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Walsh College MGT 550/ MGT 550 SU2016 V Week Five Exam 1
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Question 1
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Modern marketing has its roots in all BUT which of the following?
Select one:
A. statistics
B. psychology
C. anthropology
D. sociology
E. economics
Question 2
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The set of marketing variables a firm uses to achieve its desired sales performance is called the ________.
Select one:
A. marketing mix
B. promotion mix
C. product mix
D. facilitating function
E. CRM
Question 3
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A(n) ________ is created when a customer and business have ongoing interactions through the sales of a product or service.
Select one:
A. marketing concept
B. utility
C. exchange function
D. customer relationship
E. facilitating function
Question 4
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A company's process of creating value occurs ________ the selling process.
Select one:
A. only before and during
B. before
C. during
D. after
E. before, during, and after
Question 5
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Some fast-food restaurants offer tasty and convenient food that customers want at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook ________ .
Select one:
A. the production orientation
B. the sales orientation
C. social responsibility
D. perceived needs
E. the marketing concept
Question 6
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Which of the following marketing orientations focuses primarily on improving efficiencies?
Select one:
A. relationship orientation
B. consumer orientation
C. production orientation
D. social responsibility orientation
E. sales orientation
Question 7
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To be a part of a consumer market for a good or service, an individual must be a(n) ________ buyer of the good or service.
Select one:
A. actual or potential
B. potential
C. actual and repeat
D. repeat
E. actual
Question 8
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In the generally accepted stages of the business buying process, the step following the recognition of the organizational problem or need is the ________.
Select one:
A. acquisition and analysis of proposals
B. description of the characteristics of the item and quantity needed
C. search for and qualification of potential sources
D. performance feedback and evaluation
E. determination of the characteristics of the item and quantity needed
Question 9
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A supplier with which of the following is able to exert the most power over a company?
Select one:
A. low prices
B. many customers
C. many competitors
D. high prices
E. few or no competitors
Question 10
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________ are characteristics of human population that are used to identify markets.
Select one:
A. Demands
B. Social movements
C. Needs
D. The Four Ps
E. Demographics
Question 11
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The ________ environment includes factors that relate to the nature, quantity, and potential actions of a company's competitors.
Select one:
A. cultural
B. political
C. competitive
D. economic
E. legal
Question 12
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By definition, the ________ environment focuses on scientific activities and innovations.
Select one:
A. competitive
B. political
C. technological
D. cultural
E. legal
Question 13
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Of the following, it is MOST important for a business objective to be ________.
Select one:
A. motivational
B. broad
C. specific
D. flexible
E. aspirational
Question 14
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Which of the following strategies would a company be MOST likely to follow for a product classified as a dog in the BCG matrix?
Select one:
A. severing the product's connection to a product in the star or question mark sector
B. making a significant financial investment to take advantage of the market's potential
C. launching a national marketing campaign to support brand awareness
D. reducing financial support of the product
E. using revenue generated by the product to support question marks
Question 15
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Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?
Select one:
A. A company is more able to change a threat than a weakness.
B. A company can more easily identify threats than weaknesses.
C. A company can be more negatively affected by a threat than by a weakness.
D. A company can be more negatively affected by a weakness than by a threat.
E. A company is more able to change a weakness than a threat.
Question 16
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Decisions concerning the selection of a target market and the creation of a marketing mix are made primarily as part of the ________ component of the marketing planning process.
Select one:
A. marketing objectives
B. resource allocation
C. marketing strategies
D. market monitoring
E. marketing audit
Question 17
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When the makers of a line of ballpoint pens state they are in the communication equipment business, they are defining their mission too ________.
Select one:
A. specifically
B. realistically
C. broadly
D. narrowly
E. futuristically
Question 18
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Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and characteristics, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?
Select one:
A. a marketing mix
B. a portfolio analysis
C. a balanced scorecard
D. a SWOT analysis
E. a marketing plan
Question 19
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Which of the following measures the impact of specific marketing activities on business performance?
Select one:
A. ROMI
B. a marketing audit
C. the BCG matrix
D. an executive summary
E. SWOT analysis
Question 20
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Think Ink is a growing company that sells a variety of inks for home and business printers. Management at Think Ink has decided to open a sales branch overseas to handle sales and distribution abroad. Think Ink is engaging in ________.
Select one:
A. licensing
B. joint ownership
C. indirect exporting
D. management contracting
E. direct exporting
Question 21
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________ is the outcome of cultures intermingling, sharing experiences, news, and commerce.
Select one:
A. Green marketing
B. Social marketing
C. Ethical marketing
D. Globalization
E. Sustainability
Question 22
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Through ________, a local firm purchases the right to use a company's processes and brands in a service business.
Select one:
A. franchising
B. contract manufacturing
C. indirect exporting
D. direct investment
E. joint ownership
Question 23
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The method of entering a foreign market that presents the least amount of risk for a company is ________.
Select one:
A. joint venturing
B. direct investment
C. contract manufacturing
D. joint ownership
E. exporting
Question 24
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Refer to the passage below to answer the following questions.
Selman & Saks, a maker of men's and women's razors and electric hair trimmers, had little reason to become involved in the global arena. But after acquiring Wellman Enterprises, whose largest division engages in a licensing agreement with a German firm to produce women's hosiery, managers at Selman & Saks wondered just whether a company-wide global focus would be more profitable after all.
Managers at Selman & Saks studied Wellman's licensing agreement in great detail. Though seeing first-hand the benefits Wellman found with the licensing agreement, managers decided that Selman & Saks would target the French market merely via exporting.
With the assistance of a domestic export department, the Selman & Saks razors and hair trimmers entered France. For six months, sales were mediocre. But after that, sales suffered. Opinions varied among numerous managers as to the cause of the failure. "Who knows better the local market than people who live there?" was a comment heard throughout Selman & Saks. "Maybe we needed an alliance with a French firm, or a licensing agreement, before racing to get there."

If Selman & Saks allowed a French company to produce and market razors and trimmers carrying the company's brand in exchange for a royalty, Selman & Saks would be using which market entry strategy?
Select one:
A. franchising
B. licensing
C. contract manufacturing
D. exporting
E. joint ownership
Question 25
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The "triple bottom line" refers to a company's ________, ________, and ________.
Select one:
A. economic performance; sustainability; environmental impacts
B. economic performance; environmental impacts; social impacts
C. ethics; society; culture
D. global performance; national performance; regional performance
E. economic performance; cultural impacts; social impacts
Question 26
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A company could increase the perceived benefits of a product by ________.
Select one:
A. adding a desirable new feature to the product without increasing the purchase price
B. reducing the purchase price
C. adding maintenance costs associated with owning the product
D. removing the warranty offered with the product
E. reducing the operating costs associated with the product
Question 27
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According to the time value of money, which of the following is true?
Select one:
A. Revenue collected by a company now is worth less than the same amount of revenue collected in the future.
B. Small discounts offered for cash payment will result in less total revenue.
C. Revenue collected by a company now is worth the same amount as revenue collected in the future.
D. Revenue collected by a company now is worth more than the same amount of revenue collected in the future.
E. Small discounts offered for up-front payment will result in less total revenue.
Question 28
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________ is defined as the activities used to establish, develop, and maintain customer sales.
Select one:
A. Customer relationship management
B. Customer retention
C. Customer differentiation
D. Customer satisfaction
E. Data mining
Question 29
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Relationship marketing is also known as ________.
Select one:
A. mass marketing
B. viral advertising
C. word-of-mouth advertising
D. one-to-one marketing
E. niche marketing
Question 30
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Refer to the scenario below to answer the following questions.
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months. "But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan involved a seasonal promotional gimmick to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers delicious entrees, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend get-aways throughout winter."

By offering a discount to visitors from early winter to late spring, Carol changed the ________ of a stay at Seagull Terrace.
Select one:
A. perceived benefits
B. perceived costs
C. secondary costs
D. retail value
E. actual benefits
Question 31
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After calculating the CLV of its customers, American Auto Supplies identified its most profitable customers and also found that a significant percentage of its customers are unprofitable. Which of the following actions would American Auto Supplies most likely take based on these findings?
Select one:
A. offer the highest level of customer service to its unprofitable customers
B. encourage unprofitable customers to become product champions
C. provide slightly lower levels of customer service to its most profitable customers
D. fire its unprofitable customers
E. discontinue discounts for all but its most profitable customers
Question 32
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________ are people within a group who exert the greatest influence on the attitudes and behaviors of members of the group.
Select one:
A. Word-of-mouth marketers
B. Reinforcers
C. Social networkers
D. Motivators
E. Opinion leaders
Question 33
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A(n) ________ is a sense of truth that a person has about something.
Select one:
A. attitude
B. perception
C. belief
D. norm
E. motive
Question 34
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Which of the following would NOT be considered a situational influence on consumer decision making?
Select one:
A. time
B. the purchase environment
C. lifestyle
D. the digital environment
E. context
Question 35
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A buyer's decisions are influenced by ________ such as culture, subculture, groups, gender roles, and family.
Select one:
A. personal characteristics
B. perceptions
C. social factors
D. situational factors
E. psychological factors
Question 36
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A ________ is a set of conditions that creates a drive to fulfill a need or want.
Select one:
A. motivation
B. perception
C. stimulus
D. norm
E. belief
Question 37
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After the purchase of a product, consumers will be either satisfied or dissatisfied and engage in ________.
Select one:
A. information searches
B. problem recognition
C. evaluation of alternatives
D. postpurchase evaluation
E. product expectations
Question 38
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________ involves the systematic tracking of competitive actions and plans.
Select one:
A. Competitive intelligence
B. Customer intelligence
C. Marketing information
D. Marketing data
E. Sales management
Question 39
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Qualitative research is best suited for gathering ________ information.
Select one:
A. descriptive
B. exploratory
C. quantitative
D. explanatory
E. causal
Question 40
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The two main types of samples used by researchers are ________.
Select one:
A. probability and nonprobability
B. pure and applied
C. reliable and nonreliable
D. census and non-census
E. valid and invalid
Question 41
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________ research is a marketing research design used to generate ideas in a new area of inquiry.
Select one:
A. Syndicated
B. Exploratory
C. Descriptive
D. Explanatory
E. Experimental
Question 42
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You want to observe how often consumers listen to music throughout their day and what different audio devices they use. You are also interested in how consumers store and access their own music collections. You should conduct ________ research.
Select one:
A. exploratory
B. experimental
C. survey
D. secondary
E. causal
Question 43
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What is the first step in the marketing research process?
Select one:
A. hiring an outside research specialist
B. developing a marketing information system
C. designing the research
D. defining the problem
E. conducting the research
Question 44
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________ is information collected on a regular basis using standardized procedures and sold to multiple customers from a related industry.
Select one:
A. Experimental data
B. Sampled data
C. Primary data
D. Pure research
E. Syndicated research
Question 45
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Brand ________ is the power of a brand, through creation of a distinct image, to influence customer behavior.
Select one:
A. attitude
B. positioning
C. equity
D. knowledge
E. valuation
Question 46
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Whenever a company introduces a new product in a portfolio, there is a risk of ________, which occurs when sales of an existing brand decline as the firm's current customers switch to the new product.
Select one:
A. disintermediation
B. counterfeiting
C. bundling
D. brand inequity
E. cannibalization
Question 47
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A manager of a Holiday Inn said, "We have power and value in the market and people are willing to pay for it." This manager is referring to ________.
Select one:
A. brand equity
B. brand alliances
C. line extensions
D. brand protection
E. brand extensions
Question 48
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A company that wants to keep its customers from switching brands would be most likely to select a ________ strategy.
Select one:
A. licensing
B. line extension
C. co-branding
D. brand extension
E. multibranding
Question 49
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Customer loyalty, commitment, and equity are all factors that can build ________.
Select one:
A. brand positioning
B. brand knowledge
C. brand personality
D. brand equity
E. brand alliances
Question 50
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Private label brands have almost completely replaced ________.
Select one:
A. approach products
B. specialty products
C. national brands
D. generic products
E. avoidance products

 

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  • Walsh College MGT 550/ MGT 550 SU2016 V Week Five Exam 1
    $28.00

    Question Question 1 Not yet answered Points out of 3 Flag question Question text Modern marketing has its roots in all BUT which of the following? Select one: A. statistics B. psychology C. anthropology D. sociology E. economics Question 2 Not yet answered Points out of 3 Flag question Question text The set of marketing variables a firm uses to achieve its desired sales performance is called the ________. Select one: A. marketing mix B. promotion mix C. product mix D. facilitating function E. CRM Question 3 Not yet answered Points out of 3 Flag question Question text A(n) ________ is created when a customer and business have ongoing interactions through the sales of a product or service. Select one: A. marketing concept B. utility C. exchange function D. customer relationship E. facilitating function Question 4 Not yet answered Points out of 3 Flag question Question text A company's process of creating value occurs ________ the selling process. Select one:

    Submitted on: 29 Jul, 2016 11:11:14 This tutorial has not been purchased yet .