MKT/421 Final Exam
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1) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is:
A. An example of the micro-macro dilemma.
B. One of the universal functions of innovation.
C. A part of marketing.
D. A production activity.
2) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of
C. Making goods or performing services.
D. A command economy.
3) Which of the following statements best describes the modern view of marketing?
A. Marketing is concerned with generating a single exchange between a firm and a customer.
B. The job of marketing is to get rid of whatever the company is producing.
C. Marketing begins with anticipating potential customer needs.
D. Marketing should take over production, accounting, and financial services within a firm.
4) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at
A. Market development.
B. Market penetration.
C. Product development.
5) Which of the following statements regarding marketing strategies is FALSE?
A. Developing successful marketing strategies does not need to be a hit-or-miss proposition.
B. It is useful to think of the marketing strategy planning process as a narrowing-down process.
C. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market.
D. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm.
6) To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at:
A. Market development.
C. Product development.
D. Market penetration.
7) Product is NOT concerned with:
C. Wholesale price.
D. Quality level.
8) Which of the following is true?
A. The product P in the marketing mix stands for both physical goods and services.
B. The product P in the marketing mix stands for both physical goods and tangible
C. The product P in the marketing mix stands for only tangible merchandise.
D. The product P in the marketing mix stands for only physical goods.
9) The four Ps of a marketing mix are:
A. Promotion, Production, Price, and People
B. Product, Place, Promotion, and Price
C. Product, Price, Promotion, and Profit
D. Production, Personnel, Price, and Physical Distribution
10) A firm's decisions regarding channel type, market exposure, and kinds of intermediaries would fall under the marketing mix variable of
11) Hewlett-Packard sells personal computers through specialty computer stores, electronics superstores, and its own Internet site. The marketing mix variable that is being considered here is:
12) Dell, Inc. wants to offer customers televisions in addition to computers. This is a change in their _____________________
13) Which of the following is part of a complete marketing plan?
A. Competitors' marketing strategies.
B. What company resources (costs) are required and at what rate.
C. How different marketing mixes (for different target markets) relate to each other.
D. All of these.
14) A marketing plan is:
A. A marketing strategy.
B. A target market and a related marketing mix.
C. A marketing strategy—plus the time-related details for carrying it out.
D. A marketing program.
15) Which of the following would probably NOT be in a proposed marketing plan?
A. A statement of how frequently the design of the website will be changed.
B. A description of the target market and marketing mix.
C. Expected sales and profit results.
D. A list of what company resources (costs) would be required.
16) Marketing strategy planners should recognize that:
A. Mass marketing is often very effective and desirable.
B. Target marketing is not limited to small market segments.
C. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly defined markets.
D. Target markets should not be large and spread out.
17) Good marketing strategy planners know that:
A. Target marketing does not limit one to small market segments.
B. The terms mass marketing and mass marketer mean basically the same thing.
C. Mass marketing is often very desirable and effective.
D. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets.
18) Target marketing, in contrast to mass marketing,
A. Assumes that all customers are basically the same.
B. Focuses on fairly homogeneous market segments.
C. Ignores markets that are large and spread out.
D. Is limited to small market segments.
19) ______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
A. Market segmentation
C. Mass marketing
D. Market positioning
20) The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called:
A. Market segmentation.
B. Market development.
C. Market penetration.
D. Market research.
21) Clustering techniques applied to segmenting markets
A. Usually require computers to group people based on data from market research.
B. Remove the need for managerial judgment.
C. Eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers.
D. All of the above are true.
22) A ______________ is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions.
A. Marketing model
B. Marketing research project
C. Marketing information system
D. Marketing research department
23) Procedures that develop and analyze new information to help marketing managers make decisions are called:
A. Operational planning.
B. Analytical research.
C. Strategy planning.
D. Marketing research.
24) ________________ ________________ utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions.
A. Marketing processing.
B. Marketing structure.
C. Marketing planning.
D. Marketing research.
25) The part of the relevant population that is surveyed by a researcher is called the:
A. Focal group.
B. Target population.
C. Representative group.
26) One of the major disadvantages of the focus group interview approach is that
A. It is difficult to measure the results objectively.
B. It is difficult to get in-depth information about the research topic.
C. Ideas generated by the group cannot be tested later with other research.
D. There is no interviewer, so the research questions may not be answered.
27) Marketing research which seeks structured responses that can be summarized is called:
A. Quantitative research.
B. Qualitative research.
C. Focus group research.
D. Situation analysis research.
28) The attitudes and behavior patterns of people are part of the
A. Social and cultural environment.
B. Competitive environment.
C. Political environment.
D. Firm's resources and objectives.
29) A small manufacturing firm has just experienced a rapid drop in sales. The marketing manager thinks that he knows what the problem is and has been carefully analyzing secondary data to check his thinking. His next step should be to:
A. Develop a formal research project to gather primary data.
B. Conduct informal discussion with outsiders, including intermediaries, to see if he has correctly defined the problem.
C. Conduct an experiment.
D. Develop a hypothesis and predict the future behavior of sales.
30) Which of the following statements about consumer products is true?
A. Shopping products are those products for which customers usually want to use routinized buying behavior.
B. Specialty products are those that customers usually are least willing to search for.
C. Convenience products are those that customers want to buy at the lowest possible price.
D. Unsought products are not shopped for at all.