MKTG 3213 - Exam 1 Study Guide-2022.pdf

MKTG 3213 – Exam 1 Study Guide 1. Marketing is _______________. a. Inefficient b. Exchange c. Manipulation d. Unnecessary 2. No money is exchanged in ___________, the process of exchanging goods and services between two parties. a. marke...

MKTG 3213 – Exam 1 Study Guide 1. Marketing is _______________. a. Inefficient b. Exchange c. Manipulation d. Unnecessary 2. No money is exchanged in ___________, the process of exchanging goods and services between two parties. a. market clearing b. product marketing c. non-market trading d. barter 3. Marketing exists because people have ________________ that they are willing to give up things of value to satisfy. a. preferences b. cravings c. needs and wants d. desires and preferences 4. When an individual donates money to a charity, a ____________ transaction has taken place. a. post-marketing b. primary c. marketing d. non-marketing 5. When an individual “sells” her time and labor to an organization, a marketing transaction takes place.  a. True b. False 6. ___________________ is the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement. a. Marketing strategy b. Marketing c. Marketing discipline d. Marketing management 7. A product is a good, service, or idea to _______ the customer’s needs. a. reduce b. create c. satisfy d. influence 8. __________ is/are the means of communication with the customer. a. Price b. Process c. People d. Promotion 9. Robert Louis Stevenson once said that “Everyone lives by _________ something.” a. building b. selling c. producing d. marketing 10. If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.  a. True b. False 11. It is important that any employees that interact with a company’s customers carry “marketing” as part of their job titles. a. True b. False 12. Roughly ___ % of the dollar price paid by consumers for a product goes to cover the cost of marketing. a. 10 b. 50 c. 55 d. 25 13. There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions? a. physical distribution b. matching c. producing the physical product d. promotion 14. Which company is generally credited with originating the marketing concept? a. IBM b. General Electric c. Kodak d. Ford 15. Which of the following management orientations makes profits through sales volume? a. selling concept b. marketing concept c. production concept d. societal marketing concept 16. The __________ concept recognizes that people don’t really buy products, they buy solutions to problems. a. selling b. solutions c. marketing d. management 17. Which of the following is not a reason that marketing needs data? a. To prove its contribution to the rest of the organization b. To know how effective its efforts are c. To improve upon its efforts d. All of the above are reasons that marketing needs data. 18. Which of the following offers a solution to the problem that everyone has an opinion about the quality of marketing’s efforts? a. Customer insight research b. Competitive espionage c. Six sigma quality programs d. Marketing analytics 19. Data and measurements can be used to prove the effectiveness of marketing efforts. a. True b. False 20. Which of the following is not a benefit of marketing analytics? a. They keep marketing focused on objectives b. They help improve marketing performance c. They build marketing’s credibility d. They require very low resource investment 21. Companies that have no marketing analytics process, make decisions by instinct, and view marketing as an expense might be referred to as _________________. a. “rollercoaster marketing companies”  b. "flying blind" c. typical of 85% of companies. d. None of the above. 22. “Pseudo Analytics” are marketing analytics that rely on proxy data from external sources. a. True b. False 23. The first step in the Marketing Analytics Process is to a. understand the available metrics. b. analyze the available metrics. c. identify the right metrics. d. None of the above. 24. One outcome of taking improvement actions (as a stage in the Marketing Analytics Process) is identifying the right metrics. a. True b. False 25. The “right” marketing analytics metrics are typically related to: a. Revenues b. The balance sheet c. Costs d. Expenses 26. Marketing’s objectives are ________ derived from the overall business objectives. a. Rarely b. Usually c. Always d. Sometimes 27. A business’s culture might function as a barrier when it encourages employees to  a. Work on what’s urgent b. Punish mistakes c. Play politics d. All of the above are correct 28. One of the ways in which a company’s culture can serve as a catalyst is when it encourages employees to trust data. a. True b. False 29. _____________ is a simple field experiment in which two versions of some marketing element are randomly assigned to subjects in the field and then compared on outcomes of interest. a. An analytic test b. An A/B test c. Big data d. A sub-optimization study 30. According to Johnnie Hurns, Chief Operating Officer of Interworks, “Data without a question is pretty useless…it’s just ___________.” a. more data b. waiting for the right question c. taking up space d. wasted effort 31. Interworks wants to help companies through which of the following progressions? a. Data > Insight > Information b. Insight > Data > Information c. Information > Data > Insight d. Data > Information > Insight 32. Market Segmentation is defined as:  a. The process of categorizing groups into manageable pieces based on customer differences b. Segmenting products so consumers can pick what they prefer c. Categorizing products based on quality d. Segmenting consumers into age range only 33. What are the 4 types of segmentation? a. Location, demographics, behavioral, customer b. Market, demographics, behavioral, psychographic c. Demographics, geographic, behavioral, market d. Geographic, demographic, psychographic, behavioral 34. When is geographic segmentation most useful? a. When the target market is based on lifestyle b. When location requires different products or forces c. When distributing to multiple locations d. When you have different age groups 35. Which of these is not a part of the Market Segmentation Process? a. Select segments to target b. Evaluate each segment c. Identify distinct segments d. Create distinct products for each target segment 36. What kind of company might be most interested in separating market segments based on age? a. Retail b. Cable and streaming c. Life insurance d. Automobile manufacturer 37. Which type of segmentation should Nike use for their new tennis shoes?  a. Psychographic b. Geographic c. Behavioral d. Demographic 38. Brand loyalty influences behavior. a. True b. False 39. What is not a criteria you should choose your target market by? a. Stable b. Sizable c. Accessible d. Location 40. What is the first step in the Market Segmentation process? a. Select the marketing mix b. Identify distinct segments c. Select segments to target d. Evaluate each segment 41. What is the point of Target Marketing? a. Decreasing overall marketing b. Focusing the firm's marketing efforts more specifically c. Marketing only high-quality, target products d. Cautious spending in unpredictable markets 42. Which of these is not a trait of desirable target markets? a. Clearly defined b. Predisposed c. Limited size d. Accessible 43. Why is stability so important a trait to look for in potential target markets? a. Stable markets are rare b. Dynamic markets require frequent change, and change is expensive c. Dynamic markets have many new entrants, making the marketing environment is too risky d. Dynamic markets are high-risk, high-reward, and therefore are already saturated with competition 44. Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities of their product beyond the campus. What feature does their current target market lack? a. Congruency b. Stability c. Accessibility d. Identifiability 45. A firm with excellent Product-Market Fit will always be the market leader. a. True b. False 46. From a marketing standpoint, satisfying needs is more important than selling products. a. True b. False 47. Product-Market Fit is only profitable in large markets. a. True b. False 48. Is using a Buyer Persona more helpful than using basic demographics? If so, why? a. Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target b. No, demographics are more helpful because they are objective and empirical  c. Yes, a Buyer Persona lets companies better determine income d. No, basic demographics and Buyer Persona are equally helpful for marketers 49. Positioning is defined as: a. determining the easiest market segments for focused marketing efforts b. developing a market strategy to influence how a specific segment views the company c. jostling for market position with other corporations in the industry d. developing specific variations of a product to fit each segment 50. Positioning has more to do with what a company does with its products than what it does in marketing to potential customers. a. True b. False 51. The real power in positioning lies with the _________. Why? a. production manager; quality of product is the most important factor in positioning b. marketing manager; specific advertisements are persuasive c. consumer; no one can ultimately control what the consumer thinks about products and companies d. competition; a company's position is only in comparison to the other industry leaders 52. Your friend, an avid reader, gives you a list of her favorite science fiction books. The fact that these books are her "favorite" implies what? a. These books hold a more positive position in your friend's mind when compared to other books of the same genre b. These books were marketed to your friend's market segment c. All avid readers have the same opinions about which science fiction books are best d. These books are objectively better than any other science fiction novels 53. Your grandfather's first car was a Ford, and though he has bought several cars over his lifetime, he only ever purchases from this manufacturer. This is an example of what? a. The brand loyalty ingrained in older generations b. The failures of other car manufacturers  c. The importance of pioneering in building brand loyalty d. The importance of ingenuity in automobile design 54. The Pioneering advantage is always easily overcome by later competitors. a. True b. False 55. After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day's experience to his usual experience with coffee. Why? a. Coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard b. Culture differences change a product's position in consumers' minds subconsciously c. Coffee is more caffeinated than tea d. Changes in the market are generally scorned by existing consumers 56. Which of these is not part of the process of consumption? a. Need Recognition b. Information search c. Reverse Marketing d. Alternative Evaluation 57. What is an example of a social need? a. Food b. Relationships c. Health d. Achievement 58. Which of these is not a physiological need? a. Rest b. Food c. Beverage  d. Safety 59. Needs and desires are preexisting and unchangeable. a. True b. False 60. The role of marketing is solely to observe the needs and desires of consumers. a. True b. False 61. Marketing is crucial for triggering _______ cues within the consumer base. a. Peer-influenced b. Internal c. External d. Inherent 62. Which of these factors does not influence how much time consumers spend searching for information? a. Risk involved with purchase b. Purchasing habits c. Loyalty to brand d. Packaging 63. What would be an objective attribute for the purchase of a first car? a. Design b. Gas mileage c. Favorite color d. Comfort 64. ________ is defined as the set of products or services that comes to mind when a consumer recognizes a need. a. Consideration Set  b. Objective Attributes c. Alternative Evaluation d. Subjective Attributes 65. Two crucial questions consumers must answer after deciding to purchase a product are: a. When and Where b. Where and Why c. When and How much d. What and Where 66. Sarah is on her way to a job interview when it suddenly starts to rain. Which of these purchase decision criteria is likely the biggest driver for her decision to buy an umbrella on her way to the interview? a. Discounts b. Warranty c. Urgency d. Peer-influence 67. Where do consumer expectations come from? a. Other consumers (friends and family, etc.) b. The amount of time spent researching the product c. Celebrity endorsements of the product d. Enthusiasm of the salesperson 68. What is the last stage of the Process of Consumption? a. Purchase b. Reaction c. Alternative Evaluation d. Finality 69. What is the definition of the Product/Service Bundle? a. Research on a competitor's innovation, production, and customer service  b. Selling products and services together (e.g. selling and installing washing machines) c. The collection of benefits and attributes of a product or service d. A list of future improvements for a product or service 70. The ingredients list on a package of food could best be described as a list of the: a. market research b. benefits of the food c. customer target segment d. attributes of the food 71. The lightweight design of an iPad is an example of a(n): a. Expected Attribute b. Core benefit c. Design Superiority d. Add-on Attribute 72. Consumers buy ______, not ______. a. attributes; benefits b. production; innovation c. benefits; attributes d. products; services 73. Add-on Attributes can become Expected Attributes over time. a. True b. False 74. Jessie just bought a new TV, and is curious to see how well it performs when it is positioned in her home (she is concerned about the glare from the windows). When she evaluates the quality of the picture in her home, what type of attribute of the TV is she evaluating? a. experience b. credence c. believability d. quality 75. Jake is a photographer looking to purchase a new lens. When he is comparing different lenses before making this purchase, what kind of attribute is he evaluating? a. Price b. Experience c. Quality d. Shopping 76. Services are most likely to be judged based on Shopping Attributes. a. True b. False 77. Credence Attributes are those attributes that can be evaluated within five years of consuming the product or service. a. True b. False 78. What should be the main goal for a marketing manager whose company makes convenience products? a. Make the product widely available b. Make the product high quality c. Run advertisements that use Competitive Repositioning d. Lower the price of the product 79. What should a marketing manager whose company makes shopping products do with information about the products? a. Refrain from publishing so competitors can't see b. Make it available and easy for the consumer to find c. Publish only the minimum amount of information d. Ensure salespeople are vague but encouraging 80. In 2014, Porsche released a 50th anniversary edition of its Porsche 911. The company only made a select number of these models, making this a _______ product.  a. specialty b. off-market c. expensive d. unsought 81. Durable products are more likely to be Shopping Products than nondurable products a. True b. False 82. Brands tend to be extremely important to consumers purchasing staple products. a. True b. False 83. What is the difference between CPG's and FMCG's? a. CPG's are picked based on brand awareness b. There is basically no difference c. CPG's are more likely to be shopping products d. FMCG's sit on the shelves longer 84. What is derived demand? a. Demand that comes from the sale of consumer products b. Analysis used by managers to research new products c. Demand created and manipulated by advertising d. An equation used to determine the marketing mix 85. Apple mainly sells phones and computers, but also sells accessories for these products. These chargers, protective cases, and other accessories are best described as what? a. Convenience Products b. Derived Products c. Support Products d. Raw Materials 86. A Starbucks franchise receives a shipment consisting of coffee beans and coffee cups - materials that the store will need in order to sell coffee in the upcoming weeks. What type(s) of business products and services are these products? a. Both are support products b. Coffee beans are components; coffee cups are support products c. Coffee beans are support products; coffee cups are components d. Both are components 87. Which of these is not a stage in the life cycle of a successful product? a. Maturity b. Introduction c. Innovation d. Development 88. When does the Introduction stage for a product start? a. When warehouses agree to stock the product b. Directly following commercialization c. Directly following test completion d. When the product is introduced to investors 89. New technology products and new medications are generally extremely expensive when first released to the market. These companies are using which kind of pricing? a. Derived b. Market-driven c. Penetration d. Skimming 90. Why does competition tend to decrease in the Maturity stage of a product's life cycle? a. Weaker competitors leave the industry b. Monopolies are unavoidable c. In this stage, the product is no longer valuable d. Consumers no longer purchase the product 91. Polaroid cameras first broke into the market in the 20th century, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polaroid cameras have seen an increase in sales again. What variation of the product life cycle does this fall under? a. Fad product b. Fashion product c. Re-introduced product d. Nostalgic product 92. Profits are both high and unchanging in the Maturity stage of the product life cycle. a. True b. False 93. The greatest amount of competition exists while in the Maturity stage. a. True b. False