Marketing, McCurry Exam #1

2) When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her moming presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of 2) A) customer excellence. B) operational excellence. C) promotional excellence. D) global excellence. E) product excellence.

A

22) The consumer buying process begins when 22) A) a consumer recognizes an unsatisfied need. B) a consumer's performance risk is minimized. C) a consumer enters a store. D) learning follows perception. E) consumers' functional needs are greater than their psychological needs.

A

27) Derek bought a pickup truck to transport his equipment to fishing tournaments. He also bought a trailer for his lawn maintenance business. His purchases were ___ 27). A) B2C and B2B, respectively. B) B2B and B2C, respectively. C) both B2C purchases since he is the user in both situations. D) neither B2C nor B2B since he is the consumer and his uses might be mixed. E) both B2B purchases since he is the user in both situations.

A

30) Chris is gathering information about the general cconomic environment in Nepal. In doing so, he will look for information about the general economic environment, market size and population growth rate, and ___ 30) A) real income B) culture. C) religious institutions. D) political status. E) airport capabilities.

A

4) Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in 4) A) a sustainable competitive advantage. B) producer excellence C) mission statement satisfaction. D) sustainable price decreases. E) product design excellence.

A

8) Research indicates that positively engaged consumers tend to be 8). A) more profitable consumers. B) more socially outgoing. C) older and wealthier than average. D) younger and poorer than average. E) more critical consumers.

A

9) When making decisions, managers often have to decide between doing what is beneficial for them (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm 9) A) must ensure that long-term goals of the firm are aligned with the short-term goals of each individual within the firm. B) must state its long-term goals in general terms, so as to not interfere with managers' short-term goals. C) must always put society's needs ahead of the firm's needs. D) must evaluate its quarterly profit statement from an ethics standpoint. E) should adhere rigidly to legal standards in its industry.

A

14) The difference between a firm's immediate marketing environment and its macroenvironment is that the macroenvironment 14) A) is easier to control. B) is easier to understand. C) has fewer components. D) is external. E) is intemal.

D

20) The center of all marketing efforts is A) the firm. B) profits. C) top management. D) the consumer. E) corporate social responsibility.

D

16) Late in the day on September 11, 2001, the day of the World Trade Center attacks, Americans purchased all the American flags Walmart stores had available, nationwide. These purchases were indicative of16). A) the Walmart Effect. B) country culture. C) a red/blue marketing campaign. D) regional culture. E) generational cohort characteristics.

B

18) In the immediate marketing environment, the first factor that affects the consumer is 18) A) cultural values B) the firm itself. C) technological advances. D) social trends. E) demographics.

B

19) For some products, marketers can combine education level with other data like occupation and income to obtain 19) A) the educational value equation. B) useful predictions of purchase behavior. C) consumers' value sensitivity quotient (VSQ). D) a sense of consumers' regional culture. E) complete profiles of individual consumers.

B

21) Generally, people buy one product or service instead of another because they 21). A) have conducted a thorough internal search for information, B) perceive it to be the better value for them. C) are unaware of key determinant attributes. D) prefer to avoid doing extended problem solving. E) want to get the lowest price possible.

B

26) Kathy has naturally curly hair and has often been disappointed with the haircuts she has received. When she moved to a new town, she approached her new office mates and several strangers with curly hair and asked them where they had their hair cut. She chose to spend considerable effort finding a new hair stylist based on the ___ associated with her purchase decision. 26) A) financial risk B) performance risk C) physiological risk D) evoked set E) reference group

B

32) Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified ____ that respond similarly to his marketing efforts. 32) A) geographic segments B) market segments C) geodemographic segments D) mass customization consumers E) self-concept customers

B

33) The first step in the STP process is to ___ 33) A) produce a list of strengths and weaknesses of the firm's past marketing strategies. B) identify the segmentation methods to be used. C) clearly articulate the firm's vision or marketing strategy objectives. D) develop a marketing mix, so that an appropriate segment can later be identified. E) select target markets.

C

10) Which of the following does your text suggest as the reason different people have different ethical standards? 10) A) Some people focus only on their own personal goals. B) Ethical behavior is directly linked to the amount of money one makes. C) Each individual is a product of his or her culture, upbringing, and other influences. D) Ethical standards depend on what level of the organization one works at. E) It is not clear why different people have different ethical standards.

C

13) For every consumer who purchases a pair of TOMS shoes for $55, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in 13) A) marketing ethics. B) overpricing of its products. C) corporate social responsibility. D) business ethics. E) environmental marketing,

C

15) Typical demographic data include all of the following except A) gender. B) education. C) language differences. D) income. B) race.

C

17) The shared meanings, beliefs, morals, values, and customs of a group of people constitute their 17) A) social concerns. B) generational cohorts. C) culture. D) religion. E) demographics

C

25) Once consumers have recognized a need, they begin to search for ways to satisfy that need. The internal search is characterized by 25) A) consulting close friends and families before expanding the search to a wider, external group. B) using the Internet to find what other consumers feel about a specific product or service. C) examining personal memories and knowledge. D) looking through the internal records of a firm, often found on the company website. E) being influenced by advertising.

C

28) Hospitals, schools, and religious organizations are examples of ___ buyers. 28) A) retail B) manufacturing C) institutional D) factory agent E) reseller

C

3) Some banks have begun offering special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth. But bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize 3) A) that product excellence leads to loyal customers. B) that as long as customers bring in some revenue, costs do not matter. C) the lifetime value of customers. D) the importance of making decisions based on short-term results. E) that operational excellence is an important macro strategy

C

5) For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that 5) A) innovation is pointless because competitors will develop copycat offerings. B) customer excellence cannot be achieved. C) no single strategy is likely to be sufficient to build a sustainable competitive advantage. D) product excellence is the only true source of a sustainable competitive advantage. E) a situation analysis does not accurately predict a firm's strengths.

C

7) When the Minnesota Timberwolves encouraged Facebook fans to post a great shot of a dunk onto its Pinterest page for a chance to win tickets to a game, which dimension of the 4E framework was being targeted? 7) A) experience B) educate C) ecite D) engage E) energize

C

12) Being socially responsible is generally considered 12) A) inappropriate for most firms in today's challenging markets. B) the responsibility of corporate-sponsored foundations that can effectively concentrate a firm's good deeds. C) a good thing to do only if a company is profitable. D) going above and beyond the norms of corporate ethical behavior. E) a necessary part of every firm's strategy.

D

24) When Brandon decided he needed a new car, he immediately called his old college roommate, who owns a BMW dealership, to ask questions about options and financing. Brandon was searching for information from ___ 24) A) an internal locus of control. B) an internal source. C) a situational factor group. D) an external source. E) a reference source.

D

29) B2B buying decisions are often made by 29) A) consumers. B) influencers. C) govemors. D) committees. E) resellers.

D

31) When considering global marketing opportunities in Bangladesh, Tom asked the question, "How will we get it there?" Tom is concerned about ___ capabilities in Bangladesh. 31) A) production capacity B) advertising C) pricing D) infrastructure E) cultural

D

34) For products like clothes pins, which provide the same benefit for all consumers, marketers should probably use a(n) ___ strategy. 34) A) lifestyle segmentation B) benefit segmentation C) concentrated targeting D) Undifferentiated targeting E) differentiated segmentation

D

6 Gene's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers both satisfied and unsatisfied talk about products they have purchased and the service received at Gene's. The user blog best describes which of the 4E frameworks for the store's customers? A) educate B) excite C) experience D) engage E) energize

D

1) Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except A) price. B) product. C) place. D) promotion. E) performance

E

11) Many executives and corporate boards of directors do not perceive social responsibility as part of their mission or responsibility. These business leaders consider corporate social responsibility to be A) a basic requirement of any business. B) the equivalent of the AMA ethical value "Do no harm." C) a component of basic business ethics. D) the key to operational effectiveness. E) beyond the norms of corporate ethical behavior.

E

23) Laura has a nearly new economy car, but she wants a Ford Mustang because she thinks it would be exciting to own one. If she decides to purchase a sports car such as the Mustang, she will be primarily fulfilling a ___ need. 23) A) safety B) postpurchase C) functional and psychological D) functional E) psychological

E