Mkt 571 final exam

Mkt 571 final exam

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  MKT 571 FinalExam PLEASE DOWNLOAD THE ANSWERS HERE MKT 571 Final Exam 1) Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence? A. Watching how the stock market reacts to interest rate changes B. Motivating distributors to pass along important intelligence from the marketplace. C. Collecting competitive intelligence by buying a competitor’s products D. Setting up a consumer panel 2) 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 __________ systems. A. Accountability information system (AIS) B. Marketing intelligence C. Experiential research data D. Marketing research 3. Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series? A. Sales records for baseball cards gathered by the industry’s trade council. B. Data from sales records kept by exclusive dealers of Topp’s hologram series C. An article about the hologram cards in a recent issue of Sports Illustrated D. Input from focus groups that was put together specifically to discuss their perception of popularity of the hologram card series. 4. A marketing information system (MIS) consists of ___________.
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  A. A setof procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment. B. An organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes. C. The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation. D. The people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers 5. Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment? A. Company sales forecast B. Sales quota C. Market potential D. Company demand 6. The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situations is called marketing research. A. True B. False 7. Data published by the government and data purchased from outside suppliers can improve the quality of a company's marketing intelligence efforts. A. True B. False 8. ______________ is the difference between a prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives. A. Total customer cost B. Customer perceived value C. Customer relationship management D. Customer delivered value
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  9. Lowe's homeimprovement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via _____________. A. Reducing the buyer's nonmonetary costs B. Reducing the product's monetary costs to the buyers. C. Increasing total customer value D. Increasing the service value 10. A(n) ________________ is likely to offer informal advice and information about a product or product category. A. Primary reference group B. Aspirational reference group C. Diversity marketing program D. Opinion leader 11. Which factors have the broadest and deepest influence on consumer behavior? A. Personal B. Social C. Psychological D. Cultural 12. Business buying behavior differs from consumer buying behavior in that _________. A. The buyers for the business market are typically more geographically dispersed than those for the consumer market and the demand for products and services in the consumer market is unaffected by price fluctuations. B. The demand for business goods and services is derived from consumer's final demand. C. Businesses buy products to accomplish a single goal, which varies by industry and business.
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  D. Fewer peopletypically participate in or influence business buying decisions than in the consumer market. 13. Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products? A. Separate family names B. Corporate names C. Individual names D. Blanket family name 14. ___________ are formal statements of expected product performance by the manufacturer. A. Open pricing statements B. General guarantees C. Warranties D. Promotional statements 15. When SAP software added a Windows-style "back" button to its industrial invoice management software, the new product ___________. A. Used a marketing diversification strategy B. Added to an existing product line C. Improved upon an existing product D. Used a new product line 16. Which of the following best describes the category in which the offering's service mix is distinguished? "People patronize restaurants for both food and service." A. Pure service B. Tangible good with accompanying services C. Hybrid D. Pure tangible good
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  17. Mr. Tseand his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn't have the opportunity to go. The experience of the Tse's is an example of which offering? A. A major service with accompanying minor goods and services B. A hybrid C. A pure service D. A tangible good with accompanying services 18. The introduction of a new product to the market using market-penetration pricing is most likely to be successful when _____________. A. The high price communicates nothing to potential buyers B. There must be no existing demand for the product C. The market is highly price sensitive D. The unit costs of producing a small volume of the product are high 19. 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. Hypermarket B. Combination store C. Superstore D. Category killer 20. Ayal and Zif argue that going into fewer countries is advisable when ___________. A. Population and income size are high, and population growth is low in the initial countries chosen. B. Population, income size, and growth are high in the initial countries chosen. C. Population is low, and income size and growth are high in the initial countries chosen.
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  D. Population, incomesize and growth are low in the initial countries chosen 21. McDonald's franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of ___________ within channel relations. A. Territorial rights B. Price policies C. Sharing the risks D. Conditions of sale 22. Which is the last major decision in international marketing? A. Deciding which markets to enter B. Deciding how to enter the market C. Deciding on the marketing program D. Deciding on the marketing organization 23. 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. Direct mail B. Television C. Magazine D. Newspapers 24. Which of the following is NOT a major mode of communications in the marketing communications mix? A. Events and experiences B. Advertising C. Sales promotion D. Satellite radio
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  25. Bradford Soap,the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform? A. Sales promotion B. Personal selling C. Public Relations D. Experiences 26. Which of the following would NOT be considered part of a marketing communications program? A. Personal selling B. An event sponsorship C. Brand contact D. A sales promotion 27. Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the __________ concept. A. Marketing B. Customer C. Production D. Product 28. Which of the following is NOT true about the selling concept? A. The selling concept is practiced most aggressively with unsought goods. B. Firms tend to practice this selling concept when they have overcapacity C. It assumes that consumers must be coaxed into buying. D. It always takes into account the greater societal good. 29. Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having
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  too many meetings.The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by ________________. A. Developing the marketing research plan that she would employ B. Holding focus groups of members of other similar organizations to determine whether the problems the Chamber is facing are universal or local. C. Defining the problem D. Evaluating the advantages the Chamber officers over other similar organization. 30. The step in the marketing research process that includes determining who will be sampled is to _______________. A. Collect the information B. Make the decision based on the project outcomes C. Develop the research plan D. Define the problem and research objectives 31. The second step in the marketing research process is ______________. A. Decision regarding the research tools and target group B. Collection of the available sources for information needed C. Define the problem and research objectives D. Development of the research plan 32. The last step in marketing research is developing the research plan. A. True B. False 33. Typically, companies budget about 11-12 percent of company sales for marketing research. A. True B. False
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  34. Marketing informationsystems are developed from internal company records, marketing intelligence, and marketing research. A. True B. False 35.______________ is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives. A. Customer delivered value B. Customer relationship management C. Customer perceived value D. Total customer cost 36. Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via _____________. A. Increasing the service value B. Increasing total customer value C. Reducing the product’s monetary costs to the buyers. D. Reducing the buyer’s nonmonetary costs 37. Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a _______________. A. Social class B. Demographic group C. Reference group D. Subculture 38. Which factors have the broadest and deepest influence on consumer behavior? A. Cultural
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  B. Personal C. Psychological D.Social 39. Organizational buying is ______________. A. The decision-making process by which organizations establish and satisfy their needs for goods and services. B. A process by which organizations recognize their needs for goods and services C. The practice of establishing strategic partnerships between manufacturers and their suppliers. D. A way a company can produce a greater variety of high-quality products at lower cost, in less time, with less labor. 40. The ____________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers. A. Consumer market B. Business market C. Government market D. Institutional market 41. Which of the following is NOT an advantage of co-branding? A. Generates additional sales from the existing target market B. Might contribute to overexposure of the brand C. Provides more opportunities with new customers D. Helps position new products 42. A ___________ is when a parent brand is used on a new product targeting a new market segment within a category currently served by the parent. A. Category extension B. Joint-venture co-brand
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  C. Line extension D.Same company co-brand 43. In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of _________________. A. Line padding B. Line featuring C. Line stretching D. Line cannibalization 44. Mazda’s Miata convertible originally drew the most interest from women between the ages of 35-55. In order to interest more potential customers in the roadster, Mazda beefed up the model with heavier shocks and a faster engine, and then emphasized performance in its advertising. This is an example of creating a new product by ____________. A. Market diversification strategy B. Repositioning C. Product development strategy D. The development of a new product line 45. Marketers plan their market offerings at five levels. What is the correct order of the levels, going from most fundamental to the level with the most benefits? A. Core-basic-expected-augmented-potential B. Basic-expected-augmented-core-potential C. Potential-augmented-expected-core-basic D. Expected-potential-basic-augmented-core 46. Characteristics a buyer can evaluate before purchase are called _______________. A. Credence qualities B. Search qualities C. Differentiation qualities
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  D. Experience qualities 47.For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a A. Pure service B. Tangible good with accompanying service C. Major service with accompanying minor goods and services D. Hybrid 48. A common mistake in pricing is A. Ignoring costs when setting prices B. Revising prices too often C. Setting prices independently of the rest of the market mix D. Considering price and price competition as a key problem in marketing 49. When introduced in the late 1970s, personal computers had large initial demand. People were interested in buying them to make writing and editing easier. The earliest simple PCs were initially priced around $2,500. The manufacturers of the first PCs were probably using a _________ pricing strategy A. Value-oriented B. Cost-oriented C. Market-penetration D. Market-skimming 50. A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs A. Maximum current revenue B. Survival C. Maximum sales growth D. Maximum current profit
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  51. Convenience goodssuch as snack foods are sold through _________________. A. Full-service B. Limited service C. Self-service D. Self-selection 52. Because of Coca-Cola’s size and power in the marketplace, they tend to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a A. Corporate vertical marketing system B. Horizontal marketing system C. Contractual vertical marketing system D. Administered vertical marketing system 53. Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of _________advertising A. Reminder B. Persuasive C. Informative D. Descriptive 54. The number of different persons exposed to a particular media schedule at least once during some specified time is the ___________ of an advertisement. A. Reach B. Frequency C. Impact D. Iteration 55. Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand
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  of high-fashion, high-pricedclothing and wonders if they got the value for their money A. Reinforcement B. Comparative C. Informative D. Persuasive 56. are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell A. Marketing communications B. Sales promotions C. Mass communications D. Brand images 57. This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects A. Brand building B. Viral marketing C. Direct marketing D. Personal selling 58. marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long- term preference and business. A. Behavioral response B. Transaction-oriented C. Relationship D. Business-to-business 59. The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were
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  prices. At thetime, the firm offering these kits would likely have been using the __________ concept A. Technological B. Market C. Production D. Product 60. The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software A. Macromarket B. Marketspace C. Marketplace D. Metamarket 61. Which of the following is most closely associated with a proactive marketing orientation? A. Macromarket B. Marketspace C. Marketplace D. Metamarket 62. is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade A. Sales promotion B. Personal selling C. Advertising D. Public relations
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  63. Hospitals areengaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families? A. Reminder B. Informative C. Descriptive D. Persuasive MKT 571 Final Exam PLEASE DOWNLOAD THE ANSWERS HERE