BUSN 319 Final Exam

BUSN 319 Final Exam
(TCO 4) Which of the following are measures used by marketing executives? (Points : 5) Market shareCost per lead Retention rate Cost per click All of the above (TCO 1) Marketing plans must enable results to be compared with planned targets, which allows _____, the flexibility to update original plans. (Points : 5) Replanning Contingency planning Downsizing Dynamic planning Proactive change (TCO 3) Which marketing strategy involves retaining focus on a single product line but marketing it to new markets? (Points : 5) Full coverage Market specialization Product specialization Selective specialization Market-product concentration (TCO 1) Based on relative competitive scope (broad target to narrow target) and source of competitive advantage (lower cost to differentiation), Porter’s four generic business strategies are cost leadership, cost focus, differentiation focus, and (Points : 5) Service leadership Diversification Reaction. Differentiation Quality focus (TCO 2) Which of the following pieces of information is used in the implementation phase of the strategic marketing process? (Points : 5) Corporate return on investment Gantt charts Revenues associated with each point of market share Trends in past and current revenues for industry and competitors in total and by segment Possible cannibalization effects on other products in the line (TCO 6) Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process? (Points : 5) Corporate return on investment Market share for the product Revenues associated with each point of market share Projection of future sales, expenses, and profits Possible cannibalization effects on other products in the line (TCO 3) All of the following steps are part of the planning process used to develop an organization’s advertising program, except (Points : 5) Identify the target audience Specify the advertising objectives Write the advertising copy Pretest the advertising Schedule the advertising program (TCO 2) The proper blend of elements in the promotional mix depends on the type of product. The three specific characteristics to be considered are complexity, _____, and ancillary services. (Points : 5) Risk Size Durability Accessibility Acceptability (TCO 4) The promotional objective of the decline stage of the product life cycle is to (Points : 5) Inform Persuade Compare Remind None of the above (TCO 2) The promotional mix includes _____, personal selling, sales promotion, public relations, and direct marketing. (Points : 5) Promotion channel Communication chain Marketing matrix Advertising Media mix (TCO 8) Which of the following statements about the terms used for marketing intermediaries is true? (Points : 5) The most precise terms used to describe marketing intermediaries are dealer and distributor A retailer sells to consumers An agent has no legal authority to act on behalf of a manufacturer A wholesaler is an intermediary who sells to consumers Broker is a synonym for a dealer (TCO 7) Price fixing is (Points : 5) An arrangement a manufacturer makes with a reseller to handle only its products and not those of a competitor The practice of charging a very low price for a product with the intent of driving competitors out of business. The practice of charging different prices to different buyers for goods of like grade and quality A conspiracy between firms to set prices for a product A seller’s requirement that the purchaser of one product also buy another product in the line. (TCO 2) Which of the following is NOT one of the six major pricing objectives? (Points : 5) Profit Unit volume Breakeven Survival Market share (TCO 3) The ratio of perceived benefits to price is called (Points : 5) the price-quality relationship prestige pricing value-added pricing value value analysis (TCO 6) Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is called (Points : 5) consumer differentiation psychographics market segmentation market delineation aggregation marketing (TCO 5) Which of the following statements about environmental scanning is true? (Points : 5) Environmental scanning changes the marketing environment Environmental scanning identifies and interprets potential trends Environmental scanning is an annual event Environmental scanning focuses primarily on geographical factors All of the above (TCO 1) A key role of the marketing department is to (Points : 5) Allocate financial resources across business units Set the overall mission of the company Provide talent management services Look outward Assess global political situations (TCO 1) Which of the following acts as a barrier to the development of relationship marketing? (Points : 5) The large number of one-to-one relationships that customers are asked to sustain The large number of products on the market The increasing number of retail stores that are closing The changing regulatory environment Diluted cultural diversity (TCO 1) Your neighbor is tired of conventional soft drinks and wants something different. Coincidentally, Cadbury Beverages Inc. has begun distributing Country Time lemonade through the supermarket at a price comparable to that of soft drinks. Which of the conditions needed for marketing to occur is described in this situation? (Points : 5) The creation of unrealized needs Two parties with unsatisfied needs One-way communication A physical location for an exchange to take place Time and place utility TCO 6) Which of the following is the BEST description of the target market for the latest Disney animated movie? (Points : 5) Everyone who can afford to buy a movie ticket Everyone who likes movies Professionals who are parents of children between the ages of 6 and 12 People who collect movie memorabilia People who live near a movie theater (TCO 3) Which element of the marketing mix is demonstrated when the Mars Company has a sale on M&M’s® brand candies? (Points : 5) Product Price Promotion Place Production (TCO 5) The Lemon Tree is a high-fashion boutique selling top-of-the-line women’s clothing and accessories. The keys to its success include knowing the customers’ changing tastes and providing something different from other retailers. In addition, because of the high value of the merchandise, The Lemon Tree’s management is exploring the use of computerized inventory controls and sales order processing. From this description, one can infer that the environmental category of least importance to The Lemon Tree is (Points : 5) Economic regulatory. Technological Social Competitive (TCO 7) Recently a federal appeals court rendered a unanimous decision that Microsoft Corp. does not have an automatic right to put whatever features it wants into its Windows operating system; rather, each new feature needs to be evaluated separately. Many of these features are also made by much smaller companies. This ruling grew out of the power that Microsoft holds in the software market, because it owns a major share of the marketplace. What purpose did this ruling have? (Points : 5) Protecting companies from one another Protecting consumers from unfair trade practices Protecting the future interests of society from dangerous business practices Protecting consumers from one another Protecting businesses from unfair consumer practices (TCO 6) Mile High Frozen Foods is a distributor for McDonald’s. It also bakes the buns used by McDonald’s in several states. Mile High purchases flour, yeast, and sesame seeds, manufactures the buns, and then distributes them to the retail stores. Mile High Frozen Foods is operating in a(n) _____ market. (Points : 5) Reseller Government Institutional Psychographic industrial (TCO 1) The Book Promoters Association of Canada’s members recently questioned what could be done to rejuvenate the Canadian book publishing industry. Some members claimed the problem was that Canadian retailers had been replaced by Walmarts. Others said the problem was with stodgy promotions. Still others said the problem was caused by too little money being budgeted to fund marketing programs. It was time that Canadian book publishers used _____ to save the industry. (Points : 5) Advertising Sales promotion Publicity Marketing research Tactical support (TCO 3) When Marine Midland Bank sent market researchers with surveys door-to-door in the neighborhoods of its branch banks to ask people with savings accounts why they did not also have checking accounts and credit cards with Marine Midland, the researchers were gathering _____ data. (Points : 5) Questionnaire Secondary Intercept Observational Nonprobability (TCO 4) Sara Burns is the owner of a company called Spice and was looking for a new product to go with her company’s line of food condiments when a customer suggested combining spices with tea. This is an example of (Points : 5) Accidental invention Idea generation Bootlegging ideas Serendipitous management Serendipitous innovation (TCO 4) In the 1960s, television westerns were extremely popular. The shows were adventure shows with settings and costumes that were very unlike what really existed. There were Bonanza, Wagon Train, The Virginian, Laramie, and so on. When viewers gradually stopped watching this category of programs, production companies found that the networks no longer wanted to televise such shows. The television western as a product category entered the _____ stage. (Points : 5) Decay Diversification Decline Maturity Harvesting (TCO 8) In an episode of the Andy Griffith television series, two local farmers were selling the produce they grew on their farms from the backs of their pickup trucks to local people who drove by on the road. The farmers selling their products without wholesalers or retailers were an example of a (Points : 5) Roadside channel of distribution Traveling channel of distribution Intermediate channel of distribution Informal channel of distribution Direct channel of distribution (TCO 2) Allegra is an antihistamine, and to create brand awareness, its manufacturer is offering people who request information about the product a cushion to use at their favorite sporting event. Its television ad shows a woman half-heartedly watching some sporting event. The voiceover asks if she is bored or congested. Next scene, the person is having a great time and is uncongested after taking Allegra. This use of the same promotional theme throughout a company’s promotion is an example of how marketers use (Points : 5) Media convergence Niche marketing Integrated marketing communications (IMC). Marketing management Marketing by objectives (MBO) (TCO 2) When a news story covers a terrible disaster and viewers are asked to send donations to the American Red Cross, the American Red Cross is receiving (Points : 5) Publicity Advertising Direct marketing Personal selling A public service announcement (TCO 8) Recently American Express, Visa, and MasterCard have been pushing hard into the small-ticket end of the credit card market. The purchase of items such as fast food meals, movie popcorn, and candy have been targeted as growth areas for credit card usage. This is an example of a _____ strategy on the part of the credit card companies. (Points : 5) Market penetration Market development Product development Diversification Product dissemination (TCO 3) Imagine that you are creating a marketing plan for a company that will sell motor scooters . As you consider the marketing program, what types of strategy should you consider including in the plan? Propose one specific example of each type of strategy that you are considering, and present your rationale (reasoning) for your strategy selections. (Points : 30) (TCO 1) Imagine that you are the marketing manager responsible for developing marketing strategy for a bicycle company. Propose the strategic marketing process you will use, being sure the name the stages, the activities included in the stages, and stage-specific examples related to marketing bicycles. (Points : 30) (TCO 4) You are the product manager responsible for a horrible product failure, but in your wisdom, you are evaluating why the product failed. What factors would you consider in your evaluation? What actions could you have taken to prevent the failure? Does product innovation need a willingness to accept failure? (Points : 30)
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