MKT 421 Final Exam Answers 60/60 Correct

4,015 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
4,015
On SlideShare
0
From Embeds
0
Number of Embeds
7
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

MKT 421 Final Exam Answers 60/60 Correct

  1. 1. Marketing 421 - Final ExamClick here to download answers1) Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its existingproduct line. Big Fizz must make some decisions regarding packaging and branding of the fruit juices. Thesedecisions would fall under which variable of the marketing mix?A. PromotionB. PlaceC. PriceD. Product2) Predicting what types of bicycles different customers will want and deciding which of thesecustomers the business will try to satisfy are activities a firm should do as part ofA. MarketingB. ProductionC. A command economy.D. Making goods or performing services3) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will makeelectric vehicles and what kinds they will make, is:A. An example of the micro-macro dilemma.B. A part of marketing.C. A production activity.D. One of the universal functions of innovation4) To compete more successfully with its many competitors offering packaged cookies, Famous Amosadded its own line of extra chunky premium cookies. This seems to be an effort at:A. Market development.B. Product development5) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20years, and has developed strong customer relations. When looking for new marketing opportunities,Professional Dental Supply will most likely look first atA. Market development. B. Productdevelopment. C. Diversification.D. Market penetration.6) Which of the following statements regarding marketing strategies is FALSE?A. Developing successful marketing strategies does not need to be a hit-or-miss proposition.B. These strategies require decisions about the specific customers the firm will target and the marketing mixthe firm will develop to appeal to that target market.C. These strategies must meet the needs of target customers, and a firm is likely to get a competitiveadvantage if it just meets needs in the same way as some other firm.D. It is useful to think of the marketing strategy planning process as a narrowing-down process
  2. 2. 7) Which of the following is true?A. The product P in the marketing mix stands for only tangible merchandise.B. The product P in the marketing mix stands for both physical goods and tangibleC. The product P in the marketing mix stands for both physical goods and services.D. The product P in the marketing mix stands for only physical goods8) The four Ps of a marketing mix are:A. Product, Price, Promotion, and ProfitB. Product, Place, Promotion, and PriceC. Promotion, Production, Price, and PeopleD. Production, Personnel, Price, and Physical Distribution9) A firms marketing mix decision areas would NOT include:A. PriceB. PeopleC. ProductD. Promotion10) Which of the following statements best describes the modern view of marketing?A. Marketing is concerned with generating a single exchange between a firm and a customer.B. The job of marketing is to get rid of whatever the company is producing.C. Marketing should take over production, accounting, and financial services within a firm.D. Marketing begins with anticipating potential customer needs11) When one considers the strategy decisions organized by the four Ps, branding is related topackaging as:A. Store location is to sales force selection. B.Production is to marketing.C. Personal selling is to mass selling.D. Branding is to pricing12) The area of the marketing mix is concerned with decisions about getting the right product to thetarget market when and where it is wanted.A. PromotionB. PeopleC. PlaceD. Product13) The main difference between a marketing strategy and a marketing plan is that:A. A marketing strategy provides more detail.B. A marketing plan includes several marketing strategies.C. A marketing strategy omits pricing plans.D. Time-related details are included in a marketing plan.14) Which of the following would probably NOT be in a proposed marketing plan?A. Expected sales and profit results.B. A statement of how frequently the design of the website will be changed.C. A description of the target market and marketing mix.D. A list of what company resources (costs) would be required.15) A marketing plan is:A. A marketing strategy— plus the time-related details for carrying it out.
  3. 3. B. A marketing strategy.C. A target market and a related marketing mix. D. Amarketing program.16) Marketing strategy planners should recognize that:A. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly definedmarkets.B. Mass marketing is often very effective and desirable.C. Target marketing is not limited to small market segments.D. Target markets should not be large and spread out.17) Good marketing strategy planners know that:A. Mass marketing is often very desirable and effective.B. Target marketing does not limit one to small market segments.C. The terms mass marketing and mass marketer mean basically the same thing.D. Firms like Nabisco and Wal-Mart are too large to aim at clearly defined target markets18) Target marketing, in contrast to mass marketing,A. Ignores markets that are large and spread out.B. Is limited to small market segments.C. Focuses on fairly homogeneous market segments.D. Assumes that all customers are basically the same.19) is the process of naming broad product-markets and then segmenting these broadproduct-markets in order to select target markets and develop suitable marketing mixes.A. Mass marketingB. Market positioningC. DiversificationD. Market segmentation20) Clustering techniques applied to segmenting marketsA. 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 forgrouping consumers.D. All of the above are true.21) The process of naming broad product-markets and then segmenting them in order to select targetmarkets and develop suitable marketing mixes is called:A. Market development. B. Marketpenetration. C. Market research.D. Market segmentation.22) utilizes qualitative and quantitative analysis procedures to helpmarketing managers make more informed decisions.A. Marketing structure. B. Marketingplanning.C. Marketing research.D. Marketing processing.23) Procedures that develop and analyze new information to help marketing managers make decisions arecalled:A. Analytical research. B. Strategyplanning.C. Marketing research.
  4. 4. D. Operational planning.24) A is an organized way of continually gathering and analyzing data to get information to helpmarketing managers make ongoing decisions.A. Marketing research projectB. Marketing information systemC. Marketing research departmentD. Marketing model25) Marketing research which seeks structured responses that can be summarized is called:A. Qualitative research.B. Focus group research.C. Situation analysis research.D. Quantitative research.26) When focus group interviews are used in marketing,A. It is primarily as a follow-up to more quantitative research.B. Each person in the group answers the same questionnaire, to focus the discussion.C. The research conclusions will vary depending on who watches the interview whether online or off- line.D. The typical group size is 15 to 20 typical consumers whether online or off-line.27) One of the major disadvantages of the focus group interview approach is thatA. It is difficult to get in-depth information about the research topic.B. There is no interviewer, so the research questions may not be answered.C. It is difficult to measure the results objectively.D. Ideas generated by the group cannot be tested later with other research.28) Which of the following statements about consumer products is true?A. Specialty products are those that customers usually are least willing to search for.B. Unsought products are not shopped for at all.C. Shopping products are those products for which customers usually want to use routinized buyingbehavior.D. Convenience products are those that customers want to buy at the lowest possible price.29) The marketing manager at Massimino & McCarthy, a chain of retail stores that sells mens clothing, isreviewing marketing research data to try to determine if changes in marketing strategy are needed. Which ofthe following sources of data would be a secondary data source?A. Making phone calls to some of the best customers to learn their interest in a new line of clothing.B. Spending time in stores observing customers behavior.C. Reviewing videotapes of a recent focus group.D. Looking through the companys marketing information system to see past sales trends.30) The attitudes and behavior patterns of people are part of theA. Competitive environment.B. Firms resources and objectives.C. Social and cultural environment.D. Political environment.31) is the process of naming broad product-markets and then segmenting these broadproduct-markets in order to select target markets and develop suitable marketing mixes.A. Mass marketingB. Market positioningC. Strategic planning
  5. 5. D. Market segmentation32) Which is the first step in market segmentation?A. Naming a broad product-market of interest to the firm.B. Evaluating market segments to determine if they are large enough. C.Clustering people with similar needs into a market segment.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. Defining some broad product-markets where you may be able to operate profitably.C. Evaluating what segment(s) you currently serve.D. Deciding what new product you could develop.34) Tom and Sally Jones are preparing to purchase a new car. He currently has a Toyota Camry and she has aHonda Accord. They now have two children under age 5, so they plan to trade in Sallys car to purchase aminivan. Sally and Tom decided on a Honda Odyssey because Sally is familiar with Hondas and thinks theyare very reliable. In this purchase situation, Tom and Sallys family life cycle stage is asegmentation dimension, and the benefit Sally seeks (reliability) is asegmentation dimension.A. Geographic; behavioral.B. Demographic; geographic.C. Demographic; behavioral.D. Geographic; demographic.35) The product life cycle:A. Applies more to individual brands than to categories or types of products.B. Shows that sales and profits tend to move together over time.C. Has five major stages.D. Describes the stages a new product idea goes through from beginning to end.36) The product life cycle has four stages. Which of the following is NOT one of these? A.Market maturityB. Market growthC. Market introductionD. Economic competition37) 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 long-run downward pressure on prices.C. Many aggressive competitors have entered the race for profits.D. Promotion costs rise and some competitors cut prices to attract business.38) During the market introduction stage of the product life cycle:A. Most potential customers are quite anxious to try out the new-product concept.B. Products usually show large profits if marketers have successfully carved out new markets.C. Considerable money is spent on promotion while place development is left until later stages.D. Funds are being invested in marketing with the expectation of future profits.39) Cargill, Inc. is finally earning a profit on the unique product it introduced 6 months ago. Cargillsadvertising is both informative and persuasive. Much money is being spent on Place development. Thereis little price competition, although several competitors have come out with reasonable imitations. Totalindustry sales and profits are both rising. In which stage of the product life cycle is Cargill operating?A. Sales decline
  6. 6. B. Market introductionC. Market growthD. Market maturity40) Noise (in the traditional communication process) refers to:A. Messages which are too loud or bold.B. Radio advertising interference only.C. Any distractions that reduce the effectiveness of the communication process.D. Efforts by a firms competitors to block its message channel.41) While watching a television program, Liza gets a phone call just as a commercial is starting. She pressesthe mute button on the televisions remote control and takes the call, so she pays no attention to thecommercial. In terms of the communication process, the telephone call is an example of:A. Decoding.B. Nose.C. Encoding.D. Feedback.42) Advertising allowancesA. Allow for coordination and integration of ad messages in the channel.B. Involve intermediaries and producers sharing in the cost of ads.C. Are price reductions to firms further along in the channel to encourage them to advertise or otherwisepromote the firms products locally.D. Set the allowance amount as a percent of the retailers actual purchases.43) A producer using very aggressive promotion to get final consumers to ask intermediaries for a newproduct has:A. A selective distribution policy.B. A target marketing policy. C. A pullingpolicyD. A pushing policy.44) A producer using normal promotion efforts—personal selling, sales promotion, and advertising—to helpsell a whole marketing mix to possible channel members has:A. An intensive distribution policy. B. A targetmarketing policy.C. A selective distribution policy.D. A pushing policy.45) Integrated direct-response promotion:A. Is not necessary or useful when the channel of distribution involves intermediaries.B. Is usually part of a pushing effort rather than part of a pulling approach.C. Focuses on achieving a measurable, direct response from specific target customers.D. None of these are true.46) Positioning analysisA. Is not a product-oriented approach.B. Helps managers understand the actual characteristics of their products.C. Is a visual aid to understanding a product-market.D. Shows that managers and customers usually view present brands similarly.47) Which of the following statements about positioning is NOT TRUE?A. It refers to how customers think about proposed or present brands in a market.
  7. 7. B. It often makes use of techniques such as perceptual mapping.C. Positioning issues are especially important when competitors in a market are very dissimilar.D. It helps marketing managers know how customers view the firms offering.48) When segmenting broad product-markets, cost considerations tendA. To lead to more aggregating.B. To encourage managers to disregard the criterion that a product-market segment should besubstantial.C. To be unimportant as long as the segmenting dimensions are operational.D. To lead to a large number of small, but very homogeneous, product-market segments.49) When a company grows globally, this is an example of: A. Productdevelopment.B. Market developmentC. Diversification.D. Market penetration.50) Which of the following is NOT a trend affecting marketing strategy planning in the area ofinternational marketing?A. More attention to exporting by small companies.B. Tensions between have and have-not cultures. C. Globalcommunication over the Internet.D. Decreasing role of airfreight.51) A is a market with very similar needs and sellers offering various close substitute ways ofsatisfying those needs.A. Standard marketB. Generic marketC. Target marketD. Product-market52) Which of the following is a key trend affecting marketing strategy planning? A.Slower new-product development.B. Senior and ethnic submarkets are getting smaller. C. Less useof technology in personal selling.D. Growth of marketing information systems.53) It is usually the job, perhaps with help from specialists in technology, to decide what types of salestechnology tools are needed and how they will be used.A. Procurement managersB. Sales managersC. Marketing executivesD. Purchasing managers54) Identify the incorrect statement about sales promotions.A. Sales promotions can be used as tools to overcome customer price resistance. B.Changes in technology have made sales promotions more efficient.C. Sales promotions have increased because of competition in emerging markets.D. The availability of more ad agencies and specialists has spurred growth in sales promotions.55) Which of the following is a key trend affecting marketing strategy planning? A.Slower new-product development.B. Less use of technology in personal selling.C. Growth of marketing information systems.
  8. 8. D. Senior and ethnic submarkets are getting smaller.56) The future poses many challenges for marketing managers because:A. New technologies are making it easier to abuse consumers rights to privacy.B. The marketing concept has become obsolete.C. It is marketing managers who have full responsibility to preserve our macro-marketing system.D. Social responsibility applies only to firms—not to consumers.57) Many Internet sites, such as Autobytel.com and Edmunds.com, have extensive information about theprices 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 should not trust any information they receive from any source except the government.B. Consumers should not use it because it gives them an unfair advantage over car dealers.C. Consumers have a responsibility to use the information and be smarter customers.D. Consumers can use it, but should not feel a responsibility to do so.58) Hewlett-Packard sells personal computers through specialty computer stores, electronics superstores, andits own Internet site. What is the marketing mix variable that is being considered here?A. PriceB. PromotionC. ProductD. Place59) Price reductions given to channel members to encourage them to promote or otherwise promote a firmsproducts locally areA. quantity discountsB. brokerage allowancesC. push money allowancesD. advertising allowances60) When a company grows globally by introducing existing product lines to new markets, this is an exampleof what?A. Market developmentB. Product developmentC. DiversificationD. Market penetration

×