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MKT 575 Final Exam Guide New

MKT 575 Final Exam Guide New
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MKT 575 Final Exam Guide New

1.      In the _____ step of the new-product development process, a marketing manager evaluates how well the idea fits with the company's objectives.

·         commercialization

·         development

·         screening

·         idea generation

2.      When Chase Bank mails a 30-day offer for a new pre-approved credit card with a $2,000 limit to a college student, this is an example of__________.

·         mass selling

·         indirect-response promotion

·         direct-response promotion

·         integration

3.      A firm with a marketing orientation is MOST likely to__________.

·         view advertising as an unnecessary expense

·         recognize that effective advertising is the key to sales

·         not use any advertising

·         advertise how a product meets customers' needs

4.      Which of the following observations concerning sales analysis is NOT correct?

·         There is no one best way to break down sales data.

·         It is a detailed breakdown of a company's sales records.

·         Data can easily be obtained from basic billing and accounts receivable procedures.

·         Product category is the best way to analyze sales data.

·         It is easy to do, and usually it's inexpensive.

5.      Managers should make operational decisions___________.

·         on a month-to-month basis and never daily or weekly

·         within the guidelines set down during strategy planning

·         with great care as these decisions are the same as strategic decisions

·         for the long-run to help formulate strategic plans

6.      When Fresh Produce Wholesaler Inc. buys fruit and vegetables from a variety of different farmers and takes large bushels and breaks them into smaller package sizes. Fresh Produce is addressing__________.

·         discrepancies of assortment

·         discrepancies of quantity

·         discrepancies of need

·         discrepancies of time

7.      A(n) _______ is a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.

·         competitor analysis plan

·         sustainable competitive advantage

·         resource combination

·         competitor matrix

8.      Studies have shown that customers who weren't satisfied with response to their complaints__________.

·         on average told ten people about their experience

·         spoke about their experience only when prodded by researchers

·         on average told one person about their experience

·         usually never spoke about it

9.      Strategy decisions pertaining to product features, packaging, product line assortment, and branding will be most affected by which target market dimension?

·         Geographic location

·         Behavioral needs and attitudes of consumers

·         Urgency to get need satisfied

·         Demographic characteristics of potential customers

10.  The Bijou Classic Movie House changes ticket prices as demand for a movie increases or decreases. Prices can change every hour as ticket sales go up or down for particular shows. Bijou Classic Movie House appears to be using___________.

·         cumulative discounting

·         seasonal discounts

·         status quo objectives

·         dynamic pricing

11.  All of the following are supply chain risks except:

·         supplier viability

·         stock market volatility

·         availability of raw materials

·         fluctuating transportation costs

12.  Alpine Auto Repair keeps a record of customer oil changes and sends a reminder postcard to its customers when it's time for the next oil change. This is an example of a ______ system.

·         customer relationship management

·         qualifying dimensions

·         geographic targeting

·         clustering

 

13.  New products that are minor variations on existing products, and which require no change to consumer behavior, are called __________.

·         second movers

·         continuous innovations

·         new products

·         discontinuous innovation

14.  Whitewater Corp. is looking for a new vendor for basic plastics because the present vendor has been inconsistent about meeting delivery schedules. Which of the following buying processes is the firm's purchasing agent MOST LIKELY to use?

·         Selective buying

·         Modified rebuy buying

·         Straight rebuy buying

·         Intensive buying

15.  When planning a marketing strategy, managers have control over__________.

·         their response to forces in the external market environment

·         the political and legal environment

·         consumers

·         the economic environmen

16.  At Home Depot, a customer can purchase a gallon of one-coat paint that contains the ingredients for both a primer and a color. What is the primary economic need being satisfied by this type of paint?

·         Improvement of earnings

·         Convenience

·         Dependability in use

·         Economy of purchase

17.  In general, marketers that seek greater control over their marketing mixes in the international environment will__________.

·         invest more financial resources and take greater risks

·         set up traditional global channels

·         hire more marketing managers

·         use intensive distribution

18.  A marketing manager wants to know why her sales are down. She talks with several sales reps and finds that a competitor has introduced a successful new product. This "research" seems to be part of___________.

·         the situation analysis

·         the data interpretation stage

·         the problem solution stage

·         obtaining problem-specific data

19.  Clairol Corp. is introducing a new brand of shampoo in a highly competitive market. Wholesalers might be willing to handle the new product, except that retailers are already complaining about overcrowded shelf space. Therefore, Clairol has decided to spend $10 million on TV advertising and send free samples to 3,000,000 households to convince consumers of the new product's superiority — and to get them to ask for it at their retail store. Clairol is using__________.

·         a "pushing" policy

·         direct marketing

·         a "pulling" policy

·         dual distribution

20.  Brand recognition, brand preference, and brand insistence are various levels of __________. 

·         brand marks

·         branding

·         brand familiarity

·         brand equity

21.  Firms develop _____ to promote fair and honest dealings with all stakeholders inside and outside of the organization.

·         intermediaries

·         codes of ethics

·         marketing departments

·         a marketing orientation

·         marketing plans

22.  The process of market segmentation involves__________.

·         identifying broad product markets and segmenting then into narrower target markets

·         identifying small target markets and expanding them into broad product markets

·         selecting a marketing mix to reach everyone

·         identifying target groups with the fewest potential customers

23.  The main difference between a "marketing strategy" and a "marketing plan" is that___________. 

·         a marketing plan does not include a target market

·         a marketing strategy provides more detail

·         time-related details are included in a marketing plan

·         a marketing plan includes several marketing strategies

24.  Which of the following is the most comprehensive goal of marketing contingency planning?

·         understanding the changing internal and external environments

·         preparing for any possible natural disasters

·         remaining relevant in the eyes of customers and stakeholders

·         meeting competitive challenges

25.  Which of the following advertising approaches delivers ads to consumers based on the interactions they exhibit in media such as Facebook, Pinterest, and Twitter?

·         Behavioral targeting

·         Click fraud

·         Digital targeting

·         Social targeting

26.  A marketer will likely need to reposition a product if__________.

·         marketers see the product as very similar to other products in the market

·         marketers see the product as distinct from other products in the market

·         customers see the product as distinct from other products in the market

·         customers see the product as very similar to other products in the market

27.  Viion Co. manufactures and sells tea, coffee, desserts, shoes, and sporting goods — all under the Vision brand name. These products are__________.

·         sold with a family brand

·         dealer brands

·         the firm's product line

·         generic products

28.  Which of the following is a key trend affecting marketing strategy planning?

·         Less international market development

·         Growth of marketing information systems

·         Slower new-product development

·         Senior and ethnic submarkets are getting smaller.

29.  A marketing auditor for a firm will most likely__________.

·         develop marketing plans for the firm based on the current plans being implemented

·         interview employees of the firm to determine the level of job satisfaction

·         set company-wide objectives and targets in line with the marketing plan

·         evaluate the marketing plans being implemented by the firm to see if they are still the best plans the firm can offer

30.  Which of the following would be relevant in the marketing company era?

·         bringing all marketing activities together under the control of one department

·         planning for five or more years ahead

·         focusing on production

·         reselling goods to consumers and intermediaries

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