MKT 3330 Final Exam | Complete Solutions (Verified)

MKT 3330 Final Exam | Complete Solutions (Verified) Which of the following statements about marketing is most accurate?______ A. Unless you take a marketing class, you will never truly know anything about marketing. B. Marketing is nothing more than common sense. C. Marketing requires an innate sense of creativity; you either have it or you don't. D. You can call yourself a marketing expert only if you have sold something. E. You have significant marketing expertise since you make marketing-related decisions every day. Elon Musk was involved in the inception of all of the following companies except which?______ A. SpaceX B. PayPal C. Tesla D. Facebook E. SolarCity In marketing, the idea of exchange refers to: ______ A. The trade of things of value between buyer and seller so that each is better off after the trade. B. The practice of swapping products and services for other products and services rather than for money. C. The negotiation phase between the manufacturer and the seller. D. The bartering of products and services between nongovernmental organizations or individuals. E. The financial remuneration (monetary payment) for a product or service. Referring to Figure 1-3, Marketing focuses on _____ and _____ consumer needs.______ A. exchanging, offering B. discovering, satisfying C. needing, wanting D. organizing, satisfying E. suppliers; distributors The corporate level of an organization is the______ A. Functional level. B. Level where top management directs overall strategy. C. The most value-adding level. D. The SBU level. E. Tactical level. One key role of marketing is ______ A. Supporting the board of directors. B. Operating at the corporate level. C. Looking outward by listening to customers. D. Making strategic business decisions. E. Managing executives. Toyota had some difficulty recovering from a recall crisis several years ago when it was forced to recall about 6 million vehicles due to a variety of problems, most notably one with the accelerator pedal. To "polish" its brand, it implemented stricter ________ goals to improve the safety and reliability of its vehicles.______ A. profit B. sales revenue C. customer satisfaction D. quality E. employee welfare Recently, many organizations have added ________ to their mission statements.______ A. a business definition B. a social element to reflect an ideal that is morally right and worthwhile C. an economic element to promote profit maximization D. an expanded definition of stakeholders to include its competitors E. their level of pricing and product quality A citywide ban on tanning beds would be an example of which environmental force?______ A. Social B. Economic C. Competitive D. Regulatory E. Technological Demographics refer to______ A. the depiction of a population according to its core values or cultural beliefs and their rate of change. B. an objective measurement of a person's likelihood to purchase a product or service. C. the psychological profile of prospective consumers. D. the density of a population in a geographic area. E. the description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. The set of moral principles that govern the actions and decisions of a group:______ A. Social norms B. Culture C. Ethics D. Societal philosophy E. Customs Profit responsibility, societal responsibility, and stakeholder responsibility are three concepts of______ A. cause marketing. B. moral idealism. C. social responsibility. D. utilitarianism. E. green marketing. The initial stage in the consumer purchase decision process involves perceiving a difference between a person's ideal and actual situations big enough to trigger a decision. What is this stage called? ______ A. Postpurchase behavior B. Alternative evaluation C. Purchase decision D. Problem recognition E. information search Emily wants to purchase a tablet device. She is unsure about what hardware and apps she will need. As a result, she has begun asking for advice from her friends and relatives. In addition, she has talked to several salespeople at Apple and Best Buy and has looked at some websites, such as HP and Dell. Emily is engaging in ______ A. problem recognition B. an internal search C. an external search D. a purchase task E. alternative evaluation Consumer socialization refers to______ A. the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors B. the people to whom an individual looks as a basis for self-appraisal or as a source of personal standards C. the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers D. the modes of living that are identified by how people spend their time and resources, what they consider important in their environment and what they think of themselves and the world around them E. the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped. Both in terms of population and spending power, which of the following is the largest racial/ethnic subculture in the United States?______ A. Asian Americans B. Hispanics C. Caucasians D. African Americans E. Native Americans An Asian American family whose relatives emigrated four generations ago has three children. The oldest son, George, is in medical school. Susan, at the age of 21, is a concert pianist. Brent is a second-year business student. This family is likely to exhibit which of the following Asian American buying patterns? ______ A. nonassimilated, yet celebrating their culture by purchasing authentic Asian goods B. assimilated, exhibiting buying patterns very much like other typical American consumers C. assimilated, yet celebrating their culture by seeking traditionally Asian occupations D. nonassimilated, due to inherent differences in Asian subcultures that transcend generations E. nonassimilated, exhibiting buying patterns very much like other typical American consumers The marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others is referred to as______ A. integrated marketing B. institutional marketing C. business-to-business marketing D. reseller marketing E. organizational marketing. A New York car wash owner wanted to open a car wash in Quebec, Canada. He hired a U.S. translator to create signage for the new venture and to design some simple advertising. It was not until the business was opened that he realized he should have used __________. His French signs actually said "car bath" instead of "car wash." A. Esperanto B. back translation C. semiotics D. semantic symbolism E. linguistic exchange Consider the distribution channels through which a product manufactured in one country must travel to reach its destination in another country. The step that is the channel between two nations, moving the product from one country to another, is the______ A. seller B. the seller's international marketing headquarters C. channels between nations D. channels within the foreign nation E. final consumer Filmmakers want movie titles that use the same factors that make a good brand name. Ideally, they should ______ A. have no legal restrictions. B. create a sense of mystery. C. use devices such as alliteration or rhyme. D. create a sense of familiarity The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as ______ A. marketing enquiry. B. strategic intelligence. C. data mining. D. marketing research. Which of the following statements concerning marketing research is most accurate? ______ A. The primary purpose of marketing research is to collect data for historical purposes. B. When collecting marketing research, people may be reluctant to tell you what you want to know C. Marketing research, if done properly, will always result in a positive marketing result. D. People are just as able to give accurate information about products they have only heard about as those they have actually used. Decision making is the act of ______ A. consciously choosing from among alternatives. B. consciously choosing an action that doesn't involve risk. C. subjectively selecting from a subset of positive alternatives. D. subconsciously selecting the alternative that is most consistent with one's personal beliefs. The first step of the marketing research approach is to ______ A. develop findings. B. define the problem. C. take marketing actions. D. collect relevant information. The third step of the marketing research approach is to ______ A. develop findings. B. define the problem. C. take marketing actions. D. collect relevant information. Set during the marketing research process, __________ are the specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. ______ A. measures of success B. research constraints C. marketing research plans D. research objectives In a decision, the restrictions placed on potential solutions to a problem are referred to as ______ A. objectives. B. inhibitors. C. dependent variables. D. constraints Market segmentation stresses __________ and relating them to specific marketing actions. ______ A. aligning tasks to match competitor tactics B. grouping people according to similar needs C. dividing people within a market randomly into equally sized groups D. dividing people into the smallest groups possible The phrase "relatively homogeneous collections of prospective buyers" is most descriptive of ______ A. demographic clusters. B. organizational buyers. C. ultimate consumers. D. market segments. The process of segmenting a market and selecting specific segments as targets is the link between __________ and the organization's marketing program. ______ A. self-regulatory industry standards B. government regulations C. top-level management D. buyers' or market needs Zappos's original target market customers consisted of people who wanted all of the following except which? ______ A. to receive quick delivery of their merchandise B. to buy sustainable shoes, accessories, and clothing C. to shop online in the convenience of their own homes D. to choose from a wide selection of shoes All of the following are market segmentation strategies except ______ A. build-to-order. B. multiple products, multiple market segments. C. one product, multiple market segments. D. multiple products, one segment. One marketing action that can be taken to sell a single product or service to multiple market segments is to ______ A. develop and produce another version of the product. B. manufacture products that appeal to different markets. C. develop separate promotional campaigns. D. purchase another firm that has additional products that would appeal to multiple markets. Tailoring products or services to the tastes of individual customers on a high-volume scale is referred to as ______ A. family branding. B. mass customization. C. product differentiation. D. economies of scale marketing. The purpose of the five key steps in segmenting and targeting markets is to ______ A. identify competitors that provide similar products that satisfy a firm's customers' needs. B. provide guidance to reposition a firm's products. C. generate new-product ideas for firms that are not growing in market share. D. link market needs of customers to the organization's marketing program. The Kerin book acknowledged four overlapping periods in history that characterized the connection between buyers and sellers. Following his appearance in The Hitcher movie, Dutch actor Rutger Hauer was selected by Guinness' agency to represent the target consumer as a unique individual. The trend toward individualism is one aspect of which era? A. Postmodern Era B. Production Era C. Sales Era D. Marketing Era E. Consumer Relationship Era The Marketing Mix is made up of A. Controllable factors B. Uncontrollable factors C. Environmental factors D. 7Ps: Prior preparation and planning prevents precipitously poor performance E. Factor 8, also known as anti-hemophilic factor The Four Ps are A. Product, Place, Price, Promotion B. Place, Price, Promotion, Progress C. Price, Promotion, Progress, Placement D. Promotion, Progress, Placement, Product E. All of the above Theodore Levitt saw that some businesses: ______ A. Defined their business too narrowly B. Promoted welfare at the expense of profits C. Can't manage what they don't measure D. Needed to replace their VP of Sales with a CMO In marketing, the idea of exchange refers to: ______ A. The trade of things of value between buyer and seller so that each is better off after the trade B. The practice of swapping products and services for other products and services rather than for money C. The negotiation phase between the manufacturer and the seller D. The bartering of products and services between nongovernmental organizations or individuals Marketing focuses on _____ and _____ consumer needs: ______ A. exchanging, offering B.discovering, satisfying C. needing, wanting D. organizing, satisfying The corporate level of an organization is the: ______ A. Functional level B. Level where top management directs overall strategy C. The most value-adding level D. The SBU level One key role of marketing is: _____ A. Supporting the board of directors B. Operating at the corporate level C. Looking outward by listening to customers D. Making strategic business decisions A strategic business unit (SBU) refers to A. a single product or service identification code used to identify items for strategic marketing planning purposes. B. a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals. C. a strategic product that has a unique brand, size, or price. D. a privately owned franchise under the auspices of a larger group or organization bearing the same name. E. a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. What converts an organization's mission and business into long- and short-term performance targets? A. Plans B. Tactics C. Strategies D. Goals E. Visions Toyota Prius buyers have which common cultural value? _____ A. Preserving the environment B. Paying as little as possible for a car C. Reducing cognitive dissonance D. Improving equality among competing brands Growing interest in hybrid vehicles reflects new consumer focus related to sustainability and the environment. This interest is an example of A. changing values. B. changing population composition. C. changing demographics. D. changing regulatory forces. E. changing ethnic composition. A new company projects that its sales will exceed its expenses within the first year of operation. This is an example of which type of goal? A. dollar sales revenue B. profit C. market share D. unit sales E. quality Market share refers to A. the ratio of the profit of the firm to the total profits of all firms in the industry, excluding the firm itself. B. the ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself. C. the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, excluding the firm itself. D. the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. E. the ratio of the profits of all firms in an industry to the profits of the firm. If Dr. Pepper plans to grow its proportion of the flavors segment of the carbonated soft drink industry to 45 percent, it has set a __________ goal. A. a sales proportionality B. a company sales C. an industry potential D. a contribution margin E. a market share A citywide ban on tanning beds would be an example of which environmental force? ______ A. Social B. Economic C. Competitive D. Regulatory Environmental forces consisting of demographic and cultural characteristics are: ______ A. Cultural forces B. Consumer forces C. Economic forces D. Social forces The book says that by 2050, the world's population is expected to be: A.5.7 billion B.6.1 billion C.7.9 billion D. 9 billion Generally, the U.S. population is becoming A. smaller, younger, and more diverse. B. smaller, older, and more diverse. C. larger, younger, and less diverse. D. larger, younger, and more diverse. E. larger, older, and more diverse. The population explosion has occurred A. primarily in the developing countries of Asia, and Africa. B. evenly throughout the world.