1 Aug 2015
1. What data analysis type is being used here? When Sam thought about opening a foreign car repair shop in Phoenix, he researched all of the firms in the area before deciding on a location. He also analyzed their capabilities and found articles about many of them in terms of their capabilities, strengths, and weaknesses.
- Secondary data
- Primary data
- Licensed information
- Tertiary information
2. Marketing is considered both an art and a science. How do the 4Ps, or marketing mix, help us bridge the gap between art and science?
- Marketing focuses on sales as the primary goal.
- Marketing balances the need for data with that of creativity.
- Marketing is about advertising.
- Marketing is involved with price as the major factor.
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3. Which of the following statements demonstrates behavioral loyalty towards a brand?
- My friends agree Myfavorite Laundry detergent is the best.
- Myfavorite Laundry detergent is so easy to use.
- Myfavorite Laundry detergent smells good.
- I always buy Myfavorite Laundry detergent when purchasing laundry detergent.
4. By 2015, projections indicate that the largest category of households will be composed of
- childless married couples and empty nesters
- married couples with children
- single-parent families
- singles living with nonrelatives
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5. One of the most critical steps in the defining process of market research is
- reading marketing research journals
- defining the problem, the decision alternatives, and research objectives
- analyzing the internal environment
- developing a research plan
6. Which of the following is correct about marketing management?
- It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.
- It focuses mostly on monitoring the profitability of a company's products and services.
- It is defined as the field that deals with planning and managing a business at the highest level of corporate organization.
- It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
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7. In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because
- of stringent credit policies adopted by the Fed before the onset of recession
- the consumers have a high debt-to-income ratio
- of steady supply of loanable funds in the economy during recession
- consumer borrowing increases during recession
8. Which of the following elements of sociocultural environment can be associated with the growing demand for social surrogates like social networking sites, television, and so on?
- Views of ourselves
- Views of nature
- Views of others
- Views of organizations
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9. Wabash Bank would like to understand if there is a relationship between the advertising or promotion it does and the number of new customers the bank gets each quarter. What type of research is this an example of?
10. Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight and hotel options with or without car rentals, and cruise offerings.
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11. Which of the following industries is most likely to use database marketing?
- A supermarket chain
- A local restaurant
- A physician’s office
- A school system
12. Which market do customers who have purchased and are driving Audi automobiles represent?
- Potential market
- Available market
- Target market
- Penetrated market
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13. When Apple introduced iTunes, a new market was opened. Which of the following describes this type of innovation?
- Operational excellence
- Value chain
- Value capture
14. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n)
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15. How does the market demand curve change (as a function of marketing expenditure) during recession?
- Shifts upward
- Becomes vertical
- Remains unaffected
- Shifts downward
16. A company's sales potential would be equal to market potential when which situations exists?
- The marketing expenditure of the company is reduced to zero.
- The company gets 100 percent share of the market.
- Industry marketing expenditures approach infinity for a given marketing environment.
- The market is nonexpandable.
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17. During the holidays, companies often provide gifts to customers. The more a client spends, the larger the gift, usually. To segment customers in this way, for what purpose is this data being mined?
- To deepen customer loyalty
- To beat the competition to a sale
- To avoid serious customer mistakes
- To decide which customers should receive a new sales offer
18. Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as
- market development
- integrative growth
- overall cost leadership
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27 Jun 2015
- Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?
- 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
- 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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- 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
- 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
- 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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- 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
- 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
- What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides?
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- 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
- 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 ________.
- conformance quality
- 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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- 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
- 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
- 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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- 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
- 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
- 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.
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- A firm must know where to position its product based on price and ________.
- promotional efforts
- The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda________.
- 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?
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- Another basis for decision-making is referred to as ________.
- ethical practices
- situational ethics
- ethical dilemmas
- correct ethics
- 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
- Which method identifies the effect sponsorship has on consumers brand knowledge?
- Demand-side method
- Pricing method
- Supply-side method
- Positioning method
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- 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
- 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.
- 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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- 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
- _______ 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
- 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
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