MKT 571/MKT571 Final exam University of Phoenix (Solution 51/51) 100% - 89152

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1) Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series? A. Data from sales records kept by exclusive dealers of Topp’s hologram series B. Sales records for baseball cards gathered by the industry’s trade council. C. Input from focus groups that was put together specifically to discuss their perception of popularity of the hologram card series. D. An article about the hologram cards in a recent issue of Sports Illustrated 2) The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company is termed _______________. A. Marketing research B. Top management C. Marketing intelligence D. The sales reporting system 3) Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________. A. Buying information from database companies like A.C. Nielsen B. Using an online information service such as the internet C. Using its own internal marketing research department D. Setting up their own web site 4) The step in the marketing research process that includes determining who will be sampled is to _______________. A. Develop the research plan B. Make the decision based on the project outcomes C. Collect the information D. Define the problem and research objectives 5) Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by ________________. A. Defining the problem B. Holding focus groups of members of other similar organizations to determine whether the problems the Chamber is facing are universal or local. C. Developing the marketing research plan that she would employ D. Evaluating the advantages the Chamber officers over other similar organization. 6) The second step in the marketing research process is ______________. A. Define the problem and research objectives B. Collection of the available sources for information needed C. Decision regarding the research tools and target group D. Development of the research plan 7) Marketing information systems are developed from internal company records, marketing intelligence, and marketing research. A. True B. False 8) Data published by the government and data purchased from outside suppliers can improve the quality of a company’s marketing intelligence efforts. A. True B. False 9) The last step in marketing research is developing the research plan. A. True B. False 10) Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via _____________. A. Increasing total customer value B. Increasing the service value C. Reducing the product’s monetary costs to the buyers. D. Reducing the buyer’s nonmonetary costs 11) Which of the following is NOT a component part of total customer value? A. Image value B. Psychic value C. Services value D. Product value 12) ______________ is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives. A. Customer relationship management B. Customer delivered value C. Customer perceived value D. Total customer cost 13) _____________ are relatively homogeneous and enduring divisions in society, and may exhibit distinct product, brand, and media preferences. A. Cultures B. Demographic groups C. Social classes D. Subcultures 14) Each of the following is considered consumer behavior EXCEPT: A. Acceptance of a political idea B. Use of public transit C. Production of a concert D. Selection of a product 15) Which factors have the broadest and deepest influence on consumer behavior? A. Psychological B. Cultural C. Social D. Personal 16) The business market differs from the consumer market in that _____________. A. It is a much smaller market in dollar volume than the consumer market B. It is a much larger market with many more buyers than the consumer market C. More product customization takes place in the consumer market D. It acquires goods and services in order to use them for another purpose as opposed to acquiring goods or services for personal consumption 17) Organizational buying is ______________. A. A way a company can produce a greater variety of high-quality products at lower cost, in less time, with less labor. B. A process by which organizations recognize their needs for goods and services C. The decision-making process by which organizations establish and satisfy their needs for goods and services. D. The practice of establishing strategic partnerships between manufacturers and their suppliers. 18) The ____________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers. A. Institutional market B. Business market C. Consumer market D. Government market 19) Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products? A. Blanket family names B. Separate family names C. Individual names D. Corporate names 20) Brands can play a number of specific roles within a company’s brand portfolio. For example, a __________ is positioned with respect to competitors’ brands so that more important and profitable brands retain their desired positioning. A. Low-end, entry level brand B. Cash cow C. High-end, prestige brand D. Flanker 21) Which of the following is NOT an advantage of co-branding? A. Helps position new products B. Might contribute to overexposure of the brand C. Generates additional sales from the existing target market D. Provides more opportunities with new customers 22) In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of _________________. A. Line cannibalization B. Line featuring C. Line padding D. Line stretching 23) ___________ are formal statements of expected product performance by the manufacturer. A. General guarantees B. Open pricing statements C. Warranties D. Promotional statements 24) Mazda’s Miata convertible originally drew the most interest from women between the ages of 35-55. In order to interest more potential customers in the roadster, Mazda beefed up the model with heavier shocks and a faster engine, and then emphasized performance in its advertising. This is an example of creating a new product by ____________. A. Product development strategy B. Repositioning C. Market diversification strategy D. The development of a new product line C. Market diversification strategyD. The development of a new product line 25) For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a _____________. A. Major service with accompanying minor goods and services B. Tangible good with accompanying service C. Pure service D. Hybrid 26) Which of the following best describes the category in which the offering’s service mix is distinguished? “People patronize restaurants for both food and service.” A. Pure service B. Pure tangible good C. Hybrid D. Tangible good with accompanying services 27) Best Buy will often try to sell the buyer of a high end television monitor an extended warranty. This is an example of _______________. A. Pure tangible good B. Tangible good with accompanying services C. Hybrid D. Pure service 28) When customers buy on the basis of a reference price orbecause the price conveys a particular quality image to them, they are being influenced by ____________. A. Value augmented by perception B. Value pricing C. The going rates of competitors D. The psychology of pricing 29) A common mistake in pricing is ____________________. A. Setting prices independently of the rest of the market mix B. Revising prices too often C. Ignoring costs when setting prices D. Considering price and price competition as a key problem in marketing 30) Scotty is in the process of opening Suburban Legends SK8S to sell boards, wheels, trucks, clothing, videos, and skateboarding related collectibles. The first thing Scotty should do when setting the store’s prices is to ____________. A. Determine her target market B. Estimate costs C. Select a pricing method D. Select a pricing objective 31) When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a _______________. A. Category killer B. Combination store C. Superstore D. Hypermarket 32) Which of the following is NOT one of the four levels of retail services mentioned in the text? A. Self-service B. Staffed service C. Self-selection D. Limited service 33) Belk is a chain of stores found primarily in southern United States. Each store carries several product lines and each line is managed separately by a specialist buyer or merchandiser. McRae’s offers many types of customer service and its prices reflect that fact. Belk’s is an example of a ____________. A. Superstore B. Factory outlet C. Combination store D. Department store 34) Which is the last major decision in international marketing? A. Deciding on the marketing organization B. Deciding how to enter the market C. Deciding on the marketing program D. Deciding which markets to enter 35) Because of Coca-Cola’s size and power in the marketplace, theyt end to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a(n) _____________. A. Horizontal marketing system B. Administered vertical marketing system C. Corporate vertical marketing system D. Contractual vertical marketing system 36) McDonald’s franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30days after delivery). This is an example of ___________ within channel relations. A. Territorial rights B. Price policies C. Sharing the risks D. Conditions of sale 37) Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of _________advertising. A. Informative B. Descriptive C. Reminder D. Persuasive 38) Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is _____________. A. Direct mail B. Television C. Magazine D. Newspapers 39) Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money. A. Informative B. Persuasive C. Reinforcement D. Comparative 40) Which of the following is NOT a major mode of communications in the marketing communications mix? A. Events and experiences B. Advertising C. Sales promotion D. Satellite radio 41) Which is correct about “noise” in the communication process? A. It has only one source B. It is controllable C. It mostly happens during the decoding stage D. It interferes with intended communication 42) Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform? A. Experiences B. Public Relations C. Personal selling D. Sales promotion 43) The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software. A. Metamarket B. Marketplace C. Macromarket D. Marketspace 44) __________ marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long-term preference and business. A. Transaction-oriented B. Business-to-business C. Behavioral response D. Relationship 45) Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the __________ concept. A. Product B. Production C. Customer D. Marketing 46) Marketing __________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. A. integration B. internally C. management D. segmentation 47) Which of the following is an example of a transfer? A. Anne donates money to the American Cancer Society. B. Ms. Kelly gives Bonnie a dozen cookies for walking her dog. C. Ofeera buys a sweater at a flea market D. Andi places the winning bid on a vase at an auction. 48) Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons? A. To satisfy upper management that all is going well. B. Communicating satisfaction findings externally would have little marketingvalue. C. You should not communicate satisfaction results internally for ethicalreasons. D. To highlight good news and act on bad news. 49) _____________ is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade. A. Personal selling B. Advertising C. Public relations D. Sales promotion 50) Within the last couple years several cosmetics manufacturer shave introduced non-clumping mascara. Revlon was one of these manufacturers. Revlon should use ________ advertising to increase selective demand for its non-clumping mascara. A. Persuasive B. Descriptive C. Informative D. Reminder 51) Public policy makers have developed a substantial body of laws and regulations to govern advertising. For these reasons, an important step in developing an advertising campaign is _____________. A. The creative development of the message B. Asking network censors what to cut out of the communication C. Preparing a copy strategy statement D. The social responsibility review
Solution Description

1) Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series?

A. Data from sales records kept by exclusive dealers of Topp’s hologram series

B. Sales records for baseball cards gathered by the industry’s trade council.

C. Input from focus groups that was put together specifically to discuss their perception of popularity of the hologram card series.

D. An article about the hologram cards in a recent issue of Sports Illustrated

2) The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company is termed _______________.

 A. Marketing research

B. Top management

C. Marketing intelligence

D. The sales reporting system

3) Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________.

A. Buying information from database companies like A.C. Nielsen

 B. Using an online information service such as the internet

C. Using its own internal marketing research department

D. Setting up their own web site

4) The step in the marketing research process that includes

determining who will be sampled is to _______________.

A. Develop the research plan

B. Make the decision based on the project outcomes

C. Collect the information

D. Define the problem and research objectives

5) Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by ________________.

A. Defining the problem

B. Holding focus groups of members of other similar organizations to determine whether the problems the Chamber is facing are universal or local.

C. Developing the marketing research plan that she would employ

D. Evaluating the advantages the Chamber officers over other similar organization.

6) The second step in the marketing research process is ______________.

A. Define the problem and research objectives

B. Collection of the available sources for information needed

C. Decision regarding the research tools and target group

 D. Development of the research plan

 7) Marketing information systems are developed from internal company records, marketing intelligence, and marketing research.

A. True

B. False

8) Data published by the government and data purchased from outside suppliers can improve the quality of a company’s marketing intelligence efforts.

A. True

B. False

9) The last step in marketing research is developing the research plan.

A. True

B. False

10) Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection,

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