MKT 421 FINAL EXAMS *****LATEST VERSION***** 2014 - 68478

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1

A producer might use a "pulling policy" rather than a "pushing policy" if:  

• 

Intermediaries are reluctant to handle a new product.

• 

Its sales force has been very successful getting wholesalers and retailers to handle its product.

• 

It has a very limited promotion budget.

• 

It is offering a very "high-tech" product to a small product-market.

2

When new product ideas are chosen based on ratings and comments from customers, this process is called ______. 

• 

Creative resourcing

• 

Idea engineering

• 

Reaction engineering

• 

Crowdsourcing

3

The primary purpose of branding is: 

• 

To prevent competitors from stealing product ideas.

• 

To boost customer satisfaction.

• 

To identify a product.

• 

To enhance package design.

4

 

• 

The company tries to follow an organized new-product development process—rather than using a faster and more spontaneous, "race-to-market" approach.

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The managers worry too much about the competition.

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The product fails to offer the customer a unique benefit.

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The company delays putting the product on the market until it develops a complete marketing plan.

5

Genetech Corp. has invested heavily to develop a patented new product. Genetech wants to achieve a rapid return on its investment. It probably should set a ______________ pricing objective. 

• 

Status quo

• 

Target return

• 

Profit maximization

• 

Sales-oriented

6

In the American Marketing Association's Statement of Ethics, which ethical value stresses a firm's attempts to balance the needs of its buyers with the interests of sellers? 

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Responsibility

• 

Citizenship

• 

Fairness

• 

Honesty

7

David Oreck advertises Oreck vacuum cleaners via commercials that run on national radio programs. He encourages consumers to "…try my 8-pound Oreck vacuum for free for 30 days," and to return it if they aren't satisfied. He then provides an easy-to-remember toll-free telephone number that consumers can use to place orders. Regarding the AIDA model, the free-trial period and availability of a toll-free number are devices used mainly to: 

• 

Get attention.

• 

Arouse desire.

• 

Obtain action.

• 

Hold interest.

8

Most firms in the business world set their prices using:

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Supply and demand analysis.

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Federal price guidelines.

• 

Cost-oriented price setting.

• 

Demand-oriented price setting.

9

Compared with other approaches to business, the marketing concept is distinct in that it:

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Focuses on sales.

• 

Focuses on satisfying customers' needs.

• 

Produces new products and services.

• 

Creates a broad assortment of products.

10

More than 600,000 loyal customers signed up in advance to purchase the iPhone4 in an Apple store the first day it was available for sale in the U.S. What type of response behavior were these Apple followers demonstrating? 

• 

Dissonance response

• 

Low-involvement buying

• 

Routinized response

• 

Limited problem solving

11

In which quadrant of the SWOT analysis tool does the following fit? A firm is in a fast-growing industry. 

• 

Weaknesses

• 

Strengths

• 

Opportunities

• 

Threats

12

A useful tool for organizing the competitor analysis is:

• 

Rivals chart.

• 

The competitive summary.

• 

The oligopoly chart.

• 

A competitor matrix.

13

From the perspective of macro-marketing, e-commerce specialists CarFax (which provides vehicle history reports) and Cars.com (a website offering auto comparison shopping) have emerged within the auto industry because:

• 

The role of the automotive sales person is becoming obsolete.

• 

The market needs competitive rivals to auto dealerships.

• 

The information they provide makes the exchange process between producers and consumers more efficient and effective.

• 

Auto manufacturers need to sell direct to consumers.

14

Which of the following is true of direct distribution? 

• 

Direct distribution always serves customer needs better and at a lower cost.

• 

It requires a significant investment in facilities.

• 

Most firms selling consumer products rely on direct distribution.

• 

It reduces a producer's need for working capital.

15

Behavioral targeting: 

• 

Tries to reach target customers who are actually interested in what the firm has to communicate.

• 

Allows advertisers to pay only when a customer clicks on the ad and links to the advertiser's website.

• 

Tries to place ads on websites that are designed to appeal to the firm's target market.

• 

Delivers ads to consumers based on previous websites the customer has visited.

16

The main difference between a "marketing strategy" and a "marketing plan" is that: 

• 

A marketing strategy omits pricing plans.

• 

A marketing strategy provides more detail.

• 

A marketing plan includes several marketing strategies.

• 

Time-related details are included in a marketing plan.

17

When a company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products, what type of statement is this? 

• 

Determining

• 

Qualifying

• 

Clustering

• 

Positioning

18

Blending the firm's promotion efforts to convey a complete and consistent message is the goal of:

• 

Sales management communications.

• 

Integrated marketing communications.

• 

Sales promotion communications.

• 

Integrated promotional marketing

19

In the 1990s, DVDs replaced audiocassettes and floppy disks as the storage media of choice for music and computers. At which stage of the product life cycle is the DVD today? 

• 

Market introduction

• 

Sales decline

• 

Market extinction

• 

Market immaturity

20

According to the concept of social responsibility, a firm has a duty to: 

• 

Place customer satisfaction above all other considerations.

• 

Place profit above all other considerations.

• 

Communicate regularly with the public.

• 

Conduct business in a way that is good for society as a whole, both now and for the future.

21

The advantages of working with an intermediary usually increase when there is:

• 

A smaller number of competing products.

• 

Little distance between customers.

• 

Excellent communication with customers.

• 

A greater number of customers.

22

Clearwater Office Supply sells frequently purchased office supplies to businesses in a metropolitan area. It is a well-established company with a large share of the market. Its promotion should probably focus on: 

• 

Stimulating primary demand.

• 

Reminding.

• 

Innovators.

• 

Informing.

23

The phrase "big data" refers to: 

• 

the use of marketing research in big marketing decisions.

• 

the massive amount of data being collected and processed by today's organizations.

• 

the top five firms in the marketing research industry.

• 

marketing research data taken from Internet sources.

24

When an advertiser pays a fixed amount (e.g. 70 cents) each time a Web surfer clicks on the advertiser's ad and links to the advertiser's website, this process is called a(n): 

• 

  pay-per-click.

• 

pay-per-view.

• 

  pioneering ad.

• 

copy thrust.

25

The sales analysis of a product revealed that profits were highest when it was initially introduced into the market with a high selling price. However, the price was gradually reduced as it started facing competition as substitutes entered the market. This is an example of a(n) _____. 

• 

Penetration price policy

• 

Skimming price policy

• 

Introductory price dealing

• 

Temporary price cut policy

26

Tammi Soloft has itchy eyes and a stuffy nose, and suddenly becomes aware of
many TV ads for allergy products that she never noticed before. This illustrates: 

• 

reinforced cognition.

• 

 

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