MKTG 350 exam 2

Americans value hard work and achievement while Japanese citizens value harmony and hierarchy. This shows a difference in ________ factors. A. situational B. cultural C. social D. psychological

B. cultural

Dell used its brand to expand into new areas including printers and consumer electronics such as LCD and plasma televisions. Dell engaged in a _____ extension A. Line B. Category C. Basic D.Service

Basic

A(n) ___________ is defined by the American Marketing Association as "a name, term, design, symbol, or any other features that identifies one sellers' goods or services as distinct from those of other sellers' A. Product B. Profile C. Identify D. Brand

Brand

KFC is very protective of its "Seven Herbs and Spices" recipe, which, in the view of the company, gives it a significant competitive advantage over the other restaurants, and will use any legal resource available to protect its patented formula. Which dimensions of brand equity does this example illustrate? A. Brand loyalty B. Perceived quality C. Brand awareness D. Brand assets​​

Brand assets​​

The owners of NK Medical Equipment have been developing the brand equity of their MRI and CAT scan equipment. Now, on the mention of NK's machines, radiologists and hospital purchasing agents usually say that they have heard of NK's offerings and are interested in learning more about them. This response signals a familiarity and potential commitment to the brand. In this case, which dimension of brand equity has been achieved by NKMedical Equipment? A. Brand loyalty B. Brand awareness C. Brand assets D. Perceived quality

Brand awareness

Courtney always prefers Coca-Cola products. She does not consider other beverages, even when they are cheaper than Coca-Cola. Which of the following benefits of brand equity for customers does this exemplify? A. Brand awareness B. Brand assets C. Brand strategy D. Brand loyalty

Brand loyalty

In the 1970's Michelob beer changed its advertising message frequently and saw sales plummet. Slogans like "Weekends were made for Michelob," "put a little weekend into your weekday," and "Special times deserve a special beer'' hand consumers checking their calendars to find the right time to drink a Michelob. Michelob was suffering from the positioning error of _____? A. Over Positioning B. Doubtful positioning C. Confused positioning D. Under positioning

C. Confused positioning

In the context of positioning errors when customers have only a vague idea about the company and its products and do not perceive any real differentiation, it is called____ A. Fuzzy positioning B. Uniformed positioning C. Under Positioning D. repositioning

C. Under Positioning

Internal forces such as ________ affect consumer choices. A. learning and culture B. culture and education C. age and attitude D. income and culture

C. age and attitude

Ammon works at Max's Pizza shop. He is a single father and makes only minimum wages. However, by utilizing the new financial terms available, he recently leased a BMW automobile; this is an example of a(n) ________ purchase. A. objective B. demographic C. aspirational D. concentrated

C. aspirational

The two fundamental approaches to learning are ________. A. conditioning and trial and error B. trial and error and coaching C. conditioning and cognitive learning D. coaching and listening

C. conditioning and cognitive learning

Costco and Visa joined together to offer a Costco-Visa card that allows users to get rebates on their purchases at Costco while expanding the reach of Visa to Costco members. This is an example of _____. A. Family branding B. Stand alone branding C. Licensing D. Cobranding

Cobranding

_______ percent of the world's economic growth in the next 20 years is predicted to come from emerging markets such as China and India. A) 90 B) 75 C) 10 D) 52

75

Target marketing is the process by which ______ A. A company evaluates market segments and decides which ones have the most potential for development B. A company collects cookies to track everyone who visits the website C. The market is divided into cohesive groups D. The customer groups are evaluated on the basis of high or low churn to see which is the most possible

A company evaluates market segments and decides which ones have the most potential for development

Hazardous materials such as cleaning products, pesticides and many other items require 14 different pieces of information to be included on the label. This is an example of the_____ A. Legal B. aesthetic C. Industry D. Marketing

A. Legal

Tiffany and Company's blue colored box is widely recognized by consumers. Which if the following roles of packaging does this exemplify A. Communication B. Aesthetics C. Harmony D. Protection

Aesthetics

People around the world prefer Swiss watches over watches manufactured in other countries. In the context of product issues, which of the following best describes the customer's perception? A) Country-of-orgin effect B) Manufacturing C) Brand strategy D) Fitting the product to the culture

Country-of-orgin effect

________ target markets are those segments that have reasonable potential but for one reason or another are not best suited for development immediately \ A. Tertiary B. Perceptual C. Primary D. Secondary

D. Secondary

________ is a ranking of individuals into harmonized groups based on demographic characteristics such as age, education, income, and occupation. A. Classical conditioning B. Reference group C. Operant class D. Social class

D. Social class

All of these are package objectives EXCEPT____ A. To protect B. To promote usage C. To communicate D. To entertain

D. To entertain

Johnson & Marshall, a growing producer of organic tea, creates a group to make purchase decisions that is made up of people from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group best represents a(n) ________. A. data warehouse B. customer touch point C. gate keeping group D. buying center

D. buying center

The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is ________. A. internal strengths B. internal weaknesses C. external threats D. external opportunities

D. external opportunities

John's beliefs, attitudes, and behaviors are influenced by his friends. His friends can be identified as a(n) ________ group. A. transactional B. association C. leading D. reference

D. reference

Segmenting markets means that a company is____ A) Identifying the customers who have frequently purchased competitors products or services B)Identifying and calculating the churn rate difference in markets C) Selecting a corporate position to communicate to potential customers D) Dividing the market into meaningful smaller markets based upon common characteristics

Dividing the market into meaningful smaller markets based upon common characteristics

______ is the most common method for entering foreign markets. A) Licensing B) Direct foreign investment C) Franchising D) Exporting

Exporting

A good branding strategy can overcome a product that fails to deliver on the value proposition by infusing it with brand image. T/F

False

Brans-loyal customers are less forgiving of problems related to the brand, which hinders the company's ability to respond to a negative experience. T/F

False

When the product is wrong, skilled marketing communication and pricing sophistication can correct the problems. T/F

False

Super-Mart decides to create its own brand of personal care products. It enters into an agreement with a large manufacturer of this type of product to supply Super-Mart with the products that will carry its newly formed brand's name. This is an example of ____ branding. A. National B. Store C. Family D. Stand-alone

Family

The brand name "Bailey's" is used for a variety of products including liquor, coffee creamer, and candles. This is an example of _____ strategy. A. Licensing B. Family branding C. National or store branding D. Education

Family branding

An understanding of marketing beyond home markets develops over time as a company gets more international business experience. This process is referred to as the ______. A) International experience continuum B) Global learning continuum C) Global acceptance curve D) Global experience learning curve

Global experience learning curve

Age is a commonly used method of segmentation, age alone, however, may be dangerous because _______. A) Chronological age and psychological age are the same B) Grouping older customers into one group is an approach that fails to consider the vast differences in other important variables

Grouping older customers into one group is an approach that fails to consider the vast differences in other important variables

Which of the following criteria for market segmentation is least likely to enable successful segmentation? A) It should be measured B) It should be of sufficient size C) It should be reachable in terms of communication D) It should be be undifferentiated

It should be be undifferentiated

Offering other manufacturers the right to use the brand in exchange for a set fee or percentage of sales is known as _____. A. Family branding B. Benchmarking C. Cobranding D. Licensing

Licensing

International Delight coffee creamers frequently adds new flavors to its product offerings. This would be an example of ______ extension. A. Line B. Category C. Basic D. Service

Line

Time Express, a well-established North American delivery service, wants to expand service into Central and South American. According to Igor Ansoff's Product-Market Matrix, this is classified as the _________ strategy. A) Market Development B) Product Differentiation C) Market Diversification D) Market Penetration

Market Development

Bliss Massage Therapy Center maintains a database of over 700 clients and send each one a special discount offer in the month of his or her birthday. Managers hope that as existing customers use the discount, they will see an overall growth in sales. According to Igor Ansoff's Product-Market Matrix, this is an example of the ___________ strategy. A. Market Diversification B. Product Differentiation C. Market Development D. Market Penetration

Market Penetration

Many countries restrict marketing to children more severely than the United States. A firm considering district foreign investment would report this finding under the heading of ______. A) Technology transfer B) Legal issues C) Transaction costs D) Marketing communication barriers

Marketing communication barriers

Pierre Cardin partnered with several other product manufactures and attached its name to a wide assortment of products including clothing, housewares, and even cosmetics. Eventually its brand image became diluted and lost its influence as a luxury manufacturer. Which of the following disadvantages of cobranding does this example illustrate? A. Overexposure B. Lack of perceived quality C. Accommodation D. Loss of control

Overexposure

Since Maytag's appliances have earned a reputation as being reliable and durable, John decided to buy a new Maytag washing machine, and was willing to buy it despite the fact that it was more expensive than other brands. Which dimension of brand equity does this example illustrate? A. Brand loyalty B. Brand connection C. Perceived quality D. Brand strategy

Perceived quality

Prices of products are often higher in a foreign country than the home country due to transportation charges, taxes, tariffs, and exchange rate fluctuations. This change in price from home country to foreign country is referred to as _____. A) Market price B) Cost-based pricing C) Price escalation D) Cost-plus pricing

Price escalation

When Sunshine Inc., a cosmetics manufacturer, introduced an additional line of perfumes, the response from its existing customers was good. According to Igor Ansoff's Product-Market Matrix, this is an example of the _______ strategy. A) Market Diversification B) Market Penetration C) Product Development D) Market Development

Product Development

What are the 5 stages of product life cycle? At which stage, sales are growing at an increasing rate?

Product development Introduction Growth Maturity Decline At the growth stage sales are growing at an increasing rate

What is the definition of product strategy? What are three components of product strategy?

Product strategy is the action plan for the product. The three components are: Where are we headed? How will we get there? What will we do?

What are two main product objectives?

Profit and Growth

After months of in home research, Kraft discovered that its customers often transferred chips ahoy cookies to jars to keep them from going stale. The company solved this problem by creating a patented resealable opening on the top of the bag. This is an example of the______ A. Usage promotion B. Harmony C. Protection D. Communicatio

Protection

Lever Brothers, a worldwide leader in consumer products, follows a brand strategy in its personal care division with nine brands (AXE, Lifebuoy, Lux, Ponds, Rexona, Sunsilk, Signal, and Vaseline) that operate independently of one another. This is an example of _____ branding. A. National B. Store C. Family D. Stand-alone

Stand-alone

After shopping around, Janine bought a top-of-the-line Vitamix, but when she got home she was worried that she spent too much and should have bought a less expensive juicer. Janine was experiencing post-purchase dissonance. T/F

True

An attitude is a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way. Attitudes are seldom if ever neutral. T/F

True

Different target markets will view the same product in completely different ways T/F

True

Package labeling represents the last marketing opportunity before purchase decision T/F

True

Small companies have to invest a lot of money to go global. T/F

True

The first step in moving into global markets is to evaluate the market opportunities. T/F

True

The perceived quality of a brand enables companies to extend the product range, can lead to a price premium opportunity, and is a differentiator in the market. T/F

True