Wisconsin MKt311/MK 311 exam 1 - 94290

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Question 1(2.5 points) One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in Question 1 options: strong connections among competing firms in the marketplace. lower prices. increased competition. long-term relationships. Question 2(2.5 points) Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings. Question 2 options: relationships merchandise benefits information rebates Question 3(2.5 points) Your roommate, a non-business major, sees you reading your marketing text. He or she asks, "Why is marketing important?" You respond by saying all of the following EXCEPT Question 3 options: Marketers advise production on how much product to make. Marketers tell the logistics department when to ship products. Marketers engage customers and develop long-term relationships. Marketers identify opportunities to expand. Marketers are the most important profit center in any organization. Question 4(2.5 points) Whenever Arnold calls his insurance agent, the agent tells Arnold about new types of insurance available. The agent is pursuing a ________________ growth strategy. Question 4 options: market development diversification product proliferation product development market penetration Question 5(2.5 points) Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it was dominating the market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product shares characteristics with other: Question 5 options: question marks. cash cows. stars. dogs. Question 6(2.5 points) Introducing new products or services to a market segment the company is not currently serving is called: Question 6 options: market penetration product development market development product proliferation diversification Question 7(2.5 points) Quitman sells his business language dictionary to college students throughout the United States. He wants to sell the book to international students abroad. Quitman wants to pursue a __________________ growth strategy. Question 7 options: product development diversification market development product proliferation market penetration Question 8(2.5 points) Even when big-box discount retailers enter a market, some small, local retailers survive and prosper. These retailers have developed a _________________ generating long-term profitability. Question 8 options: successful mission-goal statements strategic business simulation sustainable competitive advantage market segmentation sufficiency Question 9(2.5 points) Almost every banker thinks his or her firm provides better service than their competitors. If this is accurate, and customers recognize it, the bank creates and delivers value through: Question 9 options: operational excellence product excellence customer excellence promotional excellence global excellence Question 10(2.5 points) Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages? Question 10 options: Locational excellence Product excellence Planning excellence Operational excellence Customer excellence Question 11(2.5 points) Heather has been assessing a number of her firm's products using the Boston Consulting Group approach to portfolio analysis. She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. Heather is working on determining _________________. Question 11 options: cash generation equivalents relative market share. market growth rate statistical census analysis competitive advantage Question 12(2.5 points) Using the BCG portfolio analysis, dogs should be phased out unless: Question 12 options: the CEO of the firm is a champion of the product. additional resources could convert the product into a star. the market might rebound. it complements or boosts the sales of another product. Question 13(2.5 points) Based on the BCG portfolio analysis, products in low-growth markets that have received heavy investments and now have excess resources to spin off are: Question 13 options: Valuers cash cows. stars. question marks. dogs. Question 14(2.5 points) To determine how attractive a particular market is in using the BCG portfolio analysis, __________________ is established as one axis. Question 14 options: market growth rate competitive intensity profit potential ideal market distribution relative market share Question 15(2.5 points) Chet has been known to say, "If you ever see me with anything other than a Coke in my hand, check my pulse. I must be dead. " When Chet is thirsty for a soft drink, he obviously skips the _______________ stage of the consumer decision process. Question 15 options: evoked set determination evaluation of alternatives all of the above prepurchase evaluation information search Question 16(2.5 points) A product category is in a high growth market. The product is also doing quite well. This is an example of a what type of growth strategy? Question 16 options: Star Question mark/problem child Cash cow Cash generator Question 17(2.5 points) Advertisers using magazine ads often put a logo and slogan at the bottome of the page. They are most attempting to influence... Question 17 options: Selective imagery Selective perception Selective distortion Selective retention Question 18(2.5 points) Consumers, and especially younger are using things like Facebook, Youtube, text messaging, etc. This macro-environmental issue can be best described as.... Question 18 options: Cultural Economic Social Demographic Question 19(2.5 points) Craig sees his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we are doing." Craig is suggesting they ignore the ____________ of the marketing planning process. Question 19 options: define the business mission. evaluate performance situation analysis implement marketing mix and resources. identifying and evaluating opportunities. Question 20(2.5 points) You are deciding on a very expensive gift to buy your parents for the 50th anniversary. You are likely going to use what type of decision rule? Question 20 options: Compensatory Heuristic Disjunctive Planned Question 21(2.5 points) To have an ethical business climate requires all employees to be dedicated to that goal because: Question 21 options: customers are only vaguely interested in a firm's ethical standards. employees have to be taught ethical standards. managers rarely enforce values unless employees ask them to do so. the roots of ethical conflict often are competing values of individuals. employees do not have sufficient visionary scope to understand the ramifications of unethical behavior. Question 22(2.5 points) During research you uncover an unmet need in the marketplace. In terms of SWOT this is a(an) Question 22 options: Weakness Competitive advantage Strength Opportunity Question 23(2.5 points) The Nike swoosh is familar to people all over the world. This marketing strength is.... Question 23 options: Marketing budget Customer loyalty Brand recognition Product quality Question 24(2.5 points) Hannah knows about many different clothing brands. These various brands make up her... Question 24 options: Retrieval set Universal set Evoked set Brand set Question 25(2.5 points) Jimmy likes going to movies and sometimes takes 30 minutes to pick the movie. This is an example of Question 25 options: extensive problem solving High involvement decision making Movies are low involvment Limited problem solving Question 26(2.5 points) You are a buyer for a clothing line. You decide to buy from a close friend even though you know that a competitor's line is better. This violates what ethics category? Question 26 options: Fairness and honesty Communication Conflict of interest Business relationships Previous PageNext Page Question 27(2.5 points) You buy an expensive watch to wear when you go out. What Maslow need are you likely addressing? Question 27 options: Status Self actualization Socialability Esteem Question 28(2.5 points) All of the below are examples of competitive advantage value creators except... Question 28 options: Operational excellence Locational excellence Communication excellence Product excellence Question 29(2.5 points) Consumers consider universal, retrieval, and evoked sets during the ______________ stage of the consumer decision process. Question 29 options: situational factor analysis postpurchase evaluation information search need recognition evaluation of alternatives Question 30(2.5 points) What is the marketing mix? Question 30 options: Strategic tools available to marketers Ways to promote customers Mix of available marketing resources The set of appropriate products and services Question 31(2.5 points) In a modified rebuy situation, _________________ are likely to have an advantage in acquiring the order. Question 31 options: consumers current vendors gatekeepers buying centers resellers Question 32(2.5 points) Most B2B buying situations can be categorized as new buys, modified rebuys, and: Question 32 options: significant others. angular dilemmas. initiator-influenced democratic decisions. RFPs. straight rebuys. Question 33(2.5 points) Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are: Question 33 options: less focused on customer value creation. more formal and structured. identical. based on derived supply analysis. centrally planned. Question 34(2.5 points) Firms use a differentiated segmentation strategy, targeting several market segments with a different offering each, because: Question 34 options: it is easier than mass marketing. it helps to obtain a bigger share of the market. it is better than focusing on individual or small groups of potential customers. most market segments are too small to be profitable. banks are more willing to extend credit to companies with this strategic approach. Question 35(2.5 points) Marco was assigned to help create a positioning strategy for the manufacturing firm where he works by working on the salient attributes. He should consider: Question 35 options: the safety record of the firm and its products. what the target marketing would consider the most important. the characteristics that help his firm win a state-wide award for excellence in manufacturing. the ways the sales representatives have been positioning the firm against the competitors. the features the engineers feel are most important for the quality of the product. Question 36(2.5 points) Almost every political candidate uses a combination of red, white, and blue in their campaign posters. They are trying to position themselves in voters' minds using: Question 36 options: value. symbols. all of the above. the competition. salient attributes. Question 37(2.5 points) Whose perceptions are being measured in a perceptual map? Question 37 options: Consumers Inventors of the products or the current R&D team The strategic planners A company's executive team Competitors Question 38(2.5 points) MTV uses __________ segmentation to target individuals interested in doing good deeds, and in doing so, it helps add value without jeopardizing its financial success. Question 38 options: altruistic corporate social responsibility millennial generation lifestyle socio-demographic Question 39(2.5 points) Marketers often race into research studies to collect __________________ data because it is designed to address their specific questions, while _____________ data exist, be cheaper to access, and sufficiently address the marketer's questions. Question 39 options: secondary; primary syndicated; primary structured; unstructured ratings; unstructured primary; secondary Question 40(2.5 points) The major advantage of primary research data is: Question 40 options: it can be easily accessed through syndicated data bases. it can be tailored to meet the specific research needs. it takes less time to collect than secondary data. it is general enough to meet many different researchers' needs. all of the above are advantages of primary research data.
Solution Description

Question 1(2.5 points)

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

Question 1 options:

strong connections among competing firms in the marketplace.

lower prices.

increased competition.

long-term relationships.

Question 2(2.5 points)

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

Question 2 options:

relationships

merchandise

benefits

information

rebates

Question 3(2.5 points)

Your roommate, a non-business major, sees you reading your marketing text. He or she asks, "Why is marketing important?" You respond by saying all of the following EXCEPT

Question 3 options:

Marketers advise production on how much product to make.

Marketers tell the logistics department when to ship products.

Marketers engage customers and develop long-term relationships.

Marketers identify opportunities to expand.

Marketers are the most important profit center in any organization.

Question 4(2.5 points)

Whenever Arnold calls his insurance agent, the agent tells Arnold about new types of insurance available. The agent is pursuing a ________________ growth strategy.

Question 4 options:

market development

diversification

product proliferation

product development

market penetration

Question 5(2.5 points)

Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it was dominating the market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product shares characteristics with other:

Question 5 options:

question marks.

cash cows.

stars.

dogs.

Question 6(2.5 points)

Introducing new products or services to a market segment the company is not currently serving is called:

Question 6 options:

market penetration

product development

market development

product proliferation

diversification

Question 7(2.5 points)

Quitman sells his business language dictionary to college students throughout the United States. He wants to sell the book to international students abroad. Quitman wants to pursue a __________________ growth strategy.

Question 7 options:

product development

diversification

market development

product proliferation

market penetration

Question 8(2.5 points)

Even when big-box discount retailers enter a market, some small, local retailers survive and prosper. These retailers have developed a _________________

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