MKT 571 Final Exam
1.
Which component of a marketing audit includes major developments
in income, prices, savings, and credit that affect the company?
·
Technological
·
Political
·
Economic
·
Cultural
2.
Marketers must see themselves as benefit providers. For example,
when a shopper purchases new shoes, he or she expects the shoes to cover his or
her feet and allow him or her to walk unobstructed. This is an example of what
level in the consumer-value hierarchy?
·
Core benefit
·
Pure tangible product
·
Basic product
·
Potential benefit
3.
What type of strategy consists of geographical pricing, price
discounts and allowances, promotional pricing, and differentiated pricing?
·
Regular prices
·
Price adaptation
·
Altered pricing
·
Fixed pricing
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4.
A company can learn a great deal by analyzing the degrees of
brand loyalty. For example, ________ can show the firm which brands are most
competitive with its own.
·
hard-core loyals
·
split loyals
·
shifting loyals
·
switchers
5.
Marketers need to identify the hierarchy of attributes that
guide consumer decision making in order to understand different competitive
forces and how these various sets get formed. This process of identifying the
hierarchy is called ________.
·
market valuation
·
market estimation
·
brand association
·
market partitioning
6.
Which of the following is a strategy that uses the
manufacturer’s sales force, trade promotion money, or other means to induce intermediaries
to carry, promote, and sell the product to end users?
·
Strategic plan
·
Lock strategy
·
Push strategy
·
Pull strategy
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7.
What are the four characteristics of a marketing audit?
·
Simple, unique, randomly, and exclusive
·
Announced, semi-annually, dependent, and perpetual
·
Comprehensive, systematic, independent, and periodic
·
Dependent, non-comprehensive, quarterly, and unannounced
8.
ABC Technology is nearing completion on their product and market
research has discovered a competitor is also close to launching a similar
product. ABC has decided launch before their competition, this is called
________.
·
first entry
·
parallel entry
·
late entry
·
early entry
9.
What can enhance the value of Web-based shopping experiences to
serve as personal shopping assistants or Web-site guides?
·
E-mail
·
Avatars
·
Tablets
·
Smartphones
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10.
Through its cutting-edge point-of-sale inventory, management
technology, and highly efficient shipping practices, Wal-Mart is able to keep
its inventory expenditure extremely low and to pass these savings on to
consumers in the form of low prices. Wal-Mart’s strategy is best described as
________.
·
Overall cost leadership
·
market development
·
integrative growth
·
differentiation
11.
If the Ford GT is designed to accelerate to 50 miles per hour
within 10 seconds, and every Ford GT coming off the assembly line does this,
the model is said to have high ________.
·
compatibility
·
durabilitybmw
·
interoperability
·
conformance quality
12.
Which control should periodically reassess its approach to the
marketplace with a good marketing audit?
·
Marketing control
·
Ethical control
·
Performance control
·
Strategic control
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13.
What is the perceived monetary value of the bundle of economic,
functional, and psychological benefits customers expect from a given market
offering because of the product, service, people, and image?
·
Total management benefit
·
Complete marketing benefit
·
Total customer benefit
·
Ultimate service benefit
14.
With ________ as a target market strategy, the firm concentrates
on serving many needs of a particular customer group.
·
market specialization
·
product specialization
·
selective specialization
·
single-segment concentration
15.
Which of the following can induce a firm to expand into the
international arena?
·
A saturated foreign market
·
Cater to a domestic mass market
·
High income level of domestic consumers
·
A saturated domestic market
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16.
The effect of exposures on audience awareness depends on the
following three factors:
·
space, communication, and advertisements
·
reach, frequency, and impact
·
distance, timing, and focus
·
height, length, and width
17.
2Wheels conducts exhaustive customer surveys to discover
customer preferences and attitudes towards the brand. Sally uses cluster
analysis to classify the data and help the company determine the trends in the
information. Sally is using the technique of ________.
·
data marketing
·
data governance
·
data accumulation
·
data mining
18.
A music school in Boyles Height, LA, specializes in teaching the
guitar and the violin. After a spurt in growth and a few successful years, the
school is experiencing a slowdown in sales and stability in its profits due to
an increase in competition. The school is in the ________ stage of its life
cycle.
·
decline
·
maturity
·
obsolescence
·
growth
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19.
A firm must know where to position its product based on price
and ________.
·
region
·
quality
·
promotional efforts
·
communication
20.
The ability to meet humanity’s needs without harming future
generations is now a top priority in most corporate agenda________.
·
righteousness
·
rules
·
ethics
·
sustainability
21.
What type of control focuses on measuring a company’s products
territories, customer groups, segments, trade channels, and order sizes to help
expand or eliminate any products or marketing activities?
·
Activity
·
Profitability
·
Solvency
·
Efficiency
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22.
Another basis for decision-making is referred to as ________.
·
ethical practices
·
situational ethics
·
ethical dilemmas
·
correct ethics
23.
BMW's "The ultimate driving machine," American Express'
"Don't leave home without it," New York Times' "All the news
that's fit to print," and AT&T's "Reach out and touch
someone" are all examples of ________.
·
brand slogan
·
brand personality
·
brand vision
·
brand mission
24.
Which method identifies the effect sponsorship has on consumers
brand knowledge?
·
Demand-side method
·
Pricing method
·
Supply-side method
·
Positioning method
25.
A social definition of marketing says ______.
·
a company should focus exclusively on achieving high production
efficiency, low costs, and mass distribution to facilitate the broadest
possible access to the company’s products
·
marketing is the process of extracting maximum value from
consumers to facilitate corporate growth
·
marketing is the process by which individuals and groups obtain
what they need and want through creating, offering, and freely exchanging
products and services of value with others
·
effective marketing requires companies to remove intermediaries
to achieve a closer connection with direct consumers
26.
Prestige LLC, a small company that manufactures specialty
cereals and energy bars, wants to launch a "green marketing" program
in response to heightened consumer awareness about environmental issues. What
should the company do to maximize the program's chances of being successful?
·
Emphasize benefits to the consumer rather than environmental
benefits.
·
Explain the rules and regulations laid out by governmental
agencies to protect the environment.
·
Demonstrate that the products will benefit both customers and
the society in the long-term.
·
Focus on the efforts and costs incurred by the company to bring
these "green" products to consumers.
27.
The marketing manager needs to know the cost of the research
project before approving it. During which stage of the marketing research
process would such a consideration most likely take place?
·
Step 1 – defining the problem
·
Step 2 – developing the research plan
·
Step 4 – analyzing the information
·
Step 5 – drafting the report
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28.
New-to-the-world products are ________.
·
new product enhancements that supplement established products
·
existing products that are targeted to new geographical markets
·
new products that create an entirely new market
·
low-cost products designed to obtain an edge in highly
competitive markets
29.
_______ is an approach that considers different ethnic and
cultural segments require targeted marketing campaigns and tactics.
·
Ethnic-based marketing
·
Diversity marketing
·
Multicultural marketing
·
Specialized marketing
30.
The three guidelines for anticipating management reactions are
(1) prior to the crisis during normal day-to day operations, (2) at the moment
some event triggers the crisis, and (3) during the crisis situation that
triggers the event. These guidelines are the stages for ________.
·
decision making
·
provoking solutions
·
crisis management
·
problem-solving
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