25 terms

BUSML 450 - Practice Exam 1

Marketing traditionally has been divided into a set of four interrelated decisions known as the marketing mix, or four P's, including all of the following except...
A) Product
B) Place
C) Performance
D) Promotion
E) Price
Provides value for both the consumer and shareholders
In the opening discussions of GE's move to its "Earth Rewards" credit card and other green marketing initiatives, it is clear the GE approach...
A) Is an example of corporate philanthropy
B) Provides value for both the consumer and shareholders
C) Is a response to earlier problems GE encountered as a mjaor corporate polluter
D) Was a publicity stunt and not connected to its real mission
E) Won little support from customers and the general public
Satisfaction quotient as perceived by customers
Ryan knows one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal Ryan knows his firm must look at everything they do...
A) In order to value each person in the organization
B) From a generational cohort maximization perspective
C) The political/legal environment affecting just in time promotion delivery
D Satisfaction quotient as perceived by customers
E) Situational ethical values
likely reaction to Yuri's promotional activities
Yuri is considering a new promotional campaign, comparing his products to those of his competitors. Before initiating the promotional campaign, Yuri will likely assess his competitors' strengths, weaknesses, and:
A. likely reaction to Yuri's promotional activities.
B. cultural cohort.
C. the political/legal environment affecting just-in-time promotion delivery.
D. satisfaction quotient as perceived by customers.
E. situational ethical values.
Approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups
One reason marketers in the United States are paying greater attention to ethnic groups is:
A. they represent a majority of the population in non-urban areas of the country.
B. approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.
C. they are more susceptible to manipulation.
D. government subsidies assist marketers attempting to communicate value to these groups.
E. country culture is replacing regional culture as a demographic cost parameter.
the time poor society
David travels a great deal in the course of his business. He has noticed ads in many new places, including fortune cookies, baggage claim conveyor belts, on the sides of buses, etc. Marketers would like to reach David, and are responding to concerns about:
A. privacy of communications.
B. the time-poor society.
C. green marketing.
D. increased costs of air travel.
E. federal restrictions on advertising that can be found in airplanes.
perceived risk
Kathy has naturally curly hair and has often been disappointed with the haircuts she has received. When she moved to a new town, she approached her new office mates and several strangers with curly hair and asked them where they had their hair cut. She spent considerable effort finding a new hair stylist based on her _______________ associated with her purchase decision.
A. evoked set
B. reference group
C. cultural affective
D. perceived risk
E. financial risk
Whenever Judy sells an expensive travel vacation, she tries to get the travelers to buy travel insurance, providing reimbursement for their purchase if they have to cancel the trip. Judy is trying to reduce her customers'_____________ risk.
A. psychological
B. financial
C. performance
D. cultural
E. ritual
buyer remorse/post purchase dissonance
Sometimes consumers have second thoughts after buying goods that might be expensive, infrequently purchased, not meet performance expectations or are associated with a high level of risk. Marketers know this is an especially critical time as consumers deal with:
A. criteria re-evaluation
B. buyers' remorse/post purchase dissonance
C. competitive post-purchase leverage
D. purchase uncertainty
E. consumer vulnerability
Attitudes are learned and long lasting
For marketers, negative attitudes are typically difficult to change because
A. most consumers' attitudes depend on prices.
B. consumers weigh performance risk against functional needs when assessing their attitudes.
C. attitudes are learned and long lasting.
D. attitudes shift consumers from limited to extended problem solving situations.
E. consumers' attitudes are derived from the compensatory decision rule.
family reference groups and culture
Natalie and her fiancé Dow are planning their wedding. She knows her mother wants her to have a traditional church ceremony. She would like to have a ceremony on the beach like many of her friends had. Then there is the problem of who should officiate. Dow is from Thailand and would like to have a monk officiate. Natalie and Dow's wedding decisions are influenced by:
A. impulse, habitual, and limited problem solving process.
B. functional and psychological profit.
C. universal, retrieval, and evoked sets.
D. cognitive, affective, and behavioral environment.
E. family, reference groups, and culture.
impulse buying purchases
Most "big box" retailers regularly move products from one aisle to another. They also put personal care products in the pharmacy area, many aisles away from the grocery products. These retailers know consumers who walk around the store looking for what they want, are likely to make:
A. impulse buying purchases.
B. limited problem solving decisions.
C. extended problem solving decisions.
D. ritual consumption purchases.
E. affective alternative decisions.
the b2b process has more discrete steps
In comparing the B2B and B2C buying processes:
A. the B2B process is more complex, but usually the buying is done by a purchasing agent which makes it easier for marketers.
B. B2B buying is often as impulsive as B2C, frequently due to the persuasive power of good sales representatives.
C. B2C begins with need recognition, while B2B begins with product or service specification.
D. the B2B process has more discrete steps, though once relationship is established and the buyer is satisfied with the current goods, many steps can be eliminated.
E. There is no way to compare them, for they are completely different processes.
a nonperformance penalty
When Jerry was negotiating a total renovation for the local healthcare clinic, he knew every month the clinic was closed he would lose $10,000 in rent from the various medical care tenants in the clinic. Jerry shrewdly included ___________________ in the renovation contract.
A. an automatic payment system
B. a nonperformance penalty
C. a silent auction benefit
D. a new buyback bonus
E. a derived demand multiplier
product specifications
After Hurricane Katrina many states re-evaluated their coastal area building requirements. Changes in building codes represented ________________ that building materials companies use in developing new products.
A. derived demand
B. initiator instructions
C. democratic ideals
D. product specifications
E. consensus classifications
derived demand
Paula has developed a successful business selling appliances to contractors building new homes. She carefully monitors the issuance of new home permits to anticipate how many appliances she will need to buy in order to supply her customers. Paula is concerned with _______________.
A. modified demand
B. housing unit demand
C. rebuy demand
D. derived demand
E. time-delayed demand
new buy
Jenny was feeling frustrated. "What's taking them so long to make a decision? It's been weeks since I first met with them, and while they all seem interested in the product. I've also jumped through all their paperwork hoops." Jenny is likely selling to a firm in what kind of buying situation?
A. New buy
B. Modified rebuy
C. Straight rebuy
D. Extended decision making
E. Limited decision making
Coke Zero, in the ads reviewed in class, talked about suing and getting lawyers involved because of the taste. They are positioning against ____.
A. Pepsi
B. Bottled water - ex. Dasani
C. Mountain Dew
D. Coke
E. Sprite
undifferentiated segmentation strategy
For products like pencils and paperclips which provide the same benefit for all consumers, marketers should probably use a(n):
A. concentrated segmentation strategy.
B. lifestyle segmentation strategy.
C. benefit segmentation strategy.
D. undifferentiated segmentation strategy.
E. concentrated business to business strategy with a consumer segment.
differentiated segmentation
Adidas Group owns Reebok, Rockport, and Greg Norman brands. Adidas uses the different brands to pursue a(n) ________________________ strategy.
A. concentrated segmentation
B. micromarketing segmentation
C. benefit segmentation
D. differentiated segmentation
E. undifferentiated segmentation
mass customization
If you have ever ordered a personal computer from Dell, you know the online software allows you to choose from a predetermined set and adjust the components and accessories based on your needs and desires. Dell and companies like it are engaged in:
A. mass customization.
B. concentrated segmentation.
C. benefit segmentation.
D. differentiated wholesaling.
E. undifferentiated marketing.
psychographics demographics
Marketers have found that ___________________ are often more useful for predicting consumer behavior than ________________.
A. demographics; psychographics
B. benefit segmentation; undifferentiated segmentation
C. psychographics; demographics
D. geodemographics; mass marketing
E. demographics; loyalty segmentation
An importer of children's clothing was looking at introducing a new line of children's shoes. The firm decided to target young mothers in California using ____________ segmentation.
A. benefit
B. self-actualization
C. psychographic
D. loyalty
E. geodemographic
the number of competitors entry barriers and product substitutes
After assessing the market growth potential for his company's baby products in Mexico, Harmon wanted to evaluate market competitiveness. To do this, Harmon would consider:
A. mass marketing distribution potential and logistical support.
B. the current size of the market and expected growth rate. C. ease of pricing control and number of promotional outlets. D. the number of competitors, entry barriers, and product substitutes.
E. which other domestic companies must pay the same tariffs on the baby products.
Whenever the president of the local, public university promotes the institution, he emphasizes the university's price (much lower than neighboring private colleges) and quality. He is positioning the institution based on:
A. value.
B. salient attributes.
C. symbols.
D. against competition.
E. perceived exclusivity of neighboring private colleges