MKT 205-010 Principles of Marketing Final Exam Part 1

Ch.3 Mary is helping her company develop a marketing program for a new product line. The program is designed to appeal most to less materialistic consumer groups who are more likely to prize experience, not acquisition. The marketing program is likely designed to appeal to which of the following demographic groups? a. Generation X b. Millennials c. Echo Boomers d. Silent Generation e. Lost Generation

a. Generation X** b. Millennials c. Echo Boomers

Ch.3 The ___ prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce a. Sherman Antitrust Act b. Lanham Trademark Act c. Fair Packaging and Labeling Act d. CAN-SPAM Act e Magnuson-Moss Warranty Act

a. Sherman Antitrust Act

Ch.5 Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities- that is, "we are what we consume." According to this premise, consumers___. a. buy products to support their self-images b. rarely identify with brand personalities c. are affected by opinion leaders d. compare product brands e. conduct primary research

a. buy products to support their self-images

Ch.3 The single most important demographic trend in the U.S. is the ___. a. changing age structure of the population b. mobility of families c. changing family structure of the population d. increasing number of professional jobs e. increasing birth rate

a. changing age structure of the population

Ch.3 The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario? a. demographic environment b. political environment c. technological environment e. cultural environment

a. demographic environment

Ch.4 In ___ research, the objective is to gather preliminary information the will help define the problem and suggest hypotheses. a. exploratory b. statistical c. causal d. analytic e. descriptive

a. exploratory

Ch.3 Marketers should understand that people's core beliefs and values tend to be ___. a. fixed b. highly flexible c. similar around the world d. constantly and rapidly changing e. easily influenced by secondary beliefs

a. fixed

Ch.2 The managers of Alfredo's Pizza, a popular pizzeria in NYC, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through___. a. market development b. product development c. mass customization d. niche marketing e. product differentiation

a. market development

Ch.2 Ron and Gail plan to lower prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning? a. market penetration b. market development c. product development d. product adaptation e. diversification

a. market penetration

Ch.2 The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ___. a. market segment b. strategic business unit (SBU) c. question mark d. prospect e. product portfolio

a. market segment

Ch.2 Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot? a. a rival amusement park announces plans to open three new rides next season b. a new luxury hotel is being constructed in the area, with aim of attracting more high-spending families on vacation. c. Ron and Gail have paid off the mortgage of Fun-Spot, significantly reducing their monthly expenses d. Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality e. Fun-Spot plans to further diversity its offering by beginning a two week summer camp for elementary school students

b. a new luxury hotel is being constructed in the area, with aim of attracting more high-spending families on vacation.

Ch.1 Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ___. a. share of customer b. customer satisfaction c. customer equity d. cognitive dissonance e. customer lifetime value

b. customer satisfaction

Ch.4 Which of the following is the first step in the marketing research process? a. developing a marketing information system b. defining the problem and objectives of the study c. developing the research plan d. implementing the research plan e. interpreting and reporting the findings

b. defining the problem and objectives of the study

Ch.2 Market segmentation can be best describes as the process of___. a. assigning specific human attributes to a given brand b. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs c. evaluating each market segment's attractiveness and selecting one or more segments to enter d. turning marketing plans into marketing actions to accomplish strategic marketing objectives e. maintaining a strategic fit between organizational goals and changing marketing opportunities

b. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Ch.3 Dan has been directed to study the actors close to a company that affects its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ___ of the company. a. macroenvironment b. microenvironment c. technological environment d. demographic environment e. political environment

b. microenvironment

Ch.3 Rachel works for a furniture company in Ireland. She is responsible for buying an selling goods at a profit to small retailers. Rachel most likely operates in a ___ market a. business b. reseller c. wholesaler d. consumer e. retail

b. reseller

Ch.5 A person's buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors? a. motivation b. perception c. association d. learning e. beliefs

c. association

Ch.4 Ramona, a marketing manager working in an American firm, is about to test the hypothesis that the scale of a particular product will increase exponentially if there is a $5 drop in the selling price of the product. Ramona is involved in ___ research a. exploratory b. descriptive c. causal d. constructive e. enthographic

c. causal

Ch.4 A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insists on consumer needs. This is an example of ____. a. viral marketing b. survey research c. ethnographic research d. experimental research e. niche marketing

c. ethnographic research

Ch.3 Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a ___. a. licensor b. supplier c. marketing intermediary d. local public e. general public

c. marketing intermediary

Ch.5 James has decided to buy a new vehicle. His brother John has recently purchased a new truck and recommends the same model to James. James finally decides to buy the same truck. Which of the following sources of information has most likely influence James' purchase decision? a. experiential sources b. public sources c. personal sources d. commercial sources e. market mavens

c. personal sources

Ch.2 The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to BCG matrix, the pharmaceuticals division of Omni can be classified as a ___. a. star b. bear. c. question mark d. cash cow e. dog

c. question mark

Ch.5 A marketer of a women's hair care products targeting Chinese customers created an advertising message that told women their hair could be worn any way they wanted as opposed to wearing it straight. The message suggested the women did not need to conform to the mainstream media definition of beauty. It is most accurate to say that this ad was based on an understanding of customers'___. a. social class b. life-cycle stage c. self-concept d. status e. role

c. self-concept

Ch.1 Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the _? a. production concept b. marketing concept c. selling concept d. product concept e. societal marketing concept

c. selling concept

Ch.1 Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ___ philosophy. a. marketing concept b. product concept c. production concept d. societal marketing concept e. selling concept

d. societal marketing concept

Ch.2 ___ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. a. benchmarking b. BCG (boston consulting group) analysis c. market segmentation d. strategic planning e. diversification

d. strategic planning

Ch.5 Cameron loves to own and be up-to-date on the latest technological gadgets available in the market. Among his friends, he is always the first to own the latest electronic gadget. He loves trying out new products before others. Cameron most likely belongs to the ___ adopter group. a. innovator b. surrogate consumer c. late mainstream d. early mainstream e. lagging

a. innovator

Ch.3 Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ___ of the organization. a. macroenvironment b. microenvironment c. internal environment d. marketing mix e. marketing intermediaries

a. macroenvironment

Ch.4 Melissa leads the marketing research division at Tronics Inc., a manufacturing company based in Alabama. To improve future sales of the company's products offered by her company. For this purpose, Melissa is looking for a highly flexible contact method which can be used to gather large amounts of data within the least possible time. In this instance, which of the following contact methods is most likely to hold the highest appeal for Melissa? a. online survey b. in-depth interviews c. telephone interviews d. individual interviews e. mail questionnaires

a. online survey

Ch.5 Generation Xers, who were born between 1965-1976, share the childhood experiences of higher parental divorce rates, recession, and corporate downsizing. They tend to care about the environment and value experience over acquisition. Generation Xers make up a ___. a. subculture b. social class c. social network d. life-cycle state e. lifestyle

a. subculture

Ch.4 Diana, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Diana is using ___. a. ethnographic research b. internal databases c. netnographic research d. data warehouses e. spatial databases

b. internal databases

Ch.1 An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of___? a. marketing mixes b. market segments c. value propositions d. market offerings e. marketing intermediaries

b. marketing segments

Ch.5 A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of ___ to the band's fans. a. membership group b. reference group c. status symbol d. subculture e. lifestyle

b. reference group

Ch.1 Keith, a clothing store owner, offers product suggestions to customers based on their current purchase. Which of the following is Keith targeting to increase. a. shared value b. share of customer c. social responsibility d. customer-generated marketing e. sustainable marketing

b. share of customer

Ch.4 Information in a company's database can come from many sources. An advantage of harnessing such information is to ___. a. eliminate employee turnover b. achieve high degree of employee empowerment c. gain competitive advantage d. gain access to mass markets e. eliminate resource dependency

c. gain competitive advantage

Ch.4 Joe Kerry, owner of a small bakery, wants to obtain marketing insights to improve his business. Joe has a limited budget and would like to gather free secondary data. What is the best option for Joe? a. mail questionnaire b. focus group interviews c. internet search engines d. personal interviews e. commercial online databases

c. internet search engines

Ch.1 Which of the following is NOT an accurate description of modern marketing? a. marketing is the creation of values for customers b. marketing involves managing profitable customer relationships c. marketing emphasizes selling and advertising exclusively d. marketing involves satisfying customers' needs e. marketing is building value-laden exchange relationships with customers

c. marketing emphasizes selling and advertising exclusively

Ch.4 Which of the following is true with regard to marketing research? a. the marketing research process depends primarily on sophisticated internal databases b. the marketing research process requires assessing macroeconomic forces c. marketing research gives marketers insights into customer motivation d. marketing research eliminates the need for a SWOT analysis e. marketing research is a simple two-step process

c. marketing research gives marketers insights into customer motivation

Ch.5 Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ____. a. surrogate consumer b. laggard c. opinion leader d. brand personality e. social networker

c. opinion leader

Ch.5 According to a customer, a Harley-Davidson motorcycle can make on feel like "the toughest, macho guy on the block." Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a(n) ___. a. motive b. life-cycle stage c. self-concept d. brand personality e. self-actualization need

d. brand personality

Ch.1 Carol has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ___ concept. a. production b. product c. selling d. marketing e. societal marketing

d. marketing

Ch.1 Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ___ concept. a. product b. production c. selling d. marketing e. societal marketing

d. marketing

Ch.2 ___ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance. a. field automation systems b. market segments c. market share d. marketing dashboards e. line extensions

d. marketing dashboards

Ch.1 Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? a. vendor lock-in b. social loafing c. value proposition d. marketing myopia e. conspicuous consumption

d. marketing myopia

Ch.2 Omega Inc. makes lightweight sunglasses with 100% UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the U.S., Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ___. a. weakness b. strength c. threat d. opportunity e. challenge

d. opportunity

Ch.3 Landport Transportation and Omega Warehousing help communities move and stock goods from their manufacturing units to their destinations. These two businesses are examples of___. a. resellers b. marketing service agencies c. financial intermediaries d. physical distribution firms e. wholesalers

d. physical distribution firms

Ch.2 ___ measures the profits generated by investments in marketing activities. a. SWOT analysis b. a marketing audit c. return on marketing investment d. marketing budget evaluation

d. return on marketing investment

Ch.1 Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ___. a. managing partner relationships b. selling new products c. attracting "butterflies" d. converting "barnacles" to "strangers" e. capturing customer lifetime value

e. capturing customer lifetime value

Ch.4 Ralph works for Zenith Inc., a leading cosmetic company based in Illinois. At Zenith, Ralph's primary responsibility revolves around digging deeply into customer data to gain valuable insights about customer needs, motives, and attitudes. This data is, in turn, used by Zenith to personalize its customers' shopping experience. Ralph's position at Zenith requires him to focus primarily on ___. a. customer sales b. human resource management c. risk assessment d. financial analysis e. customer relationship management

e. customer relationship management

Ch.5 Shoez Inc., a manufacturer of shoes, has recently lunched a brand of sturdy shoes ideal for hiking and other outdoor activities. Which of the following brand personalities could be best associated with the new brand? a. sincerity b. excitement c. sophistication d. competence e. ruggedness

e. ruggedness