marketing exam questions

Professor Schewe has worked intensively with business schools in
sweden
What does diamond do for thrills
white water rafting
What would you tell people based on Wansinks popcorn study if they were on a diet
buy things in smaller packages
What was the research for starting market research (from mini lesson 3)
marketresearch.com
A superior tool for doing online surveys, available to all Isenberg students is
qualtrics
What happened in the choc experiement in Mini lsson 5
having herseys be free actually decreased the percent that chose it
PWAT is a new approach to
pricing
Angies list, mini lesson 6
gave ppl M&Ms for successfully referring friends
The helpers from American Eagle UNC
added American Eagle to students evoked set of clothing brands
Students reported their VALS type what happened
people were in many segments, which was what we did not expect
Cialdini found that when you could not sell turquoise jewelry, you might
raise the price to relatively high levels
For a high-involvement decision, the elaboration likelihood model presented in class says that people are most persuaded by
strong central arguments, expressing the benefits of the product
The blue crystals in cat litter or laundry detergent are
trigger features
How did milliman determine the effectiveness of fast and slow music in grocery stores
timing people
The fisher price toys lab
is insufficient for testing market success
My friend anne harris went into pharmacies with a script- what technique were we using?
contrived observation
We did several surveys. Which is likely to get the least biased results
mail to 500 randomly seclected UMASS undergrads with a 70% response rate
Did you drive to college and buy your lunch there last week? Is most likely an example of a
combination of two questions in one
This was from a video illustrating (kid whose in the car saying “Je detesete Popeyes”)
ethnography
Two important advantages of secondary data are
usually inexpensive and save time
The following question that appears on a questionnaire “what is your age? A. less than 20 years old, b. 20 to 40 years old, c. 40 to 60 years old… is most likely an example of
question with non-mutually exclusive answers
22) We read and discussed an article about this (vampires and cockroaches). What conclusions did we reach
it could generate good advertising ideas
Of the alternatives below, which would be least appropriate for focus groups?
judging your products market share
Simmons, a marketing research supplier, did a huge study of the buying habits of 18- 24 year olds. Why might it not correctly predict purchasing by college students
the catagorey “college students” does not match the category “18- 24 year olds”
Describe the curve for premium price products (like jewelry and perfume)
up to a point, as price increases, demand increases
When only two alternatives were presented, brooks Chariot ($59) had a 40% market share and Brooks Beast ($89) had a 60% market share. When we added a third alternative (brooks trurth 110), brooks truth got a small market share. What happened to the marker shares of Chariot and Beast?
since truth is more expensive than beast, beast increase in market share and chariot decrease
What kind of pricing did Duracell use for Duracell ultra
skimming pricing
Truckers use this website to get business that they would not have had without it, give a reduced shipping rate. This reduced rate is an example of
yield management pricing
The starbury collection
sold sneakers for 14.98 and was not successful
Because guitars made by washburn international are endorsed by internationally known musicians, the owner of the company believes that this reduces the price elasticity for the guitars. This means:
slight increase in the price will have little effect on demand for the guitars
questions like this: a hardware store has been selling snow shovels for 15. The morning after a large snowstorm, the store raises the price to 20 dollars. Please rate this action.. what was the point of this?
raising price appears fair in some circumstances but not others
Which of the following is an ingredient of prosperity candles successful marketing
connecting women in different regions of the world
The “game face” poster above is an example of
behavioral marketing
According to the lecture, the campaign associated with the game face poster
will not be effective because it makes drinking look desirable
According to the lecture, when does starbucks sell brewed fair trade coffee
one day a month
Which company has been very vocal about criticizing starbucks because they profit from low prices to paid farmers
deans beans
Showstoppers refer to (book chap 1)
factors that might kill a product in the marketplace
The marketing managers controllable factors- product, price, promo, place- that can be used to solve a marketing problem are referred to as the
marketing mix
3M selected the packaging options for the post it flag highlighter by
listening to students comments, questions and concerns
what is part of the computation for final price
list price, incentives, allowances, extra fees
what is true about sustainable development
a company that uses child laborers to manufacture its products in order to stay number one does not practice sustainable development regardless of products made
ISO 14000 refers to
an international plan to further green marketing
which segment is especially price sensitive
young smokers
what is true about how women buy cars today
women are more likely to make their car purchase selection as a result of information provided by a relative rather than from promotional information
the fifth stage in the purchase decision process
post-purchase behavior
when a seller represents a price as reduced, the item must have been offered in good faith at a higher price for a substantial previous period. former price comparisons are deceptive if
a high price was set for the purpose of establishing a reference for a price reduction
a market product grid is a framework to relate the market segment of potential buyers to
products offered or potential marketing actions by an organization
a key to positioning a brand effectively is discovering the perceptions of its potential customers. in determining its positioning in the minds of customers, companies take four steps:
identify the important attributes for the product or brand class, discover how target customers rate competing products or brands with respect to these attributes, discover where the company’s product is on these attributes in the minds of potential customers, reposition the company’s product or brand with respect to these attributes
perceptual map refers to
a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its on product or brand
market segmentation refers to
aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing plan
when procter and gable introduced crest toothpaste, the first fluoride toothpaste, it was intended for use by children and was therefore given a child-appealing bubblegum flavor. sometime later the same basic formula was given a fresh, minty favor to appeal to adults. what is this marketing strategy called?
usage sampling
Clarita’s lifestyle segmentation is based on the belief that “birds of a feather flock together” this type of consumer segmentation is referred to as
psychographic segmentation
Prego recently introduced a pasta bake sauce, which was made so that it was not necessary to precook the pasta before blending the pasta, sauce, meat, and cheese in a casserole. legally, this product would only be considered new
for the first 6 months it was readily available
idea generation refers to
the stage of the new-product process that develops a pool of concepts as candidates for new products
the stage of the new product process that internally and externally evaluates new product ideas to eliminate those that warrant no further effort is referred to as
screening and evaluation
a company may choose skimming strategy in the introduction stage of their new product in order to help recover costs of development and/or to
capitalize on the price insensitivity ot early buyers
promotional expenses at the maturity stage of the product life cycle are often designed to
further product differentiation
eight main reasons a product can fail
no economical access to buyers, insignificant point of difference, incomplete market and product protocol, not satisfying customers on critical factors, too little market attractiveness, poor product quality, poor execution of the marketing mix, bad timing
the new-product process an organization goes through to identify business opportunities to convert them to salable good or service contains
seven stages, from new product strategy development to commercialization
the key idea behind diffusion of innovation is that
not all consumers accept a new product at the same time; adoption of product spreads slowly throughout the population
when the personal computer was first introduced, industry analysts predicted that very few would be sold, however a short time after the product was made available, consumers who were young, highly educated, adventuresome, and who were well informed began buying personal computers. while those buyers were relatively few in number, the marketers of computer were encouraged because other, less adventuresome consumers would likely adopt personal computers later. according to the product adoption classification, those first buyers of personal computers were:
innovators
market modification refers to
a strategy for managing a products like cycle that attempt to increase existing customers, create new use situations, or find new customers market modification
the sports authority is a sporting goods superstore that provides year-round inventory of equipment for just about any sport you can name. even during the “off season” of seasonal sports, equipment is available at the sports authority. which utility does the sports authority best provide an example of
time
franchising is attractive for the franchisee because
it offers the franchisee the opportunity to enter into a well-known, established business where managerial advice is provided
a type of retail outlet that focuses on one type of product at very competitive prices and often dominates the market is referred to as
category killer
what kind of stores in europe are based on the concept of one-stop shopping for consumers. such retail store, which use scrambled merchandising, typically encompass over 200000 sq ft of floor space and offer quality, variety, and low price for food and groceries and general merchandise
euromarkets
the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise are referred to as
retailing mix
shrinkage refers to
breakage, theft, and fraud by customers and employees
ways errors in communication can occur
the source may not adequately transform and abstract idea into an effective set of symbols, the properly encoded message may be sent through the wrong channel receiver, the receiver may not properly transform the set of symbols into the correct abstract idea, or feedback may be so delayed or distorted that is is of no use to the sender
what is an inherent strength of publicity
often most credible source of information
Procter and Gamble introduced Old Spice High Endurance antiperspirant, targeted to teen-aged boys who didnt watch much TV. It had to achieve high brand awareness among these potential consumers. P&G did grassroots marketing including handing out samples at skateboarding events and sponsoring a contest for high-schooled football player of the year. P&G emphasized which promotional element in this example
sales promotion
the promotional mix includes
advertising, personal selling, sales promotion, public relations, and direct marketing
the promotional mix can be used to
inform prospective buyers about the benefits of the product, persuade them to try it, remind them late about the benefits they enjoyed using the product
an unsatisfied customer who switches brands is hard to replace. which stage of the product life cycle is focused on maintaining loyal buyers so that customers will not switch brands
maturity
integrated marketing communications is the concept of designing marketing communications programs that coordinate all promotional activities, advertising, personal selling, sales promotion, public relations, and direct marketing, to provide:
a consistent message across all audiences
many prescription drugs such as lipitor and Zoctor now have their own websites to encourage patients to learn more about the drugs and ask for them by name from the doctor. the manufacturers of these drugs are using what promotional strategy
pull
during the planning stage of an IMC program a firm will
identify the target audience, specify the advertising objectives, set the budget, select the right promotional tools, and design the promotion
what is the best approach to promotion budgeting
objective and task budgeting
what 3 customer centered initiatives has macys taken to improve customer experience and drive sales
magical selling, my product, my macys
what new product category and department did TJX recently introduce which now accounts for 2% of their total business
pet products (????)
what are cited as responsibilities of store managers by panelists
coaching employees, hiring and firing, partnering with vendors, managing payroll
it costs kohls about 2.5 mill to remodel a store. how much more does a totally new store cost
5X more
what is kohls formula for success
brands+value+convenience
the JLo line at kohls is an example of what type of brand
exclusive brand
which type of brand delivers a retailer like kohls the highest gross margin
private brand
where are sales from kohls in store kiosks counted
e commerce sales
one advantage of using the internet as an advertising medium is
it offers a way to reach younger consumers who have developed a preference for communication
when google chose a new model for its advertising, it decided to
create a “quality score” to predict how effective an ad would be based on factors such as click through rates, advertiser history, and keyword performance
a retail store marketing vice president is developing an advertising budget using the objective and task method. she has the objective of clearing slow moving merchandise from her shelves and is trying to choose between radio and newspaper ads. what is an advantage to radio over newspaper in achieving this objective?
more effective in conveying complex info
the owners of a small toy store had a limited advertising budget. b/c of this the owners of the store were very concerned with spending their advertising money wisely. one of their goals was to expose customers in a limited market area to their advertising messages as often as possible. the owners were concerned with:
frequency
indirect channels for consumer goods
include intermediaries that are between the producer and consumer and perform numerous channel functions
which describes the key difference between merchant wholesalers and agents and brokers
merchant wholesalers take title to merchandise and agents and brokers do not
a new company produces paint and other home decorating products. Its goal is to choose the best marketing channel arrangement that would give it the most control and the least amount of conflict. Which marketing channel arrangement should this company choose?
a corporate vertical marketing system
hart schaffner and marx is a producer of mens suits and sports coats that operates 100 menswear stores. Hart and schaffner and marx uses
forward integration
what conflict occurs between two different levels in a marketing channel
vertical
while maytag appliances have the leading brand name its sales are third in the industry. One of the things the company has done to spur sales is to create a website where potential customers can find the answers to the questions most asked during the appliance purchase process. While maytag considered using ___ (allowing customers to purchase at the site) it decided against it and simply provides the name and address of the nearest maytag dealers
disintermediation
which of the following statements about the terms used for marketing intermediaries is true
– a middleman is an intermediary between manufacturer and end user markets
customers currently link to ciscos website to configure price and order its networking equipment. Cisco then sends orders back out across the internet to producers and assemblers including Celestica, Flextronics, jabil, and Solectron. Products are built and tested to cisco standards, sometimes with procedures run remotely by cisco. Most are then drop shipped to buyers untouched by human hands on ciscos payroll. This is a description of ciscos
supply chain
the objective of information and logistics management in a supply chain is to deliver maximum customer service and to
minimize costs
saks fifth avenue employs a quick response system to order fast moving fashion items. Saks point of sales scanner records each sale. When stock falls below a minimum level the system automatically sends an ecletronic order to the vendor which processes the order within 48 hours. This system has effectively reduced ___
lead time
according to your text the four key logistical functions in a supply chain include trasportation, warehousing and materials handling, inventory management and
order processing
coldwater creek is a mail order company. Because of its proficiency at filling orders, it has contracts to fill orders received by several ecommerce companies. Coldwater creek is an example of a
third party logistics provider
karl Zimmerman imports furniture from germany some antiques but mostly new pieces made and painted in the black forest. To keep cost down he has arranged to ship the furniture only when there is enough to fill a 40 ft container. The container moves through germany by truck river barge and train before being loaded on a container ship. When the ship docks in the u.s the container is loaded onto a train and then a truck for delivery to zimmermans shop. His method of bringing goods to the u.s is called
intermodal transportation
scott Baldwin the owner of the computer company located in Stillwater OK specializes in creating customizd personal computers for home use. Baldwin buys basic computer components from mail order companies and then upgrades the computers to fit the specific needs of each customer. In years past he carried a large inventory of hard drives, cd roms, motherboards, memory uprgrades, and other computer components. More recently he decided he cant affored to maintain a large inventory of components. Instead the company maintains a very low inventory and relies on mail order suppliers to provide fast on time delivery of components as needed. The company is using
just in time
railroads may have let other forms of transportation take business away from them because their definition included only the railroad business, rather than the broader definition of
transportation
market share is
the ratio of the sales revenues of the firm to the total sales revenue of all firms in the industry including the firm itself
Evergreen air center is the worlds biggest parking lot for unwanted aircraft. Airlines pay a monthly fee from $750-5,000 to mothball airplanes at the site. Its location is on 1,600 acres of Arizona desert. The southwest climate serves as a cheap and effective airplane preservative. Its location is its
competency
In the boston consulting group (BCG) model to analyze a firms strategic business units the vertical axis reflects the
market growth rate
The wwf manages professional wrestling matches in addition they own and operate a successful club in nyc it is partnered with Microsoft to manufacture xbox video game consoles it produced its own reality based tv show and it has licensedand marketed a number of wwf related toys and collectibles. All of these efforts have been targeted to fans of pro wrestling. From this you couls say that wwf has adopted a (????) strategy.
product development
The ___ is an approach whereby an organization allocates its marketing mix resources to reach its target markets
strategic marketing process
According to your book what are the three/four steps involved in planning phase of the strategic marketing process?
SWOT, market product focus and goal setting, and market program development
The acronym SWOT used in the term SWOT analysis stands for
strengths, weaknesses, threats, opportunities
Starbucks added ceramic coffee cups to its own retail coffee brewing stores and then began selling its groupnd and whole bean coffee through retail grocery stores like stop and shop. This is an example of what kind of strategy for starbucks?
synergistic diversification
2 major elements of the implementation phase of the strategic marketing process are
executing the marketing program and designing the marketing organization
the fastest growing age segment in America is composed of
people over 50
in the 1990s the major geographical shift in the us pop was to
western and sunbelt states
the development of regional marketing plans was the result of
– recognition of geographic differences in product preferences
which of the following about culture is true?
culture includes attitudes and values
Marriott hotels has provided consumers with Fairfield inns and courtyard, 2 less expensive offering of Marriott customer service. This is an example of how marketers respond to consumers
value consciousness
The money that remains after paying for taxes and necessities is called
discretionary
Which of the following concerning technological forces is true?
advances in technology are having important effects on marketing because they allow marketers to better understand and serve consumers
Which of the following terms best describes the new business model that organizations wanting to be successful today are adopting?
partnerships and alliances
There are many diet aids on the market. They promise immediate weight loss without exercise or a change in diet. Each is accompanied by a testimonial from a satisfied user. If yu pay close attention you will notice that each ad also contains the statement results may vary. More than likely this statement is included to prevent the ftc from requiring the dietary aid distributor from having to
run corrective advertising
The feedback effect is one argument for
free trade agreements
The difference between the monetary value of a nations exports and imports is called its
balance of trade
The four largest importers of U.S goods and services are
Canada, japan, mexico, china
Those in favor of protectionism would never say that protectionism
helps reduce tariffs and quotas
A quota is
a restriction placed on the amount of a product allowed to enter or leave a country
To enter the European market starbucks joined in a cooperative venture with bon appétit group ag Switzerland. Bon appétit has the recognized brand name and starbucks has the product and expertise to run coffee houses. Bon appétit and starbucks benefited from their
strategic alliance
Companies that use a ____ marketing strategy have as many different product variations brand names and advertising programs as countries in which they do business.
multidomestic
Theodore levitt wrote a book called the marketing imagination. In the book he argues that consumers the worl over are becoming very similar in their wants and behaviors. Levitt asserts marketers should standardize their strategies and activities in order to benefit from economies of scale. Levitt is encouraging marketer to adopt a ____ marketing strategy
global
Rembrant toothpaste emphasizes in its ads its ability to whiten teeth. This promotion would be unsuccessful in southeastern asia countries where yellowed are black teeth are considered desirable status symbols. The fact that the product benefit is not a benefit world wide is an example of differences in
cultural symbols
Concerned about the growing prevalence of English on the web a French state institution founded in the 17th century to maintain purity of the language unveiled a dictionary of newly coined French equivalents to English internet terms in 2000. This is symptomatic of the difficulties doing business in france because in many situations the business must be conducted in French. The French could be described as having
cultural ethnocentrism
Foreign countries with very low per capita incomes amy nonetheless be attractive markets for expensive goods. To get a more accurate picture of a countrys purchasing power a country’s ___ must alo be considered.
income distribution
From class according to the principles of Massed reserves, intermediaries are closer to consumers than the manufacturer that causes
total inventory in the channel of distribution to be reduced
You’ve stumbled on a line of antique glasswear that was found in an old warehouse. You don’t have much to sell but you want to command a high price and feature the products exclusivity. From what Shewe indicated in class about channel length choice, you would suggest
a short channel of distribution
From class and according to Shewe which is true?
77% of baby boomer women work
In class the BCG approach to portfolio analysis was explained. The horizontal axis is relative market share. The relative market share of each of the competitors SBUs is measured by which of the following?
– the market share of each of the competitors divided by the market share of the leading competitor
In the FEDEX video, fred smith the ceo had an unconventional way of meeting payroll for FEDEX when the company began. He obtained money by
playing blackjack
In the southwest video the corporate culture was clearly one of having fun on the job. But the video showed that the ceo, herb kelliher gained a competitive advantage by which of the following
a 20 min turnaround time after each plane landing