FINAL EXAM LATEST 2016 VERSION

Apple hosts a large number of ________, which become customers’ primary source of product information after warranties expire and are organized by product lines and type of user (consumer or professional).

microblogs

niche networks

blogs

online communities

Josh separated people who wanted a high quality lawn mower from people who wanted a low priced lawn mower, then examined whether different characteristics were associated with each consumer-response segment. Josh was defining segments using ________ considerations.

demographic

psychographic

behavioral

descriptive

Companies provide rewards to customers who buy often and in substantial amounts. These reward schemes are referred to as ________ programs.

satisfaction

profitability

benefit

frequency

MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS

If Ming was interested in capturing distribution metrics for her retail organization, which of the following might she consider?

Effective reach

Share of shelf

Trial rate

Customer complaints

The stage in the new product process that occurs first and has a pass ratio of 1:4 is the ________ stage.

idea screening

product development

product soft launch

test marketing

A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________.

product line

product variant

product type

product class

ROC Engineering, a Chinese shipbuilding company, agrees to build a fleet of submarines for the Sri Lankan navy, for which it will be paid in Sri Lankan currency. As per the agreement, ROC must also spend a substantial amount of the money it generates through this deal within the country. In accordance with the contract, ROC buys Sri Lankan tea at a reduced rate. This is an example of which of the following forms of countertrade?

offset

compensation deal

barter

descending bid
________ analysis looks at specific products, territories, and so forth that failed to produce expected sales.

Full costing

Microsales

Sales variance

Expense-to-sales

MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS

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 ________.

making low-profit customers more profitable

reducing the rate of customer defection

increasing the longevity of the customer relationship

enhancing the growth potential of each customer through cross-selling
In an attempt to improve their product, a company that manufactures screwdrivers discusses the modification of each attribute, such as replacing the wooden handle with plastic, providing torque power, adding different screw heads, and so on. This creativity technique is called ________.

morphological analysis

attribute listing

lateral analysis

mind mapping

MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS

It has been observed that most new products have shorter product life cycles. What is the reason for this?

Social and governmental constraints lead to this failure.

Rivals quickly copy products that are successful.

New products do not get adequate management support.

Most new products are not backed by a marketable idea.

When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively fewer marketing skills as compared to other strategies.

focus

domestic customer relationship

overall cost leadership

product differentiation

Robert is the owner of an automobile manufacturing company. He calls for a board meeting and tells his directors that he wants to build a car that lets drivers experience power and exhilaration. He tells them that the car must allow users to soar from 0 to 60 mph in about 4 seconds. He also says the price of the car must be affordable enough for anybody making a good salary. In accordance with the given scenario, Robert is trying to segment the market on the basis of ________.

benefits

occupation

family size

nationality

When a company introduces a product at a high price and then gradually drops the price over time, it is pursuing a ________ strategy.

switching cost

value-pricing

market-penetration pricing

market-skimming pricing

Top Gear is an award-winning British television series about motor vehicles, mainly cars. The show is presented by hosts who test drive new cars and provide reviews on the cars’ performance, prices, and other factors. Which of the following personal communications channels is Top Gear closest to in description?

Social channel

Formal channel

Expert channel

Sponsored channel

Which of the following is the strongest differentiator for brick-and-mortar stores who want to emphasize their superiority over online retailers?

product range

pricing

the shopping experience

product quality

MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS

Volkswagen concentrates on the small-car market and Porsche on the sports car market. These would be examples of what is called ________.

market specialization

product specialization

single-segment concentration

selective specialization

During which of the following stages in new product development decision-making do managers analyze if they can find a good idea consumers say they would try?

idea generation

idea screening

concept development and testing

business analysis

Mark feels that Shell delivers on its promises to supply the best gasoline possible to the public. His experiences with Shell have always been good, resulting in positive brand contact. Mark is most likely experiencing brand ________.

alliance

bonding

essence

parity

Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies.

intensive growth

horizontal

concentric growth

conglomerate

 

With respect to powerful brand elements, ________ is an extremely efficient means to build brand equity. This element functions as a useful “hook” to help consumers grasp what the brand is and what makes it special.

a slogan

a product’s shape

a patent

the tangibility of a product

Creative strategies refer to the ________.

amount of creative content in a communications message

degree of innovation involved in the marketing of a product

way marketers translate their messages into a specific communication

novelty of a marketing communication

Which of the following best describes BR Chicken’s value proposition?

We target quality-conscious consumers of chicken.

We sell chicken at most major malls.

We sell tender golden chicken at a moderate price.

We undertake home delivery services.
A ________ is a comprehensive, systematic, independent, and periodic examination of a company’s or business unit’s marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance.

Marketing audit

Test market

Market-based scorecard analysis

Marketing plan
When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation.

Psychographic lifestyle

behavioral occasions

personality

social class

You are the marketing research director of a medium-sized manufacturing firm and you would like to engage an outside marketing research firm to conduct field interviews. Which of the following categories of marketing research firms should you use?

global research management firms

custom marketing research firms

specialty-line marketing research firms

syndicated-service research firms

Joe is a computer service technician. People in his neighborhood usually depend on his suggestions for purchasing any computer accessory or hardware, as they believe he has access to far more information on computer technology than the average consumer. The neighbors are also aware that Joe has the required knowledge and background for understanding the technical properties of the products. Within this context, Joe can be called a(n) ________.

gate keeper

role model

opinion leader

transactional leader

The ________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.

task

economic

management

strategic

Which of the following questions is answered during the business analysis of ideas?

Have we got a technically and commercially sound product?

Can this product meet sales expectations?

Can we find a cost-effective, affordable marketing strategy?

Will this product meet our profit goals?

________ gives products the appearance of being more environmentally friendly without living up to that promise.

Ambush marketing

Greenwashing

Viral marketing

Astroturfing