Mkt 561 final exam new 2016

MKT 561 Final Exam NEW 2016

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Apple hosts a large number of ________, which become customers’ primary source of product information after warranties expire and are organized by product lines and type of user (consumer or professional). microblogs niche networks blogs online communities Josh separated people who wanted a high quality lawn mower from people who wanted a low priced lawn mower, then examined whether different characteristics were associated with each consumer-response segment. Josh was defining segments using ________ considerations. demographic psychographic behavioral descriptive Companies provide rewards to customers who buy often and in substantial amounts. These reward schemes are referred to as ________ programs. satisfaction profitability benefit frequency MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS If Ming was interested in capturing distribution metrics for her retail organization, which of the following might she consider?

Effective reach Share of shelf Trial rate Customer complaints

The stage in the new product process that occurs first and has a pass ratio of 1:4 is the ________ stage. idea screening product development product soft launch test marketing A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________. product line product variant product type product class ROC Engineering, a Chinese shipbuilding company, agrees to build a fleet of submarines for the Sri Lankan navy, for which it will be paid in Sri Lankan currency. As per the agreement, ROC must also spend a substantial amount of the money it generates through this deal within the country. In accordance with the contract, ROC buys Sri Lankan tea at a reduced rate. This is an example of which of the following forms of countertrade? offset compensation deal barter descending bid ________ analysis looks at specific products, territories, and so forth that failed to produce expected sales.

Full costing Microsales Sales variance Expense-to-sales MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS Sapphire Toys actually sells more than toys. It also sells branded clothing, music CDs, and books for children. This expansion of dealership sales offerings is an attempt to increase the value of the customer base by ________. making low-profit customers more profitable reducing the rate of customer defection increasing the longevity of the customer relationship enhancing the growth potential of each customer through cross-selling

In an attempt to improve their product, a company that manufactures screwdrivers discusses the modification of each attribute, such as replacing the wooden handle with plastic, providing torque power, adding different screw heads, and so on. This creativity technique is called ________. morphological analysis attribute listing lateral analysis mind mapping MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS It has been observed that most new products have shorter product life cycles. What is the reason for this?

Social and governmental constraints lead to this failure.

Rivals quickly copy products that are successful.

New products do not get adequate management support.

Most new products are not backed by a marketable idea.

When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively fewer marketing skills as compared to other strategies. focus domestic customer relationship overall cost leadership product differentiation Robert is the owner of an automobile manufacturing company. He calls for a board meeting and tells his directors that he wants to build a car that lets drivers experience power and exhilaration. He tells them that the car must allow users to soar from 0 to 60 mph in about 4 seconds. He also says the price of the car must be affordable enough for anybody making a good salary. In accordance with the given scenario, Robert is trying to segment the market on the basis of ________. benefits occupation family size nationality When a company introduces a product at a high price and then gradually drops the price over time, it is pursuing a ________ strategy. switching cost value-pricing

market-penetration pricing market-skimming pricing Top Gear is an award-winning British television series about motor vehicles, mainly cars. The show is presented by hosts who test drive new cars and provide reviews on the cars’ performance, prices, and other factors. Which of the following personal communications channels is Top Gear closest to in description?

Social channel Formal channel Expert channel Sponsored channel Which of the following is the strongest differentiator for brick-and-mortar stores who want to emphasize their superiority over online retailers? product range pricing the shopping experience product quality MKT 561 FINAL EXAM LATEST 2016 VERSION 30/30 CORRECT ANSWERS Volkswagen concentrates on the small-car market and Porsche on the sports car market. These would be examples of what is called ________. market specialization product specialization single-segment concentration selective specialization During which of the following stages in new product development decision-making do managers analyze if they can find a good idea consumers say they would try? idea generation idea screening concept development and testing business analysis Mark feels that Shell delivers on its promises to supply the best gasoline possible to the public. His experiences with Shell have always been good, resulting in positive brand contact. Mark is most likely experiencing brand ________. alliance

bonding essence parity Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies. intensive growth horizontal concentric growth conglomerate

With respect to powerful brand elements, ________ is an extremely efficient means to build brand equity. This element functions as a useful “hook” to help consumers grasp what the brand is and what makes it special. a slogan a product’s shape a patent the tangibility of a product Creative strategies refer to the ________. amount of creative content in a communications message degree of innovation involved in the marketing of a product way marketers translate their messages into a specific communication novelty of a marketing communication Which of the following best describes BR Chicken’s value proposition?

We target quality-conscious consumers of chicken.

We sell chicken at most major malls.

We sell tender golden chicken at a moderate price.

We undertake home delivery services.

A ________ is a comprehensive, systematic, independent, and periodic examination of a company’s or business unit’s marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance.

Marketing audit Test market Market-based scorecard analysis Marketing plan When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation.

Psychographic lifestyle behavioral occasions personality social class You are the marketing research director of a medium-sized manufacturing firm and you would like to engage an outside marketing research firm to conduct field interviews. Which of the following categories of marketing research firms should you use? global research management firms custom marketing research firms specialty-line marketing research firms syndicated-service research firms Joe is a computer service technician. People in his neighborhood usually depend on his suggestions for purchasing any computer accessory or hardware, as they believe he has access to far more information on computer technology than the average consumer.

The neighbors are also aware that Joe has the required knowledge and background for understanding the technical properties of the products. Within this context, Joe can be called a(n) ________. gate keeper role model opinion leader transactional leader The ________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers. task economic management strategic Which of the following questions is answered during the business analysis of ideas?

Have we got a technically and commercially sound product?

Can this product meet sales expectations?

Can we find a cost-effective, affordable marketing strategy?

Will this product meet our profit goals? ________ gives products the appearance of being more environmentally friendly without living up to that promise.

Ambush marketing Greenwashing Viral marketing Astroturfing