Clarion mktg360 final exam (all correct)
Question 1 (2 points)
Which of the following is a primary disadvantage of viral marketing?
Question 1 options:
1) The costs of viral marketing are too high for most companies.
2) The brand associated with the viral message is usually forgotten.
3) Marketers have little control over who receives the viral message.
4) Viral messages are less likely to be viewed than other types of online promotions.
5) Viral messages are blocked by most search engines.
In CRM, findings about customers discovered through ________ techniques often lead to marketing opportunities.
Question 2 options:
1) value marketing
2) data mining
3) test marketing
5) serial processing
It is most accurate to say that successful niche marketing relies on a firm’s ___ and its ____.
Question 3 options:
1) marketing strategy; services
2) individual relationships with customers; positioning
3) superior products; value network partners
4) greater knowledge of customers’ needs; special reputation
5) competitive advantage in comparison to mass-market companies; affordable pricing
Which of the following is true of the U.S. age demographics?
Question 4 options:
1) The Millennial generation accounts for nearly half of all the discretionary consumer spending in the U.S
2) The Generation Xers are the most educated section of the population
3) The baby boomers are the poorest segment of the population
4) The Generation Xers form the largest segment of the population
5) The Millennials are the most financially secure segment of the population
As a result of the great success of corporate chains, many independent stores chose to band together in one of two forms of contractual associations: a voluntary chain or a(n) ________.
Question 5 options:
independent off-price retailer
value retail center
Question 6 (2 points)
Companies can build customer relationships at many levels, depending on the nature of the target market. Hence, a company with few customers and high margins is most likely to seek to develop ________ with key customers.
Question 6 options:
1) full partnerships
2) basic relationships
3) selective relationships
4) categorical partnerships
5) community relationships
The Zavyr Corporation, a manufacturer of electronics products, is planning to release a new product into the market. They are hoping to tap into a new market of commercial tracking devices. The product to be released, FindIt, is unlike previous tracking devices in that it is virtually unnoticeable and cheap. But FindIt will primarily only help to find objects lost within a living space, as it has a low frequency detection range. Which of the following kinds of techniques would suit the Zavyr Corporation for advertising FindIt?
Question 7 options:
1) informative advertising
2) reminder advertising
3) classified advertising
4) comparative advertising
5) personalized advertising
A company that allows consumers to use monthly installment plans for buyers to pay for products is using the promotional tool of ________.
Question 8 options:
Reseller markets involve ________.
Question 9 options:
government agencies that buy goods and services to produce public services
individuals who buy goods and services for personal consumption
firms that buy goods and services for further processing in their production processes
firms that buy goods and services and then sell them at a profit
New-product development starts with the step of ________.
Question 10 options:
Question 11 (2 points)
In selective distribution, producers purposely limit the number of intermediaries handling their products.
Question 11 options:
Physical distribution firms that help the company stock and move goods from their points of origin to their destinations are considered to be marketing intermediaries.
Question 12 options:
Which statement is true regarding social class in the United States?
Question 13 options:
1) Social class is determined primarily by income level
2) Lines between social classes in the United States are fixed and rigid
3) Social classes show distinct product preferences in clothing and automobiles
4) Wealth is more critical than education level in measuring social class
5) People are relegated to a permanent class layer in the United States
Marketers must be careful to guard against stereotypes when using age and life-cycle segmentation.
Question 14 options:
Which of the following is an example of horizontal conflict in the distribution channel?
Question 15 options:
1) a Nike shoe dealer complaining that the shoes provided to the dealer are defective
2) a Ford car dealer complaining that another Ford dealer is overpricing customers for the same car model
3) a FedEx agent complaining that a DHL agent is cutting off its business
4) a Walmart executive complaining to a Pepsi executive for not replenishing stocks
5) a Gucci executive complaining to Gucci’s suppliers of delay in shipping consignments
Question 16 (2 points)
Which of the following exemplifies vertical conflicts that occur in a distribution channel?
Question 16 options:
1) conflicts that occur between same levels in the same channel
2) conflicts that occur between different levels of the same channel
3) conflicts that occur between same levels of different channels
4) conflicts that occur between a supplier and a producer
5) conflicts that occur between two suppliers over meeting the demands of a producer
La Viva, a chain of clubs and resorts, is known to be one of most preferred options for consumers seeking hospitality of a good standard. La Viva follows a mission which stresses long-term relationship building. It does not offer customers frequent price discounts which do increase footfalls, but fail to add value to the company. Which of the following statements, if true, strengthens the argument that La Viva uses the relationship-building approach over the transaction-oriented approach?
Question 17 options:
1) The sales force at La Viva is trained rigorously in the selling process that begins with the step of prospecting and terminates with the step of follow-through
2) The consumer promotion activities at La Viva are centered around providing customers with a free package during the off-season
3) The largest proportion of customers coming to La Viva are holders of a “Lifetime with La Viva” card or have been referred by satisfied customers
4) The facilities for recreation at La Viva are not significantly greater than its key competitor, Aurora clubs and resorts
5) The managers at La Viva are suffering from a situation that reflects promotion clutter
________ is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Question 18 options:
2) Mass marketing
3) Market targeting
4) Market segmentation
Wants are the form human needs take as they are shaped by culture and individual personality.
Question 19 options:
Penny Bank, a discount retail chain, is highly competitive. When entering a new market, Penny Bank often cuts prices so deeply that it sells below costs, effectively pushing smaller retail stores with less purchasing power out of the market. Penny Bank is at risk of being accused of ________.
Question 20 options:
1) market skimming
3) predatory pricing
4) deceptive pricing
5) resale price maintenance
Question 21 (2 points)
Erica Jenson has a limited budget for the market research she needs to conduct; however, the sample size for her research is quite large. Which of the following methods of contact would provide Erica with the most cost-effective way to reach a large sample of potential customers?
1) telephone surveys
2) personal interviews
3) Internet surveys
4) mail surveys
5) focus group interviews
Jeff Barkins is a conscientious marketing manager. Sometimes, Jeff and his staff are unclear what decisions to make when faced with moral dilemmas. Jeff and other managers could create broad guidelines that everyone in the organization must follow in the form of a ________.
Question 22 options:
1) company value statement
2) company mission statement
3) company vision statement
4) corporate marketing ethics policy
5) financial statement
When ProFem Inc. caters to clothing, cosmetics, and toiletries markets for women, it is most likely using which type of segmentation?
Question 23 options:
1) age and life-cycle
Selecting particular segments of a population of customers to serve is called ________.
Question 24 options:
1) value reengineering
2) brand synchronizing
3) mass customizing
4) target marketing
5) selective administering
During which stage of the business buying process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensive?
Question 25 options:
1) general need recognition
2) product specification
3) proposal solicitation
4) order-routine specification
5) performance review
Question 26 (2 points)
Josie enjoys her work at Futuristic Designs Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet existing and latent needs, now and in the future. Josie’s firm practices ________ marketing.
Question 26 options:
1) product concept
5) production concept
Evans and Hills has developed a new line of specialty teas positioned directly against its competitor, Milton Brews. Evans and Hills has pitched its plan to recapture its lost market share on this line of specialty teas and is seeking regular inputs from the test marketing process. To facilitate this process, it is using BuyerScan, a software that generates store-by-store, week-by-week reports on the actual sales of tested products and the impact of in-store and in-home marketing efforts. This scenario illustrates the ________.
Question 27 options:
1) traditional test marketing approach
2) just-in-time inventory tracking approach
3) controlled test market approach
4) simulated test approach
5) direct commercialization approach
The concept of ________ holds that a company’s marketing should support the best long-run performance of the marketing system.
Question 28 options:
2) global marketing
3) sustainable marketing
4) differential marketing
5) consumer-oriented marketing
A convenience store is most likely to be ________.
Question 29 options:
1) operating in commercial centers away from residential hubs
2) stocking a narrow product line with deep assortment
3) carrying a limited line of high-turnover daily needs products
4) charging consumers significantly lower prices than retail stores
5) providing consumers full service in making purchase decisions
Restrictive product standards is an example of ________.
Question 30 options:
4) nontariff trade barriers
5) exchange controls
Question 31 (2 points)
_______ ventures consist of one company collaborating with foreign investors to create a local business in which they share possession and control.
Question 31 options:
2) Direct investment
3) Contract manufacturing
4) Management contracting
5) Joint ownership
Advertainment is an example of a ________ advertising technique.
Question 32 options:
2) public service
4) Madison & Mine
________ is an example of a virtual world.
Question 33 options:
4) Second Life
Timberland employees get 40 hours paid leave each year to pursue volunteer projects. The company runs a service day that hosts projects in 25 countries, and it supports a nonprofit that brings young people into public service for a year. CEO Jeffrey Swartz sees such service as a powerful differentiator for Timberland with its current and potential customers. Timberland could be most accurately described as practicing ________.
Question 34 options:
2) environmental sustainability
3) sustainability vision
4) innovative marketing
5) sense-of-mission marketing
In the logistics system, minimum distribution costs imply ________.
Question 35 options:
1) flexible assortments
2) larger shipping lots
3) rapid delivery
4) large inventories
5) liberal returns policies
Question 36 (2 points)
McDonald’s, Subway, and Pizza Hut are all examples of ________ organizations.
Question 36 options:
2) retailer cooperative
5) corporate chain
In a SWOT analysis, ________ refer to external factors that the company may be able to exploit to its advantage.
Question 37 options:
Newspapers, as a medium of advertising, provide poor local market coverage.
Question 38 options:
Several companies, some of them operating through the Internet, offer “paycheck advances.” Consumers are encouraged to take out a loan against a paycheck they expect to receive in the near future. These short-term loans with high-interest rates, and high penalties for late payments, are often marketed to consumers who do not have traditional bank accounts. These companies could most easily be criticized for which of the following?
Question 39 options:
1). shoddy products
2). poorly serving disadvantaged consumers
3). high-pressure selling
4). high advertising and promotion costs
5). predatory pricing
In evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.
Question 40 options:
Question 41 (2 points)
MTV targets the world’s teenagers, who have similar needs and buying behaviors even though they are located in different countries. This is called ________ segmentation.
Question 41 options:
1). political and legal
“All Needs” is a convenience store that has recently begun to redesign and restock its stores to offer a more upscale environment and products, such as house wines, special types of cheese and fresh foods. “All Needs” has changed product mix and positioning to become a ________.
Question 42 options:
1). wholesaler club
2). designer shop
3). factory outlet
4). retailer cooperative
Crowbar Records used to sell its music, in CDs, through a network of retail outlets, record stores, and music dealers. After the advent of MP3 technology, it decided to shift from using any of these agents and sell its music independently from the company’s Web site, using personal mail, and other social networking techniques to inform potential customers about upcoming music and promotions. Which of the following types of marketing systems has Crowbar newly adopted?
Question 43 options:
1) administered vertical marketing system
2) contractual vertical marketing system
3) horizontal marketing system
4) direct marketing channel
5) vertical marketing channel
A company or store gains a(n) ________ by differentiating its products and delivering more value.
Question 44 options:
1) competitive advantage
2) positioning advantage
3) cost advantage
4) efficiency advantage
The final step in the marketing process is ________.
Question 45 options:
1) capturing value from customers
2) constructing an integrated marketing program
3) building profitable relationships with the customers
4) understanding the marketplace
5) designing a customer-driven marketing strategy
Question 46 (2 points)
Which of the following is true of marketing ROI?
Question 46 options:
1) Marketing ROI uses only those marketing effects that are measured in dollar terms
2) Marketing ROI ignores customer-centered measures of marketing impact, such as customer acquisition and retention
3) Marketing ROI is the net return from a marketing investment divided by the profit from the marketing investment
4) Marketing ROI cannot be assessed in terms of standard marketing performance measures, such as brand awareness, sales, or market share
5) Marketing ROI measures the profits generated by investments in marketing activities
Customer markets are considered to be a factor of a manufacturer’s microenvironment.
Question 47 options:
Which of the following is a major disadvantage of direct investment for the domestic company?
Question 48 options:
1) The returns are lesser as compared to exporting
2) Generally, the firm finds it difficult to develop a deeper relationship with the government or customers
3) The firm eventually loses control over the investment
4) The firm faces many risks such as falling markets or government changes
5) Due to a lack of control, the firm is unable to develop marketing policies that serve its long-term international objectives
Which of the following types of stores carries a deep assortment of goods in each category, has knowledgeable staff, and is often viewed as a very large specialty store?
Question 49 options:
1) category killers
2) convenience stores
3) factory outlets
4) department stores
5) independent stores
A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
Question 50 options:
Question 51 (2 points)
Compared to standardized global marketing, adapted global marketing ________.
Question 51 options:
1) uses the same marketing mix elements to target markets
2) involves reduced costs
3) produces a larger market share
4) maintains uniformity across all markets
5) results in lower returns
Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to consumers are collectively called ________ promotion.
Question 52 options:
3) sales force
The maturity stage of the PLC is characterized by a slowdown in sales growth.
Question 53 options:
In the second step of the marketing research process, a ________ is developed.
Question 54 options:
1) research problem
2) research plan
3) research report
4) research rationale
5) research objective
Which of the following is true of a vertical marketing system?
Question 55 options:
1) It occurs when two or more companies at one level join together to follow a new marketing opportunity
2) It occurs when a single firm sets up two or more marketing channels to reach one or more customer segments
3) It does not give overall power to any one member in the channel
4) It has each channel member acting as a separate business unit trying to maximize its own profits
5) It has one channel member owning all the other channel members, or has contracts with all other channel members
Question 56 (2 points)
Which of the following types of stores usually carries more specialty goods for which customers like to be “waited on” and have much higher operating costs that are passed along to the customer?
Question 56 options:
1) self-service stores
2) convenience stores
3) full-service stores
4) discount stores
5) off-price stores
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Question 57 options:
1) Test marketing
2) Marketing research
4) Integrated marketing
5) Exclusive distribution
A(n) ________ marketing system is a marketing system in which independent firms at different levels of production and distribution join together through binding agreements.
Question 58 options:
1) corporate vertical
3) contractual vertical
4) administered vertical
The business buying process tends to be longer and more formalized than the consumer buying process.
Question 59 options:
Freight-absorption pricing is used for market skimming and to hold on to monopolistic markets.
Question 60 options:
Question 61 (2 points)
When pursuing a market penetration strategy, a company aims to improve sales by ________.
Question 61 options:
1) entering a new market in addition to its current market
2) introducing a new variant of its product in a new market
3) increasing distribution efforts in its current market
4) introducing its product in a new market without making any changes to the product
5) selling a new product in its current market
Facebook and Twitter are examples of ________.
Question 62 options:
1) buzz marketing
2) telepresence technology
3) social networks
4) virtual worlds
5) online marketplaces
Which of the following is true of the Clayton Act?
Question 63 options:
1) It authorizes the FTC to determine rules and regulations for consumer warranties and provides consumer access to redress
2) It protects and regulates distinctive brand names and trademarks
3) It establishes the Consumer Product Safety Commission and authorizes it to set safety standards for consumer products
4) It supplements the Sherman Act by prohibiting certain types of price discrimination, exclusive dealing, and tying clauses
5) It establishes the Environmental Protection Agency and authorizes it to set a national policy on the environment
Salespeople write up their completed activities in the ________.
Question 64 options:
1) technical support reports
2) expense reports
3) investment returns reports
4) call reports
5) customer surveys
Dextora Technologies manufactures microprocessors and caters exclusively to companies that produce high-end computers. Which of the following types of markets does Dextora target in this scenario?
Question 65 options:
1) retail markets
2) government markets
3) consumer markets
4) business markets
5) reseller markets
Question 66 (2 points)
_______ marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores.
Question 66 options:
The paint used to paint an office is an example of an industrial product that is most likely to fall in the category of ________.
Question 67 options:
1) materials and parts
2) augmented products
3) capital items
4) shopping products
5) supplies and services
Which of the following is true of the different demographics in the U.S.?
Question 68 options:
1) There is an increase in the telecommuting workforce
2) There is a decrease in the number of married women in the workforce
3) There is a decrease in the educational levels in the U.S. population
4) There is a decrease in the number of people migrating to suburbs
5) There is a steep rise in jobs in the manufacturing industry
________ products are distributed exclusively in only one or a few outlets per market area and they have unique characteristics or brand identification.
Question 69 options:
The rapid increase in people telecommuting has increased the SOHO market in the United States.
Question 70 options:
Question 71 (2 points)
An emerging economy is one in which ________.
Question 71 options:
1) the country imports large amounts of finished textiles and automobiles
2) the vast majority of people engage in simple agriculture
3) the country is rich in one or more resources but poor in other ways
4) there are very few imports of raw textile materials and steel
5) fast growth in manufacturing results in rapid overall economic growth
Bensons is a specialty store selling the finest home linen made from raw materials imported from Asian countries. Bensons pricing decision would be aimed at low markups on a high volume of products they retail.
Question 72 options:
The dimension of citizen-action publics is most likely to include ________.
Question 73 options:
1) company directors and managers
2) stockholders and investment analysts
3) government trade agencies
4) consumer organizations and environmental groups
5) magazines and news channels
When a company makes marketing decisions by considering consumers’ wants and interests, the company’s requirements, and society’s long-run interests, it is practicing ________ marketing.
Question 74 options:
Qriosity Inc. comes out with a new antivirus program and prices it at half price to attract buyers. The company is using ________.
Question 75 options:
1) marketing-skimming pricing
2) market-penetration pricing
3) value-added pricing
4) reference pricing
5) promotional allowances