MKTG 480 Final

28. Which of the following formulas defines profit? a. (price X quantity)- (fixed costs)-(variable cost X quantity) b. price- quantity -(fixed costs x variable costs ) c. price + (quantity- fixed costs) X variable costs d. price x (quantity - fixed costs)+ variable costs

(price X quantity)- (fixed costs)-(variable cost X quantity)

7. What order is correct for the marketing framework? a. 5C's , 4P's, STP b. 4P's, 5C's, STP c. 5C's, STP, 4P's d. STP, 5C's, 4P's

5C's, STP, 4P's

42. What is the method for trying to objectively assess one's own corporate strengths? a. STP b. SWOT analysis c. 4Ps d. 5Cs

SWOT analysis

34. Which of the following is a psychological factor? a. Attitude b. Education c. Age d. Country

attitude

21. Sensory and perceptual perceptions impressions can become______. a. Brand associates b. Perceptual fluency c. Brand names d. Catch slogans

brand associates

39. Selling company produces its product in batches of 100, yet its average customer only purchases ten at a time. In order to encourage sales, Selling Company must make their product available to be sold in smaller batches. This process is known as __________. a. Quantities b. Breaking bulk c. Limited goods d. None of these

breaking bulk

41. If a market looks attractive, but a firm is not particularly skilled in the market, a key question is whether the firm can develop sufficient _________. a. Opportunities b. Segments c. Capabilities d. Products

capabilities

42. the downstream partners that help a company reach consumers comprise the _______. a. Supply chain b. Logistics c. Distribution channel d. Channel members

channel members

3. What do the letters CMO represent? a. Chief Management Officer b. Central Marketing Organization c. Central management officer d. Chief Marketing Officer

chief marketing officer

33. The fact that snow blowers tend to sell better in the north rather than in the south, illustrates the importance of considering ____________ in marketing planning. a. Climate b. Urban living c. Culture d. Educational

climate

4. An example of a tangible purchase is__________. a. Consulting advice b. The symphony c. Financial services d. Clothing

clothing

8. A company has its best chance of keeping its customers happy if it's in close ______________ with them. a. Context b. Communication c. Cooperation d. Support

communication

44. Company ABC's brands and products have perceived strengths, and its marketing department needs to consider what they can do to assure that these will be sustainable______. a. Market segments b. Target markets c. Competitive advantage d. Opportunities

competitive advantages

49. A lot of estimates go into final calculations of market size, so each component needs to be as precise as possible so any errors in the calculations are NOT ___________. a. Ignored b. Calculated c. Computed d. Reduced

compounded

19. All of the following are stages in the product life cycle except: a. Growth b. Maturity c. Introduction d. Concept testing

concept testing

33. What is the marketing manager's favorite tool to studying pricing? a. Conjoint b. Surveys c. Scanner data d. Meta- analysis

conjoint

16. Adam and Jose are attempting to identify the bundle of product features most likely to attract customers. Jose argues that they should conduct a(n) _______________, which involves comparing different combinations of attributes and the customer simply determines which product combination sounds best, next best and so on. a. Focus group b. Interview c. Conjoint study d. Web survey

conjoint study

14. Whether the buyer is a consumer or a business the buying process is ________. a. Consistent b. Inconsistent c. Exhausting d. Simple

consistent

32. (Price- variable cost) is also called___________. a. Profit b. Contribution per unit to fixed costs c. Maximize sales volume d. Fixed price units per contribution

contribution per unit to fixed costs

15. A_____ item is something that is purchased without much thought before the purchase. a. Quick b. Specialty c. Convenience d. Shopping

convenience

5. Which of the following is not part of the 5 C's a. Context b. Customer c. Corporation d. Competitors

corporation

14. The process of developing new products depends first on a company's ______________. a. Bottom line b. Size c. Location d. Culture

culture

31. Which of the following is not a demographic variable? a. Gender b. Age c. Culture d. Education

culture

36. One behavioral segment of great importance to the market is the __________ of the local brand because it is relatively easy to communicate to this group. a. Past user b. Future user c. Current user d. Non-user

current user

6. Fundamentally, the best marketers put themselves in place of their___________. a. Company b. Customers c. Competitors d. Friends

customers

29. Company ABC segments customers by gender, age, education, and income, Company ABC's segmentation is based on ___________ factors. a. Demographic b. Geographic c. Psychographic d. Behavioral

demographic

37. Some customers are currently using a competitor's brand or aren't even purchasers in a certain category at all. It is ____________ for marketers to identify these people. a. Difficult b. Easy c. Impossible d. A bad idea

difficult

25. What growth strategy combines new markets and new products? a. Market penetration b. Product development c. Market development d. Diversification

diversification

5. Which of the following are pure goods? a. Rock concerts b. DVDs c. Sporting events d. Consulting

dvds

9. Which of the following are pure goods? a. Rock concerts b. DVDs c. Sporting events d. Consulting

dvds

38. The idea that price is actually negotiated between the buyer and seller refers to which of the following terms? a. Fixed pricing b. Sensitivity pricing c. Dynamic pricing d. None of these

dynamic pricing

23. The _________________ are more risk averse and waiting to hear that earlier adopters have had favorable experiences with the new product. a. Early adopters b. Late majority c. Innovators d. Early majority

early majority

10. Great marketing is based on ___________ laws of human and organization behavior. a. Philosophical b. Feelings about c. Intuitive d. Economic and psychological

economic and psychological

11. It is helpful to think of goods and services as ____________. a. Existing along a continuum b. Similar c. Different d. Comprised of both logistics and tangible items

existing on continuum

35. A price's role as a cue is so strong that prices are known to contribute to the formation of ___________ a. Beliefs b. Expectations c. Decisions d. Explanations

expectations

7. ____________ Qualities are those that require some trial or consumption before evaluation. a. Search b. Product c. Credence d. Experience

experience

17. What terms refers to using customer data to try to predict the product's likely success? a. Forecasting b. Foreshadowing c. Test marketing d. Profit prediction

forecasting

32. Newlyweds are most likely to spend money on which of the following? a. Charitable giving b. Furniture c. Music d. Health care

furniture

45. If a market segment looks attractive, and serving that segment fits our corporate abilities, then we should____________. a. Avoid it b. Collect some data c. Do some analysis d. Go for it

go for it

8. _______________ are dominated by search and experience qualities. a. Goods b. Services c. Purchases d. Products

goods

50. Company XYZ is considering launching a new MP3 player product. It has sized the market and it looks attractive; however, the company would also be wise to predict the ________ of the market to better assess its attractiveness. a. Population b. Segments c. Growth d. Moving average

growth

58. A CEO is considering how he wants his company to be positioned. He has thought of it as "the coolest brand" and also the one with the best value. Which of the following is true about his predicament? a. He should definitely try to have the coolest brand. b. She should definitely try to have a brand with the best value c. He can probably achieve either of these goals, but not both d. He can achieve both of these goals

he can probably achieve either of these goals, but not both

27. The contrast between mass marketing and one-to-one marketing illustrates that segments become more__________ as they increase in size. a. Heterogeneous b. Favorable c. Homogeneous d. Unfavorable

heterogenous

16. Customer involvement is ________ on a B2C specialty purchase. a. Very low b. Low c. Medium d. High

high

55. __________in perceptual maps offer(s) intriguing possibilities for new market opportunities. a. Brands b. Holes c. Targeting d. Positioning

holes

15. Marketing management is involved throughout the new product development process in the ________ stage. a. Test marketing b. Concept testing c. Product development d. Idea- generation

idea generation

23. Marketers use Maslow's Hierarchy of need by________. a. Focusing their advertising on a particular level b. Focusing on self-actualization needs c. Looking at which needs yield the largest profits d. Identifying their product with a certain level of needs

identifying their product with a certain level of needs

52. Positioning is mostly_________. a. Identity b. Physical elements c. Targeting d. Advertising

identity

17. If you are not in the market for a new house, you will most likely ____ ads for a new house. a. Hear b. See c. Ignore d. Pay attention to

ignore

26. Considering a continuum from "mass marketing" to "one-to-one marketing" market segmentation is _____________. a. Very close to "mass marketing" b. Very close to " one-to-one marketing" c. In the middle d. On a different continuum

in the middle

29. If a change in price barely affect quantity demanded, that means the demand is _______. a. Supplied b. Inelastic c. Unstable d. Elastic

inelastic

22. The _____________ are 3-5% of consumers who like to try new ideas and are willing to take risks. They tend to be relatively educated, and capable and confident in assessing information about a product on their own. a. Early adopters b. Innovators c. Early majority d. Laggards

innovators

43. Strengths are _________. a. Internal and favorable b. Internal and unfavorable c. External and favorable d. External and unfavorable

internal and favorable

2. Orbitz offers low - price tickets on flights because_____________ a. They are in competition with airlines b. It is something that benefits customers c. They accept a low margin d. Their business model is based on promotions

it is something that benefits customers

12. What can be marketed? a. Vacation destinations b. Professional athletes c. Just about anything d. Clothes

just about anything

22. With repetition and elaboration, associates can get into_____________. a. Brand associations b. Short-term memory c. Brand names d. Long-term memory

long-term memory

34. Profit maximization occurs when marginal revenue equals____________. a. Marginal profit b. Marginal sale c. Marginal costs d. Non of these

marginal costs

24. _____________ is a path we take when we're settled on our product mix and we think there are more segment opportunities to target. a. Product development b. Market penetration c. Market development d. Diversification

market development

20. In which phase of the Product Life Cycle is customer awareness getting stronger, and there may be some buzz in the marketplace. a. Market introduction b. Decline c. Market growth d. Maturity

market growth

18. In order to calculate sales potential, we need to know what three things? a. Market price, purchase potential, target market b. Test market size, purchase intention, target market c. Market intention, purchase potential, price d. Market potential, purchase intention, price

market potential, purchase intention, price

36. Big Time Products, Inc. sets high prices for its products, and the company seeks profit margin, not volume, in which strategy is Big Time Products engaged? a. Market production b. Market skimming c. Market penetration d. Price fixing

market skimming

1. Which of the following is defined to be an exchange between a firm and it's customers? a. Advertising b. Consumer behavior c. Marketing d. Finance

marketing

21. Company ABC is about to launch a fuller product line in an effort to satisfy more customer segments in the market. Given these activities, Company ABC's current product(s) is most likely in which stage of the product life cycle? a. Maturity b. Market introduction c. Decline d. Market growth

maturity

35. Some customers are known for their expertise and involvement in a category and area willing to share information and give advice, making them likely to generate word of mouth. These people are known as market____________. a. mayhems b. mavens c. sharers d. sellers

mavens

31. If your fixed costs (including marketing, advertising, R&D, depreciation, etc.) are high relative to variable costs (which include labor per unit components), the strategic objective is to: a. Maximize per unit margins b. Eliminate advertising c. Maximize sales volume d. Raise the price as much as possible

maximize sales volume

28. As segments increase in size, it becomes ____________ to satisfy them with the same product. a. More difficult b. Easier c. Cheaper d. More fun

more difficult

57. If a company promotes broadly and heavily, they are probably looking to ___________. a. Create a niche market b. Offer low prices c. Move a lot of merchandise d. Distribute through selective channels

move a lot of merchandise

30. Regarding the phrase "time is money", what type of effect does time seemingly have on money? a. Positive effect b. No effect c. Little effect d. Negative effect

negative effect

40. Marketers target certain segments because it's _______ to try to be all things to all people. a. Easier b. Strategic c. Not advisable d. Advisable

not advisable

56. Which of the following is not true according to this perceptual map? a. Customers view Lexus and Lincoln as most interchangeable of the brands b. The Tesla and Prius are not competing with each other c. People in segment 1 prefer Tesla or Prius to Lincoln or Lexus d. People in segment 2 seek nice luxury at inexpensive prices

people in segment 1 prefer Tesla or Prius to Lincoln or Lexus

24. Differences in __________ and preferences require that different products be provided to satisfy the different segment's needs. a. Companies b. Targets c. Perceptions d. Consumers

perceptions

53. Marketers and senior managers like to see graphical depictions of where their brands are, and where their competitors are in the minds of their customers. What are these called? a. Histograms b. Perceptual maps c. Genograms d. Opinion charts

perceptual maps

13. During the ____________ phase of the purchase process, the customer identifies a difference between an actual state and a desired state or that something is lacking. a. Purchase b. Pre-purchase c. Post purchase d. Preliminary

pre-purchase

26. Lee is the product manager for a software program sold by company ABC. IN evaluating the product, Lee determines that something just isn't right with how the software program is marketed to potential customers, and he feels a change is necessary. Which of the following marketing mix variables is easiest for Lee to change? a. Promotion b. Price c. Place d. Product

price

37. What are temporary price cuts or the issuance of coupon referred to as? a. Price promotion b. Price sensitivity c. Price discrimination d. Price instability

price promotions

27. _____________ is greater when the item is a luxury good rather than a necessity, when many substitutes are available, or when the Purchase is a relatively big one. a. Price sensitivity b. Product sensitivity c. Place sensitivity d. Promotion sensitivity

price sensitivity

1. A _________ is the general term used to describe both goods and services. a. Price b. Product c. Promotion d. Place

product

2. What did the early marketplace primarily focus on? a. Product b. Promotion c. Price d. Place

product

9. The question, "Will customers want what your company is prepared to produce?" best describes which of the 4 P's? a. Product b. Price c. Place d. Promotion

product

13. A ______________ is comprised of several product lines that can vary in breadth and depth. a. Product mix b. Marketing mix c. Company d. Service

product mix

46. Corporate strengths should be assessed relative to a firm's competitors in order to understand customers and their _______. a. Market segments b. Awareness c. Demographics d. Purchase choices

purchase choices

51. Determining which segments to target depends on an interplay between _______ issues. a. Quantitative and strategic b. Qualitative and statistical c. Calculation and estimation d. Practical and theoretical

quantitative and strategic

40. Pixar makes fun movies. What role does the movie theater play in the distribution channel? a. Manufacturer b. Distributer c. Retailer d. Customer

retailer

6. __________ Qualities are those attributes that may be evaluated prior to purchase, as the customer learns about the competitive offerings. a. Credence b. Experience c. Search d. Product

search

25. Company ABC is interested in better understanding how different products be provided to satisfy the different segment's needs. a. Position its product in the market b. Segment the market c. Mass market d. Target market

segment the market

39. Company ABC operates a nail salon that specializes in artificial nails. It has two primary____________ women who get their nails done frequently , and women who continuously wear fake nails. a. Segments b. Positioning c. Levels of awareness d. Market size

segments

38. The idea of targeting is merely one of _________. a. Surveying b. Assessing c. Analysis d. Selection

selection

3. Marketers have long realized the benefits of morphing _______ purchase- transactions exchanges into long-term relationship marketing. a. Short-term b. High quality c. Customer d. Product

short term

54. Brands depicted as points in the map close together are those perceived as ______. a. Similar b. Different c. Expensive d. High-quality

similar

48. Company ABC is attempting to project the growth rate for a new product market. In order to project the growth rate, the firm will first need to ________ a. Create the product b. Size the market c. Promote the product d. Estimate goals

size the market

20. When an ad is shown for such a short time that doesn't meet the threshold of consciousness, it is called___________. a. Fast b. Liminal c. Subliminal d. Unconscious

subliminal

10. What has consequences in the interaction between the service provider and the customers? a. The inseparability of production and consumption b. The perishability of the item c. The age of the customer d. The elasticity of demand

the inseparability of production and consumption

4. What is one of the largest factors stressing out marketers these days? a. The pressure of increase stock price b. The pressure to prove they are valuable c. The pressure to show results d. The pressure to produce more money than R&D

the pressure to show results

30. Which of the following is NOT true about the price- sensitive segment? a. They are deal prone b. They will run to competitor if we raise prices c. If prices get too high they may completely drop out of the category d. They'll buy our brand no matter what

they'll buy our brand no matter what

18. Why do women who work the cosmetic counter in department stores wish to spray you? a. To get you to notice the name of the perfume b. To get you to notice the package of the perfume c. To appeal to your sense of smell, and make you remember that product d. So you smell better

to appeal to your sense of smell, and make you remember that product

19. Creating well-designed products is the predominant way of conveying brand imagery through________. a. Smell b. Touch c. Sight d. Sound

touch

12. The central element of what is purchases is called the "Core, " and anything bought on top of that is called what? a. Promotions b. Goods c. Value added d. Extras

value added

47. Which of the following is true about this company based on the perceptual map? a. We dominate competitor 3 on quality b. We dominate competitor 3 on price c. We are dominated by competitor 1 on price d. We are dominated by competitor 2 on quality.

we dominate competitor 3 on quality

41. The ______ of channels is a network of suppliers and providers, and the _______ of channels is efficiency, scales, and consistency in positioning. a. Who, what b. What , who c. Why, what d. What, why

what, why

11. The marketing framework can be used when you're ___________. a. Buying a car b. Working a case for class c. Trying to decide where to eat lunch d. Doing your taxes

working on a case for class