MKTG 3010 Week 3 Exam Assignment

MKTG 3010 Week 3 Exam Assignment | Tulane University

Question 1

Which of the following does NOT constitute marketing?

A.      Communicating value to customers, employees, and stakeholders  

B.      The exchange of value between a company and a client/custome  

C.      Defining why a company is in business, what product(s) it is creating, measuring the results of promotional activities, and building profitable , value-laden exchange relationships with customers  

D.      Creating a flow-chart of a production line to identify and measure the number of defects in a particular product

Question 2

In the four Ps of marketing, Place represents:

A.      where companies will place their advertising efforts   

B.      where companies will place their display areas  

C.      where companies will distribute their product  

D.      where companies will place their brick and mortar locations

Question 3

The most important difference between the selling concept and the marketing concept is:

A.      Companies using the selling concept focus on making a profit by increasing sales volume, while companies using the marketing concept focus on making a profit by selling to niche markets  

B.      The selling concept is best for companies that sell to other businesses, while the marketing concept is best for companies that sell to individual customers  

C.      Companies using the selling concept typically focus on their own existing products first, while companies using the marketing concept typically focus on customer needs first  

D.      None of these answers are correct

Question 4

Clovis is a devoted fan of Starbucks and only gets his regular caffeine fix from there.  He has the Starbucks app on his phone and is a Gold Rewards member.  For the past seven years, he has spent an average of $100-$125 each month at Starbucks. Because of his devotion, Starbucks can consider him to have long-term customer loyalty. This translates to:

A.      lifetime warranty  

B.      lifetime customer value  

C.      lifetime customer rewards program  

D.      a lifetime supply of lemon cake slices

Question 5

Customer satisfaction depends on the product’s perceived performance relative to a buyer’s expectations.

A.      false  

B.      true  

C.      No answer text provided.  

D.      No answer text provided.

Question 6

In the growth-share matrix, a business unit that is a high share in a low growth businesses that need less investment to hold their market share and produce lots of cash that the company uses to support other products is called a _________________ in a portfolio mix.

A.      problem child  

B.      question mark  

C.      star  

D.      dog  

E.       cash cow

Question 7

A company statement that covers the organization’s purpose of :

‘what business we are in, how we accomplish it, what value do we bring, and for whom we do it’  is called a:

A.      situation analysis  

B.      financial statement  

C.      mission statement  

D.      market strategy

Question 8

Alan and Alana are starting a new gym. Before the opening day, they had a meeting with all employees. They discussed their mission, defined objectives for the gym for the coming years, and shared their target market customers. They talked about their product offerings, marketing strategy, and where their future expansions could be located. They shared the gym’s:

A.      reengineering  

B.      hierarchical restructuring  

C.      financial analysis  

D.      marketing plan

E.       strategic contingency plan

Question 9

The Ritz-Carleton Hotel chain and Motel-6 motel chain both rent rooms to travelers.

This business definition would be their:  

A.      product-oriented definition   

B.      market-oriented definition  

C.      optional-goal definition  

D.      market-penetration definition

Question 10

A SWOT analysis evaluates a company’s:   

A.      strengths, wokeness, operations, threats  

B.      strengths, weaknesses, opportunities, threats  

C.      services, warranties, operations, telemarketing  

D.      services, weaknesses, operations, territories

Question 11

Demographic factors are important to marketers because it is how marketers assess trends and developments, which allows them to reach their intended target segments. Elements of demographics can include:      

microenvironment

macroenvironment  

age, gender, location, race, occupation, hobbies  

natural environment

Question 12

  The Sherman Antitrust Act (1890) which prohibits monopolies and activities that restrain trade or competition in interstate commerce, and the Federal Food and Drug Act (1906) which forbids the sale of adulterated or fraudulently labeled food and drugs are examples of:

a) Food product labeling with detailed nutrition information  

b) Limited the number of commercials aired during children’s programming  

c) Regulated the distribution and content of unsolicited commercial email 

d) Major U.S. legislation that affects marketing

Question 13

The macroenvironment of marketing encompasses the larger forces that affect the microenvironment and can include:  

A.      politcal  

B.      suppliers  

C.      competitors  

D.      marketing intermediaries

Question 14

Mavis grew up in a tightknit family in a multi-generational home. She learned her core beliefs and values in this environment. However, when she left her home and moved across the country for her dream job, she  was exposed to other views of organizations, society and the universe, she formed different perceptions, preferences and behaviors.  These elements are part of the:

A.      counterculture environment

B.      demographic environment  

C.      cultural environment 

D.      technological environment

Question 15

Bob’s Beanery is trying to get more people to understand the benefits and enjoyment of bean consumption. Bob actively and regularly touts the benefits of this plant-based food on his blog and in social media, uses lobbying efforts and stages media events with prominent chefs to help promote the benefits of beans. His actions are trying to:

   affect the marketing environment  

expound on his marketing  

analysis of his competitors  

ignore the marketing environment

Question 16

Select from the words below to best fill in the following sentence.      Bob’s Beanery uses a marketing _____________ to determine  detailed measurements to assess and adjust his marketing strategies.

transmission  

bonnet 

dashboard  

rearview mirror

Question 17

Apartments Plus is a company that manages apartments in various communities. It is concerned with a glut of apartments in Atlanta, Orlando, and Dallas. Its market researcher begins by examining the rental markets in the Southeast, the history of apartment buildings, local economies, competitive rates, and ownership – all information that was on hand and did not require any new research to locate.  The market researcher looked at:  

a closed study  

primary data  

secondary data 

priority databases

Question 18

Which of the following types of research would be best suited for understanding what Diet Coke drinkers think of the health risks associated with artificial sweeteners.

causal research  

survey research  

observational research  

experimental research

Question 19

Marketing information becomes effective when it provides customer insights into buying behavior.

false  

true  

No answer text provided.  

No answer text provided.

Question 20

Companies gather mountains of data on customers via sales, satisfactions surveys, payment transactions and market research studies to name a few.  This info is used to create CRM – customer research management. CRM is used:  

to pin-point higher value customers to target them more effectively and cross-sell company products

to create opportunities to bother customers unduly  

to create products for customers that that don’t fit the target market 

to pin-point laggards in the marketplace to further develop them

Question 21

Apartments Plus needs to gain more insight into the real estate markets of Atlanta, Orlando, and Dallas.  In planning primary data collection, the research approaches are:  

A.      mail, telephone, and questionnaires  

B.      sampling units, sample size, and mechanical instruments  

C.      observation, survey, and experiment  

D.      online, personal, and survey

Question 22

In the environment of the model of buyer behavior, beyond the stimuli of product, place, price and promotion, marketers are also away that other stimuli affect buyer behavior, such as:  

A.      economic and social  

B.      economic technical, and social  

C.      economic, technical, cultural and social  

D.      none of these apply

Question 23

Larry had a cell phone, but when he was ostracized again at his morning coffee club get-togethers as the only one in the group without a smartphone for the last 15 years, he finally succumbed and purchased a smartphone. In what category of adopter is he?  

A.      late majority  

B.      lagging adopter

C.      late diffuser  

D.      transitionalists

Question 24

Maslow’s hierarchy of needs ends with:

A.      Social needs: sense of belonging  

B.      Esteem needs: self-esteem  

C.      Physiological needs: hunger and thirst  

D.      Self-actualization needs: realization  

E.       Safety needs: security and protection

Question 25

Research says consumers receive approximately 7,000 messages a day, and they form perceptions based on three perception processes – selective attention, selective distortion, and:

A.      selective mention  

B.      selective concentration  

C.      selective recollection  

D.      selective preservation  

E.       selective retention

Question 26

Fernando bought an iPad the first day it came out. He is very active in his church and the local arts community, and many of his friends asked him whether it was a worthwhile purchase.  He told them how much he loved is iPad. Fernando is best described as a(n):

A.      innovator  

B.      early adoptor  

C.      early majority  

D.      leading consumer  

E.       proactive

Question 27

Cultural, social, personal, and psychological factors that marketers can’t control but need to be taken into account because they are great influencers to:  

A.      segmented marketing  

B.      consumer behavior  

C.      innovation  

D.      business analysis  

E.       networks

Question 28

When new products or services hit the marketplace, steps should be taken to ensure that consumers are knowledgeable about the product or service. Two of the steps of adopting a new product are:  

A.      motivation and perception  

B.      innovator and laggards  

C.      interest and trial  

D.      lifestyle and attitude

Question 29

Ariana is shopping online and looking to buy some new blouses to add to her wardrobe for when she finally gets to socialize again with her friends. Her involvement with this decision is likely to be LOW

A.      She plans to keep the shirt for a long time  

B.      She buys new shirts frequently  

C.      The shirt is expensive  

D.      She will be wearing this shirt to a job interview

Question 30

In market research, a probability sample can be:  

A.      convenience sample  

B.      judgment sample 

C.      stratified random sample  

D.      quota sample