I-Core Final Exam Review - in class tophats

The Diffusion of Innovation Model is best described as _______________ a. Product development process b. categories of consumer behavior when faced with the introduction of something new c. the phases that most consumer products follow from introduction through to product withdrawal d. a useful approach to guide business decisions regarding resource allocaiton across a portfolio of brands

B. Categories of consumer behavior when faced with the introduction of something new

•Customers must see value in a product or service before they are willing to exchange time or money to obtain it. However, not all customer see the same value in a product. To analyze how many units will be sold at any given price point, marketers draw on a)A Break-Even analysis b)Economies of scale c)Multiple regression analyses d)The law of averages e). A demand curve

E. A demand Curve

Although launched more than 15 years ago, the apple iPhone still delivers over $200 billion in revenue for apple every year. This demonstrates that the iPhone is in which stage of diffusion of innovation? a. early majority b late majority c. early adopters. d. laggards e. None of the Above

E. None of the above

•Because there are many firms in monopolistic competition markets a). Everyone is a price taker b). Producers do not have to consider the reactions of rival firms c). Government often encourages consolidation to reduce the number of companies d). Price controls may be implemented E).The many competitors will focus on product differentiation

E. The many competitors will focus on product differentiation

•Alex is assessing the effectiveness of her firm's marketing communications. She knows the ultimate goal of the communications is to a)Maximize rating points b)Minimize marketing communication expenditures c)Shift encoding into decoding d)Use personal selling to augment public relations Drive the receiver to action

e. drive the receiver to action

What are the characteristics of the maturity stage of the product life cycle? A. slow sales and few competitors b. declining sales and profits c. a rapid increase in sales and brand loyalty d. negative profits and few suppliers E. fierce competition and market saturation

e. fierce competition and market saturation

•With more frequent shipments associated with quick response (QR) systems, a retailer is a)Likely to have lower shipping costs b)More likely to add extra floor-ready merchandise c)Less likely to use radio frequency identification tags d)More likely to engage in predatory pricing behavior e)More likely to have what customers want

e. more likely to have what customers want

When Dunkin' Donuts participates in National Donut Day by giving away a free classic donut, it is using which channel of IMC strategy? a. personal selling b. advertising c. public relations d. direct marketing e. sales promotions

e. sales promotions

in keeping with tradition, lexus should see the role of ______ as generating short-term results, whereas the goal of _______ as leading to long-term results a. advertising, public relations b. advertising, personal selling C. corporate blogs, public relations d. public relations, institutional advertising e. sales promotions, advertising

e. sales promotions, advertising

Marco, the owner of the upcycled dog, partners up with realtor XIU Li to search for a brick and mortar space for his business. in this buying situation, personal selling is the most effective selling strategy for all of the following reasons except a. selling real estate is expensive, risky and complicated b. selling real estate requires good customer relationships c. selling real estate requires a well trained seller who can offer the customer time and personal attention d.selling real estate requires trust buidling with a customer over multiple sales interactions e. selling real estate requires one way communication between the buyer and the seller

e. selling real estate requires one way communication between the buyer and the seller

Sara is continually online to see what the famous TikTok, instagram and youtube personalities, are doing, she then bases many of her clothing, makeup, and hairstyle decisions on what she sees. Sarah is most likely in which diffusion of innovation category? a. innovators b. Early Adopters c. early majority d. late majority

B. Early Adopters

•A markup or target return price is most closely associated with which of the Five C's of Pricing? a)Competition b)Customers c)Channel Members d)Costs e)Company Objectives

C). Channel Members

Carlos is fearless when it comes to his extreme sports vacations. He especially enjoys rock climbing and the rock climbing gear companies often send him prototype products to test before they launch them into the market. Which Diffusion of innovation category is carlos in. a. late majority b. early majority c. innovators

C. Innovators

For which of the following is demand likely to be least sensitive to price increases? a)Spring Break vacations b)A specific brand of cereal c)Prescription drugs d)Theater tickets e)Restaurant meals

C. Prescription Drugs

Which of the below is the best example of a product failure due to reasons outlined in the Crossing the Chasm Model? a. a new exercise bike from Peloton is pulled from the market for safety reasons. B. BluRay disk production is discontinued, after several years in the market, due to consumers switching to streaming C. The Segway Human transporter is discontinued after never selling more than 5,000 units in any one year d. the Pontiac line of cars is canceled by general motors after 84 years in existence

C. The Segway Human transporter is discontinued after never selling more than 5,000 units in any one year

Xiu Li has stayed in consistent contact with Marco throughout his real-estate search, making sure she is readily available to answer any questions. This task exemplifies which important task of personal selling? a. take a long term perspective b. focus on the short term c. criticize other real estate agent's offerings d. shift control from macro to herself e. use whatever means necessary to capture every possible sale

a. take a long term perspective

By using product placement in the black panther move, Lexus is targeting end-user customers, therefore, it's employing a _____ strategy a. publicity b. push c. post-testing d. pull e. puffery

d. pull

what is the most common tactic to increase market share when a product enters the maturity stage of the product life cycle? A. add new features to the product b. improve the quality of the product c. highlight the product's competitive advantage d. reposition the product to a broader target e. develop a different version of the product

d. reposition the product to a broader target

• •What is one advantage to using a distribution center a)Retailers fulfill all of their order in-house b)Sales forecasts can only be made for six months out c)Distribution center floor space is typically more expensive d)Retailers can carry less merchandise Stores ten to have more stock on hand

d. retailers can carry less merchandise

•As director of marketing, Johan uses prior sales and communication activities to determine the present communications. This describes which method of IMC budgeting? a)Reach and frequency b)Track and decode c)Objective and task d)Rule of Thumb e)Sender-Receiver

d. rule of thumb

•Stores like Home Depot and Costco act as wholesalers when they a)Take delivery in whole-lot quantities b)Sell directly to consumers c)Sell products for distributors d)Sell to contractors and restaurants Compete with each other

d. sell to contractors and restaurants

The number of users in the early majority category is _______________ a. Always larger than the number of users in any of the other categories b. has been determined to be 34% in all cases c. The key group that needs to be accessed to avoid commercial failure for a new product d. All of the above

c. The key group that needs to be accessed to avoid commercial failure for a new product

often the best way for vicki to handle her customers' reservations is to relax, listen, and a. reassess her Preapproach strategy b. immediately call her sales support team c. to ask questions to clarify the issues d. reevaluate her expected order e. consider outsourcing

c. ask questions to clarify the issues

•When Harry and David sends coupons to customer who have opted-in to receive emails from the company with the goal of encouraging them to reorder, it is using a)Mass media advertising b)Publicity c)Public relations d)Sales promotions e)Direct marketing

e. direct marketing

Geoff worries about the latest events in the news more than most. He even wonders if he is getting the full story from the news outlets. He always seems to be taking the pulse of everyone around him before stating his point of view. Geoff is most likely in which diffusion of innovation category? A. late majority b. Early adopters c. early majority d. Laggards

a. Late Majority

Vicki getting a commitment from Vacation Suites to purchase AI Information Solutions' robot concierge is also known as a. closing the sale b. handling reservations c. preparing for follow-up d. asking for the bacon e. wrapping it up

a. closing the sale

Because the Fruit Bowls were new to the market, Dole's initial advertising objectives focused on ______ its audience about the product. a. informing b. reminding c. persuading d. interviewing e. occupying

a. informing

studies have found that customers are typically ready to make a purchase decision well before salespeople attempt to close the sale. Vicki can learn when to close the sale by a. listening to customers and paying attention to their body language b. keeping accurate records regarding how long it took to close sales in the past c. using the same selling process for all customers d. asking sales personnel to estimate the average time before customers are ready to close e. monitoring and mimicking the closing process used by her sales manager

a. listening to customers and paying attention to their body language

Which of the following is not a type of metic Dunkin' donuts should use to measure the immediate success of an IMC Campaign? a. market share estimates b. frequency of exposure c. gross rating points d. reach e. impressions

a. market share estimates

Which of the following is not an example of IMC strategy? a. reduce the introductory price of new donuts b. printing station logos on donuts for local morning news shows c. free donut giveaway on National Donut Day d. using a public relations firm to work with celebrities with a lot of social media followers e. increasing channel partner use of in store signage

a. reduce the introductory price of new donuts

The lexus and Black panther product placement campaign is an example of a. sales promotions b. personal selling c. advertising d. social media e. direct marketing

a. sales promotions

● •Global marketers typically find distribution in developing countries is more complex because a)They must go through many different types of distribution channels b)Distribution is more heavily regulated in developing countries c)Most consumers in developing countries live in densely populated cities d)The infrastructure is more advanced in most developing countries e)Consumers in developing countries have very specific preferences

a. they must go through many different types of distribution channels

Once consumers realized that the Horizon Burger tasted just like meat, they fell in love with the product. As a result of consumer demand, the burger landed more prominent shelf space in stores, and the company experienced rapid growth in sales. These are characteristics of the _____ stage of the product life cycle. A.Promotion b. Growth c. maturity d. introduction E. Expansion

b. Growth

A friend who is excited about owning his first cell phone is likely in which Diffusion of innovation category? a. late majority b. laggards c. early majority d. early adopters

b. Laggards

•Which are the two components of a global marketing strategy? a)Understanding foreign currency fluctuations and developing products that can be priced accordingly b)Determining which target markets to pursue and developing a marketing mix to obtain a competitive advantage c)Understanding the supply chain and distribution networks in foreign markets d)Developing culturally appropriate advertising messages and cultivating "domestic" habits among foreign consumers e)Adapting to foreign regulations and targeting as many people as possible

b. determining which target markets to pursue and developing in a marketing mix to obtain a competitive advantage

Not only did Dole modify its advertising strategy to target a different group of women, but it also modified its ________ to meet this audience's need for convenience. a. production b. product c. placement strategy d. positions e. price

b. product

Vicki is preparing for this improtant sales presentation. She knows that the vacation suites is more likely to _______ during her presentation than during other stages of the selling process a. offer advice b. raise objections c. return unacceptable sales literature d. be identified as a qualified lead e. agree with everything she says

b. raise objections

Xiu Li learns from Marco that his business has taken off. Now that his business is growing, he wants to sell his products from his own store, rather than rely on concession agreements with other stores. He is looking for a space large enough to house his expanding product line. This task exemplifies which important task of personal selling? a. providing advice on solving business problems b. reducing marco's marketing costs c. educating macro about the local real estate market d. saving macros time e. simplifying communications with macro

b. reducing marcos marketing costs

•Cultural nuances, subcultures, and consumers' different views of their roles in different countries can make ___________ complicated. a)Purchasing power parity b)Segmentation, targeting and positioning c)Trading bloc coordination d)Exchange control planning e)Reducing trade surpluses

b. segmentation, targeting and positioning

Dole targeted its audience with the idea that "Dole Fruit Bowls are fun to eat, healthy, and great on the go." This was a deviation from its traditional strategy of focusing on recipes. Dole's "Life Is Sweet" campaign represents which step of designing and executing a successful advertising program? a. assess the impact b. evaluate and select media c. set the advertising objectives d. convey the message e. identify the target audience

d. convey the message

Dole originally aimed the fruit bowls toward moms with small children but quickly adapted once it realized on the go professional women were responding to the product as well. In doing so, dole was reacting to one of the foundations of the advertising process which is to _________ a. outline the advertising budget b. speak clearly c. focus on intent d. identify the target audience e. identify product sponsors

d. identify the target audience

•Brand names can present a challenge for global marketers because of language differences. Meaning gets lost in translation. To avoid committing language faux pas with brand names, companies should a)Keep the brand name the same in all languages, regardless of meanings, as long as the brand logo and symbol are displayed prominently b)Avoid the use of the brand name in advertising and focus on features and benefits c)Develop brand names that have no preexisting meaning in any known language d)Adhere to the UN Convention on Naming Rights Translate advertising copy for the entire ad except for the brand name

c. develop brand names that have no preexisting meaning in any known language

Rachel always makes informed decisions in a deliberate way. She is not overly skeptical and makes relatively few impulse purchases and the decisions she does make always have to make sense to her before she spends her money. Rachel is most likely in which Diffusion of innovation Category? a. late majority b. early adopters c. early majority d. innovators

c. early majority

Reducing the introductory price of new donuts would be which type of pricing strategy? a. everyday low pricing b. price skimming c. market penetration d. high/low pricing

c. market penetration

After Dunkin' donuts has planned, budgeted, and implemented its IMC campaign, it must measure the success of the campaign using various _______________ A. internal resource metrics b. generally accepted accounting principles c. marketing metrics d. six sigma methodologies e. government reference stats

c. marketing metrics

Dunkin' Donuts' National Donut Day campaign included artist-created digital invitations sent to influencers to post for their followers. Which channel of IMC strategy was the company using? a. public relations b. direct marketing c. online marketing d. advertising e. sales promotions

c. online marketing

_______ are special incentives or excitement-building programs that encourage consumers to purchase a particular product, typically used in conjunction with advertising or personal selling programs a. B2B programs b. push programs c. sales promotions d. target leader items e. trade incentives

c. sales promotions

Lexus is expecting success from its product placement promotion with the black panther movies because a. black panther has a very large production budget b. it does not cost lexus anything to use its cars c. they both appeal to the same target market d. one product is well known and one product is less known e. the firms have a prior marketing relationship

c. they both appeal to the same target market

•One of the greatest constraints faced by traditional "brick and mortar" retailers, but can be addressed by an omnichannel approach, is a)Price competition b)Customers can only buy the merchandise that is on the shelf or in the store c)Interactive customer service d)Competition from other retailers e)Tax policy differences across geographic boundaries

customers can only buy the merchandise that is on the shelf or in the store

Vicki knows that Vacation Suites is likely to raise additional reservations about the price and technology. She needs to convince Vacation Suites that AI Information Solutions' robot concierge represents a. average quality for an average price b. the least expensive choice available c. time savings d. a good value e. an environmental achievement

d. a good value

•When Maria shops at Macy's, she interacts with commissioned salespeople who provider her with details about products she may buy. This is an example of a)Institutional advertising b)A pull strategy c)Persuasive promotion d)A push strategy e)Reminder selling

d. a push strategy

The _____ stage of the product life cycle carries the most risk due to the costs involved with ______. A. decline, removing the product B. expansion, opening new markets C. maturity, promoting the product D. Introduction, entering the market E. growth, establishing the product

d. introduction, entering the market