B. Mass marketing is often very desirable and effective. C. The terms mass marketing and mass marketer mean basically the same thing. D Target marketing does not limit one to small market segments. . 18) Marketing strategy planners should recognize that: Target markets should not be large and spread out. A. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly B. defined markets. C. Target marketing is not limited to small market segments. D . Mass marketing is often very effective and desirable. 19) Clustering techniques applied to segmenting markets Usually require computers to group people based on data from market research. A. B. Remove the need for managerial judgment. Eliminate the need for marketing managers to specify in advance what dimensions might be C. relevant for grouping consumers. D . All of the above are true. 20) ______________ 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. Market positioning A. Market B. segmentation C. Mass marketing D Diversification . 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 penetration. Market segmentation. B. C. Market development. D Market research. . 22) A ______________ is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions. A. Marketing information system B. Marketing model Marketing research project C. D Marketing research department . 23) Procedures that develop and analyze new information to help marketing managers make decisions are called: A. Strategy planning. Operational B. planning. C. Analytical research. D Marketing research. . 24) ________________ ________________ utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions. A. Marketing planning. B. Marketing processing. C. Marketing structure. D Marketing research. . 25) Focus groups: Are usually composed of 10 to 15 people as participants. A. B. Yield results that are largely dependent on the viewpoint of the researcher. C. Always do a good job of representing the broader target market. D Are expensive compared to other marketing research methods. . 26) The part of the relevant population that is surveyed by a researcher is called the: A. Representative group. B. Focal group. Target population. C. D Sample. . 27) When focus group interviews are used in marketing, A. Each person in the group answers the same questionnaire, to focus the discussion. B. The typical group size is 15 to 20 typical consumers whether online or off-line. C. It is primarily as a follow-up to more quantitative research. D The research conclusions will vary depending on who watches the interview whether online or off- . line. 28) Which of the following statements about consumer products is true? A. Convenience products are those that customers want to buy at the lowest possible price. Shopping products are those products for which customers usually want to use routinized buying B. behavior. C. Specialty products are those that customers usually are least willing to search for. D Unsought products are not shopped for at all. . 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: A. Conduct an experiment. B. Develop a formal research project to gather primary data. Conduct informal discussion with outsiders, including intermediaries, to see if he has correctly C. 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. Political environment. Social and cultural environment. B. C. Competitive environment. D Firm's resources and objectives. . 31) ______________ 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 segmentation B. Strategic planning C. Mass marketing D Market positioning . 32) Which is the first step in market segmentation? A. Finding one or two demographic characteristics to divide up the whole mass market. B. Clustering people with similar needs into a market segment. Naming a broad product-market of interest to the firm. C. D Evaluating market segments to determine if they are large enough. . 33) The first step in market segmentation should be: Deciding what new product you could develop. A. B. Evaluating what segment(s) you currently serve. C. Finding a demographic group likely to use your products. D . Defining some broad product-markets where you may be able to operate profitably. 34) Which of the following is NOT one of the text's product life cycle stages? A. Market maturity Market growth B. C. Market penetration D Market introduction . 35) The product life cycle has four stages. Which of the following is NOT one of these? A. Market introduction Economic B. competition C. Market growth D . Market maturity 36) The product life cycle: A. Describes the stages a new product idea goes through from beginning to end. Shows that sales and profits tend to move together over time. B. C. Has five major stages. D Applies more to individual brands than to categories or types of products. . 37) Which of the following observations concerning the market maturity stage is NOT TRUE? A. Many aggressive competitors have entered the race for profits. B. Promotion costs rise and some competitors cut prices to attract business. There is a long-run downward pressure on prices. C. D New firms cannot enter the market at this stage. . 38) Cargill, Inc. is finally earning a profit on the unique product it introduced 6 months ago. Cargill's advertising is both informative and persuasive. Much money is being spent on Place development. There is little price competition, although several competitors have come out with reasonable imitations. Total industry sales and profits are both rising. In which stage of the product life cycle is Cargill operating? A. Market growth Market maturity B. C. Market introduction D Sales decline . 39) During the MARKET INTRODUCTION stage of the product life cycle: A. Large profits are typical—until competition arrives. B. Money is invested—in the hope of FUTURE profits. C. Price and promotion are more important than Place and Product. D . Much money is spent on Promotion, while spending on Place is left until later. 40) SGCA is having a sales contest to encourage retailers to quickly reduce the inventory of SuperGamer computers. Retailers with the highest sales during the next month win an expense paid trip to a special dealer meeting at a resort in Hawaii. This is A. Probably illegal because it might encourage price competition among retailers. B. An example of a producer using sales promotion in the channel. An example of cooperative advertising. C. The type of promotion that continues to impact sales even after the promotion is over. D . 41) 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. Radio advertising interference only. C. D Messages which are too loud or bold. . 42) Typically the _____ is responsible for building good distribution channels and implementing place policies. A. Public relations manager B. Human resources manager C. Sales manager D Advertising manager . 43) 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 selective distribution policy. A. B. A pushing policy. C. A target marketing policy. D . An intensive distribution policy. 44) 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. Selective distribution. B. A pushing policy. C. A pulling policy. D Exclusive distribution. . 45) 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. Exclusive distribution. B. Pushing. C. A corporate channel system. D . Dual distribution. 46) Which of the following statements about positioning is NOT TRUE? It often makes use of techniques such as perceptual mapping. A. B. It helps marketing managers know how customers view the firm's offering. C. It refers to how customers think about proposed or present brands in a market. D . Positioning issues are especially important when competitors in a market are very dissimilar. 47) When segmenting broad product-markets, cost considerations tend A. To encourage managers to disregard the criterion that a product-market segment should be substantial. To lead to a large number of small, but very homogeneous, product-market segments. B. C. To lead to more aggregating. D To be unimportant as long as the segmenting dimensions are operational. . 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 not a product-oriented approach. D Is a visual aid to understanding a product-market. . 49) Which of the following is NOT a trend affecting marketing strategy planning in the area of international marketing? A. Tensions between have and have-not cultures. B. Global communication over the Internet. Decreasing role of airfreight. C. D More attention to exporting by small companies. . 50) When a company grows globally, this is an example of: Market development A. B. Diversification. C. Market penetration. D Product development. . 51) A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. A. Generic market Target market B. C. Product-market D Standard market . 52) Identify the incorrect statement about sales promotions. A. Sales promotions have increased because of competition in emerging markets. Changes in technology have made sales promotions more efficient. B. C. The availability of more ad agencies and specialists has spurred growth in sales promotions. D Sales promotions can be used as tools to overcome consumer price resistance. . 53) 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." "I leave marketing applications of technology to the information technology staff. There's no need B. for me to learn about them." "I try to place myself in the position of the consumer and do unto others as I would have them do C. unto me." D "International competition is just a fad. We can ignore it." . 54) Which of the following is a key trend affecting marketing strategy planning? A. Senior and ethnic submarkets are getting smaller. B. Less use of technology in personal selling. C. Growth of marketing information systems. D Slower new-product development. . 55) The future poses many challenges for marketing managers because: New technologies are making it easier to abuse consumers' rights to privacy. A. B. It is marketing managers who have full responsibility to preserve our macro-marketing system. C. Social responsibility applies only to firms—not to consumers. D The marketing concept has become obsolete. . 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? Consumers should not use it because it gives them an unfair advantage over car dealers. A. B. Consumers can use it, but should not feel a responsibility to do so. 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. . 57) Which of the following statements about ethical behavior in business is true? A. The legal environment sets the highest standards of ethical behavior. B. The legal environment sets the minimum 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. .
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