BUSN 319 Week 8 Final Exam

1. (TCO 4) Three commonly used methods of evaluating marketing programs are (Points : 5)

sales analysis, marginal analysis, and cost analysis.

sales analysis, profitability analysis, and marketing audits.

marketing ROI, metrics, and dashboards.

sales audits, cost audits, and marketing audits.

internal audits, external audits, and marketing control boards. 

Question 2. 2. (TCO 1) Ideally in effective marketing planning, goals should be _____ in terms of what is to be accomplished and when. (Points : 5)

loose and vague

as general as possible

flexible or elastic

quantified and measurable

None of the above 

Question 3. 3. (TCO 3) Which marketing strategy focuses on a single market segment but adds additional product lines? (Points : 5)

Full coverage

Market specialization

Product specialization

Selective specialization

Market-product concentration 

Question 4. 4. (TCO 1) Based on relative competitive scope (broad target to narrow target) and source of competitive advantage (lower cost to differentiation), Porter's four generic business strategies are differentiation, cost focus, cost leadership, and (Points : 5)

xclusivity.

electronic-focus.

quality focus.

differentiation focus.

service leadership. 

Question 5. 5. (TCO 2) Which of the following pieces of information is used in the implementation phase of the strategic marketing process? (Points : 5)

Corporate return on investment

Marketing research reports

Revenues associated with each point of market share

Trends in past and current revenues for industry and competitors in total and by segment

Possible cannibalization effects on other products in the line 

Question 6. 6. (TCO 6) Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process? (Points : 5)

Corporate return on investment

Market share for the product

Revenues associated with each point of market share

Projection of future sales, expenses, and profits

Possible cannibalization effects on other products in the line

Question 7. 7. (TCO 3) The first decision in developing an advertising program is to (Points : 5)

set the budget.

state the mission of the advertising program.

identify the target audience.

select the appeal.

select the media.

Question 8. 8. (TCO 2) The proper blend of elements in the promotional mix depends on the type of product. The three specific characteristics to be considered are _____, risk, and ancillary services.(Points : 5)

complexity

size

durability

accessibility

acceptability

Question 9. 9. (TCO 4) Reminding buyers of the product’s existence is the promotional objective during which stage of the product life cycle? (Points : 5)

Introduction

Growth

Maturity

Decline

All of the above

Question 10. 10. (TCO 2) The _____ can be used to inform prospective buyers about the benefits of the product. (Points : 5)

Question 11. 11. (TCO 8) Which of the following statements about the terms used for marketing intermediaries is true? (Points : 5)

Question 12. 12. (TCO 7) Which of the following statements about the legal and regulatory aspect of pricing is true? (Points : 5)

Question 13. 13. (TCO 2) Pricing objectives may change depending on (Points : 5)

Question 14. 14. (TCO 3) The ratio of perceived benefits to _____ is called value. (Points : 5)

Question 15. 15. (TCO 6) Market segmentation involves aggregating prospective buyers into groups that will respond similarly to a marketing action and (Points : 5)

Question 16. 16. (TCO 5) The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called (Points : 5)

Question 17. 17. (TCO 1) The marketing department helps keep the organization focused on creating value both for it and for customers. This is accomplished by (Points : 5)

Question 18. 18. (TCO 1) Which of the following acts as a barrier to the development of relationship marketing? (Points : 5)

Question 19. 19. (TCO 1) Your neighbor is tired of conventional soft drinks and wants something different. Coincidentally, Cadbury Beverages Inc. has begun distributing Country Time lemonade through the supermarket at a price comparable to that of soft drinks. Which of the conditions needed for marketing to occur is described in this situation? (Points : 5)

Question 20. 20. (TCO 6) Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Some versions contain Capri Sun drinks. Others are called Cracker Stackers and Fun Fuel. The box is bright yellow and the quantity of food contained within is small. The target market for Kraft Lunchables is most likely (Points : 5)

Question 21. 21. (TCO 3) Which element of the marketing mix is demonstrated when the Mars Company has a sale on M&M’s® brand candies? (Points : 5)

Question 22. 22. (TCO 5) The Lemon Tree is a high-fashion boutique selling top-of-the-line women's clothing and accessories. The keys to its success include knowing the customers' changing tastes and providing something different from other retailers. In addition, because of the high value of the merchandise, The Lemon Tree's management is exploring the use of computerized inventory controls and sales order processing. From this description, one can infer that the environmental category of least importance to The Lemon Tree is (Points : 5)

Question 23. 23. (TCO 7) In 1998, F. Hoffman-LaRoche Ltd. and BASF AG, two international pharmaceutical companies, were ordered to pay $725 million in fines for plotting to raise and fix prices of vitamins used in virtually every home in the United States. This is an example of how _____ forces affect the marketing environment. (Points : 5)

Question 24. 24. (TCO 6) Mile High Frozen Foods is a distributor for McDonald’s. It also bakes the buns used by McDonald’s in several states. Mile High purchases flour, yeast, and sesame seeds, manufactures the buns, and then distributes them to the retail stores. Mile High Frozen Foods is operating in a(n) _____ market. (Points : 5)

Question 25. 25. (TCO 1) Several years ago, SwissAir made some unwise investments to pay for a planned expansion. As a result, the company had to make some cost-cutting moves that alienated its customers. Eventually the company declared bankruptcy, regrouped, and found itself able to resume business. Its board of directors recently announced that the company would like to resume flying. Before resuming flying, SwissAir needed to determine what percentage of its former customers it could expect to return to the airline. If not enough former customers were willing to use SwissAir again, the resumption of flights would not be profitable. The determination of the percentage of returning patrons that would be needed to resume operation is an example of a (Points : 5)

Question 26. 26. (TCO 3) When Marine Midland Bank sent market researchers with surveys door-to-door in the neighborhoods of its branch banks to ask people with savings accounts why they did not also have checking accounts and credit cards with Marine Midland, the researchers were gathering _____ data. (Points : 5)

Question 27. 27. (TCO 4) Sara Burns is the owner of a company called Spice and was looking for a new product to go with her company's line of food condiments when a friend suggested combining spices with tea. In the _____ stage of the new-product process, the spices and tea mixtures were exposed to prospective consumers under realistic purchase conditions. (Points : 5)

Question 28. 28. (TCO 4) A few years ago, Who Wants to Be a Millionaire premiered as the first nighttime game show in several decades. The marketing for the show was intent on making television viewers aware of its existence and excited enough about the show that they would watch the first episode. Based on this description, in which stage of the product life cycle would this show be? (Points : 5)

Question 29. 29. (TCO 8) In an episode of the Andy Griffith television series, two local farmers were selling the produce they grew on their farms from the backs of their pickup trucks to local people who drove by on the road. The farmers selling their products without wholesalers or retailers were an example of a (Points : 5)

Question 30. 30. (TCO 2) Disney is using an integrated marketing communications program (IMC) to promote group travel to its theme parks, because (Points : 5)

Question 31. 31. (TCO 2) When a news story covers a terrible disaster and viewers are asked to send donations to the American Red Cross, the American Red Cross is receiving (Points : 5)

Question 32. 32. (TCO 8) For several years, advertisements for Arm & Hammer Baking Soda have prompted consumers to place an opened box of the product in the refrigerator to lessen food odor and to replace that box monthly. The same ads advise customers to pour the used box down their kitchen sinks to freshen drains. Arm & Hammer employed a _____ strategy in its attempt to sell more baking soda. (Points : 5)

33. (TCO 3) Imagine that you are creating a marketing plan for a company that will sell motor scooters . As you consider the marketing program, what types of strategy should you consider including in the plan? Propose one specific example of each type of strategy that you are considering, and present your rationale (reasoning) for your strategy selections. (Points : 30)

Discriminate between primary data and secondary data and their usefulness to business decision making, being sure to discuss the advantages and disadvantages of each. Your response should also identify the typical sources for primary and secondary data and what you would rely on most heavily in making your marketing decisions. (Points : 30)

35. (TCO 4) You are the product manager responsible for a horrible product failure, but in your wisdom, you are evaluating why the product failed. What factors would you consider in your evaluation? What actions could you have taken to prevent the failure? Does product innovation need a willingness to accept failure? (Points : 30)