Webster MRKT5000/ Webster MRKT5000 final exam 2016 - 95814

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Question Question 10.6 pts Which stage in the product life cycle is critical to a product's survival because competitive reactions to the product's success during this period will affect the product's life expectancy? Growth Decline Expansion Introduction Stabilization Question 20.6 pts The marketing and financial value associated with a brand's strength in a market is referred to as brand ___________ equity loyalty value share association Question 30.6 pts Which of the following is not a service product? a 100% service satisfaction guarantee A Jimmy Buffett concert A flight on Southwest Airlines An overnight stay at a Holiday Inn The dry-cleaning of a suit Question 40.6 pts Jim Price, a dentist, find that he is not bringing in enough revenue to cover his expenses. He would like to schedule more patients, but he finds that in almost every time slot, he is seeing an existing patient. Jim's problem in expanding his practice deals with the aspect of service called inseparability slotting credence heterogeneity perishability Question 50.6 pts If H&R Block, a major tax preparation firm, is having a problem with its employees being inconsistent in filing of returns, the firm is experiencing a problem with which characteristic of the service offering? Inseparability tangibility Intangibility Perishability Heterogeneity Question 60.6 pts A channel of distribution is a group of individuals and organizations that links producers to other marketing intermediaries consumes about one-half of every dollar spent on products in the U.S. directs the flow of products from producers to customers takes title to products and resells them manages transportation and warehousing functions Question 70.6 pts An arrangement in which a supplier grants a dealer the right to sell products and/or services for some type of consideration is selling products on consignment franchising retailing licensing wholesaling Question 80.6 pts In contrast to industrial products, consumer products are often purchased because of social influences and psychological factor economic planning necessity prior planning rational needs Question 90.6 pts Advertising, personal selling, sales promotion, and public relations are called advertising tools marketing mix components characteristics of a product promotion mix ingredients nonpersonal communications Question 100.6 pts Frequently, McDonald's restaurants offer 32-ounce glasses depicting currently popular movie characters free with the purchase of a large drink. This example illustrates McDonald's use of which one of the following elements of the promotion mix? public relations Packaging personal selling telemarketing sales promotion Question 110.6 pts To gain market share, Hyundai entered the U.S. car market with a comparatively low price. One of the negative side effects of taking this pricing position is a negative impact on consumer's perceptions of quality competitive matching a high return on investment level affecting tax balances owed poor survival chances higher developmental costs Question 120.6 pts When developing prices, a marketer's first step is to determine pricing method determine demand select a pricing policy evaluate competitor's prices develop pricing objectives Question 130.6 pts For customers, value is a function of the product's price and how long the product will last primarily the product's price the product's price and quality attributes the product's quality and functional attributes the product's quality relative to the quality of competing brands Question 140.6 pts The fact that senior citizens are charged a lower price at movie theaters than younger adults is an example of promotional pricing price-line pricing differential pricing professional pricing psychological pricing Question 150.6 pts The most common reason for marketing strategies turning out differently than expected is that managers fail to realize that marketing implementation is just as important as marketing strategy marketing implementation is poorly conceived not enough resources are devoted to marketing implementation the marketing environment changes too frequently managers often have lofty expectations about the marketing strategy Question 160.6 pts If Apple Computer measured and evaluated the quality of its goods, services, and processes as compared with those of the best-performing companies in the computer industry, it would be employing external marketing uniform commitment to quality marketing internal marketing benchmarking quality marketing Question 170.6 pts In a traditional organization, marketing decisions are generally centralized at the top levels of the organization very decentralized made by frontline employees made by frontline managers made only by the CEO Question 180.6 pts The marketing control process consists of setting objectives, implementing strategies, and reducing the differences between desired and actual performance establishing goals, market scanning, and market share analysis establishing goals and measuring performance planning, implementing, and measuring marketing activities establishing standards, evaluating performance, and reducing the differences between desired and actual performance Question 190.6 pts An expected level of performance against which actual performance can be compared is a standard performance performance standard step in sales corrective standard standard of excellence Question 200.6 pts All of the following are major steps in developing new products except test marketing. evaluation of competitors' efforts. screening. business analysis. idea generation. Question 210.6 pts To use co-branding effectively, which one of the following is least important? The brands involved should represent a complimentary fit in a customer's mind. The brands that are teamed together should not lose their individual identities. The brands involved should be owned by two or more organizations. To avoid confusion on the part of customers, co-branding should be done in a way so that it is obvious which brand is the main brand or key brand. The co-branded product should be able to benefit from the distribution system of both brands involved. Question 220.6 pts An important goal of physical distribution is reducing the time it takes to complete a process, or inventory management. outsourcing. electronic data interchange. order processing. cycle time. Question 230.6 pts Which of the following is the least flexible of the strategic retailing issues? Atmosphere Scrambled merchandising Retail positioning Store image Location Question 240.6 pts What type of advertising points out a brand's uses, features, and advantages that fit consumers but may not be available in other brands? Reminder advertising Reinforcement advertising Competitive advertising Defensive advertising Institutional advertising Question 250.6 pts Which of the following is most likely to stimulate customer loyalty? Coupons Sweepstakes Frequent-user incentives Samples Premiums
Solution Description

Question

Question 10.6 pts

Which stage in the product life cycle is critical to a product's survival because competitive reactions to the product's success during this period will affect the product's life expectancy?

Growth

Decline

Expansion

Introduction

Stabilization

Question 20.6 pts

The marketing and financial value associated with a brand's strength in a market is referred to as brand ___________

equity

loyalty

value

share

association

Question 30.6 pts

Which of the following is not a service product?

a 100% service satisfaction guarantee

A Jimmy Buffett concert

A flight on Southwest Airlines

An overnight stay at a Holiday Inn

The dry-cleaning of a suit

Question 40.6 pts

Jim Price, a dentist, find that he is not bringing in enough revenue to cover his expenses. He would like to schedule more patients, but he finds that in almost every time slot, he is seeing an existing patient. Jim's problem in expanding his practice deals with the aspect of service called

inseparability

slotting

credence

heterogeneity

perishability

Question 50.6 pts

If H&R Block, a major tax preparation firm, is having a problem with its employees being inconsistent in filing of returns, the firm is experiencing a problem with which characteristic of the service offering?

Inseparability

tangibility

Intangibility

Perishability

Heterogeneity

Question 60.6 pts

A channel of distributio