MKT333 FINAL EXAM

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except A) performance B) place C) price D) promotion E) product

A) performance

______ is communication by a marketer than informs, persuades, and reminds potential buyers about a product of service so as to influence their opinions and elicit a response A) Promotion B) Value co-creation C) Pricing D) A relational orientation E) Placement

A) Promotion

______________ provides a detailed, multi-pronged "Statement of Ethics" that can serve as a foundation for marketers. A) The American Marketing Association B) Johnson & Johnson C) The Advertising Association of America D) A group of well-respected marketing executives E) The Better Business Bureau

A) The American Marketing Association

Trina is developing a marketing campaign for an organic stain-removal product. As "stain removal" is rather dull, she is trying to educate consumers about the value and uniqueness of the product, and appeal to the environmentally conscious. Which of the follow is the best social media application for this task? A) blog B) YouTube C) Instagram D) Google+ E) LinkedIn

A) blog

Suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for a new beach resort. You are engaged in __________, a form of new idea generation A) brainstorming B) R&D C) licensing technology D) consumer research E) geodemographic analysis

A) brainstorming

When Amanda shops for lipstick, she always buys Really Red by Cover Girl. This is an example of A) brand loyalty B) brand awareness C) perceived value D) brand association E) brand equity

A) brand loyalty

When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz- Carlton, she was exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz- Carlton customer ever since. In this example, Ritz- Carlton demonstrated the macro strategy of A) customer excellence B) promotional excellence C) operational excellence D) global excellence E) product excellence

A) customer excellence

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 A) data mining B) focus group analysis C) behavioral analysis D) structured sampling E) syndicated surveying

A) data mining

Adidas Group owns Reebok, Rockport, and TaylorMade brands. Adidas uses the different brands to pursue a(n) ____ strategy A) differentiated targeting B) concentrated targeting C) benefit targeting D) micromarketing E) undifferentiated targeting

A) differentiated targeting

A(n) _______ is a small group of people brought together for an intensive discussion of a topic A) focus group B) data mining session C) social media site D) in-depth interview E) experiement

A) focus group

When mountain climbers purchase clothing for scaling Mount Everest, their purchases are primarily addressing ______ needs A) functional B) psychological C) functional and psychological D) social E) prepurchase

A) functional

When a firm pools its resources (money and marketing plans) with that of a local firm to enter a new market, they create a(n) A) joint venture B) direct investment C) strategic alliance D) export promotion E) franchise

A) joint venture

Typical demographic data include all the following except A) language differences B) gender C) income D) education E) race

A) language differences

One of the benefits of a differentiated targeting strategy is that it allows the firm to diversify its business and A) lower overall risk B) focus on a single market segment C) use undifferentiated strategies in micro markets D) decrease advertising spending E) more widely market basic commodities

A) lower overal risk

The _______ for natural skin care company Burt's Bees is to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you." A) mission statement B) executive summary C) financial plan D) company description E) market analysis

A) mission statement

The Apple iPod changed the way people listen to music but it also created an entirely new industry devoted to accessories such as cases, ear buds, docking stations, and speakers. The Apple iPod is considered a A) pioneer product B) introductory product C) diffused product D) early adopted product E) mature product

A) pioneer product

After reviewing the existing data on seasonal spending by his company's customers, Marvin decided he needed new information collected to address his research questions. Marvin will need _________ data to address the questions in his marketing research study. A) primary B) warehoused C) mined D) syndicated E) secondary

A) primary

Upscale men's and women's clothing stores like Nordstrom's, Neiman-Marcus, or Saks Fifth Avenue are more likely to appeal to consumers' __________ needs. A) psychological B) situational C) functional D) postpurchase E)safety

A) psychological

Manufacturers would prefer to produce in a country with a trade _______, because it signals a greater opportunity to export products to more markets. A) surplus B) balance C) discrepancy D) bonus E) deficit

A) surplus

When McDonald's comes up with a new drink or sandwich for its restaurants, it often markets it in a dozen or so of its outlets. When the company does this, it is engaged in A) test marketing B) pretesting C) product development D) concept testing E) product launch

A) test marketing

In 2006, Ford Motor Company announced it would severely cut back its automobile production. For parts companies supplying Ford its parts, this represented a(n) A) threat B) strategic plan C) weakness D) strength E) opporunity

A) threat

One of the goals of value-based marketing is A) to offer grater value than competitors offer B) to sell to all consumers, regardless of their needs C) to sell products for the highest possible price D) to provide the greatest value for the least profit E) to determine the value of the brand

A) to offer greater value than competitors offer

The complete set of all products offered by a firm is called its A) product breadth B) product line depth C) product categories D) product line E) product mix

E) product mix

_________ is distinguished from the other generational cohorts in that the group's oldest members are now collecting Social Security A) Generation X B) Baby Boomers C) Generation Y D) Generation Z E) Generation W

B) Baby Boomers

By providing good customer service, firms ________ their products A) eliminate the communication gap for B) add value to C) reduce the empowerment cost associated with D) increase the perishability of E) reduce the assurance for

B) add value to

Before Segay manufactured its two-wheeled people movers, it built a prototype and had staff engineers test it for performance and stability. At this stage, Segway was involved in A) concept testing B) alpha testing C) product launch D) beta testing E) test marketing

B) alpha testing

When there is a significant difference between the service customers receive and the service the firm promotes, the firm has a _________ gap A) delivery B) communications C) standards D) social expectations E) knowledge

B) communications

Psychographics is the segmentation method that delves into how consumers A) value their livelihoods B) describe themselves and what they like C) adjust to demographic changes D) allocate scare incomes to a variety of goods and services E) believe other people see them

B) describe themselves and what they like

One of the potential benefits to a firm of introducing new-to-the world products or services is A) the ability to avoid paying pioneers for new product development B) establishment of a completely new market C) the ability to capitalize on existing consumer preferences D) cost savings E) late majority marketing

B) establishment of a completely new market

The 4E framework of social media includes A) expand, engage, educate, emphasize B) excite, educate, experience, engage C) expect, emphasize, educate, engage D) excite, educate, entertain, engage E) emphasize, excite, educate, engage

B) excite, educate, experience, engage

Kim is the sales representative for a major textbook publisher. When she calls on the business faculty at General University, her first stop is to chat with Frank, the business department secretary. From Frank, Kim learns which professors have left the university or have newly arrived. Frank also helps Kim make appointments to see professors to discuss textbook choices. Frank acts as the _____ in the business department buying center A) influencer B) gatekeeper C) buyer D) user E) initiator

B) gatekeeper

ABC Company knew that its customers were interested in environmentally friendly business practices, so it began marking all of its products as environmentally friendly because they were made with all-natural ingredients, even though ABC's plant was one of the worst polluters in town. The term for this practice is A) deceptive advertising B) greenwashing C) virtual greening D) enviromarketing E) environmental exploitation

B) greenwashing

Every month, Dr. Combahee takes her staff to lunch and asks them to share patients' comments and concerns. Dr. Combahee uses the lunches as an informal marketing research effort intended primarily to A) monitor her competitors B) help her understand the needs of her customers C) improve profitability D) decrease the uncertainty associated with decision making E) provide a link between herself and her profession

B) help her understand the needs of her customers

Hollywood studios typically release movies targeted toward general audiences (G- or PG- rated movies) during the summer when children are out of school. The timing of the release pertains to the product's A) research and development B) launch C) evaluation D) premarket test E) test marketing

B) launch

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's A) strengths and weaknesses B) opportunities and threats C) sales history D) product specifications E) pension plan

B) opportunities and threats

When Marvel launched several successful series on Netflix, including Jessica Jones, Daredevil, Iron Fist, and Luke Cage, it employed a _________ strategy A) Customer development B) product development C) market development D) diversification E) market penetration

B) product development

A _______ is a group of associated items that consumers tend to use together or think of as part of a group of similar products A) product mix B) product line C) brand extension D) line extension E) product mix breadth

B) product line

A university using benefit segmentation and targeting students who want to get a degree quickly while still working full-time would most likely focus on A) the great variety of classes offered B) providing classes at convenient times and offering online courses C) discount pricing for students taking more than twelve credit hours D) the number of Nobel Prize winners on the faculty E) the higher average salaries earned by college graduates

B) providing classes at convenient times and offering online courses

Unlike manufacturers, _____ buy products form other businesses but do not significantly alter the form of the products they buy before selling them A) consumers B) resellers C) raw materials suppliers D) producers E) gatekeepers

B) resellers

Marketing channel management is also known as A) endless chain marketing B) supply chain management C) wholesaling D) production management E) a transactional orientation

B) supply chain management

All of the following terms are generally associated with the definition of corporate social responsibility except A) environmental impact B) social impact C) profit D) voluntary E) stakeholders

C) profit

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable A) equity B) integration C) awareness D) extension E) depth

C) awareness

When Toyota owners began to report problems with sticking accelerator pedals and non-functioning brakes, Toyota at first ignored or rejected the claims. Eventually, the company evaluated the issue and did a recall. Which of the four steps of the Ethical Decision-Making Framework was Toyota performing when it recalled several of its 2007-2010 models? A) assess risk B) identify issues C) choose a course of action D) gather information and identify stakeholders E) brainstorm and evaluate alternatives

C) choose a course of action

Business-to-business marketing involves buying and selling goods or services by all of the following except A) producers B) wholesalers C) consumers D) retailers E) manufacturers

C) consumers

The centerpiece of the marketing environment analysis framework is A) culture B) corporate partners C) consumers D) the economy E) competitive intelligence.

C) consumers

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for - making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's A) extended network B) hits C) conversion rate D) bounce rate E0 click paths

C) conversion rate

Southwest Airlines operates a blog called Nuts About Southwest. A group of employees share the responsibility for postin items of potential interest to customers- for example, short videos about Southwest's travel destinations, articles (with photos) about special events, and news about airline promotions. Nuts About Southwest is an example of a A) personal blog B) social blog C) corporate blog D) professional blog E) network blog

C) corporate blog

The firms that work along with the other firms to provide goods and services to consumers are viewed as A) customers B) cultural cohorts C) corporate partners D) cartels E) cooperatives

C) corporate partners

For every consumer who purchases a pair of TOMS shoes for $55.00, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in A) business ethics B) environmental marketing C) corporate social responsibility D) marketing ethics E) overpricing of its products

C) corporate social responsibility

Whether targeting consumers or resellers, marketers need to focus on A) buying center synergy B) reducing derived demand C) creating value for their customers D) corporate profit sharing E) private exchange efficiency

C) creating value for their customers

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices but was also A) manipulating the public B) practicing marketing ethics C) demonstrating corporate social responsibility D) creating a local ethical business climate E) falsifying the company's finances through charitable donations

C) demonstrating corporate social responsibility

Golden Years Vitamin Corporation targets consumers living in Florida who are over age 65. Golden Years is using _________ segmentation A) psychographic B) self-actualization C) geodemographic D) benefit E) loyalty

C) geodemographic

Hospitals, schools, and religious organizations are examples of ______ buyers. A) manufacturing B) reseller C) institutional D) factory agent E) retail

C) instituational

Firms that use the same brand name for new products can spend relatively less on marketing costs for the new product because A) well-known brands are less likely to introduce brand extensions B) brands protect corporate copyrights C) people already know what the brand means D) brand equity can be obtained only by means of product line depth E) consumer loyalty can be bought for less now compared to the past

C) people already know what the brand means

In the product development process, what takes place between concept testing and market testing? A) brainstorming B) conducting marketing research C) performing product development D) securing financial backing E) determining potential ROI

C) performing product development

Laura has an almost-new economy car, but she wants a Ford Mustang because she thinks it would be exciting to own one. If she decides to purchase a sports car such as the Mustang, she will be primarily fulfilling a __________ need. A) postpurchase B) functional C) psychological D) functional and psychological E) safety

C) psychological

Social media monitoring, in-depth interviews, and focus groups are all _______ research methods A) structured B) syndicated marketing C) qualitative D) quantitative E) data warehousing

C) qualitative

Marketers frequently design customer loyalty programs to A) attract consumers who have safety needs B) improve profit margins C) retain customers D) increase internal information search E) reinforce post-purchase cognitive dissonance

C) retain customers

When the delivery of a service fails to meet customers's expectations, a _________ gap exists A) procedural B) standards C) service D) production E) knowledge

C) service

LinkedIn is an example of which type of social media site? A) media sharing B) corporate blogging C) social networking D) photo sharing E) thought sharing

C) social networking

After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in A) positioning B) market penetration estimation C) target marketing D) situation analysis E) diversification

C) target marketing

Many restaurants roll out new ideas first in Orlando, Florida, a location that attracts a vast range of diverse tourists and thus might offer insights into what various consumer groups will like. This is an example of A) product marketing B) premarket testing C) test marketing D) target marketing E) product launching

C) test marketing

Jackie works as a sales rep for a company that produces and sells steel used in building construction. Jackie is in ____ sales A) G2B B) B2C C) G2G D) B2B E) C2C

D) B2B

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered ____ marketing A) C2B B) R2C C) C2C D)B2C E) B2B

D) B2C

Segmentation, targeting, and positioning A) are optional elements of a marketing plan B) should be done simultaneously so synergies can help streamline the effort C) are terms that can be used interchangeably in developing marketing plans D) are part of a firm's marketing planning stage E) are part of the marketing plan buy bear little direct relationship to the marketing mix

D) are part of a firm's marketing planning stage

The fundamental goal of marketers when creating goods, services, or combinations of both is to A) stimulate short-term sales B) serve all consumers C) operate according to government regulations D) create value E) defeat the competition

D) create value

Jordana is a travel agent. Whenever she sells an expensive vacation package, she encourages the customer to buy travel insurance, which provides reimbursement in case of trip cancellation due to illness or another emergency. Jordana is trying to reduce her customers' __________ risk. A) performance B) psychological C) physiological D) financial E) social

D) financial

Many of the best-known American retailers, like Starbucks and McDonalds, have contractual agreements with another firm or individuals, allowing its businesses to operate overseas. These companies expanded globally using A) joint ventures B) exporting C) direct investment D) franchising E) strategic alliances

D) franchising

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about A) the product's new advertising campaign B) the environment C) the cost to manufacture the product D) its value E) the economic outlook

D) its value

Generally, people buy one product or service instead of another because they A) are unaware of key determinant attributes B) want to get the lowest price possible C) have conducted a thorough internal search for information D) perceive it to be the better value for them E) prefer to avoid doing extended problem solving

D) perceive it to be the better value for them

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged? A) segmentation B) implementation C) control D) planning E) metrics

D) planning

Imagine that you are in a convenience store choosing your favorite "comfort" food instead of being in a classroom taking this test. You might notice the packaging, colors, labels, even the fonts used on labels. All of these efforts are part of the marketer's A) value-based promotions B) customer excellence strategy C) target market D) positioning strategy E) market segmentation

D) positioning strategy

Company sales invoices, census data, and trade association statistics are examples of A) tertiary data B) secondary data C) qualitative data D) primary data E) data mines

D) primary data

A ____ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products A) trade agreement B) tariff C) duty D) quota E) trading bloc

D) quota

In New England, foot-long sandwiches are called "grinders', while in many other parts of the country they are called "subs". This is an example of the impact of A) social trends B) country culture C) generational factors D) regional culture E) regulatory factors

D) region al culture

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple __________, including the ranchers that supply the food, its customers, and animal welfare groups. A) bankers B) corporate shareholders C) investors D) stakeholders E) marketing executives

D) stakeholders

The consumer decision process model represents A) the shift from an internal to an external locus of control B) the type of decisions all consumers must make C) the concept of habitual decision making D) the steps that consumers go through before, during, and after making purchases E) retrieval of an evoked set based on physiological needs

D) the steps that consumers go through before, during, and after making purchases

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems with the property. Previously, the were expected only to answer buyers' questions. The new regulation addressed the marketing ethics problem of A) deceptive pricing tactics B) high-pressure sales techniques C) misleading advertising D) withholding information E) misrepresentation of company data

D) withholding information

Despite its vivid design, the website for Lolly's Bookstore did not seem to attract customers who lingered. In fact, most website visitors left the site before they made a purchase. Which measure does the owner need to address? A) sentiment analysis B) page views C) mobilization rates D) keyword analysis E) bounce rates

E) bounce rates

Sometimes consumers have second thoughts after buying goods that are expensive, infrequently purchased, or associated with a high level of risk. This is an especially critical time for marketers, as their customers are dealing with A) competitive leverage B) criteria reevaluation C) purchase uncertainty D) consumer vulnerability E) buyer's remorse

E) buyer's remorse

In most large organizations, several people are responsible for making a purchase decision. This group is called the A) decider group B) supply chain C) reselling team D) expediters E) buying center

E) buying center

The basic difference between a good and a service is that a good A) generates greater interest among consumers B) is always less expensive than a corresponding service C) is more quickly forgotten by consumers D) provides intangible benefits E) can be physically touched

E) can be physically touched

Te shared meanings, beliefs, morals, values, and customs of a group of people constitute their A) generational cohorts B) religion C) social concerns D) demographics E) culture

E) culture

Kellogg's marketing communications about its Special K cereal appeal almost exclusively to women. This is an example of _______ segmentation A) benefits B) behavioral C) psychographic D) geographic E) demographic

E) demographic

The least risky way to enter a global market is __________ A) joint ventures B) direct investment C) strategic alliances D) franchising E) exporting of goods

E) exporting of goods

Globalization refers to the processes by which goods, services, capital, people, information, and ideas A) affect corporate culture B) are integrated through IMF facilitation C) are similar in various markets D) are on-shored and off-shored E) flow across national borders

E) flow across national borders

Differences in weather and climate create opportunities for A) benefit segmentation B) psychographic segmentation C) concentrated targeting D) demographic segmentation E) geographic segmentation

E) geographic segmentation

One measure of traffic from visitors on sites, the total requests for a page, is measured in units called A) tweets B) clickers C) paths D) impressions E) hits

E) hits

Using ______, trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue. A) experiments B) observation C) questionnaires D) primary data mining E) in-depth interviews

E) in-depth interviews

One important purpose of a brand is to A) minimize product line depth needed to be effective B) sell advertising space C) reduce product packaging D) meet government regulations E) increase consumer recognition and awareness of product offerings

E) increase consumer recognition and awareness of product offerings

When marketers say that services are _______, they are referring to the fact that services cannot be touched, tasted, or seen, like a pure product can A) heterogeneous B) replenish-able C) inseparable D) perishable E) intangible

E) intangible

In 2015, Nike signed an 8- year, $1 billion apparel deal with the NBA. This is an example of a deal for ________ rights A) branding B) repositioning C) rebranding D) product line E) licensing

E) licensing

Tariffs protect domestic producers by A) avoiding regulation B) reducing the cost of production C) increasing brand recognition D) offering subsidies to exports E) making imported products more expensive

E) making imported products more expensive

Which of the following is a core aspect of marketing? A) creating a product that everyone will want to buy B) increasing the company's profit C) setting prices lower than all competitors D) satisfying as many needs as possible E) making product, place, promotion and price decisions

E) making product, place, promotion, and price decisions

YouTube is an example of which type of social media site? A) thought sharing B) social networking C) social bookmarking D) microblogging E) media sharing

E) media sharing

If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is A) reverse engineering B) launching of the product C) market testing D) brainstorming E) product development

E) product development

The process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications is formally referred to as A) contract development B) specification review C) a bidding initiative D) invitation to review E) request for proposals

E) request for proposals

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including A) the economy B) opportunities and threats C) demographics D) competition E) strengths and weaknesses

E) strengths and weaknesses

Commercial research firms such as IRI, the National Purchase Diary Panel, and Nielsen are sources of A) public data B) internal secondary data C) data mining D) primary data E) syndicated data

E) syndicated data

GDP is defined as A) the value of a country's exports minus its imports B) the gross purchasing power of domestic goods and services plus international income C) national income minus national taxes D) the difference between two country's exchange rates E) the market value of goods and services produced in a country in a year

E) the market value of goods and services produced in a country in a year