Marketing Final Exam Review Questions

A concise yet authoritative report or guide that seeks to inform readers about a complex issue and presents the issuing body's philosophy on the matter is referred to as: -a blog -branded content -a white paper -an annual report -a web log

a white paper

Jared decided to remove himself from social media for one week. During that time, he did not check his Facebook, Twitter, Instagram, or Snapchat accounts. It didn't take long for Jared to feel isolated and that he was missing out on what was happening around him. What acronym has been linked to the feeling Jared experienced? -YOLO -ICYMI -TTYN -ZMOT -FOMO

FOMO

Jenna was excited to purchase a Bluetooth wireless speaker. She brought her purchase home and is now using it for the first time. What acronym represents where Jenna is at in the purchase process? -FMOT -ZMOT -FOMO -SMOT -YOLO

SMOT

Which one of the following buying situations would be most consistent with routine-response decision purchase behavior? -Ian buying a new fishing rod and reel. -Alyssa buying a new computer software program. -Shelby buying a hamburger at her favorite restaurant, McDonald's. -Kayla buying a new set of tires for her car. -Faisal buying his first pair of soccer cleats.

Shelby buying a hamburger at her favorite restaurant, McDonald's.

How is the distribution of retailers along a price continuum shown? -The distribution is shown as following a bell curve. -The distribution is shown as a straight line. -The distribution is shown as a downward sloping curve. -The distribution is shown as an upward sloping curve. -The distribution is shown with many peaks and valleys.

The distribution is shown as following a bell curve.

Taylor works for a company that buys snacks such as chips, cookies, and candy in bulk from manufacturers. Taylor's company then repackages them and sells them to vending companies who have vending machines at government institutions. Taylor most likely works for a(an) ___, while the vending machine company is a(an) _____. -Wholesaler; retailer -Broker; retailer -Wholesaler; broker -Broker; agent -Agent; retailer

Wholesaler; retailer

The internal considerations in a SWOT analysis are: -a firm's market share and growth potential -the firm's current and future competition -a firm's opportunities and threats -a firm's revenue and market share -a firm's strengths and weaknesses

a firm's strengths and weaknesses

Which of the following is not a requirement or characteristic of a market? -the authority to buy a product -a large number of people or organizations -the need for a specific product in a specific product category -the willingness to use buying power -the ability to purchase a product

a large number of people or organizations

An image or line of text that prompts visitors, leads, and customers to perform a desired action is referred to as a call to: -move -action -purchase -engage -interact

action

CRM technologies allow marketers to do all of the following except: -track consumer behavior over time. -capture data allowing the firm to identify potentially profitable customers. -adopt a broad approach focusing on the needs of the entire market. -interact with customers to learn what they need and want. -take the information gathered and tailor goods accordingly.

adopt a broad approach focusing on the needs of the entire market.

_____________ is a paid, non-personal communication about an organization and its products transmitted to a target audience through mass media. -merchandising -advertising -public relations -personal selling -sales promotion

advertising

The three major types of reference groups are: -aspirational, disassociative, and membership -advocacy, avoidance, and approach -celebrity, membership, and empirical -actual, implied, and desired

aspirational, disassociative, and membership

Problem recognition occurs when a consumer: -becomes aware that there is a difference between a desired state and an actual condition -recognizes a need and evaluates for information to resolve a problem -searches for information to resolve a problem -is exposed to a television advertisement desired state and an actual condition -evaluates his or her purchase

becomes aware that there is a difference between a desired state and an actual condition

Direct competition is also known as: -brand competition -in-house competition -market competition -substitute product competition -lateral competition

brand competition

A company that personalizes service by tailoring product information for individual customers in order to provide an exceptional, personalized shopping experience is practicing: -clientelling -geofencing -data mining -collaborative filtering -empowerment

clientelling

A strategy in which two or more companies issue a single product in an effort to capitalize on the equity of each company's brand is called: -dual branding -co-branding -partner branding -brand revitalization

co-branding

When shopping for detergent, Alexis looks at Tide, Fresh Start, Surf, and All and chooses the one that is on sale. These four brands make up her ____ set. -problem -consideration / evoked -alternate -purchase -imposed

consideration / evoked

An organization's obligation to maximize its positive impact and minimize its negative impact in society is referred to as: -stakeholder responsibility -sustainability -moral idealism -social marketing -corporate social responsibility

corporate social responsibility

A company's emphasis on satisfaction develops as a consequence of a: -product orientation -service orientation -sales orientation -customer orientation -competitor orientation

customer orientation

A company uses a software program to capture and analyze consumer data to create and maintain customer profiles, including buying habits and purchasing patterns. It then uses this information to design individualized fulfillment strategies for its customers. The company is most likely engaged in: -target market segmentation -lifetime value marketing -customer segmentation analysis -share of customer management -customer relationship management

customer relationship management

All of the activities a firm engages in to satisfy the needs and wants of its customers is referred to as: -relationship management -customer service -touch points -customer communication -customer satisfaction

customer service

The focal point of all marketing activities is: -the marketing mix -customers -profits -sales -products

customers

The focus of the marketing concept era was on: -production -customers -sales -competition -technology

customers

In the customer relationship management process, after data has been stored, computer programs can analyze the data to search for meaningful trends that the company can use to build customer relationships. This analysis process is called: -data mining -predictive modeling -data warehousing -tend modeling -data trending

data mining

Having an efficient supply chain is directly related to which element of value? -delivering value -forecasting value -creating value -communicating value -marketing value

delivering value

An US Airways flight from Dallas to Houston was full, and the tickets were more expensive than the almost-empty US Airways flight from Chicago to Phoenix. This is an example of what kind of service pricing? -supply-based -customer-based -upfront -bundled -demand-based

demand-based

The description of human populations based on characteristics such as age, gender, ethnicity, and education level is referred to as: -statistical analysis -sociocultural analysis -psychographics -demographics -consumer group profiling

demographics

A local craft brewer offers many varieties of beer. You can find robust stout beer, pale ales, and beer flavored with everything from coffee to citrus fruit. This is an example of the brewer's -breadth of assortment -width of assortment -depth of assortment -variety of assortment -length of assortment

depth of assortment

Mattel views the toy market as composed of four age groupings, each with different needs and desires. Mattel is using a(n) ____ targeting strategy for its groups, which are known as _____. -differentiated; the marketing mix. -concentrated market; heterogeneous. -differentiated; market segments. -undifferentiated market; heterogeneous. -undifferentiated market; market segments

differentiated; market segments

A situation in which products that perform the same function compete against one another is referred to as: -lateral competition -direct competition -functional competition -primary competition -indirect competition

direct competition

The purpose of market segmentation is to: -divide a total market to enable a marketer to develop a more precise marketing mix -reduce the overall cost of marketing activities -meet the needs of homogeneous markets -differentiate products -identify a single marketing mix that will be satisfactory for the general market

divide a total market to enable a marketer to develop a more precise marketing mix

In 1996 MacDonald's started offering the Arch Deluxe. From the beginning the product failed to sell well, further compounded by low growth in fast food sales MacDonald's discontinued the product. Under the BCG Matrix the Arch Deluxe would be considered a: -skunks -cash cows -stars -dogs -question marks

dogs

A major factory closed in your area, which caused a drop in the average income for the city. Which type of external force would this be considered in the marketing environment? -legal -sociocultural -technological -political -economic

economic

Allison is a frontline employee at The Peabody Hotel. When customers are unsatisfied, she is able to handle many of the problems herself, without getting permission from her supervisors. As a result, Allison feels more satisfied with her job because of the freedom she has to problem solve on her own. The Peabody has done a good job of __________ ___________. -perfect fill-ordering -employee empowerment -keeping loyal customers -using social media -gathering crucial data

employee empowerment

The major levels of intensity at which a company can choose to distribute its products are ________ distribution. -intensive, extensive, and exclusive -vertical and horizontal -selective, cooperative, and conflicting -cooperative, conflicting, and integrated -exclusive, selective, and intensive

exclusive, selective, and intensive

The five key components of the marketing plan are: -mission statement, situation analysis, promotion strategy, financials, and controls. -executive summary, situation analysis, marketing strategy, financials, and controls. -executive summary, market positioning, marketing strategy, financials, and implementation. -mission statement, situation analysis, marketing strategy, financials, and controls. -executive summary, situation analysis, positioning, financials, and implementation.

executive summary, situation analysis, marketing strategy, financials, and controls.

The earned media that is often the result of PR efforts is referred to as: -unbiased content -user-generated content -expert content -branded content -primary content

expert content

Cover Girl believes that sales of one of its lipstick lines have fallen due to the introduction of a new color palette. However, in order to best determine the impact of the color palette, Cover Girl should conduct _____ before proceeding with this tentative hypothesis. -exploratory research -descriptive research -experimental research -hypothesis testing -conclusive research

exploratory research

In the FAB approach, attributes or facts to the product being sold or demonstrated are referred to as: -benefits -sources -values -features -advantages

features

The consumer protection agency for the United States is the: -consumer protection commission -federal communications commission -food and drug administratoin -federal trade commission -bureau of consumer financial protection

federal trade comission

Sales territories are typically defined on the basis of: -product group -number of accounts -seniority -geography -market offerings

geography

As a marketing tool, packaging: -is not very important for communicating to the consumer. -is only crucial to a few products, since most products are heavily promoted in other ways. -gives a product a chance to stand out among all the other choices on a store shelf. -does little to help promote and reinforce brand image. -is not something that marketers are involved with.

gives a product a chance to stand out among all the other choices on a store shelf.

What term is used to describe the increasingly interconnected nature of the world economy? -globalization -internationaliziation -the marketing mix -relationship marketing -the World Wide Web

globalization

When Jordan realizes his liquor cabinet supply was devastated by last weekend's party, he first retrieves information from his memory about what types of liquor he and his friends like most and then asks the cute clerk at the liquor store what she would recommend. Jordan started with a(n) ____ search and then progressed to a(n) ____ search. -internal; external -routinized; extended -consideration; evaluative -self; inclusive -focused; broad

internal; external

For most products, a(n) ____ relationship exists between the price of a particular product and the quantity demanded. -inelastic -positive -unknown -inverse -elastic

inverse

A major disadvantage of personal selling is that it: -is very expensive per contact. -does not provide immediate feedback. -cannot easily adjust the message to satisfy a customer's information needs. -is not compatible with other promotional activities. -is not remembered as well by consumers as advertising messages are.

is very expensive per contact.

The net present value of a customer's business over the span of their relationship with an organization is referred to as: -relationship selling -sales 2.0 -market value -lifetime value -equalized value

lifetime value

If Nokia decides to make changes in its marketing channels, the strategic significance is that channel decisions are -long-term commitments. -short-term commitments. -easier to change than prices. -easier to change than promotion. -impossible to change.

long term commitments.

Alex's strong commitment to his favorite BBQ spot, Rendezvous, is evidenced by his repeated visits there. Alex's high commitment to this restaurant is most accurately described as brand _______. -recognition -loyalty -passion -image -equity

loyalty

What two elements are combined on the BCG matrix to produce its four unique product categories? -supply and demand -market size and product demand -relative market share and number of competitors -market growth and relative market share -market growth and number of competitors

market growth and relative market share

Which marketing analytics tool is used to measure the percentage of total market sales captured by a brand, product, or firm? -market share analysis -revenue analysis -profitability analysis -gross margin -return on marketing investment

market share analysis

A valid study: -results in a causal relationship between the independent and dependent variables -verifies expected results -measures what it is supposed to -uses random sampling -portrays the population being studied

measures what is is supposed to

Placing an order for a product on a company's web page is a(n) _______ method for direct customer interaction. -mechanical -human -internal -external -secondary

mechanical

Brad notices that customers at his store prefer certain types of snack foods over others. In response to his customers' preferences, he allocates more shelf space to those types of snacks, and less shelf space to the snack items that are purchased less frequently. In this scenario, Brad is utilizing which of the following techniques? -cross-merchandising -scrambled merchandising -micro-merchandising -demand-driven merchandising -supply-driven merchandising

micro-merchandising

Cannibalization occurs when: -a brand has been mismanaged and must be revitalized in order remain a viable brand. -new products take sales away from the firm's existing products rather than generating additional revenues. -two or more companies collude to set prices, forcing smaller brands to leave the marketplace. -a firm develops a new product but does not allocate enough funds to promote the product successfully. -existing products have such a strong market share that new products fail to gain acceptance with customers.

new products take sales away from the firm's existing products rather then generating additional revenues

Search engine marketing to generate website traffic by: -purchasing advertisements on search engines. -listing a company's website on as many search engines as possible. -promoting the use of a search engine on a company website. -getting more free search results on search engines. -getting more organic search results on search engines.

purchasing advertisements on search engines

To determine how much money to spend on advertising, marketers for a new brand of caffeinated energy drink decided that they wanted the advertising to create awareness of the new flavor in 80 percent of the energy drink market within one month of introduction. The marketers then determined how much it would cost to reach this goal. This is an example of which one of the following approaches to determining advertising budgets? -objective-and-task -arbitrary allocation -competition matching -past-year comparison -percent of sales

objective-and-task

A retailer that operates a brick-and-mortar store but also sells merchandise on its website is practicing: -omni-channel retailing -direct selling -cross-merchandising -micro-merchandising -secondary retailing

omni-channel retailing

Institutional markets are: -intermediaries who resell goods to make a profit -consumers who buy products for their own use -state or local government units -federal and state government units -organizations that seek non business goals

organizations that seek non business goals

The target audience for an advertising campaign is the: -people toward whom the advertisements are directed -geographic distribution -information base on which to develop the campaign -sales objective to be achieved by the campaign -overall goal of the advertising campaign

people toward whom the advertisements are directed

Paid personal communication that attempts to inform and persuade customers to purchase products in an exchange situation is called: -sales promotion -target marketing -public relations -personal selling -advertising

personal selling

Davaughn is planning a promotional program for AirFam. AirFam is a supplier of new energy-saving engines used to produce air conditioners. His company needs to promote these engines to manufacturers of air conditioners, so he is most likely to use ___, because it provides immediate feedback. The disadvantage is that it is _____ than advertising to reach one customer. -direct marketing; less effective -personal selling; more costly -sales promotion; more costly -sales promotion; less effective -personal selling; less effective

personal selling; mostly costly

Journey mapping is a technique that helps companies identify: -points in the manufacturing process where delays are occurring -points in the journey of a product's delivery that take too long or are unnecessary -parts of the promotional process that most resonate with customers -customers' movements on social media -points in their customers' journey where the buying process breaks down

points in their customers' journey where the buying process breaks down

A measure of sensitivity of demand in relation to changes in price is: -a demand curve -marginal analysis -a prestige graph -price elasticity of demand -quantity elasticity

price elasticity of demand

As a retailer, Target has developed its own line of products with the brand name up & up. These products are sold exclusively in Target stores and are an example of: -manufacturer brands -generic brands -co-brands -private label brands -licensed brands

private label brands

When the top executives of FedEx noticed that their sales were becoming stagnant, they decided to offer a new service to their customers. This new service offered a new way of delivering products in a faster manner. They claimed this service was the smarter way to deliver. They marketed this service to their existing customers to combat the stagnant operations. This is an example of what type of marketing strategy? -product development -diversification -market penetration -positioning -market development

product development

All of the following are elements contained in the 4 P's of the marketing mix except: -price -promotion -profit -place -product

profit

A marketer is trying to uncover the true opinions of a group of consumers, but they are unwilling to express themselves, so instead he asks them to compare his brand to an automobile, a country and a person. What technique is the marketer using? -free association -aided recall -projective technique -brand recognition -brand recall survey

projective technique

Which element of the marketing mix details how the organization will communicate the value of its product? -price -product -place -promotion -position

promotion

Amy just took a job with a scrap metal collection company. Her job is to search for potential customers that need to get rid of scrap metal or those customers who wish to buy scrap metal. Amy's job fits into the first step of the personal-selling process, that of -pre-approach -prospecting -advertising -sales promotion -gaining commitment

prospecting

If Wilson Sporting Goods faces a standard demand curve that exists for most products, as it raises the price of its tennis rackets, the -quantity demand goes down -breakeven increases -quantity demanded increases -demand increases -demand remains constant

quantity demanded goes down

Since North Face has decided to use non-price competition, it distinguishes its brand through all but which of the following? -rebates -distinctive product features -variety and selection -exceptional service -product quality and style

rebates

Brand revitalization is also referred to as: -co-branding -rebuilding -recouping -rebranding -remaking

rebranding

Any organization that purchases products for the purpose of reselling them to ultimate consumers is a(n): -shopping center -wholesaler -intermediary -producer -retailer

retailer

The measure of a firm's effectiveness in using the resources allocated to its marketing effort is called: -return on marketing investment -gross margin -marketing revenue analysis -gross expenditures -market share analysis

return on marketing investment

Often, anew product is launched in stages during commercialization. This gradual introduction of the product is known as: -regional commercialization -market development -roll-out -market extension -competitive jamming

roll-out

A retailer that adds goods and services that may be unrelated to each other and to the firm's original business is engaged in: -full-service merchandising -voluntary merchandising -deceptive merchandising -scrambled merchandising

scrambled merchandising

When working as a summer intern for a local retail store, Jan Halverson was sent to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered: -a primary database -information data from syndicated research services -secondhand data -primary data -secondary data

secondary data

Age, rate of product use, location, and gender are all examples of common: -targeting strategies -geographic characteristics -demographic variables -segmentation variables -psychographic variables

segmentation variables

Think about the various marketing strategies as you read the following choices to determine which one describes a market penetration strategy: -selling new products to existing customers -selling new products to new markets -selling existing products to new markets -selling more of current products to existing markets -selling more of current products to new markets

selling more of current products to existing markets

A marketer that is analyzing the attitudes, emotions, and opinions behind words used in social media is using: -share of voice -sentiment analysis -influence analysis -engagement analysis -applause rate

sentiment analysis

If a company's CRM efforts lead to an increase in the number of goods or services purchased by a consumer, then it has been successful in increasing its: -lifetime value -customer focus -share of customer -customer equity -product equity

share of customer

Katie wants to start her own store in fashion, targeting a very narrow market segment. If this business carried a deep assortment of a specific type of clothing, which type of physical retail score would be most ideal for her business? -specialty store -department store -extreme value retailer -factory outlet -off-price retailer

specialty store

When additional people outside your chosen target audience are exposed to your promotional message, _____ occurs. -overflow -water waste -outflux -spillover -washout

spillover

Clorox, manufacturer of cleaning supplies, introduced a new product line called Green Works. This line of cleaning products is made from biodegradable, plant-based materials and is aimed at satisfying the green market. This is an example of: -strategic greening -limited greening -qausi-strategic greening -tactical greening -substantial greening

strategic greening

If Best Western bundles its rooms with services such as free local phone calls, cable television, wireless Internet access, and complimentary breakfast, these services are known as ____ services. -complimentary -core -supplementary -bundled -business

supplementary

A commitment to adopting a lifestyle that meets the needs of the present without compromising the ability of future generations to meet their own needs is referred to as: -environmentalism -sustainability -consumerism -green marketing -eco-management

sustainability

During which step of the personal-selling process does the salesperson establish a rapport that sets a foundation for the relationship and asks questions to learn more about the prospect and his or her needs and wants? -the prospecting -the approach step -the pre-approach -the qualifying step -the presentation step

the approach step

The cost per thousand (CPM) indicator shows: -the cost to expose 1,000 people to a one-page magazine advertisement. -the cost to expose 10,000 people to a television commercial. -how one media source compares to a different source for reaching target markets. -the return on investment marketers get for their advertising dollar. -the cost to expose a million people to any type of advertisement.

the cost to expose 1,000 people to a one-page magazine advertisement

A disadvantage of the concentrated targeting strategy is that: -marketing personnel may become dissatisfied with the limited opportunities provided by this approach. -marketing costs are often higher than for other strategies. -the firm's financial condition is tied to a single and specialized marketing mix. -large sales volumes cannot be generated. -production costs may be higher than with other strategies.

the firm's financial condition is tied to a single and specialized marketing mix.

Price is a key element in the marketing mix because it relates directly to: -brand image -quality controls -the generation of total revenue -the speed of an exchange -the size of the sales force

the generation of total revenue

At the breakeven point, -profits are exactly equal to the difference between revenue and total variable costs. -the total fixed costs are exactly equal to the total variable costs. -the marginal cost curve and the average cost curve will be identical for a particular product. -the money a company brings in from selling products equals the amount spent producing the products. -the marginal revenue of a product is exactly equal to the marginal cost of producing one more unit.

the money a company brings in from selling products equals the amount spent producing the products

Why are line extensions more common than new products? -they require no market research -they are higher risk and more expensive -they are guaranteed to succeed in the marketplace -modification to existing products are very easy -they are less expensive and lower-risk

they are less expensive and lower-risk

In a SWOT analysis, current and potential external factors that may challenge the firm's short and long term performance are referred to as: -threats -weaknesses -obstacles -opportunities -hazards

threats

Any point at which a customer and the company come into contact is called a: -marketing point -sales point -value point -touch point -communication point

touch point

When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ____ strategy. -heterogeneous market -single mix -undifferentiated -concentrated targeting -differentiated

undifferentiated

To find a target market, a firm can use one of these targeting strategies: -undifferentiated strategy, the niche strategy, and the differentiated strategy. -demographic strategy and the psychographic strategy. -socioeconomic strategy and the psychological strategy. -total market strategy and the undifferentiated strategy. -product differentiation strategy and the customer differentiation strategy.

undifferentiated strategy, the niche strategy, and the differentiated strategy

Which of the following is an example of a behavioristic segmentation variable? -usage rate -personality characterisitcs -family size -climate -age

usage rate

Personal selling is more effective when the good or service is: -is an existing product in the market -frequently purchased -simplistic in nature -viewed as risky -is a standardized good or service

viewed as risky

Compare the following statements to determine which one best reflects the thinking behind the sales orientation era of marketing? -we need to find more efficient means of creating quality products -our entire company needs to be focused on satisfying our customers' needs -it's time we develop a strategy to attract and maintain more customers -our products are of such great quality, they practically sell themselves -we'd better persuade our customers to buy our products or they will buy from our competitors

we'd better persuade our customers to buy our products or they will buy from our competitors