MKT 571 Final Exam / MKT571 Final Exam :University of Phoenix (Already graded A)
MKT 571 Final Exam / MKT571 Final Exam (Latest): University of Phoenix
1) Which of the following is most closely associated with a proactive marketing orientation?
A. It involves delivering superior value.
B. It is about understanding and meeting customers’ expressed needs.
C. It represents the “make and sell" philosophy.
D. The marketer focuses on the customers’ latent or hidden needs.
2) Marketing __________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
3) Business buyers ______________.
A. are geographically as diverse as consumers
B. tend to be geographically concentrated with over half of them in seven states
C. are largely concentrated in the southwestern United States
D. use geographical dispersion to keep shipping costs low
4) Toyota, the maker of the Scion brand, is using what kind of brand strategy with Scion products?
A. Separate family names
B. Blanket family names
C. Individual names
D. Corporate names
5) BMW, the maker of the Mini Cooper brand, is using what kind of brand strategy with its Mini products?
A. Individual names
B. Blanket family names
C. Separate family names
D. Corporate names
6) Brands can play a number of specific roles within a company’s brand portfolio. For example, a __________ is positioned with respect to competitors’ brands so that more important and profitable brands retain their desired positioning.
A. cash cow
B. low-end, entry level brand
C. high-end, prestige brand
7) When Apple introduced its popular iPod Nano model, it dropped its Mini iPod at the same time. The Mini was, at the time, the most popular MP3 player in the marketplace. This is an example of __________.
A. brand extension
B. preemptive cannibalization
C. a brand shake-out
D. product maturity
8) A ___________ is when a parent brand is used on a new product targeting a new market segment within a category currently served by the parent.
A. joint-venture co-brand
B. same company co-brand
C. category extension
D. line extension
9) ___________ are formal statements of expected product performance by the manufacturer.
A. Open pricing statements
B. Promotional statements
D. General guarantees
10) Mazda’s Miata convertible originally drew the most interest from women between the ages of 35 and 55. In order to interest more potential customers in the roadster, Mazda beefed up the model with heavier shocks and a faster engine, and then emphasized performance in its advertising. This is an example of creating a new product by ____________.
B. the development of a new product line
C. market diversification strategy
D. product development strategy
11) When SAP software added a Windows-style “back” button to its industrial invoice management software, the new product ___________.
A. used a new product line
B. added to an existing product line
C. improved upon an existing product
D. used a marketing diversification strategy
12) In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of _________________.
A. line featuring
B. line cannibalization
C. line padding
D. line stretching
13) Painting and consulting are considered industrial goods because ______________.
A. they are specialty goods
B. they are considered “component materials"
C. most firms do not seek them directly
D. they facilitate developing and managing the finished product
14) Marketers plan their market offerings at five levels. What is the correct order of the levels, going from most fundamental to the level with the most benefits?
15) Characteristics a buyer can evaluate before purchase are called _______________.
A. search qualities
B. experience qualities
C. credence qualities
D. differentiation qualities
16) For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a _____________.
A. tangible good with accompanying service
C. pure service
D. major service with accompanying minor goods and services
17) Mr. Tse and his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn’t have the opportunity to go. The experience of the Tse family is an example of which offering?
A. A tangible good with accompanying services
B. A hybrid
C. A pure service
D. A major service with accompanying minor goods and services
18) Best Buy will often try to sell the buyer of a high-end television monitor an extended warranty. This is an example of _______________.
A. pure tangible good
B. tangible good with accompanying services
D. pure service
19) The introduction of a new product to the market using market-penetration pricing is most likely to be successful when _____________.
A. the unit costs of producing a small volume of the product are high
B. there must be no existing demand for the product
C. the market is highly price sensitive
D. the high price communicates nothing to potential buyers
20) A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs.
A. maximum current profit
C. maximum current revenue
D. maximum sales growth
21) Scotty is in the process of opening Suburban Legends SK8S to sell boards, wheels, trucks, clothing, videos, and skateboarding related collectibles. The first thing Scotty should do when setting the store’s prices is to ____________.
A. estimate costs
B. determine the target market
C. select a pricing method
D. select a pricing objective
22) A common mistake in pricing is ____________________.
A. revising prices too often
B. considering price and price competition as a key problem in marketing
C. ignoring costs when setting prices
D. setting prices independently of the rest of the market mix
23) When customers buy on the basis of a reference price or because the price conveys a particular quality image to them, they are being influenced by ____________.
A. value pricing
B. the psychology of pricing
C. the going rates of competitors
D. value augmented by perception
24) Which of the following areas will a marketing manager standardize or adapt when taking a new product global?
A. Marketing concept
B. Marketing mix
C. Product strategy
D. Promotion strategy
25) Which of the following best describes integrated marketing communication (IMC)?
A. Organizations present a consistent message.
B. Organizations present an effective communication plan.
C. Organizations present a plan that focuses on the customer.
D. Organizations present an effective advertising message.
26) Which of the following best describes the role of social responsibility in marketing?
A. Standards that guide marketing decisions and actions
B. Improving environment and products
C. Obligation to improve positive effects on society
D. Obligation to improve positive effects and reduce negative effects on society
27) Public policy makers have developed a substantial body of laws and regulations to govern advertising. For these reasons, an important step in developing an advertising campaign is _____________.
A. asking network censors what to cut out of the communication
B. the creative development of the message
C. the social responsibility review
D. preparing a copy strategy statement
28) Within the last couple years several cosmetics manufacturers have introduced non-clumping mascara. Revlon was one of these manufacturers. Revlon should use ________ advertising to increase selective demand for its non-clumping mascara.
29) Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like hot tubs in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families?
30) _____________ is the key ingredient in marketing campaigns and consists of a diverse collection of short-term incentive tools designed to influence trial, purchase, and interests of consumers and wholesalers.
B. Public relations
C. Sales promotion
D. Personal selling
MKT 571 Final Exam / MKT571 Final Exam (Latest): University of Phoenix (Already graded A)
MKT571 Final Exam/ MKT 571 Final Exam (Latest)
1. The stage in the new product process that occurs first and has a pass ratio of 1:4 is the ________ stage.
• test marketing
• idea screening
• product development
• product soft launch
2. If Ming was interested in capturing distribution metrics for her retail organization, which of the following might she consider?
• Customer complaints
• Effective reach
• Share of shelf
• Trial rate
3. Creative strategies refer to the ________.
• amount of creative content in a communications message
• degree of innovation involved in the marketing of a product
• way marketers translate their messages into a specific communication
• novelty of a marketing communication
4. Top Gear is an award-winning British television series about motor vehicles, mainly cars. The show is presented by hosts who test drive new cars and provide reviews on the cars' performance, prices, and other factors. Which of the following personal communications channels is Top Gear closest to in description?
• Formal channel
• Sponsored channel
• Social channel
• Expert channel
5. Mark feels that Shell delivers on its promises to supply the best gasoline possible to the public. His experiences with Shell have always been good, resulting in positive brand contact. Mark is most likely experiencing brand ________.
6. Robert is the owner of an automobile manufacturing company. He calls for a board meeting and tells his directors that he wants to build a car that lets drivers experience power and exhilaration. He tells them that the car must allow users to soar from 0 to 60 mph in about 4 seconds. He also says the price of the car must be affordable enough for anybody making a good salary. In accordance with the given scenario, Robert is trying to segment the market on the basis of ________.
• family size
7. ROC Engineering, a Chinese shipbuilding company, agrees to build a fleet of submarines for the Sri Lankan navy, for which it will be paid in Sri Lankan currency. As per the agreement, ROC must also spend a substantial amount of the money it generates through this deal within the country. In accordance with the contract, ROC buys Sri Lankan tea at a reduced rate. This is an example of which of the following forms of countertrade?
• descending bid
• compensation deal
8. The ________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.
9. Apple hosts a large number of ________, which become customers' primary source of product information after warranties expire and are organized by product lines and type of user (consumer or professional).
• niche networks
• online communities
10. With respect to powerful brand elements, ________ is an extremely efficient means to build brand equity. This element functions as a useful "hook" to help consumers grasp what the brand is and what makes it special.
• a product's shape
• a slogan
• a patent
• the tangibility of a product
11. Which of the following best describes BR Chicken's value proposition?
• We sell chicken at most major malls.
• We sell tender golden chicken at a moderate price.
• We undertake home delivery services.
• We target quality-conscious consumers of chicken.
12. A ________ is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company's marketing performance.
• Market-based scorecard analysis
• Marketing audit
• Test market
• Marketing plan
13. During which of the following stages in new product development decision-making do managers analyze if they can find a good idea consumers say they would try?
• business analysis
• concept development and testing
• idea screening
• idea generation
14. When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation.
• behavioral occasions
• Psychographic lifestyle
• social class
15. Which of the following is the strongest differentiator for brick-and-mortar stores who want to emphasize their superiority over online retailers?
• product range
• the shopping experience
• product quality
16. In an attempt to improve their product, a company that manufactures screwdrivers discusses the modification of each attribute, such as replacing the wooden handle with plastic, providing torque power, adding different screw heads, and so on. This creativity technique is called ________.
• attribute listing
• morphological analysis
• lateral analysis
• mind mapping
17. Josh separated people who wanted a high quality lawn mower from people who wanted a low priced lawn mower, then examined whether different characteristics were associated with each consumer-response segment. Josh was defining segments using ________ considerations.
18. Joe is a computer service technician. People in his neighborhood usually depend on his suggestions for purchasing any computer accessory or hardware, as they believe he has access to far more information on computer technology than the average consumer. The neighbors are also aware that Joe has the required knowledge and background for understanding the technical properties of the products. Within this context, Joe can be called a(n) ________.
• transactional leader
• gate keeper
• role model
• opinion leader
19. When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively fewer marketing skills as compared to other strategies.
• overall cost leadership
• product differentiation
• domestic customer relationship
20. ________ analysis looks at specific products, territories, and so forth that failed to produce expected sales.
• Sales variance
• Full costing
21. Sapphire Toys actually sells more than toys. It also sells branded clothing, music CDs, and books for children. This expansion of dealership sales offerings is an attempt to increase the value of the customer base by ________.
• enhancing the growth potential of each customer through cross-selling
• making low-profit customers more profitable
• increasing the longevity of the customer relationship
• reducing the rate of customer defection
22. Volkswagen concentrates on the small-car market and Porsche on the sports car market. These would be examples of what is called ________.
• single-segment concentration
• market specialization
• product specialization
• selective specialization
23. Companies provide rewards to customers who buy often and in substantial amounts. These reward schemes are referred to as ________ programs.
24. Which of the following questions is answered during the business analysis of ideas?
• Can we find a cost-effective, affordable marketing strategy?
• Can this product meet sales expectations?
• Will this product meet our profit goals?
• Have we got a technically and commercially sound product?
25. You are the marketing research director of a medium-sized manufacturing firm and you would like to engage an outside marketing research firm to conduct field interviews. Which of the following categories of marketing research firms should you use?
• specialty-line marketing research firms
• custom marketing research firms
• global research management firms
• syndicated-service research firms
26. Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies.
• concentric growth
• intensive growth
27. ________ gives products the appearance of being more environmentally friendly without living up to that promise.
• Viral marketing
• Ambush marketing
28. When a company introduces a product at a high price and then gradually drops the price over time, it is pursuing a ________ strategy.
• switching cost
• market-skimming pricing
• market-penetration pricing
29. It has been observed that most new products have shorter product life cycles. What is the reason for this?
• New products do not get adequate management support.
• Most new products are not backed by a marketable idea.
• Social and governmental constraints lead to this failure.
• Rivals quickly copy products that are successful.
30. A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________.
• product class
• product variant
• product line
• product type