MKT 421 Week 5 Final Exam

MKT 421 Final Exam

1. A producer might use a
“pulling policy” rather than a “pushing policy” if:
·
Intermediaries are reluctant to handle a new
product.
·
Its sales force has been very successful getting
wholesalers and retailers to handle its product.
·
It has a very limited promotion budget.
·
It is offering a very “high-tech”
product to a small product-market.
2. When new product ideas are
chosen based on ratings and comments from customers, this process is called
______.
·
Creative resourcing
·
Idea engineering
·
Reaction engineering
·
Crowdsourcing
3. The primary purpose of branding
is:
·
To prevent competitors from stealing product
ideas.
·
To boost customer satisfaction.
·
To identify a product.
·
To enhance package design.
4.
·
The company tries to follow an organized
new-product development process—rather than using a faster and more
spontaneous, “race-to-market” approach.
·
The managers worry too much about the
competition.
·
The product fails to offer the customer a unique
benefit.
·
The company delays putting the product on the
market until it develops a complete marketing plan.
5. Genetech Corp. has invested
heavily to develop a patented new product. Genetech wants to achieve a rapid
return on its investment. It probably should set a ______________ pricing
objective.
·
Status quo
·
Target return
·
Profit maximization
·
Sales-oriented
6. In the American Marketing
Association’s Statement of Ethics, which ethical value stresses a firm’s
attempts to balance the needs of its buyers with the interests of
sellers?
·
Responsibility
·
Citizenship
·
Fairness
·
Honesty
7. David Oreck advertises Oreck
vacuum cleaners via commercials that run on national radio programs. He
encourages consumers to “…try my 8-pound Oreck vacuum for free for 30
days,” and to return it if they aren’t satisfied. He then provides an
easy-to-remember toll-free telephone number that consumers can use to place
orders. Regarding the AIDA model, the free-trial period and availability of a
toll-free number are devices used mainly to:
·
Get attention.
·
Arouse desire.
·
Obtain action.
·
Hold interest.
8. Most firms in the business world
set their prices using:
·
Supply and demand analysis.
·
Federal price guidelines.
·
Cost-oriented price setting.
·
Demand-oriented price setting.
9. Compared with other approaches
to business, the marketing concept is distinct in that it:
·
Focuses on sales.
·
Focuses on satisfying customers’ needs.
·
Produces new products and services.
·
Creates a broad assortment of products.
10. More than 600,000 loyal
customers signed up in advance to purchase the iPhone4 in an Apple store the
first day it was available for sale in the U.S. What type of response behavior
were these Apple followers demonstrating?
·
Dissonance response
·
Low-involvement buying
·
Routinized response
·
Limited problem solving
11. In which quadrant of the SWOT
analysis tool does the following fit? A firm is in a fast-growing
industry.
·
Weaknesses
·
Strengths
·
Opportunities
·
Threats
12. A useful tool for organizing
the competitor analysis is:
·
Rivals chart.
·
The competitive summary.
·
The oligopoly chart.
·
A competitor matrix.
13. From the perspective of
macro-marketing, e-commerce specialists CarFax (which provides vehicle history
reports) and Cars.com (a website offering auto comparison shopping) have
emerged within the auto industry because:
·
The role of the automotive sales person is
becoming obsolete.
·
The market needs competitive rivals to auto
dealerships.
·
The information they provide makes the exchange
process between producers and consumers more efficient and effective.
·
Auto manufacturers need to sell direct to
consumers.
14. Which of the following is true
of direct distribution?
·
Direct distribution always serves customer needs
better and at a lower cost.
·
It requires a significant investment in
facilities.
·
Most firms selling consumer products rely on direct
distribution.
·
It reduces a producer’s need for working
capital.
15. Behavioral targeting:
·
Tries to reach target customers who are actually
interested in what the firm has to communicate.
·
Allows advertisers to pay only when a customer
clicks on the ad and links to the advertiser’s website.
·
Tries to place ads on websites that are designed
to appeal to the firm’s target market.
·
Delivers ads to consumers based on previous
websites the customer has visited.
16. The main difference between a
“marketing strategy” and a “marketing plan” is that:
·
A marketing strategy omits pricing plans.
·
A marketing strategy provides more detail.
·
A marketing plan includes several marketing
strategies.
·
Time-related details are included in a marketing
plan.
17. When a company provides its
advertising agency with a statement about a new product to use in designing an
advertising campaign, and this statement includes a description of the target
market, the product type, the primary benefits of using the product, and how
this product is different from, and better than, competitive products, what
type of statement is this?
·
Determining
·
Qualifying
·
Clustering
·
Positioning
18. Blending the firm’s promotion
efforts to convey a complete and consistent message is the goal of:
·
Sales management communications.
·
Integrated marketing communications.
·
Sales promotion communications.
·
Integrated promotional marketing
19. In the 1990s, DVDs replaced
audiocassettes and floppy disks as the storage media of choice for music and
computers. At which stage of the product life cycle is the DVD today?
·
Market introduction
·
Sales decline
·
Market extinction
·
Market immaturity
20. According to the concept of
social responsibility, a firm has a duty to:
·
Place customer satisfaction above all other
considerations.
·
Place profit above all other considerations.
·
Communicate regularly with the public.
·
Conduct business in a way that is good for
society as a whole, both now and for the future.
21. The advantages of working with
an intermediary usually increase when there is:
·
A smaller number of competing products.
·
Little distance between customers.
·
Excellent communication with customers.
·
A greater number of customers.
22. Clearwater Office Supply sells
frequently purchased office supplies to businesses in a metropolitan area. It
is a well-established company with a large share of the market. Its promotion
should probably focus on:
·
Stimulating primary demand.
·
Reminding.
·
Innovators.
·
Informing.
23. The phrase “big data”
refers to:
·
the use of marketing research in big marketing decisions.
·
the massive amount of data being collected and
processed by today’s organizations.
·
the top five firms in the marketing research
industry.
·
marketing research data taken from Internet
sources.
24. When an advertiser pays a fixed
amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser’s ad and
links to the advertiser’s website, this process is called a(n):
·
pay-per-click.
·
pay-per-view.
·
pioneering ad.
·
copy thrust.
25. The sales analysis of a product
revealed that profits were highest when it was initially introduced into the
market with a high selling price. However, the price was gradually reduced as
it started facing competition as substitutes entered the market. This is an
example of a(n) _____.
·
Penetration price policy
·
Skimming price policy
·
Introductory price dealing
·
Temporary price cut policy
26. Tammi Soloft has itchy eyes and
a stuffy nose, and suddenly becomes aware of many TV ads for allergy products
that she never noticed before. This illustrates:
·
reinforced cognition.
·
selective perception.
·
selective retention.
·
selective exposure.
27. The main difference between the
“marketing department era” and the “marketing company era”
is:
·
More emphasis on selling and advertising in the
marketing department era.
·
More emphasis on short-run planning in the
marketing company era.
·
Whether the whole company is customer-oriented.
·
Whether the president of the firm has a
background in marketing.
28. The three basic sales tasks
are:
·
Order-taking, order-managing, and order-getting.
·
Order-taking, supporting, and order-getting.
·
Order-closing, order-opening, and
sales-promoting.
·
Order-taking, missionary selling, and
order-getting.
29. Marketers cannot assume that a
product that meets consumer needs in one country will do so in another. This is
because:
·
The purchase situations may be different.
·
Economic wants do not influence purchases in
many regions of the world.
·
Family life cycles may be different.
·
Many wants are culturally learned.
30. Because she frequently buys
books at Amazon.com, Sophie Soleil set up an account and password at the
website. Now, when she logs on and searches for a specific book, a note pops up
at the center of her laptop screen saying: “Hello, Sophie, we have
recommendations for you,” and proceeds to list other titles that Sophie might
enjoy based on her previous purchases. Amazon can remember Sophie (and her
previous purchases) because the online retailer uses:
·
Encoding.
·
Banners.
·
Cookies.
·
Decoding.