MKT 301 MARKETING COMPLETE QUESTIONS AND ANSWERS WITH 100% CORRECT ANSWERS

MKT 301 MARKETING COMPLETE QUESTIONS AND ANSWERS WITH 100% CORRECT ANSWERS 1. Nonpersonal communication from an identified sponsor using the mass media? a. Marketing b. Advertising c. Sponsor d. Promotion 2. A coordinated, comprehensive plan that carries out promotional objectives and results in a series of advertisements placed in media over a period of time? a. Marketing Plan b. Co-op Advertising c. Advertising Campaign d. Commercialization 3. Include features, functions, and benefits and uses a product. Marketers view products as a bundle of attributes that includes packaging, brand name, benefits, and supporting features in addition to a physical good a. Attributes b. Characteristics c. Features d. Benefits 4. A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service? a. Commercialization b. External Environment c. Lifetime value of a Customer d. Behavioral Segmentation 5. A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from the competition? a. Product b. Brand c. Communication Model d. Product Identification Model (PIM) 6. The value of a brand to an organization. a. Lifetime value of a Customer b. Value c. Product Life Cycle (PLC) d. Brand Equity 7. A method for determining the number of units that a firm must produce and sell at a given price to cover all its cost? a. Cost Analysis b. Contribution Margin c. Break-even Analysis d. Break-even Point Example: A book store sells bookcases for $100 each, with a variable cost of $50 per bookcase manufacturing $200,000. Calculate Break-even point in units? Break-even point (in units) = Total Fixed Costs Contribution per unit to Fixed Costs Break-even point (in units) = $200,000 = 4,000 units $50 Calculate Break-even point (in dollars) = Total Fixed Costs Variable cost per unit This will show us that to break even the company must sell $400,000 worth of bookcases: Break-even point (in dollars) = $200,000 1- $50 = $200,000 = $400,000 $100 0.5 8. The step in the product development process in which marketers asses a product’s commercial viability? a. Commercialization b. Crowd Sourcing c. Business Analysis d. Discontinuous Innovation 9. The overall patterns of change in the economy—including periods of prosperity, recession, depression, and recovery—that affects consumer and business purchasing power? a. Recession b. Depression c. Business Cycle d. Product Development Cycle (PDC) 10. An ongoing process of making decisions that guides the firm both in the short term and for the long term? a. Business Plan b. Business Planning c. Controlling d. Leading 11. Internet exchanges between two or more business or organizations? a. E-Commerce b. Business-to-business (B2B) Markets c. Business-to-consumer (B2C) E-Commerece d. Business-to-business (B2B) E-Commerce 12. Word-of-mouth communication that customers view as authentic? a. Word-of-Mouth Communication b. Buzz c. Strategic Promotional Strategy (SPS) d. Direct Marketing 13. The first step in the product development process in which a new product t is launched into the market? a. New-Product-Development (NPD) Stage b. Positioning Stage c. Differentiated Targeting Strategy d. Commercialization 14. The process whereby meaning is transferred from a source to a receiver a. Informational Transparency Data (ITD) b. Compatibility c. Communication Model d. Strategic Alliance 15. The ultimate user of a good or service? a. End-Users b. Consumers c. Buyers d. Target Market 16. A sales promotion where the manufacturer and the retailer share the cost? a. Profit Sharing b. Co-op Advertising c. Return on Marketing Investment (ROMI) d. Stakeholders 17. A practice in which firms outsource marketing activities (such as selecting an ad) to a community of users. a. Outsourcing b. Crowdsourcing c. Culture Diversity d. Custom Marketing Strategy (CMS) 18. A systematic tracking of consumer’s preferences and behaviors over time in order to tailor the value proposition as closely to each individual’s unique wants and needs. This also allows firms to talk to individual customers and adjust elements of their marketing programs in light of how each customer reacts? a. Business Intelligence b. Customer Relationship management (CRM) c. Lifetime Value of a Customer d. Public relations 19. Customer’s desires for products coupled with the resources needed to obtain them? a. Needs b. Wants c. Demand d. Customer Equity 20. Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure? a. Demographics b. Business Intelligence c. Target Market d. Community Marketing Campaign (CMC) 21. A direct communication to a consumer or business recipient designed to generate response in the form of an order, a request for future information and/or a visit to a store or other place of business for purchase of a product? a. Marketing Research b. Consumer-Generated Content (CGC) c. Direct Marketing d. Direct Response Advertising 22. A totally new product that creates major changes in the way we live? a. I Phone b. Discontinuous innovation c. Product Invention Strategy (PIS) d. Product Adoption 23. The uncontrolled elements outside an organization that may affect its performance either positively or negatively? a. Competitive Intelligence (CI) b. Product Life Cycle (PLC) c. External Environment d. Consumer Behavior 24. The total dollar value of goods and services produced by a nation within its borders in a year? a. Gross Margin (GM) b. Gross Domestic Product (GDP) c. Gross rating points (GRPs) d. General Agreement on Tariffs and Trade (GATT) 25. A strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences? a. Management b. Marketing Plan c. Marketing Research Ethic (MRE) d. Integrated Marketing communication (IMC) 26. The potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime? a. Lifetime Value of a Customer b. Customer Relationship Management (CRM) c. Gross Domestic Product (GDP) d. Return on marketing Investment (ROMI) 27. An organization function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders? a. Marketing b. Controlling c. Planning d. Leading 29. A Process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users a. Marketing Decision Support System(MDSS) b. Marketing Information System (MIS) c. Marketing Intelligence System (MIS) d. Market Manager 30. A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy? a. Business Plan b. Mission Statement c. Code of ethics d. Marketing Plan 31. The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness? a. Business Intelligence b. Environmental Stewardship c. Custom Marketing Strategy d. Market Research 32. An amount added to the cost of a product to create the price at which a channel member will sell the product? a. Taxes b. Markup c. Contribution Margin d. Gross Margin 33. A formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources? a. Business Code of Ethics b. Marketing Plan c. Mission Statement d. Business Survival Guide (BSG) 34. The phases by which firms develop new products including idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization a. Product Life Cycle (PLC) b. Business Development (BD) c. New Product Development (NPD) d. Positioning 35. The business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house? a. Crowdsourcing b. Exporting c. Importing d. Outsourcing 36. Develop a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition? a. Pretesting b. Target Market c. Positioning d. Operational Planning 37. A concept that explains how products go through from distinct stages from birth to death: introduction, growth, maturity, and decline? a. Product Life Cycle (PLC) b. New Product Development (NPD) c. Business Analysis d. Product Line Length 38. The major elements of marketer-controlled communication, including adverting, sales promotion, public relations, personal selling, and direct marketing? a. Promotion b. Public Relations c. Promotion Mix d. Relationship selling 39. Communication function that seeks to build good relationships with an organization’s publics, including consumers, stockholders, and legislators? a. Customer relationship Management b. Relationship Selling c. Public Relations d. Public Service Advertisements (PSAs0 40. Quantifying just how an investment in marketing has an impact on the firm’s success, financially and otherwise? a. Pull Strategy b. Quantity Discounts c. SERVQUAL d. Return on Marketing Investment (ROMI) 41. Programs designed to build interest in or encourage purchase of a product during a specific period? a. Search Engines b. Sales promotion c. Surveys d. Prospecting 42. A systematic process of ensuring that your firm comes up at or near the top of typical search phrases related to your business a. Search Engine Marketing (SEM) b. Search Engine Optimization (SEO) c. Custom search Marketing d. Sensory Marketing 43. The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics? a. Segmentation b. Target Market c. Sampling d. Sales Territory 44. A multiple-item scale used to measure service quality across dimensions of tangibles, reliability, responsiveness, assurance, and empathy? a. Shrinkage b. SERVQUAL c. Trial-Ability d. Supply Chain 45. Buyers, sellers, or investors in a company, community residence, and even citizens of the nations where goods and services are made of sold—in other words, any person or organization that has a “stake” in the outcome? a. Stockholders b. Stakeholders c. Consumers d. Corporations 46. Relationship developed between a firm seeking a deeper commitment to a foreign market and domestic firm in the target country? a. Customer Relationship Management (CRM) b. Foreign Subsidies c. Strategic Alliances d. Transactional selling 47. An analysis of an organization’s strengths and weaknesses, and the opportunities, and threats in its external environment? a. Competition b. Threats c. SWOT Analysis d. Competitive Markets 48. Dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments? a. Target Market b. Target Marketing Strategy c. Segmentation d. Population 49. When consumers provide information about products to other consumers? a. Public Advertisement b. Support Media c. Word of Mouth communication d. Strategic Planning 50. An organization that replaced GATT; the (?) sets trade rules for its member nations and mediates disputes between nations a. International Alliance b. World Trade c. World Trade Organization (WTO) d. General Agreement of Tariffs and Trade (GATT)