Marketing Final Exam Review (Multiple Choice)

Which of the following products is most likely to have a long distribution channel? a. Mining equipment b. Bars of soap c. Dairy products d. Drinks sold in vending machine

b. Bars of soap

When a product is used in the production of another good that is destined for resale, the product is considered as a(n): A. Consumer product B. Business product C. End Product D. Used product

B. Business product

Which of the following statements is true regarding the interaction between a company and its customers? A. Marketers must adhere to traditional performance measures to formulate customer-based missions and goals. B. Customers have greater loyalty to a company after a conflict has been resolved than if they had never complained at all. C. As happy customers typically talk about their buying experiences more than unhappy customers do the cost of dissatisfaction incurred by a company tends to be low. D. Any method that makes it easier for customers to complain ends up demonstrating the ineptitude of a firm.

B. Customers have greater loyalty to a company after a conflict has been resolved than if they had never complained at all.

If a company markets its breakfast cereal to children, it is using _____ segmentation to segment its markets. A. Psychographic B. Demographic C. End-use D. Geographic

B. Demographic

_____ are trade restrictions that limit the number of units of products in certain categories that can cross a country's boundary for resale. A. Protective tariff B. Embargoes C. Import quotas D. Subsidies

C. Import quotas

The term customer relationship management refers to a combination of strategies and tools that attempts to: A. Create good relationships between all wholesalers and retailers in the distribution channel B. Retain customers by offering lower prices on the purchase of specific products or services C. Develop a network of interconnected business involved in the ultimate provision of products and services required by end customers D. Reorient an entire organization to a concentrated focus on satisfying customers

D. Reorient an entire organization to a concentrated focus on satisfying customers

Which of the following is an example of advertising? a. A billboard with the images of a celebrity endorsing a product b. Conspicuous placing of a product in a popular T.V. show c. Giving away a free sample of product d. Holding a contest to give away a product

a. A billboard with the images of a celebrity endorsing a product

Which of the following best represents the complete sequence of suppliers and activities that contribute to creating and delivery of merchandise? a. A supply chain b. Warehousing c. Direct channeling d. Materials handling system

a. A supply chain

Which of the following is a dimension of Porter's Five Forces model? a. Bargaining power of the buyers b. Existence of second-movers c. Existing firms in the business environment d. Rivalry among strategic business units

a. Bargaining power of the buyers

Promotional campaigns conducted by a firm during the introductory stage of a product life cycle generally focus on: a. Informing the market about the product and explaining its features b. Narrowing the market segment through selective advertising c. Comparing the firms product with those of competitors d. Showing new and alternative uses for this product

a. Informing the market about the product and explaining its features

The United States is the world's largest exporter of _____. a. Services b. Crude oil c. Consumer electronics d. Passenger cars

a. Services

An event management company decided to use radio advertising in order to promote an upcoming music festival. The executives of the company suggested various activities that could be used for the radio campaign. These activities are part of the company's ______. a. Tactical planning efforts b. Standard operating procedures c. Weekly scheduling plans d. Unit wise budgeting plans

a. Tactical planning efforts

Which of the following is most likely to break through a person's perceptual screen? a. Unique packaging b. Black and white classified ad c. Simple message, simple background d. A few colors used in an ad

a. Unique packaging

Since each purchase decision possesses unique circumstances, presentations are a. Usually flexible and can be modified to suit customer needs b. Often prepared in detail ahead of time c. Generally somewhat negative and disorganized to potential clients d. Usually short on detail, lacking current price quotes and specifications

a. Usually flexible and can be modified to suit customer needs

Which of the following is true of convenience products? a. Consumers generally don't have prior need recognition of them before purchasing b. Consumers tend to purchase them immediately and with minimal effort c. Consumers tend to buy them after comparing them to competing products d. Consumers tend to buy them because of their prestige

b. Consumers tend to purchase them immediately and with minimal effort

Analysis has shown that ingredients account for less than 5% of a perfume's cost. So, if a perfume sells for $135 per ounce, it reflects the marketer's adoption of a pricing objective that focuses on: a. Expanding market share b. Creating image or prestige c. Meeting competition d. Maximizing sales

b. Creating image or prestige

Monitoring local newspapers and television new shows for general information relating to a firm's business would be an example of: a. Economic analysis b. Environmental scanning c. Socio-political manipulation d. Technological development

b. Environmental scanning

A negative cash discount is used by a seller to: a. Reduce prices on a one-time only basis b. Improve its liquidity position and cut collection costs c. Return the cost incurred by channel members d. Reduce prices

b. Improve its liquidity position and cut collection costs

St. Ives and Dove beauty products, marketed by Unilever, are examples of _____ brands. a. Family b. Individual c. Generic d. Captive

b. Individual

Which of the following is a unique feature of social media marketing? a. It is limited by geographical boundaries b. It creates ways for customers to engage in conversations with each other and the organization. c. It seeks to control the content and message received by the audience d. It mainly focuses on promoting the company outright rather than focusing on the audience

b. It creates ways for customers to engage in conversations with each other and the organization.

Frame Us is a talent agency focusing on the youth looking to enter Hollywood. As part of their marketing strategy, Frame Us generates time and place utility by: a. Creating a nationwide ad campaign to attract applicants b. Launching road shows across cities and conduct talent hunts at campuses during Thanksgiving. c. Endorsing their services using celebrities from Hollywood. d. Opening a well-equipped studio with pre and post facilities.

b. Launching road shows across cities and conduct talent hunts at campuses during Thanksgiving.

B2B marketing has been shown to: a. Create price increases in the distribution component of the marketing mix b. Make it possible for marketers to find new markets and customers c. Lag behind B2C transactions in terms of volume and revenue generation d. Increase purchasing cost by nearly 25%

b. Make it possible for marketers to find new markets and customers

A skimming price strategy is more commonly used by firms to: a. Reduce the raised prices of products to the original level b. Set a market-entry price for goods with little competition c. Set a low price when they enter a highly competitive market d. Set stable prices that undercut other retailers

b. Set a market-entry price for goods with little competition

The AIDA concept refers to steps in: a. Development of an IMC program b. The consumer purchase decision process c. The distribution process d. The production process

b. The consumer purchase decision process

Personal selling is likely to be the primary component of a firm's promotional mix when: a. The firm markets inexpensive products that require special handling b. The transaction involve trade-ins c. The price of the product is relatively low d. The firm markets to a large, geographically dispersed market

b. The transaction involve trade-ins

Johnathan Nash, age 60, spends most of his leisure time networking with family online or surfing the web. He can be classified as: a. A social animal b. A generation X'r c. A baby boomer d. A web addict

c. A baby boomer

Which of the following is an example of a specialty store? a. A discount store b. A hypermarket c. A men's shoe store d. An off price retailer

c. A men's shoe store

Which of the following can be categorized as a tariff? a. A tax exemption provided to domestic firms that import goods b. A tax levied on domestic importers to maintain quality c. A tax levied on foreign producers to prevent dumping of goods d. A tax exemption to help domestic farmers

c. A tax levied on foreign producers to prevent dumping of goods

Which of the following social media platforms gives users a place to save, organize, or manage links to other websites or other internet resources? a. Social news sites b. Social networking site c. Bookmarking site d. Blogging site

c. Bookmarking site

A product is said to have achieved brand preference when: a. It is familiar to the consumer b. It can be sold at a discount c. Customers recognize it and choose it over its competitors d. The product has attained monopoly status with its customers

c. Customers recognize it and choose it over its competitors

After Identifying a target market a retailer must: a. Concentrate on determining ideal levels of inventory to be maintained b. Devise plans to expand the target market c. Develop market strategies to attract customers to its store or site d. Further segment the market, focusing on family and lifetime value

c. Develop market strategies to attract customers to its store or site

The organizational buying process differs from the consumer purchase process as the organizational buying process: a. Involves few decisions makers in making decisions b. Is informal and less professional c. Requires a longer time frame because of complexity of the decisions d. Generally involves purchase of highly standardized products

c. Requires a longer time frame because of complexity of the decisions

Assume you want to increase the number of customers by applying the marketing concept. Which of the following strategies would be most consistent with this approach? a. Reduce product cost b. Offer more product variety than competitors c. Target markets d. Employ expensive labor

c. Target markets

When Sara developed a headache due to stress just before a Marketing exam, she quickly bought a pain reliever from a nearby pharmacy. This is an example of buying a(n): a. Shopping product b. Staple good c. Unsought product d. Impulse product

c. Unsought product

A company has introduced a new product in the market. The company distributes free samples of it so that people can try it. This product is at the _____ stage of brand loyalty. a. Brand insistence b. Brand association c. Brand preference d. Brand recognition

d. Brand recognition

In the context of the consumer diffusion process, _____ constitute the final group of consumers that make trial purchases of a new product. a. Innovators b. Late majority c. Senior citizens d. Laggards

d. Laggards

Which of the following is most likely to be a reason why consumers prefer shopping online? a. Online purchases offer reduced credit terms b. E marketers offer better warranties c. Free shipping d. Online stores allow customers to compare prices and features at their leisure

d. Online stores allow customers to compare prices and features at their leisure

At what stage of the consumer decision-making process is cognitive dissonance most likely to occur? a. Search b. Evaluation c. Purchase decision and purchase act d. Post purchase evaluation

d. Post purchase evaluation

Gourmet restaurants and fast food chains cater to the same want satisfaction- a place to eat. However, at the gourmet restaurant, you experience fine food, great service, whereas at the fast food chain you may have to serve yourself. Which of the following best represents this difference? a. Services are intangible b. Companies cannot easily standardize services c. Services are perishable d. Service standards show wide variations

d. Service standards show wide variations

Your firm manufactures motorcycles for the consumer market. You purchase raw materials to build the motorcycles from a variety of suppliers in the United States and abroad. The volume of your raw materials purchases is a function of the customer demand for your firms motorcycles. Which of the following best describes the type of demand your firm has for these raw materials? a. Forecasted demand b. Volatile demand c. Customer-driven demand d. Joint demand e. Derived demand

e. Derived demand