STR 581 Final Exam 40 questions and answers included (100% correct!) A+
1) 3M, Hewlett-Packard, Lego, and other companies use the ________ to manage the innovation process.
A. joint- venture system
B. skunk works
C. venture team
D. new product “team”
E. stage-gate system
2) ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
A. Failure avoidance rate
B. Competitors market share rate
C. Customer perceived value
D. Report rating
E. Perceived usefulness
3) A company can take several steps to improve the quality of its marketing intelligence. If the company purchases competitive products for study, attends open houses and trade shows, and reads competitors’ published reports and stockholder information, the company is using ________ to improve the quality of its marketing intelligence.
B. sales force surrogates
C. external networks
D. advisory panels
E. customer feedback systems
4) Most established companies focus on ________ when it comes to innovation.
A. continuous innovation
B. incremental innovation
C. everyday innovation
D. demand innovation
E. competitive innovation
5) A(n) ________ is any good, service, or idea that is perceived by someone as new.
C. new idea
D. creative product
6) Total customer satisfaction is the general feeling of pleasure or disappointment that results from comparing perceived performance to expectations. To achieve total customer satisfaction, organizations need to_____________.
A. Spend more money
B. Develop marketing campaigns
C. Manage customer experiences
D. Lower expectations
E. Lower prices
7) A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment.
A. marketing information system
B. marketing research system
C. product management system
D. marketing intelligence system
E. vertical system
8) Marketers usually identify niches by ________.
A. conducting VALS tests
B. dividing a segment into subsegments
C. allowing consumers to gravitate toward product brands
D. examining the demographics section of The Handbook of Marketing
E. producing products that can be used in a variety of ways
9) In ________ marketing, the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers.
10) Particularly when shopping for ego-sensitive products such as perfumes and expensive cars, many consumers use price as an indicator of ________.
11) A marketing manager needs to know the cost of the research project before approving it. During which step in the marketing research process would such a consideration most likely take place?
A. Step 1—drafting the research objectives.
B. Step 2—develop the research plan.
C. Step 1—defining the problem.
D. Step 3—information collection
E. Step 1—creating decision alternatives.
12) Which of the following is generally considered to be the last step in the marketing research process?
A. Control the environment.
B. Make the decision.
C. Present the findings.
D. Draft the report
E. Analyze the information.
13) ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
A. Marketing research
C. Marketing intelligence
D. Marketing management
E. MIS (marketing information system)
14) Following the ________ approach to target market selection encompasses a strong knowledge of the segment’s needs, a strong market presence, and operating economies through specializing in production, distribution, and promotion.
A. product specialization
B. market specialization
C. single-segment concentration
D. full market coverage
E. selective specialization
15) The marketing communications mix consists of six major modes of communications. Which of the following is NOT one of these modes?
A. Sales promotions
C. Personal selling
E. Direct marketing
16) The chief disadvantage to a firm that decides to follow a product specialization strategy in selecting target markets is ________.
A. the product may be supplanted by an entirely new technology
B. competitors can easily copy any new product introductions
C. no synergy exists
D. e-commerce becomes difficult for the company
E. logistics can become a nightmare
17) Marketing communications can contribute to brand equity by establishing the brand in memory and to________ (in)a brand image.
C. create interest
D. create demand
18) “Power prices” use price as a key strategic tool. These “power prices” have discovered the highly ________ effect of price on the bottom line.
19) Some intermediaries use the following: strategic planning, advanced information systems, sophisticated marketing tools, measure performance on a return-on-investment basis, segment their markets, improve their target marketing and positioning, and ________.
A. aggressively pursue take over strategies
B. aggressively pursue market expansion and diversification strategies
C. contend with dwindling customer bases
D. aggressively “squeeze” manufacturer margins
E. dominant the manufacturers they do business with
20) Major retailer types include the following EXCEPT ________.
A. catalog showroom
C. specialty store
D. discount store
E. the Internet
21) ________ communicates a company’s intended value positioning of its product or brand to the market.
B. Physical evidence
22) Price has operated as the major determinant of buyer choice among poorer nations, among poorer groups, and with ________ products.
A. over the Internet
23) New-to-the- world products are ________.
A. new products that supplement established product lines (package sizes, flavors, and so on)
B. existing products that are targeted to new markets or market segments
C. new products that create an entirely new market
D. new products that allow a company to enter an established market for the first time
E. new products that provide improved performance or greater perceived value and replace existing products
24) _____ bargaining is negotiation that seeks to divide a “fixed pie.”
25) The two general approaches to bargaining are known as ________.
A. distributive and integrative
B. emotional and rational.
C. formal and informal.
D. legal and restrictive
E. affective and reflective
26) Leadership is best defined as _____.
A. implementing the vision and strategy provided by management
B. the ability to influence a group in goal achievement
C. coordinating and staffing the organization and handling day-to-day problems
D. not a relevant variable in modern organizations
E. keeping order and consistency in the midst of change
27) Which of the following statements best defines a work group?
A. A work group consists of 3 or more people who take on self-supervising responsibilities.
B. The performance of a work group is generally greater than the sum of its inputs from individual members.
C. A work group consists of 3 or more people from across departmental or functional lines.
D. A work group is a group comprised of 10 or more people
E. A work group interacts primarily to share information, rather than to engage in work that requires joint effort.
28) Which of the following statements about leadership is true?
A. managers are leaders.
B. leaders are managers.
C. leaders are hierarchically superior to followers.
D. Nonsanctioned leadership is as important as or more important than formal influence.
E. Formal rights enable managers to lead effectively.
29) Negotiation can be defined as a process in which two or more parties exchange goods or services and attempt to agree upon _____.
A. a model of the negotiation process for resolving differences
B. the exchange rate for those goods and services
C. effective arbitrators for disputes
D. the monetary value of the exchanged items
E. acceptable bargaining strategies for obtaining the goods and services
30) If no one is aware of conflict, it is generally agreed that _____.
31) Training employees how to be better listeners falls under which of the following training categories?
32) _____ can be used to increase the perception that employees are treated fairly.
33) Which of the following is NOT a typical written test used in organizations?
34) Examples of off-the-job training include all of the following except _____.
35) Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?
36) Which of the following is not a primary force for change in organizations?
37) The “realistic” personality from Holland’s typology of personality and congruent occupations would be well suited for which of the following jobs?
38) _____ developed a Vocational Preference Inventory questionnaire that contains 160 occupational titles.
39) Which of the following would NOT be classified as a time-series technique?
40) What term is used for the tendency of an individual to attribute his own successes to internal factors while putting the blame for failures on external factors?