Download Old Exam 1 with Solutions - Marketing | MRKT 341 and more Exams Marketing in PDF only on Docsity!
Chapter 1
Marketing: Creating and Capturing Customer Value
APPLICATION CONTENT: Multiple-Choice Questions
1. Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg’s want now has become a ________. a. need b. necessity c. demand d. satisfier e. transaction (c; p. 7; Easy) {AACSB: Reflective Thinking} 2. Shawn McCork has an interesting job. He is involved in getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. What is Shawn’s job? a. general manager b. supervisor c. marketing manager d. sales manager e. top manager (c; p. 9; Moderate) {AACSB: Reflective Thinking} 3. To avoid traffic gridlock in large metro areas, a community might use _____ to discourage travelers from driving during peak commuting hours. a. target marketing b. market segmentation c. demarketing d. marketing e. the production concept (c; p. 9; Challenging) {AACSB: Reflective Thinking} 4. Henry Ford’s philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________. a. product concept b. marketing concept c. societal marketing concept d. production concept e. selling concept (d; p. 10; Challenging) {AACSB: Analytic Thinking}
Part 1: Defining Marketing and the Marketing Process Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation. This reflects the ________. f. product concept g. production concept h. selling concept i. marketing concept j. societal marketing concept (a; p. 10; Challenging) {AACSB: Analytic Thinking}
5. Jolene’s firm believes that consumers will not buy enough of its products unless the firm undertakes a large-scale selling and promotion effort. Jolene’s firm is practicing the ________. a. production concept b. marketing concept c. selling concept d. relationship concept e. social advertising campaign (c; p. 10; Easy) {AACSB: Reflective Thinking} 6. Which of the following phrases reflects the marketing concept? a. The supplier is king. b. Marketing should be viewed as hunting and not gardening. c. This is what I make, won’t you please buy it? d. This is what I want, won’t you please make it? e. none of the above (d; p. 11; Challenging) {AACSB: Reflective Thinking} 7. Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie’s firm practices ________ marketing. a. customer-driven b. customer-driving c. relationship d. donor e. none of the above (b; p. 11; Moderate) {AACSB: Reflective Thinking}
Part 1: Defining Marketing and the Marketing Process
11. You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would it be most profitable for you to develop with these customers? a. full partnerships b. basic relationships c. club programs d. selective relationships e. community relationships (b; p. 15; Moderate) {AACSB: Analytic Thinking} 12. Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm’s length and using mass media advertising. Pete knows that today few successful firms still practice true ________ and are instead turning to selective relationship management. a. club marketing b. frequency marketing c. mass marketing d. customer satisfaction e. marketing segmenting (c; p. 17; Moderate) {AACSB: Reflective Thinking} 13. Members of the sales team at Dekko International visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using ________. a. selective relationship management b. a frequency marketing program c. a club marketing program d. demarketing e. a structural marketing program (Answer: a; p. 17; Moderate) {AACSB: Reflective Thinking} 14. Suzie Chan strengthens her company’s connections by treating suppliers of raw materials, vendors, and distributors as partners in delivering customer value. What type of management is she practicing? a. outside partnering b. inside partnering c. marketing d. supply chain e. customer development (d; p. 19; Moderate) {AACSB: Analytic Thinking}
15. Elisandra, a marketing manager at a regional chain restaurant, has decided to create a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization’s home page. Elisandra’s plan is an example of ________. a. consumer-generated marketing b. partner relationship management c. customer lifetime value d. community development around a brand e. selective relationship management (a; p. 19; Moderate) {AACSB: Reflective Thinking} 16. At Gina’s Nails, the posted policy is “Without our customers, we don’t exist.” Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Instead of focusing on each individual transaction, Gina and her staff put a priority on ________. a. maintaining customer-perceived value b. enlisting customer evangelists c. attracting “butterflies” d. converting “strangers” e. capturing customer lifetime value (e; p. 22; Moderate) {AACSB: Reflective Thinking} 17. Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm’s least profitable but loyal customers. She is also examining methods for “firing” customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong? a. butterflies b. true friends c. strangers d. barnacles e. short-term customers (d; p. 25; Moderate) {AACSB: Reflective Thinking} 18. Your state’s department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign. a. ethical b. social marketing c. for-profit d. consumer-generated e. differentiated (b; p. 29; Moderate) {AACSB: Reflective Thinking
CHAPTER 2
- Mountain Home Farms is now using the product/market expansion grid to develop strategies. The owners of the company have most likely found the grid to be quite useful for identifying ________. a. target markets b. growth opportunities c. key customers d. new products e. suppliers (b; p. 42; Easy) {AACSB: Reflective Thinking}
- The Bank of New York bought Pershing, an off-shore investment firm with operations in India, from Credit Suisse First Boston. The Bank of New York is pursuing a ________. a. product development strategy b. downsizing strategy c. diversification strategy d. market penetration strategy e. product adaptation (c; p. 44; Moderate) {AACSB: Reflective Thinking}
- Acme, Inc., has modified the production processes of its widgets and gadgets in order to tap into the Eastern European market. Acme is likely following a ________ strategy. a. market penetration b. market development c. diversification d. harvesting e. product development (b; p. 44; Moderate) {AACSB: Reflective Thinking}
- Disney is identifying and developing new markets for its theme parks. Disney is exploring possibilities for ________. a. market penetration b. market development c. downsizing d. diversification e. product development (b; p. 44; Moderate) {AACSB: Reflective Thinking}
- Wal-Mart relies on sound relationships with its low-cost suppliers in order to pass low prices on to consumers. Thus, forming a ________ is crucial to Wal-Mart’s success. a. value-delivery network b. growth-share matrix c. customer relationship management policy d. market concept philosophy e. diversification strategy (a; p. 46; Moderate) {AACSB: Reflective Thinking}
Part 1: Defining Marketing and the Marketing Process
- TelStar Plastics is in the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing programs. Which of the following is this firm doing? a. market development b. market diversification c. market penetration d. market targeting e. market segmentation (e; p. 48; Easy) {AACSB: Reflective Thinking}
- Paul Pendergraff has discovered a group of potential customers who seem to respond in a similar way to a given set of marketing efforts. Paul has discovered a(n) ________. a. target market b. market segment c. market d. market position e. undefined niche (b; p. 48; Moderate) {AACSB: Reflective Thinking}
- Paul Pendergraff is evaluating each market segment’s attractiveness and is in the process of selecting one or more segments for his firm’s product to enter. What is Paul doing? a. market targeting b. marketing segmenting c. marketing d. market positioning e. market penetrating (a; p. 48; Easy) {AACSB: Reflective Thinking}
- Jill Reno has researched new markets and has decided which segments to enter. Next she should decide what ________ her company should occupy in those segments. a. position b. place c. rank d. rating e. percentage of space (a; p. 49; Easy) {AACSB: Reflective Thinking}
- Favorite Memories specializes in serving market segments that major competitors overlook and ignore. Which of the following best describes Favorite Memories? a. market follower b. marketer challenger
Part 1: Defining Marketing and the Marketing Process
- Juanita Castro is looking at whether her company’s strategies are well matched to its opportunities. Juanita is utilizing ________. a. marketing control b. operating control c. strategic control d. SWOT analysis e. marketing auditing (c; p. 56; Moderate) {AACSB: Reflective Thinking}
Chapter 3
Analyzing the Marketing Environment
19. LandPort Transportation and Omega Warehousing move and store the products your company sells. The two businesses are examples of ________. a. resellers b. marketing services agencies c. marketing intermediaries d. physical distribution firms e. geographic segments (d; p. 66; Easy) {AACSB: Reflective Thinking} 20. Currently, Diego Calabresa is employed by a firm that conducts marketing research and creates ads for other companies that help them target and promote their products to the right markets. Who is Diego’s employer? a. a financial intermediary b. a physical distribution firm c. a marketing service agency d. a reseller e. a green marketer (c; p. 66; Moderate) {AACSB: Reflective Thinking} 21. In what way(s) might the Florida Citrus Growers rely on marketing intermediaries? a. to provide speed in delivering products to consumers b. to help finance operations c. to assist with promotional efforts d. to perform in the overall value delivery system e. all of the above (e; p. 66; Easy) {AACSB: Reflective Thinking} 22. If baby boomers are predictors of where product and service demand will be, increased demands will most likely be evident in ________ in the coming years. a. university enrollment b. beer and wine c. financial services
d. the apparel industry e. the automobile industry (c; p. 70; Moderate) {AACSB: Analytic Thinking}
23. Noora Delange is helping her company develop a marketing program for a new product line. The program involves emphasizing the environmentally and socially responsible actions of the company. The marketing program is most likely to designed to appeal to which of the following demographic groups? a. Gen Xers b. Millennials c. nontraditional households d. “micropolitan” populations e. blue-collar workers (a; p. 70; Challenging) {AACSB: Reflective Thinking} 24. _____ may impact product demand at McDonald’s more than ________. a. Recognizing people with disabilities; recognizing an increasing Asian market b. Geographic shifts in population; the increasing gay and lesbian market c. The green movement; cause-related marketing d. Changing lifestyles; geographic shifts in population e. An increased white-collar population; a better educated population (d; p. 64; Challenging) {AACSB: Analytic Thinking} 25. In considering the changing American family, which of the following are marketers likely to consider the least important? a. Traditional households are growing rapidly. b. Baby boomers are hitting retirement age. c. More people are having only one child. d. Married couples with children make up less than 25% of the nation’s households. e. The number of stay-at-home fathers has increased in the past 20 years. (a; p. 74; Challenging) {AACSB: Analytic Thinking} 26. A marketing program promoting small/home business and technological support services would most likely target which growing demographic segment? a. Millennials b. telecommuters c. the lesbian, gay, bisexual, and transgender community d. adults with disabilities e. baby boomers (b; p. 75; Moderate) {AACSB: Reflective Thinking}
- Chet Hoffman’s chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the least effective component of a marketing plan for Chet to take advantage of this opportunity? a. develop a presence on social networking sites
30. Norma Bernanke is a marketer at a pharmaceutical company that has just developed a new medication to treat asthma. Which of the following components of the political environment should Norma be least concerned with as her company begins to develop a marketing plan for the new product? a. approval from the Food and Drug Administration (FDA) b. state laws regulating advertising of pharmaceuticals c. laws enforced by the Federal Trade Commission d. the Fair Packaging and Labeling Act e. the National Traffic and Safety Act (e; p. 82; Challenging) {AACSB: Analytic Thinking} 31. As indicated in the chapter opener, change in the ________ environment has impacted the marketing strategy at McDonald’s the most. a. technological b. natural c. economic d. cultural e. political (d; p. 85; Moderate) {AACSB: Reflective Thinking} 32. Your company is making negotiations to enter a market in Lower Albania. You discovered that ________ beliefs and values are open to change in this country. a. simple b. secondary c. primary d. core e. none of the above (b; p. 86; Easy) {AACSB: Multicultural and Diversity} 33. Which of the following is an example of a core belief? a. Marriage is important. b. Americans should display their patriotism. c. The comforts of hearth and home are more important than entertainment outside of the home. d. The fragility of nature should be admired. e. Professionals should wear business clothes to work. (a; p. 86; Moderate) {AACSB: Reflective Thinking} 34. Consumers undertaking which of the following would be least likely to be identified as “Adventurers” by the Yankelovich Monitor? a. taking a cruise b. taking up a new sport c. having a home entertainment center installed d. hiking the Grand Canyon e. traveling to Asia (c; p. 86; Moderate) {AACSB: Reflective Thinking}
Part 1: Defining Marketing and the Marketing Process
35. Increased marketing of home amenities such as high-end barbeques, hot tubs, and home entertainment centers has most likely been spurred by Americans’ changing views of ________. a. themselves b. others c. society d. organizations e. nature (b; p. 87; Moderate) {AACSB: Reflective Thinking} 36. Assume that you are a manager at a firm that takes a proactive approach to the marketing environment. You would hire ________ to influence legislation affecting the firm’s industry to its advantage. a. mediators b. lawyers c. lobbyists d. public relations specialists e. media consultants (c; p. 89; Easy) {AACSB: Reflective Thinking} 37. Which of the following forces would marketers be most likely able to influence? a. geographic population shifts b. core cultural values c. income distribution d. increasing ethnic diversity e. media publics (e; p. 90; Challenging) {AACSB: Analytic Thinking}
Chapter 4
Managing Marketing Information to Gain Customer Insights
APPLICATION CONTENT: Multiple-Choice Questions
38. Diana Dion is currently researching data sources from within her company to make marketing decisions. Diana is making use of ________ databases. a. external b. current c. historical d. internal e. foreign (d; p. 99; Easy) {AACSB: Reflective Thinking}
Part 1: Defining Marketing and the Marketing Process (e; p. 102; Challenging) {AACSB: Reflective Thinking}
44. Nathan Zabalas owns a regional chain of drug stores. Before expanding nationwide, Nathan is conducting marketing research to determine the best options for opening new stores. He plans to start by collecting secondary data. Which of the following is not a source of secondary data that Nathan might use? a.Yankelovich’s Monitor b. commercial online databases c.online questionnaires d. Web search engines e.local chambers of commerce (c; p. 103; Moderate) {Use of IT} 45. Wal-Mart sends a trained observer to watch and interact with customers as they shop in a Wal-Mart store. This is an example of ________. a. observational research b. survey research c. ethnographic research d. experimental research e. descriptive research (c; p. 106; Challenging) {AACSB: Reflective Thinking} 46. Carls Jr. comes out with a new hamburger and releases it in two different cities with two different price points. This is an example of ________. a. observational research b. survey research c. ethnographic research d. experimental research e. descriptive research (d; p. 107; Moderate) {AACSB: Reflective Thinking} 47. Maryann Rose is conducting research to determine consumers’ personal grooming habits. Because of the personal nature of the survey questions about this topic, Maryann wants to select the contact method that is most likely to encourage respondents to answer honestly. Which contact method should Maryann select? a. mail questionnaires b. telephone interviews c. individual interviews d. focus group interviews e. online focus groups (a; p. 107; Moderate) {AACSB: Reflective Thinking}
48. Tasoula Jeannopoulos has a limited budget for the market research she needs to conduct; however, the sample size for her research is quite large. Which of the following methods of contact would provide Tasoula with the most cost-effective way to reach a large sample of potential customers? a.telephone surveys b. personal interviews c.Internet surveys d. mail surveys e.focus group interviews (c; p. 109; Moderate) {AACSB: Reflective Thinking} 49. You want to find out whether Americans between 21 and 40 years of age tend to vote Democratic and whether Americans between 41 and 70 tend to vote Republican. You will most likely use ________ to collect your data. a. observation b. mechanical devices c. a sample d. people meters e. checkout scanners (c; p. 111; Moderate) {AACSB: Reflective Thinking} 50. You have decided to use only closed-end questions on your survey. Which of the following questions would not be found on your survey? a. Do you like chocolate? b. What is your gender? c. Do you work full- or part-time? d. Why don’t you like your teacher? e. In what month do you plant your garden? (d; p. 111; Moderate) {AACSB: Reflective Thinking} 51. Loft Industries sells roof trusses to contractors and builders and would like to conduct research to determine how customers assess customer service. Which of the following research instruments would be best for this firm? a. people meters b. checkout scanners c. questionnaires d. cameras e. BlueEyes technology (Answer: c; p. 111; Challenging) {AACSB: Analytic Thinking}
56. For a small business manager deciding where to relocate within the city, relevant research will least likely include ________. a. traffic-flow patterns in specific areas b. informal surveys of customers c. past sales data d. competitors’ advertisements e. ways to repackage the company’s products (e; p. 119; Easy) {AACSB: Reflective Thinking} 57. Marialba Hooper is conducting marketing research for a company that is investigating the possibility of entering multiple international markets. As Marialba plans her research in 30 different countries, upon which of the following is she least likely to rely? a. free secondary data b. translators c. primary data collected for the purpose of her research d. the same process as domestic researchers e. personal interviews (a; p. 120; Moderate) {AACSB: Reflective Thinking}
Part 1: Defining Marketing and the Marketing Process
