MGT 103 EXAM QUESTIONS AND
ANSWERS ALL CORRECT
When we talked about core values, we said they could be defined as:
The fundamental principles that guide an organization's conduct over time
The personal ethical and moral codes of a firm's consumers
Proprietary attributes of a film
Cultural ethos of an organization
Written mission statements that express an organization's goals and objective - Answer-
The fundamental principles that guide an organization's conduct over time
The cluster of benefits that an organization promises customers to satisfy their needs is:
Triple bottom line
Core value
Customer value proposition
Mission statement - Answer- Customer value proposition
Last year i was looking for a place to go eat in San Diego. As you know, there are many
wonderful restaurants in town. Some of them were Born and Raises, Addison
Restaurant, Mr. A's, and Eddie V's. The issue with all of these is that they were too
expensive and just wouldn't work for me. We would say these restaurants are in my:
Consideration set
Brittle set
Consolidation set
Inept set - Answer- Inept set
The campus Smoothie Bar sells smoothies in three sizes ( 12 oz for 4.99), (16 oz for
5.99), and (20 oz for 6.99). Currently 16 oz is best selling size. However, Smoothie Bar
wants to make the 20 oz size the best seller. If they take into consideration consumer's
extremeness aversion, what size should they introduce and which should they eliminate
to accomplish this goal (disregard cost consideration):
Introduce 24 oz. eliminate 12 oz.
Introduce 14 oz. eliminate 16 oz
Introduce a 8 oz. dont eliminate anything
Introduce 24 oz. eliminate both the 12 oz and 16 oz. - Answer- Introduce 24 oz.
eliminate 12 oz.
For the past 15 years, ive lived in central sd. There is a fantastic street, called Adamas
Ave near me. On it are a ton of places to eat. I tend to always go to the same
restaurant, over and over again, even though there are so many options. I don't have
,emotional attachment to the place, but I do fear that is I choose a new place, it might not
be as good. I likely made this choice because of:
Status quo bias
Post-purchase regret
Loyalty
price=quality
Problem recognition - Answer- Status quo bias
We talked about the Advanced clean cars || bill that was passed in CA and will go into
effect in 2035. It states that 100% of new cars and light trucks solid in California will be
zero-emission vehicles, including plug-in hybrid electric vehicles. This will impact the
operation of all automobile dealers in the state. Which of the following best describes
the environmental factor?
Regulatory
Socio-cultural
Technological
Competitive
economic - Answer- Regulatory
Growing number of restaurant brands have upgraded to low-flow faucets and water-
saving dishwashing systems to reduce water usage. They promote these eco-friendly
upgrades in their marketing materials. This strategy is best described as:
Triple top line marketing
A basic code of ethics
Consumerism
Cause marketing
Green marketing - Answer- Green marketing
Instagram " to connect people through everyday moments"
Mission statement
Sustainability doctrine
Core benefit mandate
Corporate philosophy
Code of conduct - Answer- Mission statement
An organizations culture is typically more visible in day-to-day actions than its stated
core values:
True
False - Answer- true
If taxes rise at a faster rate than incomes, consumers will:
Have less disposable income and try to economize and spend less money
More likely to be able to afford to take a vacation
Feel more confident in the government and therefore spend more money
Have more disposable income and take this opportunity to buy a car
,Be more likely to take this opportunity to upgrade a bigger home - Answer- Have less
disposable income and try to economize and spend less money
The recognition of the need for organizations to improve the state of people, planet, and
profit simultaneously if they are to achieve continuous, long-term growth is:
Triple bottom line
Green marketing
Green washing
Organizational culture - Answer- Triple bottom line
Swedish anthropologists found that swedes value personal relationships and are
reluctant to buy through impersonal channels like telemarketing. For a Swedish
insurance company, this research is an example of:
Secondary data
Primary data
Assumption
Independent value
Dependent value - Answer- Secondary data
A set of values, ideas, attitudes, and norms of behaviour that is learned and shared
among the members of an organization is referred to as its:
Core values
Mission statement
Organizational culture
Corporate philosophy
Core benefit proposition - Answer- Organizational culture
Consumers are buying more hybrid gas-electric automobiles such as the Subaru
Solterra, and all electric vehicle such as the Cadillac Lyriq, the Chevy Bolt and the
Rivian R1S. This an example of which of the following cultural values:
Preserving the environment
Paying the least amount possible for products
Believing in fate
Increasing wellness, health, and nutrition
Reducing inequality among competitng brands - Answer- Preserving the environment
What is the formula for profit (X)? - Answer- (X) Profit = (unit price * quantity sold) - total
cost
What distribution strategy is best for athletic shoes like Nike and Adidas - Answer-
selective distribution
What distribution strategy is used for toothpaste? - Answer- intensive distribution
, What distribution strategy is appropriate for high-end designer handbags? - Answer-
exclusive distribution
What pricing strategy did Disney use when entering the streaming market at a lower
price than Netflix?
Penetration Pricing
Price lining
Skimming pricing
Bundle pricing - Answer- Penetration Pricing
Which pricing strategy is NOT considered illegal?
Captive pricing
Bait and switch pricing
False former price comparison
Predatory pricing - Answer- Captive pricing
What is the best type of market coverage for specialty items like Fendi handbags and
Rolex watches?
Exclusive distribution
Selective distribution
Intensive distribution
Prestige distribution - Answer- Exclusive distribution
When is a skimming pricing policy most effective?
1. (), 2. The high initial price will not attract competitors, 3. Lowering the price has only a
minor effect on increasing the sales volume and reducing the unit cost, 4. Customers
interpret the high price as a signifying high quality
Enough customers are willing to buy at a high price to make it profitable
Consumers tend to be price sensitive
The lower price makes it easier to set measurable sales unit goals
The lower price will significantly reduce unit costs - Answer- When enough customers
are willing to buy at a high price to make it profitable.
What type of retailer is Jim Smith using for his fishing gear? ecause there are no local
sporting goods stores, he orders his gear- like waders, rods, and tackle- through the ll
ban catalog that gets mailed to his home. His supplies arrive at his home within 72
hours. Jim is using a _ to meet his fishing supply needs
Direct-mail retailer
Door-to-door realtor
Quick response retailer
Flexible response marketer - Answer- Direct-mail retailer
What is a true statement about comparative advertising?
They need to do market research to provide legal support for their claims
they now constitute over 90% of all television ads
They attract far less consumer attention for the advertisers brand
ANSWERS ALL CORRECT
When we talked about core values, we said they could be defined as:
The fundamental principles that guide an organization's conduct over time
The personal ethical and moral codes of a firm's consumers
Proprietary attributes of a film
Cultural ethos of an organization
Written mission statements that express an organization's goals and objective - Answer-
The fundamental principles that guide an organization's conduct over time
The cluster of benefits that an organization promises customers to satisfy their needs is:
Triple bottom line
Core value
Customer value proposition
Mission statement - Answer- Customer value proposition
Last year i was looking for a place to go eat in San Diego. As you know, there are many
wonderful restaurants in town. Some of them were Born and Raises, Addison
Restaurant, Mr. A's, and Eddie V's. The issue with all of these is that they were too
expensive and just wouldn't work for me. We would say these restaurants are in my:
Consideration set
Brittle set
Consolidation set
Inept set - Answer- Inept set
The campus Smoothie Bar sells smoothies in three sizes ( 12 oz for 4.99), (16 oz for
5.99), and (20 oz for 6.99). Currently 16 oz is best selling size. However, Smoothie Bar
wants to make the 20 oz size the best seller. If they take into consideration consumer's
extremeness aversion, what size should they introduce and which should they eliminate
to accomplish this goal (disregard cost consideration):
Introduce 24 oz. eliminate 12 oz.
Introduce 14 oz. eliminate 16 oz
Introduce a 8 oz. dont eliminate anything
Introduce 24 oz. eliminate both the 12 oz and 16 oz. - Answer- Introduce 24 oz.
eliminate 12 oz.
For the past 15 years, ive lived in central sd. There is a fantastic street, called Adamas
Ave near me. On it are a ton of places to eat. I tend to always go to the same
restaurant, over and over again, even though there are so many options. I don't have
,emotional attachment to the place, but I do fear that is I choose a new place, it might not
be as good. I likely made this choice because of:
Status quo bias
Post-purchase regret
Loyalty
price=quality
Problem recognition - Answer- Status quo bias
We talked about the Advanced clean cars || bill that was passed in CA and will go into
effect in 2035. It states that 100% of new cars and light trucks solid in California will be
zero-emission vehicles, including plug-in hybrid electric vehicles. This will impact the
operation of all automobile dealers in the state. Which of the following best describes
the environmental factor?
Regulatory
Socio-cultural
Technological
Competitive
economic - Answer- Regulatory
Growing number of restaurant brands have upgraded to low-flow faucets and water-
saving dishwashing systems to reduce water usage. They promote these eco-friendly
upgrades in their marketing materials. This strategy is best described as:
Triple top line marketing
A basic code of ethics
Consumerism
Cause marketing
Green marketing - Answer- Green marketing
Instagram " to connect people through everyday moments"
Mission statement
Sustainability doctrine
Core benefit mandate
Corporate philosophy
Code of conduct - Answer- Mission statement
An organizations culture is typically more visible in day-to-day actions than its stated
core values:
True
False - Answer- true
If taxes rise at a faster rate than incomes, consumers will:
Have less disposable income and try to economize and spend less money
More likely to be able to afford to take a vacation
Feel more confident in the government and therefore spend more money
Have more disposable income and take this opportunity to buy a car
,Be more likely to take this opportunity to upgrade a bigger home - Answer- Have less
disposable income and try to economize and spend less money
The recognition of the need for organizations to improve the state of people, planet, and
profit simultaneously if they are to achieve continuous, long-term growth is:
Triple bottom line
Green marketing
Green washing
Organizational culture - Answer- Triple bottom line
Swedish anthropologists found that swedes value personal relationships and are
reluctant to buy through impersonal channels like telemarketing. For a Swedish
insurance company, this research is an example of:
Secondary data
Primary data
Assumption
Independent value
Dependent value - Answer- Secondary data
A set of values, ideas, attitudes, and norms of behaviour that is learned and shared
among the members of an organization is referred to as its:
Core values
Mission statement
Organizational culture
Corporate philosophy
Core benefit proposition - Answer- Organizational culture
Consumers are buying more hybrid gas-electric automobiles such as the Subaru
Solterra, and all electric vehicle such as the Cadillac Lyriq, the Chevy Bolt and the
Rivian R1S. This an example of which of the following cultural values:
Preserving the environment
Paying the least amount possible for products
Believing in fate
Increasing wellness, health, and nutrition
Reducing inequality among competitng brands - Answer- Preserving the environment
What is the formula for profit (X)? - Answer- (X) Profit = (unit price * quantity sold) - total
cost
What distribution strategy is best for athletic shoes like Nike and Adidas - Answer-
selective distribution
What distribution strategy is used for toothpaste? - Answer- intensive distribution
, What distribution strategy is appropriate for high-end designer handbags? - Answer-
exclusive distribution
What pricing strategy did Disney use when entering the streaming market at a lower
price than Netflix?
Penetration Pricing
Price lining
Skimming pricing
Bundle pricing - Answer- Penetration Pricing
Which pricing strategy is NOT considered illegal?
Captive pricing
Bait and switch pricing
False former price comparison
Predatory pricing - Answer- Captive pricing
What is the best type of market coverage for specialty items like Fendi handbags and
Rolex watches?
Exclusive distribution
Selective distribution
Intensive distribution
Prestige distribution - Answer- Exclusive distribution
When is a skimming pricing policy most effective?
1. (), 2. The high initial price will not attract competitors, 3. Lowering the price has only a
minor effect on increasing the sales volume and reducing the unit cost, 4. Customers
interpret the high price as a signifying high quality
Enough customers are willing to buy at a high price to make it profitable
Consumers tend to be price sensitive
The lower price makes it easier to set measurable sales unit goals
The lower price will significantly reduce unit costs - Answer- When enough customers
are willing to buy at a high price to make it profitable.
What type of retailer is Jim Smith using for his fishing gear? ecause there are no local
sporting goods stores, he orders his gear- like waders, rods, and tackle- through the ll
ban catalog that gets mailed to his home. His supplies arrive at his home within 72
hours. Jim is using a _ to meet his fishing supply needs
Direct-mail retailer
Door-to-door realtor
Quick response retailer
Flexible response marketer - Answer- Direct-mail retailer
What is a true statement about comparative advertising?
They need to do market research to provide legal support for their claims
they now constitute over 90% of all television ads
They attract far less consumer attention for the advertisers brand
