MKTG 649 MIdterm 1

"5) The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product. A) developing B) positioning C) communicating D) reversing E) researching"

C

"5) ________ is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. A) Performance B) Value C) Quality D) Customer retention E) Customer loyalty"

C

"7) Which of the following is most consistent with the integrated marketing approach? A) A good product will sell itself. B) If left alone, consumers are inclined to purchase only inexpensive products. C) All communication to consumers must deliver a consistent message irrespective of the medium. MKTG 649: Marketing Management, Fall 2014, Exam 1: Review Questions: Page 1 of 7 D) In order to succeed, the main focus should be on having an efficient production process in place. E) Online marketing is less important than traditional marketing efforts."

C

"8) The ________ holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being. A) selling concept B) integrated marketing concept C) social responsibility marketing concept D) production concept E) relationship marketing concept"

C

"3) When a customer places an order at BookBox.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________. A) market-sensing process B) customer acquisition process C) customer relationship management process D) fulfillment management process E) new-offering realization process"

D

" 4) Which of the following is likely to occur during economic downturns? A) People tend to spend more on luxury goods B) Consumption of necessary goods decline C) Long term credit is available at concessional rates of interest D) The purchasing power of the people declines E) The level of investment in the economy rises"

D

" 6) ________ beliefs and values are passed from parents to children and reinforced by social institutions—schools, churches, businesses, and governments; they are very difficult to change. A) Transient B) Secondary C) Protected D) Core E) Variable"

D

" 9) Most large companies consist of four organizational levels: the corporate level, the ________, the business unit level, and the product level. A) board of director level B) major stakeholder level C) management team level D) division level E) strategic level"

D

"1) The internal records system supplies results data, but the marketing intelligence system supplies ________ data. A) internal B) revenue C) thematic D) happenings E) process"

D

"1) ________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives. A) Perceived usefulness MKTG 649: Marketing Management, Fall 2014, Exam 1: Review Questions: Page 4 of 7 B) Failure avoidance rate C) Total customer benefit D) Customer-perceived value E) Competitors' market share rate"

D

"1) ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. A) Target marketing B) Mind mapping C) Consumer activism D) Consumer behavior E) Product differentiation"

D

"3) When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ________. A) segment the market B) provide a service C) enter into a new market D) develop brand loyalty E) position its product"

E

" 2) James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________. A) market-sensing process B) new-offering realization process C) customer acquisition process D) customer relationship management process E) fulfillment management process"

A

" 4) The first phase of the value creation and delivery sequence is ________ that represents the ""homework"" marketing must do before any product exists. A) choosing the value B) providing the value C) communicating the value D) considering the value E) acquiring the value"

A

" 9) A customer ________ is any occasion on which a customer encounters the brand and product—from actual experience to personal or mass communications to casual observation. A) touch point B) point of order C) point of difference D) pivot point E) point of parity"

A

" 9) Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a ""green marketing"" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful? A) demonstrate that the products will benefit both customers and the society in the long-term B) emphasize benefits to the consumer rather than environmental benefits C) focus on the efforts and costs incurred by the company to bring these ""green"" products to consumers D) engage in ""greenwashing"" to highlight the environmental benefits of the product E) explain the rules and regulations laid out by governmental agencies to protect the environment"

A

"2) Which of the following would be the best illustration of a subculture? A) a religion B) a group of close friends C) your university D) a fraternity or sorority E) your occupation"

A

"5) The ________ concept holds that consumers will favor offerings with the best quality, performance, or innovative features. A) product B) marketing C) production D) selling E) holistic marketing"

A

"6) With respect to core business processes, the ________ includes all the activities involved in gathering external information, disseminating it within the organization, and acting on the information. A) market-sensing process B) market research process C) target marketing process D) market pulse process E) deployment process"

A

"8) ________ has three characteristics: (1) it is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits; (2) it has applications in a wide variety of markets; and (3) it is difficult for competitors to imitate. A) Core competency B) Market sensing process C) Corporate social responsibility D) Strategic business unit E) Philanthropy"

A

"8) ________ is the process of carefully managing detailed information about individual customers and all customer ""touch points"" to maximize loyalty. A) Customer relationship management B) Customer lifetime value C) Customer profitability analysis D) Customer satisfaction analysis E) Customer-value delivery"

A

" 1) What is the traditional view of marketing? A) Firms should just focus on production because if the products are good then they will automatically sell. B) Firms should just focus on production and selling because marketing occurs as a part of the selling process. C) Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them. D) Firms should price their products as low as possible so that marketing them becomes easy. E) Firms should remember that promotion is the most important of the four Ps."

B

" 3) ________ can be defined as a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. A) Value proposition B) Loyalty C) Satisfaction D) Respect E) Customer value"

B

" 7) Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of ________. A) customer acquisition process B) customer relationship management process C) customer prospecting process D) customer integrating management process E) customer equity process"

B

" 7) ________ teaches marketers that they can build demand for a product by associating it with strong drives, using motivating cues, and providing positive reinforcement. A) Demand theory B) Learning theory C) Economic theory D) Psychological theory E) Demographic theory"

B

"2) When gathering marketing intelligence, companies often use the 2000 U.S. census, which provides an in-depth look at the population swings, demographic groups, regional migrations, and changing family structure of 330+ million people. Which of the following steps to improve the quality of a company marketing intelligence system would be most closely associated with this illustration? A) A company can purchase information from outside suppliers. B) A company can take advantage of government data sources. C) A company can use online customer feedback systems to collect data. D) A company can network externally. E) A company can use its sales force to collect and report data."

B

"2) Which of the following is true for customer-perceived value? A) It is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a product. B) It is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives. C) It is the perceived bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering. D) It is the net present value of the stream of future profits expected over the customer's lifetime purchases. E) It is the process of investigating the hierarchy of attributes consumers examine in choosing a brand if they use phased decision strategies."

B

"4) Total customer satisfaction is measured based on the relationship of ________. A) expected value and total customer benefit B) perceived performance and expectation C) advertised outcomes and real outcomes D) past experience and present experience E) customer attitude and salesperson's attitude"

B

"5) Today, corporations need to make sure that they are good corporate citizens and that their consumer messages are honest in order to positively align themselves with consumers' ________. A) views of others B) views of organizations C) views of themselves D) views of the universe E) views of society"

B

"6) Consumers often choose and use brands that have a brand personality consistent with how they think others view them, also known as the ________. A) actual self-concept B) others' self-concept C) ideal self-concept D) dual self-concept E) perceptual self-concept"

B

"6) Webmax Inc. produced and marketed high quality cameras. After considerable research and development, they developed a new digital camera that had an array of new features. Webmax was so sure about the new offering that they even reduced their marketing budget. What sort of orientation does Webmax have toward the marketplace? A) production orientation B) product orientation C) selling orientation D) marketing orientation E) holistic marketing orientation"

B

"7) A profitable customer ________. A) yields a cost stream that exceeds by an acceptable amount his revenue stream B) yields a revenue stream that exceeds the company's cost stream C) yields a cost stream that exceeds the company's revenue stream D) yields a revenue stream that exceeds by an acceptable amount his cost stream E) yields a revenue stream that equals the company's cost stream"

B

"8) A(n) ________ is a descriptive thought that a person holds about something. A) attitude B) belief C) desire D) feeling E) emotion"

B

"9) Ford believes its cars to be of higher quality than General Motor's but thinks that consumers wrongly believe the opposite. Ford might employ a(n) ________ strategy to change buyers' perceptions of its competition. A) real repositioning B) competitive depositioning C) psychological repositioning D) biased repositioning E) attribute repositioning"

B

"When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) A) need B) want C) demand D) unstated need E) latent demand"

B

"3) Firms find ""reverse innovation"" advantage by ________. A) introducing a commodity in a developed country and then distributing it globally B) introducing a commodity in a developing country and then distributing it in other developing countries C) introducing a commodity in a developing country and then distributing it globally D) introducing a commodity in a developed country and then distributing it in developing countries E) introducing a commodity in a developed country and then distributing it in other developed countries"

C

"3) ________ assumed that the psychological forces shaping people's behavior are largely unconscious, and that a person cannot fully understand his or her own motivations. A) Abraham Maslow B) Frederick Herzberg C) Sigmund Freud D) John Cacioppo E) Karl Marx"

C

"4) ________ is the tendency to interpret information in a way that will fit our preconceptions. A) Selective retention B) Cognitive dissonance C) Selective distortion D) Subliminal perception E) Selective embellishment"

C

"4) Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception. A) It has facilitated high-speed communication among employees. B) It has empowered consumers with easy access to information. C) It can be used as a powerful sales channel. D) It has facilitated mass marketing but not the sale of customized products. E) It enables marketers to use social media to advertise their products."

D

"5) Social classes differ in media preferences, with upper-class consumers often preferring ________ and lower-class consumers often preferring television. A) movies B) radio C) video or computer games D) magazines and books E) music downloads"

D

"7) Each society contains ________, groups with shared values emerging from their special life experiences or circumstances. A) stakeholders B) cliques C) consumer bundles D) subcultures E) behavioral niches"

D

"8) Firms whose products require ________ resources—oil, coal, platinum, zinc, silver—face substantial cost increases as depletion approaches. A) infinite B) near finite C) finite renewable D) finite nonrenewable E) perishable"

D

"The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________. A) idea B) place C) luxury item D) event E) service"

D

"6) Rade and Talion are competitors in the business of manufacturing wrist watches. While Rade promises to deliver design and quality to its customers, Talion promises to deliver durability and cost effectiveness. When both of these companies deliver their respective promised qualities, they are delivering ________. A) performance quality B) customer support C) unique quality D) accuracy quality E) conformance quality"

E

"9) McCarthy classified marketing activities into the four Ps of the marketing mix. These four Ps stand for ________. A) product, positioning, place, and price B) product, production, price, and place C) promotion, place, positioning, and price D) place, promotion, production, and positioning E) product, price, promotion, and place"

E