Marketing Exams

In class, the instructor identified a major U.S. firm that permits its workers to spend as much as 10% or more of their time on the job working on their own personal innovations?

3M

Jonathan prefers shirts made with a fabric having a 50% cotton - 50% man-made fiber blend, but he will sometimes buy shirts with less cotton if they are less expensive. Jonathan uses ____________ to decide which shirts to buy.

A compensatory decision rule

Customers must see value in product or service before they are willing to exchange time or money to obtain it, but not all customers see the same value in a product. To analyze how many units will be sold at any given price point, marketers draw on

A demand curve

The RFP stage of the B2B buying process is NOT required for

A straight rebuy

Which of the following statements best describes global expansion through a strategic alliance?

A strategic alliance is a relationship in which two firms collaborate on a business opportunity, but do not invest in each other.

According to the instructor, a distributor is

A wholesaler who buys and stocks inventory of products and resells the products to other businesses.

Which of the following is NOT one of the five dimensions, or "building blocks" used by consumers to determine overall service quality?

Acceptability

Barbara is using a test model of her firm's new inline skates to see if they work according to the design specifications. Barbara is involved in

Alpha testing

In class, the instructor indicated that he differed with the textbook regarding the SHAPE of the Product Life Cycle curve. Which of the items given below indicates the shape of the curve, according to the instructor?

An S-shaped curve

According to the textbook, which of the following entities are NEVER involved in B2B transactions?

Any of a., b. or c. can be involved in B2B transactions (Governments, institutions, and resellers)

In class, the instructor expressed the notion that the concept of "income elasticity of demand" was misrepresented in the text. Which of the following was stated by the instructor to be the correct description of "income elasticity of demand"?

As people's incomes increase, the percentages of the incremental monies that they earn and that are devoted to different categories of products tend to change.

In class the concepts of cross price elasticity of demand for (a) substitute products (A and B) and (b) complementary products (C and D). Which of the following is correct?

As the price of A goes up, demand for B goes up

In class, the instructor discussed a Power Point screen that had the following title: "Cost-based Methods [of Pricing]". Which of the following bullet points, all taken from that screen and purportedly concerning assumptions that underlie these pricing methods, did the instructor indicate was an INCORRECT assumption?

Assumes costs don't vary for different levels of production

The knowledge of and courtesy by employees and their ability to convey trust and confidence is the definition in the text for

Assurance

A product warranty is part of the

Augmented product

A noncumulative B2B quantity discount is

Based only on the amount purchased in a single order

According to the instructor the MAIN IMPACT of import tariffs (taxes in imported goods) on an importing country's economy is that they

Cause the importing countries' producers to cease to be globally competitive based upon their protection from foreign competition.

Which of the following is NOT one of the "unsought" goods brought up in class by the instructor?

Certificates of Deposits (CDs) with low interest rates

Though he has never owned a Jaguar, Jerry thinks they are poorly made and have many mechanical problems. For Jaguar to sell Jerry a car, the company would need to change the _______ component of Jerry's attitude.

Cognitive

What is the name of the psychological phenomenon where the consumer experiences feelings of conflict after a purchase has been made, due to there being no clearly-preferred choice available prior to the consumer's making the purchase?

Cognitive dissonance

Firms can close a ________ gap by being more realistic about the services they can provide and managing customer expectations

Communication

Sometimes brand names become synonymous with the product itself. If that happens, the brand

Could lose its trademark status

The Gaps Model is designed to highlight those areas where

Customers believe they are getting less or poorer service than they should

Through analysis of sales data, Price-cutters retail store found that customers who bought peanut butter also tended to buy bananas. Price-Cutters was engaged in

Data mining

According to the textbook, what step was left out of "The Marketing Research Process," as presented in the textbook?

Defining the problem

Form class, which of the following segmentation strategies is the most commonly use segmentation strategy in the U.S.?

Demographic

Sales of electric components manufactured by Rick's company depend on sales of new cars. Rick's company faces ________ demand.

Derived

Which of the following refers to the customer's perception of the benefits he or she received compared to the costs (inconvenience or loss) experienced by the customer?

Distributive fairness

Which of the following is NOT a "social cultural factor" discussed in the text?

Each of a. b. and c. was discussed in the text (individualism, masculinity, time orientation)

According to the textbook, which of the following items is NOT a part of "determining psychographics"?

Each of the preceding is a part of "determining psychographics"

In class, regarding the Power Point screen entitled "Value of Branding for the Customer", which of the items below did the instructor point out was NOT PRESENTED as a positive feature for the COMPANY regarding its branding its products?

Enables the company to assign a higher price for the product

A successful "first mover" firm creates a market or a product category. Such a firm often benefits from being recognizable to consumers and

Establishing an early market share lead

Which of the following "sets" of products is the one where the consumer would consider making a purchase from the "set" of products?

Evoked set

When the value of the U.S. Dollar declines in relation to the value of other countries' currencies, it benefits U.S. marketers who

Export goods to other countries

In class, the instructor illustrated the use of "leader pricing" of beer by a food retailer that was subsequently bought by one of the following food retailing companies. Which of the following companies is that company?

Food lion

In class, the instructor discussed the price elasticity of demand for many prestige products. Which of the following items was brought up as true in that discussion?

For at least a certain segment of the demand curves for those products, the price elasticity of demand is positive

According to the instructor, which of the following is most associated with the pricing of prestige products?

Frequently involves using relatively high prices

Which of the following products did the instructor use in class to illustrate the use of "odd prices" at retail?

Gasoline

For which of the following companies did the instructor say that he performed "data mining" consulting in the past?

Gate City Savings and Loan

For which of the roles of the "Buyin Center" (e.g., Decider, initiator) did the instructor say that the textbook MISAPPLIED in an example involving an insurance company?

Gatekeeper

According to the instructor, which Fortune 500 corporation was, prior to 2007, known for "Target return pricing"?

General Motors

According to the instructor, the CEO of Zappos shoe online retailing company chose to have headquarters in Las Vegas becasue

He attended the "Burning Man" festival in Nevada

Innovators are a critically important group of new product adopters because they

Help the product gain market acceptance

Retailers' using "keystoning" as a price strategy

Ignores consumers' sensitivity to change in price

According to the instructor, which of the following is NOT a part of "lifestyle"?

Income

A study found that, among addicted smokers, a 10 percent increase in the price of cigarettes resulted in a 2 percent decrease in quantity demanded. For these consumers, cigarettes have a(n) ________ price elasticity of demand.

Inelastic

Melanie is the director of human resources for a small manufacturing firm. She has a strong personal interest in technology, and is known throughout the firm as one of the first to hear about and use new kinds of technologies. If the firm decided to upgrade its network, Melanie will probably function in what role in the firm's buying center?

Influencer

Price skimming focuses on selling products to _______ and _______ in the consumer product diffusion process.

Innovators..... early adaptors

Ryan believes he is responsible for his actions, and he will conduct extensive searches before making a purchase. Michael's favorite phrase, when confronted by the need to make a decision, is, "Whatever." In marketing terms Ryan is said to have a(n) _________ and Michael, a(n) _______.

Internal locus of control; external locus of control

According to the instructor, a "slotting allowance"

Is a vendor allowance

Assuming that a market research study will answer important questions and reduce uncertainty associated with the proposed project, the other major question that needs to be addressed before starting the study is

Is top management committed to the study

Which part of the brain did the instructor claim was most involved when a consumer is making a "high involvement" purchase?

Left side of the brain

Generally, firms entering foreign markets begin with

Less risky strategies first.

In class, which of the following decision rules did the instructor bring up where a consumer buyer uses one and only one factor (variable) to make the purchase decision?

Lexicographic decision rule

Which of the following is NOT a common business-to-business pricing tactic?

Loss leader pricing

For marketers, one of the benefits of having achieved brand loyalty is

Lower marketing costs associated with reaching loyal customers

In a Power Point screen that dealt with such concepts as "differentiated" and "undifferentiated," the screen had the following items presents what the instructor indicated would be a much better title?

Market targeting strategies

In class, the instructor addressed the subject of the problems associated with market testing. Which of the items below was NOT mentioned by the instructor as illustrating these problems?

Market tests take a tremendous amount of management's time

Which of the following is an example of institutional buyer?

Mayo Clinic Hospital

Which of the following market targeting strategies is closely related to a company's use of "cookies"?

Micromarketing strategy

According to the instructor, the value of a brand is best calculated by calculating the

Net present value of all future cash flows attributed to the product

According to the instructor, the "buying situation" where the criteria to be used in making the purchase are first created is the

New buy situation

In the textbook, the authors discussed a segmentation strategy known as PRIZM, where two segmentation variables are used SIMULTANEOUSLY. Which of the following are the two segmentation variables that are used in PRIZM?

None of the preceding is correct

What is the name of the largest marketing research firm located in the United States?

None of the preceding is correct

Which of the following items refers to the notion that the production and consumption of a service take place simultaneously

None of the preceding is correct

Lorraine belongs to a national consumer panel created by a market research company. She regularly receives samples of new products from a variety of firms and fills out questionnaires about the products. The national consumer panel Lorraine is a part of is engaged in

Premarket testing

In class, the instructor pointed to the title of a Power Point screen as incorporating an incorrect phrase. Which of the items below is that INCORRECT phrase?

Product mix depth

After "need recognition", a business develops __________ that suppliers might use to develop their proposals.

Product specifications

the "big Mac" (as in McDonalds restaurants) index is a novel measure of

Purchasing power parity

When the market research problem is not clearly defined, a researcher will likely engage in _________ research.

Qualitative

Which of the following factors used to evaluate segment attractiveness was illustrated by the instructor when he made reference to "survivalists" as a possible market segment?

Reachable

Everyday Low Pricing (EDLP) provides value to consumers by

Reducing their search costs

In determining the price for his company's new pocket digital camera, Matt determines what consumers consider the regular or original price for similar cameras available in the market. Matt is assessing the influence of ___________ on his company's pricing strategy.

Reference prices

Inkjet personal computer printers were a big improvement over the dot matrix printers they replaced. Inkjet printers gained rapid acceptance in the marketplace because of their

Relative advantage

Health clubs often use a low, introductory price to get people to join their clubs. These low prices represent a ___________ pricing strategy.

Sales orientation

When the floor rusted through her old car, Kelly knew she had a problem. Logically, Kelly's next step in the consumer decision process would be to

Search for information

A marketing research project often begins with a review of the relevant

Secondary

According to the textbook, where in the STP process are issues related to "Strategy or Objective" classified?

Segmentation

Using the Values and Lifestyle Survey (VALS), which of the following "Primary Motivations" is most closely linked to persons who like physical activity, variety and risk?

Self-expression

According to the instructor, which of the following "Global Marketing Mix: Product or Service Strategies" is the most prevalent in international/export marketing?

Sell a product or service similar to tat sold in home country but INCLUDES ADAPTATIONS

Zappos, an online shoe company, knows shoes are typically a(n) __________ good, with consumers often spending time comparing alternatives. They overcome that aspect of consumers' search process by offering a free, no questions asked return policy.

Shopping

According to the textbook, some retailers have developed unique images are also known as

Store atmospherics

Which of the characteristics or features of focus group interviews did the instructor say was EXCLUDED from the description in the textbook.

That each focus group needed to be compromised of either all males or all females

In the textbook, a set of three "circles" was used to identify the "value proposition" when there was no overlap of the focal company's offering and competitive offerings. Which of the following identified the location of the company's "value proposition"?

The intersection of the focal "company offering" and "customer needs and wants"

The difference between the customer's expectations concerning the quality of a service and the firm;s perceptions of the customer's expectations is called the

The knowledge gap

What did the instructor say concerning the published results of his test of Maslow's Theory that involved the use of a sample of industrial salespeople?

The results did not identify a well-defined hierarchy of needs that is central to Maslow's Theory

Just as marketers create value by meeting the needs and wants of consumers, market researchers create value if

The results will be used in making marketing management decisions

Ford Motor Company decided to sell the Fiesta around the globe. Which of the following would be an example of "globalization" of the Fiesta?

The same product design and features in all countries, with variations in the promotional campaigns from one country to the next

Remember back to the case study entitled "Auto Trader.com: How Research Separates Fact and Fiction." Which of the following was NOT an objective of AutoTrader.com in performing the marketing research alluded to in the case?

To show dealers how they can reduce price competition with other dealers who did not advertise on the AutoTrader.com website

Brands are assets that can be legally protected through

Use of copyrights and trademarks

The oldest restaurant saying "You are only as good as the last meal served" reflects the fact that services are

Variable

According to the instructor, the actual job titles of persons who function in a specific capacity in the buying center of a company (e.g., gatekeeper)

Vary widely from one company to the next both within and across industries

In class, the instructor used a product to illustrate the role of "complexity" in the diffusion of innovations theory. Which of the items below is that product?

Video Cassette Recorders

According to the instructor, which of the following was the most important agreement behind the post-World War II dramatic increase in global trade?

general Agreement on Tariffs and Trade

The more substitutes that exist in a market,

the more sensitive consumers will be to changes in the price of a particular product