Mkt 421 mkt421 final exam paper correct answers
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Mkt 421 mkt421 final exam paper correct answers Mkt 421 mkt421 final exam paper correct answers Document Transcript

  • MKT 421 Final Exam 57/57 Questions with Answers Correct 100% ANSWERS ARE HERE… 1) Which of the following statements best describes the modern view of marketing? A. Marketing begins with anticipating potential customer needs. B. Marketing should take over production, accounting, and financial services within a firm. C. The job of marketing is to get rid of whatever the company is producing. D. Marketing is concerned with generating a single exchange between a firm and a customer. 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. Making goods or performing services. B. A command economy. C. Production. D. Marketing. 3) 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. A part of marketing. B. A production activity. C. One of the universal functions of innovation. D. An example of the micro-macro dilemma.
  • 4) Which of the following statements regarding marketing strategies is FALSE? A. 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. B. 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. C. It is useful to think of the marketing strategy planning process as a narrowing-down process. D. Developing successful marketing strategies does not need to be a hit-or-miss proposition. 5) 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. Product development. B. Diversification. C. Market penetration. D. Market development. 6) 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. Product development. B. Market penetration. C. Combination. D. Market development. 7) The marketing mix A. Includes four variables—advertising, personal selling, customer service, and sales promotion. B. Includes the target market C. Includes four variables—People, Place, Promotion, and Price. D. Helps to organize the marketing strategy decision areas. 8) The four Ps of a marketing mix are: A. Product, Place, Promotion, and Price
  • B. Promotion, Production, Price, and People C. Production, Personnel, Price, and Physical Distribution D. Product, Price, Promotion, and Profit 9) A firm's marketing mix decision areas would NOT include: A. Product B. Price C. People D. Promotion 10) Dell, Inc. wants to offer customers televisions in addition to computers. This is a change in their _____________________ A. product. B. personnel. C. promotional. D. pricing. 11) Big Fizz Co., a manufacturer of cola-flavored 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. Place D. Product 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. Place B. Promotion C. People
  • D. Product 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. A marketing plan includes several marketing strategies. D. Time-related details are included in a marketing plan. 14) 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. 15) A marketing plan is: A. A target market and a related marketing mix. B. A marketing strategy—plus the time-related details for carrying it out. C. A marketing strategy. D. A marketing program. 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. Target marketing does not limit one to small market segments. D. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets. 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. Mass marketing is often very effective and desirable. D. Target markets should not be large and spread out. 18) Target marketing, in contrast to mass marketing, A. Focuses on fairly homogeneous market segments. B. Is limited to small market segments. C. Ignores markets that are large and spread out. D. Assumes that all customers are basically the same. 19) 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. 20) 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 research. B. Market penetration. C. Market development. D. Market segmentation. 21) ______________ 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. Diversification B. Market positioning C. Mass marketing
  • D. Market segmentation 22) A ______________ is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions. A. Marketing research department B. Marketing information system C. Marketing research project D. Marketing model 23) ________________ ________________ utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions. A. Marketing research. B. Marketing planning. C. Marketing structure. D. Marketing processing. 24) Procedures that develop and analyze new information to help marketing managers make decisions are called: A. Marketing research. B. Strategy planning. C. Analytical research. D. Operational planning. 25) A consumer products manufacturer wants consumer reaction to its existing products. Interaction is considered important to stimulate thinking. The firm should use: A. Quantitative interviews. B. The observation method. C. The GSR (galvanic skin response) method. D. Focus group interviews.
  • 26) The part of the relevant population that is surveyed by a researcher is called the: A. Sample. B. Focal group. C. Target population. D. Representative group. 27) One of the major disadvantages of the focus group interview approach is that A. There is no interviewer, so the research questions may not be answered. B. It is difficult to measure the results objectively. C. It is difficult to get in-depth information about the research topic. 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. Unsought products are not shopped for at all. B. Shopping products are those products for which customers usually want to use routinized buying behavior. C. Specialty products are those that customers usually are least willing to search for. D. Convenience products are those that customers want to buy at the lowest possible price. 29) The observing method in marketing research: A. Is not suitable for obtaining primary data. B. May require customers to change their normal shopping behavior. C. Is used to gather data without consumers being influenced by the process. D. Uses personal interviews. 30) 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. Spending time in stores observing customers' behavior. B. Reviewing videotapes of a recent focus group.
  • C. Making phone calls to some of the best customers to learn their interest in a new line of clothing. D. Looking through the company's marketing information system to see past sales trends. 31) Which is the first step in market segmentation? A. Evaluating market segments to determine if they are large enough. B. Clustering people with similar needs into a market segment. C. Naming a broad product-market of interest to the firm. D. Finding one or two demographic characteristics to divide up the whole mass market. 32) ______________ 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 positioning B. Strategic planning C. Mass marketing D. Market segmentation 33) Market segmentation: A. Means the same thing as marketing strategy planning. B. Tries to identify homogeneous submarkets within a product-market. C. Is the same thing as positioning. D. Assumes that most submarkets can be satisfied by the same marketing mix. 34) 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; demographic. B. Demographic; geographic. C. Geographic; behavioral.
  • D. Demographic; behavioral. 35) Which of the following is a DEMOGRAPHIC segmenting dimension? A. Rate of use. B. Family life cycle. C. Type of problem solving. D. Brand familiarity. 36) The product life cycle: A. Describes the stages a new product idea goes through from beginning to end. B. Shows that sales and profits tend to move together over time. C. Applies more to individual brands than to categories or types of products. D. Has five major stages. 37) During the market introduction stage of the product life cycle: A. Considerable money is spent on promotion while place development is left until later stages. B. Funds are being invested in marketing with the expectation of future profits. C. Most potential customers are quite anxious to try out the new-product concept. D. Products usually show large profits if marketers have successfully carved out new markets. 38) 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. C. New firms cannot enter the market at this stage. D. There is a long-run downward pressure on prices. 39) During the MARKET INTRODUCTION stage of the product life cycle: A. Large profits are typical—until competition arrives. B. Price and promotion are more important than Place and Product. C. Much money is spent on Promotion, while spending on Place is left until later.
  • D. Money is invested—in the hope of FUTURE profits. 40) Price reductions given to channel members to encourage them to advertise or otherwise promote a firm's products locally are: A. Quantity discounts. B. Brokerage allowances. C. Push money allowances. D. Advertising allowances. 41) Noise (in the traditional communication process) refers to: A. Any distractions that reduce the effectiveness of the communication process. B. Radio advertising interference only. C. Messages which are too loud or bold. D. Efforts by a firm's competitors to block its message channel. 42) Advertising allowances A. Are price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally. B. Involve intermediaries and producers sharing in the cost of ads. C. Allow for coordination and integration of ad messages in the channel. D. Set the allowance amount as a percent of the retailer's actual purchases. 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. A selective distribution policy. B. An intensive distribution policy. C. A target marketing policy. D. A pushing policy.
  • 44) 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. Dual distribution. C. A corporate channel system. D. Pushing. 45) A producer using very aggressive promotion to get final consumers to ask intermediaries for a new product has: A. A pulling policy B. A selective distribution policy. C. A target marketing policy. D. A pushing policy. 46) When segmenting broad product-markets, cost considerations tend A. To encourage managers to disregard the criterion that a product-market segment should be substantial. B. To be unimportant as long as the segmenting dimensions are operational. C. To lead to more aggregating. D. To lead to a large number of small, but very homogeneous, product-market segments. 47) 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. 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. 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. Decreasing role of airfreight. C. More attention to exporting by small companies. D. Global communication over the Internet. 50) A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. A. Generic market B. Product-market C. Standard market D. Target market 51) When a company grows globally, this is an example of: A. Market development B. Market penetration. C. Product development. D. Diversification. 52) 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. Slower new-product development. D. Less use of technology in personal selling.
  • 53) 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. Sales manager's B. Procurement manager's C. Marketing executive's D. Purchasing manager's 54) 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. "International competition is just a fad. We can ignore it." C. "I leave marketing applications of technology to the information technology staff. There's no need for me to learn about them." D. "I try to place myself in the position of the consumer and do unto others as I would have them do unto me." 55) 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 maximum standards of ethical behavior. C. The legal environment sets the minimum standards of ethical behavior D. The legal environment sets the normative standards of ethical behavior. 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 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 should not use it because it gives them an unfair advantage over car dealers. B. Consumers have a responsibility to use the information and be smarter customers. C. Consumers can use it, but should not feel a responsibility to do so. D. Consumers should not trust any information they receive from any source except the government