MKT 571 Final Exam Answers
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 __________. MKT 571 Final Exam
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