MKT 475 Final Exam Quiz

MKT 475 Final Exam Quiz | Mercer University

Question 1

Everything associated with the product, including its symbolism and experiences is the____________.  

·         product appeal 

·         brand mark  

·         trademark  

·         brand name  

·         brand

 

Question 2

Although Sergei’s grandfather still prefers using a landline, he just bought his first cell phone. Sergei’s grandfather is most likely oriented toward the past and is a member of the ____ group.  

·         late majority  

·         non-adopters  

·         laggards  

·         innovators  

·         late adopters

 

Question 3

The metal used to construct the body of a bicycle would be _________________. The bicycle seat would be a __________________.     

·         accessory equipment; raw material  

·         raw materials; accessory equipment  

·         raw materials; component part  

·         process materials; raw material  

·         process materials; component part

 

Question 4

The width of a product mix is measured by the number of product  

·         dimensions in the product line.  

·         lines a company offers.  

·         features in each brand.  

·         specialties a company offers. 

·         items in the product line.

 Question 5

Brand insistence is the strongest degree of brand loyalty but the least common type of brand loyalty.  

·         True  

·         False

 

Question 6

The decisions and activities intended to create and maintain a certain concept of the firm’s product, relative to competitive brands, in customers’ minds is  

·         repositioning.  

·         product deletion.  

·         perceptual mapping.  

·         product development.  

·         product positioning.

 

Question 7

Which of the following is an example of a functional modification?    

·         Prada releases a handbag with a different design and color.    

·         A smartphone manufacturer uses a more durable metal for its phones that is less likely to break if dropped.  

·         Planters Nuts redesigns the packaging of its nut products so they are easier for those with arthritis to open.    

·         Nissan installed a new battery for its Nissan Leaf that will allow it to travel much longer before needing to be recharged.  

·         PepsiCo begins using a new sweetener in its Pepsi product that changes the taste slightly.

 

Question 8

Sunny works in marketing at a mid-sized firm that sells to both business and consumer markets. He is in charge of all the marketing activities targeted toward construction business customers, while his partner focuses on the activities targeting retailers. Marcus is most likely a    

·         brand manager.  

·         product manager.  

·         sales manager.  

·         market manager. 

·         venture team manager.

·          

Question 9

Marketers have little influence over shaping consumers' concepts or perceptions.  

·         True    

·         False

 

Question 10

The product deletion process is similar to the ____ step of the new-product development process because both involve deciding whether the product should be in the product mix based on an assessment of sales, costs, and profits.  

·         business analysis  

·         product development  

·         screening  

·         idea generation  

·         test marketing

 

Question 11

Specialty products that require service information and are consumed over a long period of time are likely to be distributed on an exclusive basis.  

·         True  

·         False

 

 Question 12

Woodworks, Inc. markets furniture directly to businesses. This is an example of a(n) ____ channel.  

·         producer-to-industrial-distributor-to-business buyer  

·         producer-to-agent-to-wholesaler-to-business buyer  

·         producer-to-business buyer  

·         producer-to-agent-to-business buyer  

·         producer-to-industrial-distributor-to-agent-to-organizational buyer

 

Question 13

Because of its speed, electronic order processing provides greater flexibility than manual processing in unique situations.  

·         True   

·         False

 

 

Question 14

Which of the following is an advantage of using an industrial distributor?  

·         They possess a high level of technical knowledge about their products.  

·         They help reduce a producer's financial burdens by extending credit to customers.   

·         These firms are easy to control because they work directly for the producers.  

·         Inventory holding costs are minimized because they can store inventory very cheaply.  

·         They are closer geographically to all of the producers' customers.

 

Question 15

Kintetsu World Express is an organization that consolidates shipments from several industrial firms into lot sizes that can be more efficiently transported. What type of transportation company is Kintetsu World Express?  

·         An intermodal shipping company  

·         A freight forwarder  

·         A transport consolidator  

·         A forwarding agency  

·         A specialty transportation company

 

Question 16

Mass media advertising is used less frequently today because of  

·         its low cost and effectiveness in reaching some target markets.  

·         the rise of social media.  

·         its limited effectiveness in reaching target markets.  

·         integrated marketing communications.  

·         its high cost and lower effectiveness in reaching some target markets.

 

Question 17

Coupons are a form of sales promotion.  

·         True  

·         False

 

 

Question 18

Which of the following target market characteristics are most important to consider before determining the promotion mix ingredients?  

·         The cultural diversity and population size  

·         Existing levels of price consciousness  

·         Existing product adoption categories  

·         The age, sex, religion, and race characteristics  

·         The market size, geographic distribution, and sociocultural and demographic characteristics

 

Question 19

When a marketer makes an effort in promotion to point out the strengths and benefits of a specific brand, it is an attempt to build ____ demand.  

·         primary  

·         selective  

·         economic  

·         competitive  

·         secondary

Question 20

A reseller advertising a manufacturer's products is viewed as strong manufacturer support.  

·         True    

·         False

 

 Question 21

What a price means or what it communicates to customers is called  

·         reference.  

·         interpretation.  

·         internalization.  

·         signaling.  

·         response.

 

Question 22

If demand is elastic, a change in price causes a parallel change in total revenue.  

·         True  

·         False

 

 Question 23

Fixed costs vary with the number of units produced or sold.  

·         True  

·         False

 

 Question 24

Profits for a firm are computed as follows: Profits = Total Revenue - Fixed Costs.  

·         True    

·         False

 

 Question 25

What type of discount is given to a business purchaser for performing activities such as transporting, storing, and selling?  

·         Trade  

·         Quantity  

·         Service  

·         Geographic  

·         Cash

 

Question 26

LG management decided to use skimming as a pricing strategy for its newest line of high-definition television (HDTV) sets. It should be aware that this strategy does NOT  

·         discourage competitors from entering the market.  

·         reduce the stress that may be placed on the firm's production capabilities.  

·         generate capital to cover research and development costs.  

·         protect the firm from covering costs if prices are set too low.  

·         provide flexibility in the introductory base price.

 

Question 27

Another name for bundle pricing is multiple-unit pricing.     

·         True    

·         False

 

 Question 28

_____________ is pricing a product at a moderate level and positioning it next to a more expensive model or brand.  

·         Odd-even pricing  

·         Professional pricing  

·         Reference pricing  

·         Customary pricing  

·         Prestige pricing

 

Question 29

The role played by attitudes toward price in the overall evaluation of the marketing mix is a minor concern in identifying the target market.  

·         True    

·         False

 

 Question 30

What is bundle pricing? Give three examples, each one from a different industry.

·         Bundle pricing is defined as the packaging together complementary products and selling for a single price.  This is usually effective when it is offered at a lower price than if the products were purchased separately.

·         One example of bundling in the travel industry is when traveling agencies combine air fare, hotel costs, and rental costs for one price.

·         Another example of bundle pricing is within the utilities industry. Service providers offer internet, phone, and cable services at a discounted price if the customer purchases all three services.

·         Lastly, an example of bundle pricing is in the food service industry.  Restaurants will bundle main entrées, sides, and beverages and sell as a "combo" at a single price.