MSSU MKRT300 FINAL EXAM (100% PERFECT ANSWER) - 93281

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Question Question 1 The number of times a person is exposed to an advertisement during a certain time period is known as: reach frequency enumeration randomization 2 points Question 2 A five-pound bag of roasted peanuts sells for $8, and the average variable cost is $4 per bag. If the total fixed cost for the roasted peanuts is $80,000, the breakeven point in bags is: 20,000 40,000 80,000 120,000 2 points Question 3 Which of the following sales promotions produces a higher response rate? Sweepstakes Rebates Sampling Coupons 2 points Question 4 Trade dress refers to: visual components that contribute to the overall look for a product. a promotional philosophy of targeting all sales efforts to the trade. the general size of the packaging used by a product. the correlation between a trademark and its trade name. 2 points Question 5 Why do customers prefer to have continuing relationships with businesses or suppliers? Businesses tend to offer better financial incentives to customers who engage in continued relationships with them. By nature, customers are resistant to change and prefer preexisting relationships with businesses. By reducing the number of choices, the decision-making process is made easier. Most businesses have low switching costs which make them attractive to have continued relationships with. 2 points Question 6 Marketers applying a positioning strategy want to: make their product look as much like the market leader as possible. emphasize a product's unique advantages and differentiate it from competitors' options. make sure they clearly outline the product's possible applications. talk to specific, known users of the product. 2 points Question 7 SWOT is an acronym for: strategy, working, opinion, tactical. strengths, weaknesses, opportunities, threats. strategy, work, openness, toughness. strategy, weakness, opinions, threats. 2 points Question 8 In a process called _____, products pass through a series of stages from their initial appearance to their decline. product life potential promotional cycle pricing cycle product lifecycle 2 points Question 9 The most common method of market segmentation is: product sampling. demographic segmentation. economic segmentation. psychographic segmentation. 2 points Question 10 Common carriers move freight: that is non-hazardous. by limited-rate contract. only for business customers. via all modes of transport. 2 points Question 11 An offering within a product line, such as a specific size of liquid detergent, is known as a(n) _____. universal product code price look-up code stock-keeping unit universal resource locator 2 points Question 12 Which term is used to describe the amount of money available with people after buying necessities such as food, clothing, and housing? Basic income Gross income Discretionary income Personal income 2 points Question 13 The ideal form of promotion for large, geographically dispersed audiences that will listen to the same message is: advertising. phishing. public relations. sales promotion. 2 points Question 14 Setting aside a specified percentage of sales for promotional mix expenses -- either based on past records or projected for the future -- is known as _____ budgeting. fixed percent applied percentage-of-sales fixed-sum-per unit competitive match 2 points Question 15 The failure of the management of a firm to recognize the scope of its business is referred to as: disintermediation. intermodal operations. marketing myopia. management dystopia. 2 points Question 16 The organizational function and set of processes that creates, communicates, and delivers value to customers and manages customer relationships in ways that benefit the organization and its stakeholders is called _____. marketing financing operations administration 2 points Question 17 All planning strategies have the goal of creating: sustainable competitive advantage. bargaining power. a strategic window. barriers to market entry. 2 points Question 18 The sequence of suppliers and activities that contribute to creating and delivering merchandise is called a: supply chain. distribution agency. logistics channel. retail cooperative. 2 points Question 19 The identity of the _____ is the most difficult role for salespeople to pinpoint. user decider buyer influencer 2 points Question 20 Helene, an industrial sales representative, made sure her company car was equipped with OnStar devices in case she ever had car trouble or got lost while traveling between appointments. Which level of Maslow’s Hierarchy of Needs is Helene addressing? Physiological Safety Esteem Self-actualization 2 points Question 21 Strategic planning has a critical impact on a firm’s destiny because it provides _____ for its decision makers. customer input individual goals departmental goals long-term direction 2 points Question 22 You are reluctant to try out the newly opened department store in your neighborhood because you are unsure of the service you will get. When you do however, you find that the staff are friendly and helpful, the cashiers are fast, and the store is extremely well stocked. One can say that: the store is unlikely to get any word-of-mouth publicity. this store need not have a benchmarking process in place. you had a positive service encounter. there was no gap between your expectation and the service you received at the store. 2 points Question 23 The dominant and controlling member of a marketing channel is the: vertical lead. producer. channel captain. wholesaler. 2 points Question 24 A consumer expects to purchase convenience products: without having full knowledge about what is sought. immediately and with minimal effort. after visiting numerous stores and comparing prices. by traveling any distance required to get what is wanted. 2 points Question 25 An example of a first-level relationship marketing program would be a(n): fan club for a famous entertainer. high-school alumni association. club for owners of a particular model of car. two-for-one deal on airline tickets. 2 points Question 26 A brand for which the owner claims exclusive legal protection is known as a: patent. copyright. trademark. royalty. 2 points Question 27 In marketing, the term product: refers only to tangible items that can be seen, tasted, or touched. is a broad concept encompassing the satisfaction of consumer needs. is limited in meaning to goods, services, and ideas. never refers to such things as package design, brand name, or warranty. 2 points Question 28 A series of related but different ads that use a single theme and appear in different media within a specified time period is an example of a(n): advertising campaign. reminder advertising. special promotion. advertisement series. 2 points Question 29 A characteristic of a good brand name is that it should: avoid any specific connotation relative to product content. be short and also descriptive of the product or its characteristics. hold universal appeal with respect to its customers. be pronounced the same in every language. 2 points Question 30 Core competencies are capabilities that customers value and competitors: can easily copy. tend to overestimate. find difficult to duplicate. undervalue. 2 points Question 31 Secondary data has two important advantages over primary data. These advantages include: wide variety of statistics and large sample groups used to create the data. high level of detail and endorsement by other users. accuracy of the data specifically gathered for the research study. cost and speed of locating and using the data. 2 points Question 32 Which of the following federal agencies is the most important source of secondary data for marketing research studies? Federal Reserve Treasury Department Census Bureau Bureau of Labor Statistics 2 points Question 33 Customer relationship management is: the process of maintaining good relationships between all wholesalers and/or retailers in the distribution channel. a process used to retain customers by offering lower prices on the purchase of specific products or services. a network of interconnected businesses involved in the ultimate provision of products and services required by end customers. the process of re-orienting a business to a concentrated focus on satisfying customers. 2 points Question 34 The process of collecting information about the external marketing environment is called: environmental management. marketing research. marketing management. environmental scanning. 2 points Question 35 A _____ is a channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors, or B2B customers. category killer merchandiser supermarketer wholesaler 2 points Question 36 The function performed by the gatekeeper in the company buying center is to: supply information to guide the evaluation of alternatives. select a supplier and implement the procedures for securing the goods and services. choose which goods and services will actually be bought. control the information that all buying center members will review. 2 points Question 37 When a business purchaser renews the terms of sale of an item that has performed satisfactorily in the past and requires no new information to decide to purchase it again, the buying situation is called: straight rebuying. new-task buying. reciprocity. modified rebuying. 2 points Question 38 _____ is a promotional effort that involves assigning a dedicated sales teams to a firm’s major customers to provide sales and service. National account selling Quick-response merchandising Vendor-managed inventory Collaborative planning 2 points Question 39 The _____ is at the heart of integrated marketing communications. product brand organization customer 2 points Question 40 The broadest environmental determinant of consumer behavior is: income or purchasing power. educational background. culture. social status. 2 points Question 41 The 80/20 principle states that: market segmentation succeeds 80 percent of the time and fails the remaining 20 percent of the time. roughly 80 percent of total product sales come from 20 percent of customers. 80 percent of the market segment is tapped, and 20 percent has not yet been reached. 80 percent of the market can be segmented, and 20 percent cannot. 2 points Question 42 The type of advertising that seeks to develop initial demand for a newly introduced good, service, organization, person, place, idea, or cause is known as _____ advertising. reminder informative comparative advocacy 2 points Question 43 Which of the following statements regarding the nature of the business market is true? Distribution channels for business products are significantly longer than those for consumer products. Customer relationships for business products tend to be short-term and transactions-based. Personal selling plays a larger role in business products markets than in consumer markets. Customer service plays a smaller role in the distribution of business products, as compared to the consumer market. 2 points Question 44 The utility of a product or service is its: want-satisfying power. re-usability. function as a commodity. design quality. 2 points Question 45 Salespeople usually have the most difficulty with: approaching potential buyers. precall planning. closing the sale. following up after the sale. 2 points Question 46 The role of a sales representative in the promotion process has changed from that of persuader to that of: a technician and expert on product repair. a process designer. a consultant and problem solver. a close friend and confidant. 2 points Question 47 At which stage of the consumer decision-making process might cognitive dissonance occur? Search Evaluation Purchase decision and purchase act Post purchase evaluation 2 points Question 48 In which of the following types of market structures would a producer have theleastamount of flexibility in setting prices? Pure competition Monopolistic competition Oligopoly Monopoly 2 points Question 49 A major benefit of test markets as a quantitative forecasting method is: they provide realistic information on actual purchases rather than intent to buy. they are quick, inexpensive, and effective with stable customer demand and environment. they are useful in predicting short-term and intermediate sales for firms that serve selected customers. they provide salespeople with expert customer, product, and competitor knowledge. 2 points Question 50 Pricing a product “Free on Board plant” or “Free on Board origin”: means the buyer pays all shipping charges from the manufacturer's dock allows the same total price to be quoted to all customers, regardless of their distance from the factory has the effect of dividing the market into different regions with a different price being charged in each is based on the belief that certain prices or price ranges are more appealing than 2 points
Solution Description

Question

Question 1

The number of times a person is exposed to an advertisement during a certain time period is known as:

reach

frequency

enumeration

randomization

2 points

Question 2

A five-pound bag of roasted peanuts sells for $8, and the average variable cost is $4 per bag. If the total fixed cost for the roasted peanuts is $80,000, the breakeven point in bags is:

20,000

40,000

80,000

120,000

2 points

Question 3

Which of the following sales promotions produces a higher response rate?

Sweepstakes

Rebates

Sampling

Coupons

2 points

Question 4

Trade dress refers to:

visual components that contribute to the overall look for a product.

a promotional philosophy of targeting all sales efforts to the trade.

the general size of the packaging used by a product.

the correlation between a trademark and its trade name.

2 points

Question 5

Why do customers prefer to have continuing relationships with businesses or suppliers?

Businesses tend to offer better financial incentives to customers who engage in continued relationships with them.

By nature, customers are resistant to change and prefer preexisting relationships with businesses.

By reducing the number of choices, the decision-making process is made easier.

Most businesses have low switching costs which make them attractive to have continued relationships with.

2 points

Question 6

Marketers applying a positioning strategy want to:

make their product look as much like the market leader as possible.

emphasize a product's unique advantages and differentiate it from competitors' options.

make sure they clearly outline the product's possible applications.

talk to specific, known users of the product.

2 points

Question 7

SWOT is an acronym for:

strategy, working, opinion, tactical.

strengths, weaknesses, opportunities, threats.

strategy, work, openness, toughness.

 strategy, weakness, opinions, threats.

2 points

Question 8

In a process called _____, products pass through a series of stages from their initial appearance to their decline.

product life potential

promotional cycle

pricing cycle

product lifecycle

2 points

Question 9

The most common method of market segmentation is:

product sampling.

demographic segmentation.

economic segmentation.

psychographic segmentation.

2 points

Question 10

Common carriers move freight:

that is non-hazardous.

by limited-rate contract.

only for business customers.

via all modes of transport.

2 points

Question 11

An offering within a product line, such as a specific size of liquid detergent, is known as a(n) _____.

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