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BAM 306 Final Exam Principles of Marketing

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BAM 306 Final Exam Principles of Marketing

BAM 306 Final Exam Principles of Marketing

BAM306

BAM 306 Principles of Marketing Final Exam

Question 1. All of the following are accurate descriptions of modern marketing EXCEPT which one?

  1. Marketing is the creation of value for customers.
  2. Marketing is used by for-profit and not-for-profit organizations.
  3. Marketing is managing profitable customer relationships.
  4. Marketing involves satisfying customers’ needs.
  5. Selling and advertising are synonymous with marketing.

Question 2. Consumer research, product development, communication, distribution, pricing and service are all core ________ activities.

  1. management
  2. exchange
  3. production
  4. customer relationship management
  5. marketing

Question 3. Which marketing orientation calls for aggressive promotional efforts and focuses on generating transactions to obtain profitable sales?

  1. Product concept
  2. Selling concept
  3. Marketing concept
  4. Production concept
  5. Societal marketing concept

Question 4. Which of the following reflects the marketing concept philosophy?

  1. “We build them so you can buy them.”
  2. “You won’t find a better deal anywhere.”
  3. “We don’t have a marketing department; we have a customer department.”
  4. “We’re in the business of making and selling superior products.”
  5. “When it’s profits versus customers’ needs, profits will always win out.”

Question 5. Building, keeping and growing profitable relationships by delivering customer value and satisfaction is called ________.

  1. Customer relationship management
  2. Societal marketing
  3. Customer perceived value
  4. Customer lifetime value
  5. Database marketing

Question 6. You are an assistant marketing director for a firm in a market with many low-margin customers.

What type of relationship would be most profitable for you to develop with these customers?

  1. Basic partnerships
  2. Full partnerships
  3. Club programs
  4. Basic relationships
  5. Selective relationships

Question 7. Which of the following is the total combined customer lifetime values of all a company’s current and potential customers?

  1. Customer equity
  2. Share of customer
  3. Customer lifetime value
  4. Profitability
  5. Share of market

Question 8. Jolene’s firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs and she must somehow first get their attention. Jolene’s firm most likely practices the ________.

  1. selling concept
  2. social marketing concept
  3. marketing concept
  4. production concept
  5. societal marketing concept

Question 9. The Niketown running club that organizes twice weekly evening runs and follow-up meetings in the Nike Store is an example of which of the following?

  1. A basic customer relationship
  2. A club marketing program
  3. A structural benefit provided for top customers
  4. A frequency marketing program
  5. A partner relationship

Question 10. A church targeting different demographic groups to increase attendance is an example of ________.

  1. for-profit marketing
  2. not-for-profit marketing
  3. customer evangelism
  4. caring capitalism
  5. societal marketing

Question 11. Which of the following is NOT a step in the strategic planning process?

  1. Planning marketing and other functional strategies
  2. Defining the company mission
  3. Evaluating all members of the value chain
  4. Designing the business portfolio
  5. Setting company objectives and goals

Question 12. Which of the following can be a company division, a product line within a division or sometimes a single product or brand?

  1. A PLC
  2. A market
  3. The BCG
  4. A value delivery network
  5. An SBU

Question 13. Which of the following does NOT accurately reflect a problem with the BCG matrix approach?

  1. It is difficult to define SBUs and measure market share and growth.
  2. It can be costly to conduct.
  3. It focuses on classifying current businesses.
  4. It can be time consuming to implement.
  5. It focuses on planning for the future.

Question 14. In a basic SWOT analysis the “T” stands for ________.

  1. timing
  2. trade
  3. trust
  4. threats
  5. tangible

Question 15. Saturn is “a different kind of company, a different kind of a car”; the Hummer is “like nothing else.” Statements such as these reflect a firm’s ________.

  1. product portfolio
  2. marketing mix
  3. positioning
  4. target markets
  5. niche

Question 16. You are directed to study the demographic, economic, natural, technological, political and cultural factors that are larger societal forces affecting your company. What are you studying?

  1. The global environment
  2. The marketing mix
  3. The internal environment
  4. The macroenvironment
  5. The microenvironment

Question 17. A(n) ________ is defined as any group that has an actual or potential interest in, or impact on, an organization’s ability to achieve its objectives.

  1. competitor
  2. intermediary
  3. public
  4. team
  5. market

Question 18. Which type of market buys goods and services for further processing or for use in the production process?

  1. Wholesale
  2. Reseller
  3. Retail
  4. Consumer
  5. Business

Question 19. Of the following diversity segments in the American population, which is currently the largest?

  1. Asian Americans
  2. African Americans
  3. Adults with disabilities
  4. Telecommuters
  5. Hispanics

Question 20. Value marketing is the strategy of offering consumers ________.

  1. little quality at a low price
  2. luxury quality at a high price
  3. reasonable quality at a fair price
  4. lesser quality at a low price
  5. high quality at a high price

Question 21. Many firms today use RFID technology to ________.

  1. move toward environmental sustainability
  2. track patterns of consumer online behavior
  3. identify new target markets
  4. track products through various points in the distribution channel
  5. analyze threats and opportunities in the macro environment

Question 22. A company or association’s ________ is designed to help guide responses to complex social responsibility issues.

  1. discretion in enforcing regulations
  2. core value system
  3. cause-related marketing
  4. privacy policy
  5. code of ethics

Question 23. Watching the cultural trends of how people view society, observers have noted that since September 11, 2001, marketers responded to the increased ________ of Americans with special products and promotions.

  1. patriotism
  2. distrust
  3. loyalty
  4. belligerence
  5. foreign intolerance

Question 24. LandPort Transportation and Omega Warehousing move and store the products your company sells. The two businesses are examples of ________.

  1. geographic segments
  2. resellers
  3. marketing intermediaries
  4. marketing services agencies
  5. physical distribution firms

Question 25. Innovations is a producer of electronic circuits that power a variety of technological devices produced by other companies. Innovations sell its products to ________ markets.

  1. consumer
  2. internal
  3. financial
  4. government
  5. business

Question 26. With an expected increase in ethnic diversity within the American population, marketers are most likely to place a greater emphasis on which of the following?

  1. “Us and them” paradigms
  2. Differing advertising messages
  3. Mass marketing
  4. Geographic segmentation
  5. Tiered markets

Question 27. Despite the data glut that marketing managers receive, they are most likely to complain that they lack which of the following?

  1. Enough information of the right kind
  2. Primary information
  3. Searchable information
  4. Timely information
  5. Secondary information

Question 28. A marketing information system (MIS) consists of people and procedures to assess information needs, ________, and help decision makers analyze and use the information.

  1. critique the needed information
  2. develop the needed information
  3. test market the information
  4. experiment to develop information
  5. question the needed information

Question 29. The real value of a company’s marketing research and information system lies in the ________.

  1. variety of contact methods it uses
  2. amount of data it generates
  3. quality of customer insights it provides
  4. efficiency with which it completes studies
  5. marketing information system it follows

Question 30. ________ is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.

  1. Causal research
  2. The marketing information system
  3. Marketing research
  4. Competitive marketing research
  5. Competitive marketing intelligence

Question 31. Observational research is best suited for gathering ________ data.

  1. primary
  2. dependent
  3. secondary
  4. causal
  5. competitive

Question 32. What are the two main types of research instruments used to collect primary data?

  1. Personal interviews and online marketing research
  2. Focus groups and online databases
  3. Online panels and experiments
  4. Questionnaires and mechanical devices
  5. Surveys and samples

Question 33. Which of the following is the best advice about creating research questionnaires?

  1. Use simple and direct language.
  2. Avoid any personal questions that may make some respondents uncomfortable.
  3. Ask difficult questions in the beginning to “weed out” uninterested respondents.
  4. Questions should not be arranged in any particular order.
  5. Ask personal questions in the middle of the instrument.

Question 34. You have been asked to locate secondary data for your small organization’s research needs. Which of the following is NOT a common source for this type of research?

  1. Online surveys
  2. The U.S. Small Business Administration
  3. The Bureau of Economic Analysis
  4. The U.S. Census Bureau
  5. Competitors’ Web sites

Question 35. Nathan Zabalas owns a regional chain of drug stores. Before expanding nationwide, Nathan is conducting marketing research to determine the best options for opening new stores. He plans to start by collecting secondary data. Which of the following is NOT a source of secondary data that Nathan might use?

  1. Yankelovich’s Monitor
  2. Local chambers of commerce
  3. Commercial online databases
  4. Online questionnaires
  5. Web search engines

Question 36. Although more price-conscious than other population segments, ________ consumers tend to be strongly motivated by quality and selection. Brands are important. They seem to enjoy shopping more than other ethnic groups do.

  1. African American
  2. upper lower
  3. Asian American
  4. upper middle
  5. mature

Question 37. ________ are groups to which an individual wishes to belong, as when a young basketball player hopes to play someday for the Los Angeles Lakers.

  1. Aspirational groups
  2. Leisure groups
  3. Leading adopter groups
  4. Membership groups
  5. Social class groups

Question 38. A ________ consists of the activities people are expected to perform according to the persons around them.

  1. lifestyle
  2. tradition
  3. life cycle
  4. role
  5. motive

Question 39. A ________ is a need that is sufficiently pressing to direct a person to seek satisfaction.

  1. perception
  2. motive
  3. stimulus
  4. tradition
  5. culture

Question 40. Maslow’s theory is that ________ can be arranged in a hierarchy.

  1. decisions
  2. stimuli
  3. beliefs and attitudes
  4. human needs
  5. perceptions

Question 41. People tend to interpret new information in a way that will support what they already believe. This is known as:

  1. selective attention.
  2. selective attitude.
  3. selective retention.
  4. selective perception.
  5. selective distortion.

Question 42. ________ describes changes in an individual’s behavior arising from experience.

  1. Cognitive dissonance
  2. Perception
  3. Lifestyle
  4. Learning
  5. Attitude shift

Question 43. According to one analyst, a Harley-Davidson motorcycle can make you feel like “the toughest, baddest guy on the block.” Harley-Davidson promotes its motorcycles with images of independence, freedom and power. Harley-Davidson has created a(n) ________.

  1. attitude
  2. brand motivation
  3. brand personality
  4. life-cycle stage
  5. brand self-image

Question 44. Bob’s job description has been changed. The rationale for the changes made no sense to Bob when they were explained. Bob continued to perform most of his job duties as usual. He has engaged in ________.

  1. subliminal attention
  2. selective attention
  3. perceptual defense
  4. selective attitude
  5. selective interpretation

Question 45. An invitation to go skiing for the weekend forced Donna to look at her current wardrobe. She decided she needed a much warmer coat. Donna was in which stage of the purchase decision?

  1. Information search
  2. Problem screening
  3. Product evaluation
  4. Need recognition
  5. Situational analysis

Question 46. Dips in the economy and the instant price comparisons made possible by the Internet have both contributed to ________.

  1. increased consumer price sensitivity
  2. decreased consumer price sensitivity
  3. a more direct relationship between supply and demand
  4. a less direct relationship between supply and demand
  5. decreased brand loyalty

Question 47. Another name for systems selling is ________ selling.

  1. blanket contract
  2. negotiated contract
  3. solutions
  4. vendor-managed inventory
  5. periodic purchase

Question 48. Which of the following types of factors influencing members of a buying center are typically the most difficult for marketers to assess?

  1. Political
  2. Organizational
  3. Economic
  4. Technological
  5. Interpersonal

Question 49. Status, empathy and persuasiveness are all examples of ________ influences on business buyer behavior.

  1. organizational
  2. individual
  3. cultural
  4. interpersonal
  5. environmental

Question 50. B-to-B e-procurement yields many benefits. These include all of the following EXCEPT:

  1. elimination of much of the paperwork associated with traditional ordering procedures.
  2. elimination of inventory problems.
  3. reduced transaction costs.
  4. reduced order processing costs.
  5. more efficient purchasing for both buyers and sellers.

Question 51. Sage, Inc. provides food services to schools, hospitals and nursing homes in the Midwest. Management at Sage is involved in the ________ market.

  1. institutional
  2. global
  3. local
  4. government
  5. not-for-profit

Question 52. All of the following are difficulties associated with selling to government buyers EXCEPT:

  1. low sales volume.
  2. considerable paperwork.
  3. bureaucracy.
  4. regulations.
  5. large group decision making.

Question 53. Most newspapers use ________ so they do not need to rely on only one supplier to provide the tons of paper that they use annually.

  1. blanket contracting
  2. multiple sourcing
  3. vendor-managed inventory
  4. single sourcing
  5. cross-docking

Question 54. Which of the following is the most popular method for segmenting markets?

  1. Demographic
  2. Behavioral
  3. Gender
  4. Psychographic
  5. Geographic

Question 55. When Positive Image, Inc. caters to clothing, cosmetics and toiletries markets, it most likely uses which type of segmentation?

  1. Gender
  2. Readiness
  3. Geographic
  4. Behavior
  5. Occasions

Question 56. When a business market segment is large or profitable enough to serve, it is termed ________.

  1. actionable
  2. measurable
  3. substantial
  4. accessible
  5. differentiable

Question 57. Mass marketers, such as Target and Venture Stores, often ignore market segment differences and target the whole market with one offer. What is their approach to segmenting?

  1. Micromarketing
  2. Undifferentiated marketing
  3. Target marketing
  4. Concentrated marketing
  5. Differentiated marketing

Question 58. The 55-year-old baby boomers share common needs in music and performers. When a music company decides to serve this group, the group is called a(n) ________.

  1. niche market
  2. target market
  3. market segment
  4. undifferentiated market
  5. micro market

Question 59. A product’s position is based on important attributes as perceived by ________.

  1. competitors
  2. managers
  3. consumers
  4. market conditions
  5. suppliers

Question 60. Which positioning strategy offers consumers a “good deal” by offering equivalent quality products or services at a lower price?

  1. less-for-much-less
  2. more-for-the-same
  3. more-for-less
  4. same-for-less
  5. all-or-nothing

Question 61. “Less-for-much-less” positioning involves meeting consumers’ ________.

  1. lower quality requirements in exchange for a lower price
  2. high quality requirements at the lower possible price
  3. high quality requirements at a discounted rate
  4. quality performance requirements at a lower price
  5. lower quality requirements at the lowest possible price

Question 62. Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, “What is the buyer really buying?”

  1. core customer value
  2. co-branding
  3. actual product
  4. augmented product
  5. exchange

Question 63. Which of the following capital items is NOT considered accessory equipment?

  1. buildings
  2. hand tools
  3. desks
  4. chairs
  5. lift trucks

Question 64. In recent years, product safety and environmental responsibility have become major ________ concerns.

  1. packaging
  2. product line
  3. service
  4. branding
  5. product mix

Question 65. A ________ is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges.

  1. convenience product
  2. private brand
  3. product bandwidth
  4. product line
  5. line extension

Question 66. An alternative to product line stretching is ________, adding more items within the present range of the line.

  1. co-branding
  2. service marketing
  3. interactive marketing
  4. product mixing
  5. product line filling

Question 67. A company can increase its business in four ways. Which is NOT one of these ways?

  1. It can add new product lines, thus widening its product mix.
  2. It can lengthen its existing product lines.
  3. It can add more versions of each product and thus deepen its product mix.
  4. It can increase the consistency of its product mix.
  5. It can discontinue some of its lines.

Question 68. All of the following are methods for developing a differentiated service offer, delivery or image EXCEPT ________.

  1. increasing the quantity of service by giving up some durability
  2. having more reliable customer-contact people
  3. designing a superior delivery process
  4. developing symbols and branding
  5. offering innovative features

Question 69. The total financial value of a brand is estimated through the process of brand ________.

  1. equity
  2. positioning
  3. differentiation
  4. extension
  5. valuation

Question 70. A ________ involves the use of a successful brand name to launch new or modified products in a new category.

  1. private brand
  2. line extension
  3. brand symbol
  4. brand extension
  5. product line

Question 71. Under what circumstances might it be wise for a company to do little or no test marketing?

  1. When the product has no substitutes and is new in its category
  2. When the costs of developing and introducing the product are low
  3. When a new product requires a major investment
  4. When management is not sure of the product
  5. When management is not sure of the marketing program

Question 72. The team-based new-product development approach uses cross-functional teams that overlap the steps in the process to achieve which of the following goals?

  1. Save time and increase effectiveness
  2. Speed product to market and reduce costs
  3. Increase effectiveness and employee satisfaction
  4. Save time and eliminate errors
  5. b and d

Question 73. ________ is the product life cycle period when sales fall off and profits drop.

  1. Decline
  2. Growth
  3. Introduction
  4. Development
  5. Maturity

Question 74. All of the following are stages in the PLC EXCEPT ________.

  1. growth
  2. decline
  3. maturity
  4. introduction
  5. adoption

Question 75. Mattel’s Barbie is an example of an age-defying product. Barbie, simultaneously timeless and trendy, is in the ________ stage of the PLC.

  1. introduction
  2. adoption
  3. growth
  4. decline
  5. maturity

Question 76. It’s What’s Hip, a chain of 18 music and CD stores, has discovered that carrying a weak product during the decline stage of the PLC can be very costly to a firm, and not just in profit terms. Which one of these is NOT likely to be one of those costs?

  1. Takes up much of management’s time
  2. Requires advertising and sales force attention
  3. Frequent price and inventory adjustment
  4. Negatively affects the company’s reputation
  5. Requires too much focus on new-product development

Question 77. Price is the only element in the marketing mix that produces ________.

  1. variable costs
  2. stability
  3. outfixed costs
  4. expenses
  5. revenue

Question 78. Walmart is famous for using what important type of value pricing?

  1. Cost-plus pricing
  2. Competition-based pricing
  3. Penetration pricing
  4. Everyday low pricing
  5. Break-even pricing

Question 79. Costs that do not vary with production or sales level are referred to as ________.

  1. target costs
  2. variable costs
  3. fixed costs
  4. total costs
  5. unit costs

Question 80. With target costing, marketers will first ________ and then ________.

  1. determine a selling price; target costs to ensure that the price is met
  2. use skimming pricing; penetrating pricing
  3. design the product; determine its cost
  4. build the marketing mix; identify the target market
  5. identify the marketing mix; determine product cost

Question 81. A company should set prices that will allow ________ to receive a fair profit.

  1. producers
  2. competitors
  3. the market
  4. consumers
  5. resellers

Question 82. In the case of services, captive product pricing is called ________ pricing.

  1. segmented
  2. by-product
  3. two-part
  4. bundle
  5. optional product

Question 83. Companies involved in deciding which items to include in the base price and which to offer as options are engaged in ________ pricing.

  1. optional product
  2. skimming
  3. product bundle
  4. captive product
  5. by-product

Question 84. What type of pricing is being used when a company temporarily prices its product below the list price or even below cost to create buying excitement and urgency?

  1. Promotional pricing
  2. Basing-point pricing
  3. Referent pricing
  4. Segmented pricing
  5. Psychological pricing

Question 85. Which of the following is NOT an effective action that a company can take to combat a competitor’s price cut on a product?

  1. Raise perceived value
  2. Launch a low-price “fighter brand”
  3. Improve quality and decrease price
  4. Reduce price
  5. Improve quality and increase price

Question 86. Intermediaries play an important role in matching ________.

  1. manufacturer to product
  2. product to region
  3. dealer with customer
  4. information and promotion
  5. supply and demand

Question 87. Companies today are placing greater emphasis on ________.

  1. profitability
  2. logistics
  3. co-op advertising
  4. efficiency
  5. conflict reduction

Question 88. ________ logistics controls the movement of products from points of production to consumers.

  1. Outbound
  2. Reverse
  3. Inbound
  4. Horizontal
  5. Vertical

Question 89. Which of the following is the best example of a direct channel?

  1. A farmer in Columbia sells flowers to an international broker who makes sure the flowers reach consumers in the United States.
  2. Family Dollar Store sells modeling clay to school-age children.
  3. A wholesaler sells candy to convenience stores who then sell it to store patrons.
  4. J&L Manufacturing Company sells drapery hardware to The Home Depot’s Design Center and the Design Center then sells it to consumers.
  5. Farmer Mintz sells corn to the Hughes household, who will eat it for supper.

Question 90. Specialty stores carry ________ with ________ within them.

  1. narrow product lines; shallow assortments
  2. wide product lines; deep assortments
  3. narrow product lines; deep assortments
  4. convenience items; mostly staples
  5. wide product lines; shallow assortments

Question 91. In-store demonstrations, displays, contests and visiting celebrities are examples of ________.

  1. broker promotions
  2. agent promotions
  3. sales promotions
  4. franchises
  5. product life-cycling

Question 92. Most shopping centers are ________ containing between 5 and 15 stores; they are close and convenient for consumers.

  1. community shopping centers
  2. lifestyle centers
  3. strip malls
  4. power centers
  5. factory outlets

Question 93. ________ are the largest group of wholesalers. The group can be divided into the two broad types of full-service and limited-service.

  1. Merchant wholesalers
  2. Specialty wholesalers
  3. Agents
  4. Manufacturer sellers
  5. Brokers

Question 94. The use of short-term incentives to encourage the purchase or sale of a product or service is called ________.

  1. personal selling
  2. public relations
  3. sales promotion
  4. publicity
  5. direct marketing

Question 95. To communicate effectively, a marketing communicator must ________ the consumer’s field of experience.

  1. reference
  2. share
  3. create
  4. compete with
  5. understand

Question 96. The six buyer-readiness stages include all of the following EXCEPT ________.

  1. conviction
  2. hesitation
  3. awareness
  4. knowledge
  5. liking

Question 97. All of the following are strategies a marketer would use to lead consumers into making the final step toward a purchase EXCEPT which one?

  1. Use extensive “teaser” advertising
  2. Offer rebates
  3. Offer add-on features
  4. Offer special promotional prices
  5. Offer premiums

Question 98. An ad for Maybelline age-minimizing makeup in Ladies’ Home Journal magazine featured actress Melina Kanakaredes and offered readers a $1-off coupon when they try the new makeup. In terms of the communication model, the sender of this message is ________.

  1. Ladies’ Home Journal
  2. the target market to whom Melina Kanakaredes appeals
  3. readers who redeem the $1-off coupon
  4. Maybelline
  5. Melina Kanakaredes

Question 99. Mercy University’s initial ads for the school’s new MBA program are most likely intended to create ________.

  1. conviction
  2. awareness
  3. insistence
  4. liking
  5. preference

Question 100. All of the following are examples of cultural pollution EXCEPT ________.

  1. billboards marring beautiful scenery
  2. spam in an e-mail inbox
  3. ads in magazines
  4. commercials during serious programs
  5. street signs in an urban area