MAR 3023 Exam Review Questions and Answers
Marketers define customer value as - -the perceived benefits, both monetary and
nonmonetary, that customers receive from a product compared with the cost associated
with obtaining it.
-What is the key to creating value? - -providing consumers with benefits that meet their
needs and wants
-What element of the marketing plan helps firms understand where they are currently and
how best to move forward? - -the situation analysis
-What two elements are combined on the BCG matrix to produce its four unique product
categories? - -market growth and relative market share
-The internal considerations in a SWOT analysis are - -a firm's strengths and weaknesses.
-Compare the following product offerings. Which is the best example of direct
competition? - -Google.com and Bing.com
-A measure of how optimistic consumers are about the overall state of the economy and
their own personal finances is referred to as - -consumer confidence.
-The study of individuals, groups, or organizations and the processes they use to select,
secure, use, and dispose of products, services, experiences, or ideas to satisfy needs is
known as - -consumer behavior.
-Daniel Kahneman's mode of thought referred to as System 1 can be described as - -an
automatic, nonconscious way of thinking.
-The use of statistical techniques and algorithms based on patterns of past behavior to
predict future buying behavior is called - -predictive modeling.
-Which of the following represents B2B marketing? - -a steel manufacturer selling rolled
steel to an automaker
-Which of the following products would most likely be considered a dog? - -compact disc
-Consider the following statements to determine which is not true regarding
electroencephalography (EEG) scans. - -EEG scans measure the amount of oxygenated
blood flowing through the brain.
-Compare each of the following to determine which one accurately describes a joint
venture. - -an arrangement where a domestic firm partners with a foreign company to
create a new entity, thus allowing the domestic firm to enter the foreign company's market
, -Compare the following statements to determine which one is accurate regarding
marketing on a global scale versus marketing domestically? - -Environmental scanning on
a global scale is more complex than it is in the domestic environment.
-Carla decided to pretest her survey questions to make sure they would be interpreted by
the participants in the way she wanted. Carla was concerned with - -validity
-Jayla and Stuart are trained researchers. They visit restaurants posing as customers in
order to assess the level of service, quality of food, and competence of the wait staff. Jayla
and Stuart are called - -mystery shoppers.
-For a fee, Rami can open a Subway shop in his hometown of Beirut. The parent company
has agreed to let Rami use its company name and will give him marketing and operational
support. What type of arrangement is this? - -franchising
-Which of the following is most likely a low-involvement purchase? - -a bottle of shampoo
-The owners of Have It Your Way Hot Dogs have decided to place an advertisement in the
local minor league baseball team's program booklet. Which element of the marketing mix
does this represent? - -promotion
-Matt's Mobile Services has designed a cell phone plan especially for tech-savvy teens who
are heavy cell-phone users and live in households earning over $150,000 per year. In
tailoring the plan for a specific group of consumers based on their particular needs, Matt's
Mobile Services has provided an example of ________. - -market targeting
-A new ice cream shop in town allows customers to create their own sundaes using various
flavors of ice cream and toppings. The store owners have decided to have a contest for the
most unique customer creation. They are asking customers to create a sundae, take a
picture of their creation, and post it on their Facebook page as well as on Instagram so
people can vote for their favorite. The winning creation will be featured on the shop's
menu. This use of social media relates to which element of the marketing mix? - -
promotion
-Jessica orders the same copier toner each month for the same price from the same
supplier. This is an example of a - -straight rebuy.
-If FedEx makes the mistake of assuming that foreign consumers participate in the same
type of activities as those individuals in the United States and thus only offers the same
products and services in the United States to these foreign consumers, then FedEx is
making a mistake concerning - -cultural fit.
-Which of the following can be said regarding buyers/customers for the business-to-
business (B2B) market? - -Business marketers typically deal with far fewer buyers than
consumer markets.
Marketers define customer value as - -the perceived benefits, both monetary and
nonmonetary, that customers receive from a product compared with the cost associated
with obtaining it.
-What is the key to creating value? - -providing consumers with benefits that meet their
needs and wants
-What element of the marketing plan helps firms understand where they are currently and
how best to move forward? - -the situation analysis
-What two elements are combined on the BCG matrix to produce its four unique product
categories? - -market growth and relative market share
-The internal considerations in a SWOT analysis are - -a firm's strengths and weaknesses.
-Compare the following product offerings. Which is the best example of direct
competition? - -Google.com and Bing.com
-A measure of how optimistic consumers are about the overall state of the economy and
their own personal finances is referred to as - -consumer confidence.
-The study of individuals, groups, or organizations and the processes they use to select,
secure, use, and dispose of products, services, experiences, or ideas to satisfy needs is
known as - -consumer behavior.
-Daniel Kahneman's mode of thought referred to as System 1 can be described as - -an
automatic, nonconscious way of thinking.
-The use of statistical techniques and algorithms based on patterns of past behavior to
predict future buying behavior is called - -predictive modeling.
-Which of the following represents B2B marketing? - -a steel manufacturer selling rolled
steel to an automaker
-Which of the following products would most likely be considered a dog? - -compact disc
-Consider the following statements to determine which is not true regarding
electroencephalography (EEG) scans. - -EEG scans measure the amount of oxygenated
blood flowing through the brain.
-Compare each of the following to determine which one accurately describes a joint
venture. - -an arrangement where a domestic firm partners with a foreign company to
create a new entity, thus allowing the domestic firm to enter the foreign company's market
, -Compare the following statements to determine which one is accurate regarding
marketing on a global scale versus marketing domestically? - -Environmental scanning on
a global scale is more complex than it is in the domestic environment.
-Carla decided to pretest her survey questions to make sure they would be interpreted by
the participants in the way she wanted. Carla was concerned with - -validity
-Jayla and Stuart are trained researchers. They visit restaurants posing as customers in
order to assess the level of service, quality of food, and competence of the wait staff. Jayla
and Stuart are called - -mystery shoppers.
-For a fee, Rami can open a Subway shop in his hometown of Beirut. The parent company
has agreed to let Rami use its company name and will give him marketing and operational
support. What type of arrangement is this? - -franchising
-Which of the following is most likely a low-involvement purchase? - -a bottle of shampoo
-The owners of Have It Your Way Hot Dogs have decided to place an advertisement in the
local minor league baseball team's program booklet. Which element of the marketing mix
does this represent? - -promotion
-Matt's Mobile Services has designed a cell phone plan especially for tech-savvy teens who
are heavy cell-phone users and live in households earning over $150,000 per year. In
tailoring the plan for a specific group of consumers based on their particular needs, Matt's
Mobile Services has provided an example of ________. - -market targeting
-A new ice cream shop in town allows customers to create their own sundaes using various
flavors of ice cream and toppings. The store owners have decided to have a contest for the
most unique customer creation. They are asking customers to create a sundae, take a
picture of their creation, and post it on their Facebook page as well as on Instagram so
people can vote for their favorite. The winning creation will be featured on the shop's
menu. This use of social media relates to which element of the marketing mix? - -
promotion
-Jessica orders the same copier toner each month for the same price from the same
supplier. This is an example of a - -straight rebuy.
-If FedEx makes the mistake of assuming that foreign consumers participate in the same
type of activities as those individuals in the United States and thus only offers the same
products and services in the United States to these foreign consumers, then FedEx is
making a mistake concerning - -cultural fit.
-Which of the following can be said regarding buyers/customers for the business-to-
business (B2B) market? - -Business marketers typically deal with far fewer buyers than
consumer markets.
