Mkt 571 mkt571 final exam paper correct answers
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    Mkt 571 mkt571 final exam paper correct answers Mkt 571 mkt571 final exam paper correct answers Document Transcript

    • MKT 571 Final Exam 51/51 Questions with Answers Correct 100% ANSWERS ARE HERE… 1) The number of different persons exposed to a particular media schedule at least once during some specified time is the _______________ of an advertisement. a.) iteration b.) frequency c.) reach d.) impact e.) gross rating points 2. Advertising for Advil pain reliever shows how Advil is superior to Tylenol. This is an example of _______________ advertising. a.) descriptive b.) persuasive c.) reminder d.) informative e.) instructive 3. Abercrombie and Fitch could use _______________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high- priced clothing and wonders if they got the value for their money. a.) persuasive b.) comparative c.) reinforcement d.) informative e.) descriptive 4. When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s _______________ system. a.) sales reporting b.) marketing research c.) experiential research data d.) accountability information system (AIS)
    • e.) marketing intelligence 5. A marketing information system consists of the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute information to decision makers. a.) True b.) False 6. Which of the following is not a step that might be used to improve the quality of a firm’s marketing intelligence? a.) setting up a consumer panel b.) collecting competitive intelligence by buying a competitor’s products c.) watching how the stock market reacts to interest rate changes d.) motivating distributors to pass along important intelligence from the marketplace e.) purchasing information from outside suppliers 7. All of the following are steps in the marketing research process EXCEPT _________________. a.) define the problem and research objectives b.) develop the research plan c.) collect the information d.) compare data to government sources e.) present the findings 8. The systematic collection, analysis, and reporting of data relevant to specific problems is the task of marketing research a.) True b.) False 9. The second step in the marketing research process is the definition of the problem and the research objectives. a.) True b.) False 10. Which of the following is not one of the four levels of retail service mentioned in the text? a.) staffed service b.) self-service c.) self-selection d.) limited service e.) full service 11. A concept in retailing that helps explain the emergence of new retailers is called the _______________ hypothesis. a.) retail life cycle b.) wheel-of-retailing c.) service-assortment d.) product life cycle e.) retail profitability
    • 12. Best Buy stores carry a deep assortment of the latest electronics gadgets. They offer buyers a great deal of assistance and advice in making selections. Best Buy would be an example of a _______________. a.) specialty store b.) factory outlet c.) department store d.) superstore e.) combination store 13. McRae’s is a chain of stores found primarily in Mississippi and Alabama. Each store carries several product lines, and each line is managed separately by a specialist buyer or merchandiser. McRae’s offers many types of customer service, and its prices reflect that fact. McRae’s is an example of a _______________. a.) specialty store b.) factory outlet c.) superstore d.) combination store e.) department store 14. Josie is choosing the mix of products and determining how many product lines she will carry in her teacher supply store. Josie is making the _______________ decision. a.) target market b.) market segmentation c.) product-assortment d.) store atmosphere e.) service level 15. Within the last couple of years several cosmetics manufacturers have introduced non- clumping mascara. Revlon was one of those manufacturers. Revlon should use _______________ advertising to increase selective demand for its non-clumping mascara. a.) descriptive b.) persuasive c.) reminder d.) informative e.) instructive 16. The qualitative value of an exposure through a given media vehicle is called _______________. a.) iteration b.) frequency c.) reach d.) impact e.) gross rating points 17. Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is _______________. a.) television b.) newspapers c.) magazine d.) direct mail e.) radio
    • 18. A common mistake in pricing is _______________. a.) setting prices according to demand b.) revising prices too often c.) considering price and price competition as a key problem in marketing d.) ignoring costs when setting prices e.) setting prices independently of the rest of the marketing mix 19. A _______________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs. a.) maximum current profit b.) survival c.) maximum current revenue d.) maximum sales growth e.) partial cost recovery 20. A market segment has a large number of buyers. High initial price does not attract competitors to the market, but it communicates superior product image. In this segment a _______________ is the best strategy. a.) market-skimming pricing b.) product quality leadership c.) maximum current revenue d.) market-penetration pricing e.) maximum sales growth 21. Franchise operations, such as Krispy Kreme, Papa John’s Pizza, and H&R Block, are examples of _______________. a.) administered VMSs b.) horizontal marketing systems c.) contractual VMSs (moderate) p. 279 d.) corporate VMSs e.) conventional marketing systems 22. _______________ organize groups of independent retailers to better compete with large chain organizations. a.) Wholesaler-sponsored voluntary chains b.) Retailer cooperatives c.) Franchise organizations d.) Catalog showrooms e.) Linked divisions 23. When 50 independent hardware stores formed a new business entity to provide them with the services of the wholesaler, this was an example of _______________. a.) wholesaler-sponsored voluntary chains b.) retailer cooperatives c.) franchise organizations d.) catalog showrooms e.) linked divisions 24. A distributor’s concern over where and how a producer will enfranchise another distributor is addressed under _______________ as set out in the terms and responsibilities of channel members.
    • a.) price policies b.) conditions of sale c.) territorial rights d.) channel member parity e.) specific services to be performed by each party 25. A vertical marketing system is comprised of _______________. a.) an independent producer, independent wholesaler(s), and independent retailer(s) b.) two or more producers joining resources or programs to exploit opportunities c.) channel members all acting as equal members of a unit d.) the producer, wholesaler(s), and retailer(s) acting as a unit e.) a single producer using two or more marketing channels to reach different market segments 26. The _______________ combines successive stages of production and distribution under single ownership. a.) horizontal marketing system b.) conventional marketing system c.) corporate vertical marketing system d.) multichannel marketing system e.) contractual vertical marketing system 27. Which of the following is the BEST example of a limited-line specialty store? a.) The Precious Moments Store stocks all currently produced Precious Moments statuettes, cards, plates, and any other items related to the Precious Moments line. b.) Welcome to My Garden carries bulbs and seeds, natural fertilizing agents, ergonomic hand and other types of tools, and patio furniture. c.) Julie’s Toddlers is a retail outlet that carries children’s clothing. d.) The Candy Store is a small store that has a deep assortment of packaged and by-the- pound candies. e.) Circle K carries convenience snack foods and drinks, as well as local souvenirs. 28. McRae’s is a chain of stores found primarily in Mississippi and Alabama. Each store carries several product lines, and each line is managed separately by a specialist buyer or merchandiser. McRae’s offers many types of customer service, and its prices reflect that fact. McRae’s is an example of a _______________. a.) specialty store b.) factory outlet c.) superstore d.) combination store e.) department store 29. When Cyler goes to do his grocery shopping for the week, he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package-mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a _______________. a.) combination store b.) category killer c.) superstore d.) hypermarket e.) warehouse store
    • 30. Check cashing is an example of what type of service, related to the services mix of a store? a.) prepurchase b.) full-coverage c.) ancillary (moderate) p. 288 d.) postpurchase e.) profitability 31. Which of the following is NOT a part of a store’s atmosphere? a.) the music played by the speakers located throughout the store b.) the way merchandise is displayed c.) the lighting system used in the store d.) the employee that helps you carry your purchases to your car e.) the smell from potpourri containers scattered throughout the store 32. The pricing decision in retailing is _______________. a.) made independently of the product-assortment decision b.) increasingly based on sales pricing c.) key to the retailer’s positioning strategy d.) the least important of all the retail marketing decisions e.) not an effective tool for store differentiation 33. Jorge owns an equine sports equipment superstore, and wants to open a second store in nearby Paducah, Kentucky. He wants it to be the second anchor store at that location. He believes the store’s product line needs to draw customers from 5-20 miles away to be successful. The best location for this retail outlet would be in a _______________. a.) regional shopping center b.) community shopping center c.) central business district d.) neighborhood shopping center e.) strip mall 34. _______________ do not carry inventories, are paid by the party who hired them, and their chief function is bringing buyers and sellers together. a.) Brokers b.) Industrial distributors c.) Rack jobbers d.) Producer’s cooperatives e.) Commission merchants 35. _______________ logically looks at the creation of a product. It begins with the examination of the procurement of inputs and raw materials and then examines how suppliers obtain their inputs. It sees the market as a destination point for the manufactured goods. a.) Physical distribution b.) Supply chain management c.) Demand-driven management d.) Market logistics e.) Distribution management 36. According to the research of Farris and Reibstein, how does the marketing mix influence a product’s price?
    • a.) For products with high brand awareness, high advertising tends to support higher prices in the later stages of the PLC. b.) High expenditures in advertising have little effect on the sales of a high-quality product. c.) Consumers are willing to pay premium prices for unknown but quality products. d.) The distribution element of the marketing mix has a significant impact on the price. e.) The personal selling element of the marketing mix has little impact on price. 37. Which of the following is not an important factor when considering the reactions of others to your prices? a.) How will competitors react? b.) Will suppliers raise their prices when they see the company’s price? c.) Will the government intervene and prevent the price from being charged? d.) Will the sales force find the price motivating? e.) Will the price cover your costs and meet company objectives? 38. Baskin Robbins in Jackson Hole, Wyoming sells single-dip ice cream cones priced at roughly the same price as single-dips at the Coldstone Creamery and Monk’s ice cream sellers downtown. This information indicates that the Baskin Robbins store uses _______________ pricing. a.) value b.) target-return c.) going-rate d.) perceived-value e.) geographical 39. In _______________ pricing, the firm bases its price largely on competitors’ prices. a.) value b.) target-return c.) going-rate d.) perceived-value e.) geographical 40. Wal-Mart does not do frequent price-related promotions in favor of keeping the prices as low as possible all the time—this is even reflected in their television advertising. This is an example of ____________ pricing. a.) everyday low b.) high-low c.) going-rate d.) auction-type e.) value 41. State Farm’s theme “Like a Good Neighbor, State Farm Is There” is one way of managing the service characteristic of _______________. a.) intangibility b.) inconsistency c.) inseparability d.) variability e.) perishability 42. Mr. Tse and his family took a vacation trip to Washington D.C. While there, they bought souvenir T-shirts and hats to take home to friends who didn’t have the opportunity to go.
    • The experience of the Tses is an example of which offering category? a.) a pure tangible good b.) a tangible good with accompanying services c.) a hybrid d.) a pure service e.) a major service with accompanying minor goods and services 43. Which of the following is the best example of pure service? a.) a lawn mowing service b.) a car repair shop c.) a weight loss clinic that provides the consumer with its own brand of food d.) a movie theater e.) an amusement park 44. Best Buy will often try to sell a buyer of a high-end television monitor an extended warranty. This is an example of selling _______________. a.) a pure tangible good b.) a tangible good with accompanying services c.) a hybrid d.) a pure service e.) a major service with accompanying minor goods and services 45. A(n) _______________ is any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. a.) service b.) guarantee c.) rebate d.) offset e.) intangible 46. The original and oldest form of direct marketing is _______________. a.) telemarketing b.) “ junk” mail c.) the field sales call d.) catalog marketing e.) e-marketing 47. Public relations is particularly effective in _______________. a.) building awareness and brand knowledge in new and existing products b.) reinforcing the buyer’s decision c.) developing and maintaining a long-term increase in sales d.) enabling companies to adjust to short-term variations in the supply and demand of their markets e.) preventing intermediaries from misusing trade promotions 48. _______________ involves a variety of programs that are designed to promote or protect a company’s image or its individual products. a.) Advertising b.) Public relations c.) Sales promotion d.) Personal selling
    • e.) Market segmentation 49. Which of the following is not one of the major decisions related to market logistics? a.) How should orders be handled? b.) Where should stocks be located? c.) How much stock should be held? d.) Should a particular line be carried? e.) How should goods be shipped? 50. Some goods arriving at Wal-Mart at a delivery dock are moved directly onto a truck going out of another dock, they are never put into inventory. This saves money and is called _______________. a.) just-in-time production b.) an intermediary swap c.) cross-docking d.) supplier willingness e.) dual handling 51. Which form of marketing communications is most likely to be used by wholesalers? a.) print advertising b.) in-kind promotions c.) sales promotions d.) personal selling e.) broadcast advertising