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Marketing Questions 8,100% CORRECT

Marketing Questions 8 1. (TCO 4) Three commonly used methods of evaluating marketing programs are (Points : 5) sales analysis, marginal analysis, and cost analysis. sales analysis, profitability analysis, and marketing audits. marketing ROI, metrics, and dashboards. sales audits, cost audits, and marketing audits. internal audits, external audits, and marketing control boards. Question 2. 2. (TCO 1) Ideally in effective marketing planning, goals should be _____ in terms of what is to be accomplished and when. (Points : 5) loose and vague as general as possible flexible or elastic quantified and measurable None of the above Question 3. 3. (TCO 3) Which marketing strategy focuses its efforts on a single product line and market segment? (Points : 5) Full coverage Market specialization Product specialization Selective specialization Market-product concentration Question 4. 4. (TCO 1) Based on relative competitive scope (broad target to narrow target) and source of competitive advantage (lower cost to differentiation), Porter's four generic business strategies are differentiation, cost focus, cost leadership, and (Points : 5) exclusivity. electronic-focus. quality focus. differentiation focus. service leadership. Question 5. 5. (TCO 1) Step 2 in the planning phase of the strategic marketing process is (Points : 5) the situation analysis. the market-product focus and goal setting. the marketing program. implementation. obtaining resources. Question 6. 6. (TCO 1) Which of the following pieces of information is used in a SWOT analysis for a particular item, the first step of the planning phase of the strategic marketing process? (Points : 5) Corporate return on investment Market share for the entire company Revenues associated with each point of market share Projection of future sales, expenses, and profits Possible cannibalization effects on other products in the line Question 7. 7. (TCO 3) All of the following steps are part of the planning process used to develop an organization's advertising program, except (Points : 5) identify the target audience. specify the advertising objectives. write the advertising copy. pretest the advertising. schedule the advertising program. Question 8. 8. (TCO 2) The proper blend of elements in the promotional mix depends on the type of product. The three specific characteristics to be considered are complexity, _____, and ancillary services. (Points : 5) risk size durability accessibility acceptability Question 9. 9. (TCO 4) Reminding buyers of the product’s existence is the promotional objective during which stage of the product life cycle? (Points : 5) Introduction Growth Maturity Decline All of the above Question 10. 10. (TCO 2) The promotional mix includes _____, personal selling, sales promotion, public relations, and direct marketing. (Points : 5) promotion channel communication chain marketing matrix advertising media mix Question 11. 11. (TCO 7) Marketing channels help create value for consumers through all of these four utilities except ____. (Points : 5) price time place form possession Question 12. 12. (TCO 7) Conspiracy between firms to set prices for a product is called (Points : 5) price discrimination. price fixing. predatory pricing. tying arrangements. exclusive dealing. Question 13. 13. (TCO 2) _____ involve(s) specifying the role of price in an organization’s marketing and strategic plans. (Points : 5) A business mission Pricing constraints Pricing objectives A pricing plan The list or quoted price Question 14. 14. (TCO 3) The ratio of _____ to price is called value. (Points : 5) perceived benefits prestige value value-added pricing perceived revenue perceived costs Question 15. 15. (TCO 6) Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is called (Points : 5) consumer differentiation. psychographics. market segmentation. market delineation. aggregation marketing. Question 16. 16. (TCO 5) Which of the following statements about environmental scanning is true? (Points : 5) Environmental scanning changes the marketing environment. Environmental scanning identifies and interprets potential trends. Environmental scanning is an annual event. Environmental scanning focuses primarily on geographical factors. All of the above Question 17. 17. (TCO 1) At the strategic business unit level, the marketing department provides leadership activities in (Points : 5) talent management. fiscal restraint. looking outward, keeping the organization focused on creating value both for it and for customers. creating the corporate culture. sustaining the means-end chain. Question 18. 18. (TCO 1) Which of the following acts as a barrier to the development of relationship marketing? (Points : 5) The large number of one-to-one relationships that customers are asked to sustain The large number of products on the market The increasing number of retail stores that are closing The changing regulatory environment Diluted cultural diversity Question 19. 19. (TCO 1) A local university in Lynchburg, VA offers an outstanding business school education. Cali pays the tuition to attend Daniels and earns her MBA with a concentration in supply chain management. Upon graduating, she is offered a high-paying, fulfilling position. Was this a marketing exchange? (Points : 5) No, because the university is a private one. Yes, because the university is profitable. Yes, because paying tuition was exchanged for knowledge that directly led to Cali's fulfilling new job. No, because money was exchanged. No, because the school did not provide Cali with a product. Question 20. 20. (TCO 6) Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Some versions contain Capri Sun drinks. Others are called Cracker Stackers and Fun Fuel. The box is bright yellow and the quantity of food contained within is small. The target market for Kraft Lunchables is most likely (Points : 5) moms of school-aged children. businesspeople looking for a quick snack. business travelers. teenagers. seniors. Question 21. 21. (TCO 3) The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products it markets. Concern about the _____ element of the marketing mix would make it eager to be featured in an upcoming edition of Taste of Home magazine. (Points : 5) product price promotion place production Question 22. 22. (TCO 5) More magazine is a publication designed to appeal to women over the age of 40. Demand for such magazines is an example of how _____ forces impact the marketing environment. (Points : 5) economic competitive technology social regulatory Question 23. 23. (TCO 7) In 1998, F. Hoffman-LaRoche Ltd. and BASF AG, two international pharmaceutical companies, were ordered to pay $725 million in fines for plotting to raise and fix prices of vitamins used in virtually every home in the United States. This is an example of how _____ forces affect the marketing environment. (Points : 5) economic ecological technological social regulatory Question 24. 24. (TCO 6) Mile High Frozen Foods is a distributor for McDonald’s. It also bakes the buns used by McDonald’s in several states. Mile High purchases flour, yeast, and sesame seeds, manufactures the buns, and then distributes them to the retail stores. Mile High Frozen Foods is operating in a(n) _____ market. (Points : 5) reseller government institutional psychographic industrial Question 25. 25. (TCO 1) Several years ago, SwissAir made some unwise investments to pay for a planned expansion. As a result, the company had to make some cost-cutting moves that alienated its customers. Eventually the company declared bankruptcy, regrouped, and found itself able to resume business. Its board of directors recently announced that the company would like to resume flying. Before resuming flying, SwissAir needed to determine what percentage of its former customers it could expect to return to the airline. If not enough former customers were willing to use SwissAir again, the resumption of flights would not be profitable. The determination of the percentage of returning patrons that would be needed to resume operation is an example of a (Points : 5) research risk. research objective. research uncertainty. research decision. research definition. Question 26. 26. (TCO 3) The Belsen interview is a means of pretesting media surveys. It gathers facts and figures by asking people about their attitudes, beliefs, and awareness of various media. With this technique, the respondent is interviewed twice, first by an interviewer using the proposed survey and then by a different interviewer, who asks questions about the survey itself. The Belsen interview uses _____ data. (Points : 5) observational secondary intercept questionnaire synergistic Question 27. 27. (TCO 4) A 3M researcher worked with university students to develop the Post-it Flag Highlighter. The team evaluated the technical feasibility of the proposed design and whether the idea met the new-product objectives. In which stage of the new-product process was this product? (Points : 5) Idea generation Screening and evaluation Business analysis New-product strategy development Concept testing Question 28. 28. (TCO 4) In the 1960s, television westerns were extremely popular. The shows were adventure shows with settings and costumes that were very unlike what really existed. There were Bonanza, Wagon Train, The Virginian, Laramie, and so on. When viewers gradually stopped watching this category of programs, production companies found that the networks no longer wanted to televise such shows. The television western as a product category entered the _____ stage. (Points : 5) decay diversification decline maturity harvesting Question 29. 29. (TCO 7) In an episode of the Andy Griffith television series, two local farmers were selling the produce they grew on their farms from the back of their pickup trucks to local people who drove by on the road. The farmers selling their products without wholesalers or retailers were an example of a (Points : 5) roadside channel of distribution. traveling channel of distribution. intermediate channel of distribution. informal channel of distribution. direct channel of distribution. Question 30. 30. (TCO 2) Disney is using an integrated marketing communications program (IMC) to promote group travel to its theme parks, because (Points : 5) its strategy includes using all types of promotional activities that deliver a consistent message. it does not want to reach any member of its target audience more than once. IMC is less expensive than other forms of promotion, such as public service announcements. if it didn't, Disney would have to use indirect personal selling. it is more concerned about frequency than reach. Question 31. 31. (TCO 2) When a news story covers a terrible disaster and viewers are asked to send donations to the American Red Cross, the American Red Cross is receiving (Points : 5) publicity. advertising. direct marketing. personal selling. a public service announcement. Question 32. 32. (TCO 7) Assume that McDonald's is engaging in a market penetration strategy. Which of the following actions best illustrates a market penetration strategy? (Points : 5) Opening the first McDonald's in China Developing a line of McDonald's toys to be sold through Toys"R"Us stores Adding a line of new deli sandwiches to the menu of existing McDonald's stores Running a promotion based on the Monopoly game, whereby customers have a chance to win prizes with each purchase Removing slow-moving products from its menus ESSAY QUESTIONS 1. (TCO 1) Discriminate between primary data and secondary data and their usefulness to business decision making, being sure to discuss the advantages and disadvantages of each. Your response should also identify the typical sources for primary and secondary data and what you would rely on most heavily in making your marketing decisions. (Points : 30) 2. (TCO 3) Imagine that you are creating a marketing plan for a company that will sell ice cream cones. As you consider the marketing program, what types of strategy should you consider including in the plan? Propose one specific example of each type of strategy that you are considering, and present your rationale (reasoning) for your strategy selections. (Points : 30) 3. (TCO 4) Managing the product through successive stages of the product life cycle is an important role for a product manager. Assess the three ways to manage a product through its life cycle, including examples to help clarify your assessment. Indicate the reasoning why you would prefer one method over another in a given situation. You can use any product in your examples. (Points : 30)

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