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Wisconsin MKt311 exam 1
Question 1 (2.5 points)
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
Question 1 options:
strong connections among competing firms in the marketplace.
Question 2(2.5 points)
Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.
Question 2 options:
Question 3(2.5 points)
Your roommate, a non-business major, sees you reading your marketing text. He or she asks, "Why is marketing important?" You respond by saying all of the following EXCEPT
Question 3 options:
Marketers advise production on how much product to make.
Marketers tell the logistics department when to ship products.
Marketers engage customers and develop long-term relationships.
Marketers identify opportunities to expand.
Marketers are the most important profit center in any organization.
Question 4(2.5 points)
Whenever Arnold calls his insurance agent, the agent tells Arnold about new types of insurance available. The agent is pursuing a ________________ growth strategy.
Question 4 options:
Question 5(2.5 points)
Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it was dominating the market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product shares characteristics with other:
Question 5 options:
Question 6(2.5 points)
Introducing new products or services to a market segment the company is not currently serving is called:
Question 6 options:
Question 7(2.5 points)
Quitman sells his business language dictionary to college students throughout the United States. He wants to sell the book to international students abroad. Quitman wants to pursue a __________________ growth strategy.
Question 7 options:
Question 8(2.5 points)
Even when big-box discount retailers enter a market, some small, local retailers survive and prosper. These retailers have developed a _________________ generating long-term profitability.
Question 8 options:
successful mission-goal statements
strategic business simulation
sustainable competitive advantage
market segmentation sufficiency
Question 9(2.5 points)
Almost every banker thinks his or her firm provides better service than their competitors. If this is accurate, and customers recognize it, the bank creates and delivers value through:
Question 9 options:
Question 10(2.5 points)
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
Question 10 options:
Question 11(2.5 points)
Heather has been assessing a number of her firm's products using the Boston Consulting Group approach to portfolio analysis. She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. Heather is working on determining _________________.
Question 11 options:
cash generation equivalents
relative market share.
market growth rate
statistical census analysis
Question 12(2.5 points)
Using the BCG portfolio analysis, dogs should be phased out unless:
Question 12 options:
the CEO of the firm is a champion of the product.
additional resources could convert the product into a star.
the market might rebound.
it complements or boosts the sales of another product.
Question 13(2.5 points)
Based on the BCG portfolio analysis, products in low-growth markets that have received heavy investments and now have excess resources to spin off are:
Question 13 options:
Question 14(2.5 points)
To determine how attractive a particular market is in using the BCG portfolio analysis, __________________ is established as one axis.
Question 14 options:
market growth rate
ideal market distribution
relative market share
Question 15(2.5 points)
Chet has been known to say, "If you ever see me with anything other than a Coke in my hand, check my pulse. I must be dead. " When Chet is thirsty for a soft drink, he obviously skips the _______________ stage of the consumer decision process.
Question 15 options:
evoked set determination
evaluation of alternatives
all of the above
Question 16(2.5 points)
A product category is in a high growth market. The product is also doing quite well. This is an example of a what type of growth strategy?
Question 16 options:
Question mark/problem child
Question 17(2.5 points)
Advertisers using magazine ads often put a logo and slogan at the bottome of the page. They are most attempting to influence...
Question 17 options:
Question 18(2.5 points)
Consumers, and especially younger are using things like Facebook, Youtube, text messaging, etc. This macro-environmental issue can be best described as....
Question 18 options:
Question 19(2.5 points)
Craig sees his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we are doing." Craig is suggesting they ignore the ____________ of the marketing planning process.
Question 19 options:
define the business mission.
implement marketing mix and resources.
identifying and evaluating opportunities.
Question 20(2.5 points)
You are deciding on a very expensive gift to buy your parents for the 50th anniversary. You are likely going to use what type of decision rule?
Question 20 options:
Question 21(2.5 points)
To have an ethical business climate requires all employees to be dedicated to that goal because:
Question 21 options:
customers are only vaguely interested in a firm's ethical standards.
employees have to be taught ethical standards.
managers rarely enforce values unless employees ask them to do so.
the roots of ethical conflict often are competing values of individuals.
employees do not have sufficient visionary scope to understand the ramifications of unethical behavior.
Question 22(2.5 points)
During research you uncover an unmet need in the marketplace. In terms of SWOT this is a(an)
Question 22 options:
Question 23(2.5 points)
The Nike swoosh is familar to people all over the world. This marketing strength is....
Question 23 options:
Question 24(2.5 points)
Hannah knows about many different clothing brands. These various brands make up her...
Question 24 options:
Question 25(2.5 points)
Jimmy likes going to movies and sometimes takes 30 minutes to pick the movie. This is an example of
Question 25 options:
extensive problem solving
High involvement decision making
Movies are low involvment
Limited problem solving
Question 26(2.5 points)
You are a buyer for a clothing line. You decide to buy from a close friend even though you know that a competitor's line is better. This violates what ethics category?
Question 26 options:
Fairness and honesty
Conflict of interest
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Question 27(2.5 points)
You buy an expensive watch to wear when you go out. What Maslow need are you likely addressing?
Question 27 options:
Question 28(2.5 points)
All of the below are examples of competitive advantage value creators except...
Question 28 options:
Question 29(2.5 points)
Consumers consider universal, retrieval, and evoked sets during the ______________ stage of the consumer decision process.
Question 29 options:
situational factor analysis
evaluation of alternatives
Question 30(2.5 points)
What is the marketing mix?
Question 30 options:
Strategic tools available to marketers
Ways to promote customers
Mix of available marketing resources
The set of appropriate products and services
Question 31(2.5 points)
In a modified rebuy situation, _________________ are likely to have an advantage in acquiring the order.
Question 31 options:
Question 32(2.5 points)
Most B2B buying situations can be categorized as new buys, modified rebuys, and:
Question 32 options:
initiator-influenced democratic decisions.
Question 33(2.5 points)
Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are:
Question 33 options:
less focused on customer value creation.
more formal and structured.
based on derived supply analysis.
Question 34(2.5 points)
Firms use a differentiated segmentation strategy, targeting several market segments with a different offering each, because:
Question 34 options:
it is easier than mass marketing.
it helps to obtain a bigger share of the market.
it is better than focusing on individual or small groups of potential customers.
most market segments are too small to be profitable.
banks are more willing to extend credit to companies with this strategic approach.
Question 35(2.5 points)
Marco was assigned to help create a positioning strategy for the manufacturing firm where he works by working on the salient attributes. He should consider:
Question 35 options:
the safety record of the firm and its products.
what the target marketing would consider the most important.
the characteristics that help his firm win a state-wide award for excellence in manufacturing.
the ways the sales representatives have been positioning the firm against the competitors.
the features the engineers feel are most important for the quality of the product.
Question 36(2.5 points)
Almost every political candidate uses a combination of red, white, and blue in their campaign posters. They are trying to position themselves in voters' minds using:
Question 36 options:
all of the above.
Question 37(2.5 points)
Whose perceptions are being measured in a perceptual map?
Question 37 options:
Inventors of the products or the current R&D team
The strategic planners
A company's executive team
Question 38(2.5 points)
MTV uses __________ segmentation to target individuals interested in doing good deeds, and in doing so, it helps add value without jeopardizing its financial success.
Question 38 options:
corporate social responsibility
Question 39(2.5 points)
Marketers often race into research studies to collect __________________ data because it is designed to address their specific questions, while _____________ data exist, be cheaper to access, and sufficiently address the marketer's questions.
Question 39 options:
Question 40(2.5 points)
The major advantage of primary research data is:
Question 40 options:
it can be easily accessed through syndicated data bases.
it can be tailored to meet the specific research needs.
it takes less time to collect than secondary data.
it is general enough to meet many different researchers' needs.
all of the above are advantages of primary research data.
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