Marketing 510 Exam 1 Questions With Detailed Correct Answers

Identify the correct statement about marketing management - Correct AnswersIt occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties The "Malaysia, Truly Asia" campaign is an example of ... marketing - Correct AnswersPlace when companies measure the number of people who are willing and able to buy their product, they are measuring... - Correct AnswersDemand Success of online purchasing resulted in ... in the delivery of products and services by intervening in the traditional flow of goods through distribution channels - Correct Answersdisintermediation The .... process consists of analyzing marketing opportunities, selecting target markets, designing, developing - Correct AnswersMarketing planning Customer touch points - Correct Answersall direct or indirect interactions between the customer and the company which of the following holds that consumers prefer products that are widely available and inexpensive? - Correct Answersthe production concept The marketing concept holds that... - Correct Answersa firm should find the right products for its customers, and not the right customers for its products four broad components of holistic marketing - Correct AnswersRelationsjip, integrated, internal, and performance marketing aspect of holistic marketing motivates employees and ensure everyone - Correct Answersinternal marketing financial accountability and social responsibility marketing elements of - Correct Answersperformance marketing incorporating the holistic view of marketing, four P's updated - Correct Answerspeople, proceses, programs, and performance ..... activities include those the company undertakes to make the product accessible and available to target - Correct Answerschannel cycle of complete strategic planned, taking corrective action is a part of.... - Correct Answerscontrolling the.... lays out the target markets and the value proposistion that will be offered, based on an analysis - Correct Answersstrategic marketing plan Mission statements best when reflect - Correct Answersvision it can be a single business or collection of related businesses that can be planned separately from the rest of the company - Correct Answersstrategic business unit Qantas introduces flights to the middle east - Correct Answersmarket development walmart keeps inventory expenditure low and pass savings on to consumers - Correct AnswersOverall cost leadership true about marketing plans - Correct Answersthey provide direction and focus for a brand processes payment, sends order to nearest warehouse and ships order via Fedex - Correct Answersfulfillment management mass market splintered into numerous segment, which means - Correct Answersvalue chain process The fulfillment management process includes all the activities in - Correct Answersreceiving and approving orders, shipping the goods on time, and collecting payment Of the four organizational levels, the corporate level is likely to take which of the following decisions? - Correct Answersentering new market During Jill's market research study, many customers indicated that traditional oven mitts made it very difficult to hold baking dishes, resulting in frequent spills. Jill brought her findings to the research department, and her company leveraged its engineering and design competencies to develop a new hand held hot pad that allows for significantly greater dexterity in handling hot cooking implements, while protecting the cook from burns. This is an example of the ________ element of the holistic marketing framework. - Correct Answersvalue creation The company's marketing information system should be a mix of what managers think they need, what managers really need, and ________. - Correct Answerswhat is economically feasible The ________ begins with sales representatives and dealers sending orders to the firms and is followed by the sales department preparing invoices, and finally generating shipping and billingdocuments which are then sent to various departments. - Correct Answersorder-to-payment cycle By equipping its sales force with handheld devices with bar code readers and Internet connections to speed inventory assessment, TaylorMade allows sales executives to have significantly more time to interact with their consumers. This is an example of the use of technology in improving ________. - Correct Answerssales information systems A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. - Correct Answersmarketing intelligence system E is a service provider that allows contractors to describe their level of satisfaction with subcontractors. This is an example of a(n) ________. - Correct Answersdistributor or sales agent feedback site When gathering marketing intelligence, companies often use the 2000 U.S. census, which provides an in depth look at the population swings, demographic groups, regional migrations, and changing family structure of 281+ million people. Which of the following steps to improve the quality of a company marketing intelligence system would be most closely associated with this illustration? - Correct AnswersA company can take advantage of government data sources A growing population does not mean growing markets unless ________. - Correct Answerspeople have sufficient purchasing power Firms find "reverse innovation" advantage by ________. - Correct Answersintroducing a commodity in a developing country and then distributing it globally By 2010, projections indicate that the largest category of households will be composed of ________. - Correct Answerschildless married couples and empty nesters Which of the following elements of sociocultural environment can be associated with the growing demand for "social surrogates" like social networking sites, television, etc? - Correct Answersviews of others Today, corporations need to make sure that they are good corporate citizens and that their consumer messages are honest in order to positively align themselves with consumers' ________. - Correct Answersviews of organizations ________ beliefs and values are passed from parents to children and reinforced by social institutions—schools, churches, businesses, and governments; they are very difficult to change. - Correct AnswersCore Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful? - Correct Answersdemonstrate that the products will benefit both costumers and society in the long term Which of the following is true about the technology trends that marketers should monitor? - Correct AnswersThe pace of change is accelerating today. Jeanine would like to own a Mercedes but is unable to afford one at this time. Jeanine is part of the ________ for this product. - Correct Answerspotential market A low market penetration index indicates ________ - Correct Answerssubstantial growth potential for all firms A company can expect to expand its market share to a large extent when ________. - Correct Answersits share-penetration index is low Which of the following organizations is likely to use the multiplefactor index method to estimate the market potential? - Correct Answersa firm that manufactures fashionable clothes for teenagers Suppose Concrete Express, a cement manufacturing firm, finds that its sales have increased by 3 percent this year, while industry sales have increased by 5 percent. This implies that ________. - Correct AnswersConcrete Express is losing its relative standing in the cement industry Amity Inc., is a firm which collects and processes household data and sells it to other firms which produce consumer durables. Amity is an example of a ________. - Correct Answerssyndicated-service research firm Unistar Inc., is an FMCG company that produces a wide range of offerings such as grocery items and personal care products. If Unistar wants to estimate the demand for its new line of body moisturizers, which are all priced at $18, it should opt for ________ research. - Correct Answersdescriptive Primary data can be collected in several ways. Installing CCTV cameras in a retail store whereby consumers' actions can be recorded is an example of ________. - Correct Answersobservational research As the marketing manager of Cominform Pvt. Ltd., a manufacturer of health drinks, you have selected 10 individuals who match the profile of your target customer, to participate in a discussion on changing lifestyle trends related to health. You have also hired a skilled moderator to facilitate the discussion and ensure that everyone participates and stays focused on the topic. The moderator provides questions and probes based on the "script" prepared by you. The discussions are also recorded for further analysis. Which of the following methods of acquiring primary data is being used in this case? - Correct Answersfocus groups Why must the researchers avoid generalizing from focus-group participants to the whole market? - Correct AnswersThe size of the group is too small and the sample is not drawn randomly A scale that connects two bipolar words is called a ________. - Correct Answerssemantic differential If a marketing researcher chooses to use word associations, the researcher is using ________. - Correct Answersopen-end questions In which of the following qualitative method are subjects asked to complete an incomplete stimulus? - Correct Answersprojective techniques With respect to the sampling plan, three decisions must be made: (1) the sampling unit-who is to be surveyed; (2) sample size-how many people should be surveyed; and (3) ________. - Correct Answerssampling procedure-how should respondents be chosen Which of the following statements about telephonic interview is true? - Correct AnswersTelephone interviewing in the U.S. is getting more difficult because of consumers' growing antipathy toward telemarketers. Which of the following is an advantage of online research? - Correct AnswersPeople tend to be honest and thoughtful online After collecting the relevant information, the next step in the marketing research process is to ________. - Correct Answersanalyze the acquired data Why do firms employ more than one persona to gather information about the target consumers? - Correct AnswersAny target market may have a range of consumers who vary along a number of key dimensions. All of the following are considered to be among the seven characteristics of good marketing research EXCEPT ________. - Correct Answersindependence of models and data Which of the following is an external marketing metric that companies need to monitor? - Correct Answersmarket share Which of the following is true of qualitative research? - Correct AnswersIt is indirect in nature, so consumers may be less guarded Cell phone manufacturer LZT has to choose between two options for sourcing parts: Japan-based Keiko Inc. and U.S.-based Global Tech. How can Keiko reduce the total customer cost for LZT? - Correct Answersabsorbing some risk by offering a warranty TBS Bikes has recently introduced a series of bikes called Surami. The core positioning of TBS Bikes is "speed". Surami is a five-gear bike and apart from speed, the company promises to include other features such as safety, good performance, and pollution control features. This describes the ________ of the bike. - Correct Answersvalue proposition Sammy's is a fast food chain that offers burgers, sandwiches, and shakes. It focuses its marketing efforts on all the experiences the customers will have on the way to obtaining their food order and eating it. Hence, Sammy's is focusing its marketing efforts on its ________. - Correct Answersvalue delivery system A customer touch point for Abacus Airlines would be an item such as ________. - Correct Answersthe reservations desk Rachel and Josh are on vacation in Hawaii. When they arrived at the hotel, they were offered chilled juice. Their check-in formalities were handled by the staff. When they entered their room, they saw that chocolates had been placed on the pillows and a flower arrangement on the table. The hotel's actions are an example of ________. - Correct Answersa customer touch point Amy is in the "aware" stage of the marketing funnel when she says ________. - Correct Answersshe was informed about VeggiesNmore by her colleague at work Jack has shopped at VeggiesNmore. He was happy with the experience and thought that this could be an alternative to GreenFoods. However, he is also keen to try out other stores in the neighborhood. He is in the ________ stage of the marketing funnel as far as shopping at VeggiesNmore is concerned. - Correct Answersnonrejecter 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 ________. - Correct Answersenhancing the growth potential of each customer through cross-selling Which of the following is an example of focusing disproportionate effort on high-profit customers? - Correct Answers2Wheels has a club for its regular customers, organizing cycling events and parties for them. Which of the following is an example of enhancing the growth potential of each customer through cross-selling? - Correct AnswersIn addition to bicycles, 2Wheels stocks biking gear such as helmets, bottles, jackets and other accessories. Which of the following is a policy a store can adopt to make low-profit customers more profitable? - Correct AnswersThough 2Wheels previously offered free delivery, it now charges for deliveries made outside the city. Susan Lefferts' company advertises widely. Ms. Lefferts uses business reply cards attached to her company's magazine ads to build her company's database. In which of the following ways would Ms. Lefferts most likely use the database? - Correct Answersto identify prospects Phil Langston has just ordered a number of expensive executive gifts that he