MKT 320 Old Exam- dan

As discussed in class, an agreement whereby a seller agrees to sell a product only on the condition that buyer purchases other merchandise from the seller is called:
a tying agreement.
(p. 72) NAFTA:
A. is a free-trade pact between the U.S., Canada, and Mexico.
B. is a long-term proposition.
C. has eliminated most trade barriers with Mexico in the past 15 years.
D. all of the above.
(p. 40) A “marketing plan”:
includes the time-related details for carrying out a marketing strategy.
(p. 42) A “marketing program”:
blends all of a firm’s marketing plans into one big plan.
As discussed in class, which officer in the company is frequently described as the Chief Marketing Officer?
The CEO
The major problem with observation research is:
it tells what people are doing, but not why they are doing it.
As discussed in class, the objective of the marketing information system is to:
reduce decision risk.
(p. 17) Which of the following is MOST LIKELY to be found in a production-oriented firm?
A. Agreements among departments about how to improve customer satisfaction.
B. Making products that are easy to produce.(CORRECT)
C. Producing goods that exactly meet the customer’s needs.
D. A focus on profit rather than sales.
(p. 43) Which of the following statements about customer equity is FALSE?
A. Expected losses depend on customer equity.
B. If the parts of a firm’s marketing program work well together, it should increase the firm’s customer equity.
C. Expected profits depend on customer equity.
D. If a firm has more than one marketing strategy, it will likely decrease the firm’s customer equity. (CORRECT ANSWER)
(p. 211) One of the major disadvantages of the focus group interview approach is that
it is difficult to measure the results objectively.
(p. 207) When a marketing manager scans a firm’s MIS to try to obtain information about why the firm’s product sales are down, this is an example of a(n):
situation analysis.
(p. 50) When Colgate encourages its current customers to brush more often by taking their toothbrush and toothpaste to work with them, which market opportunity is Colgate pursuing?
Market penetration
(p. 66) Competitive barriers
may make it difficult for a firm to compete in a market.
(p. 215) Joy Rinaldo has agreed to participate in marketing research in which she will provide information about her purchases on an ongoing basis. She is probably part of a:
consumer panel.
General Electric’s strategic planning grid focuses on:
industry attractiveness and business strengths.
(p. 63) Regarding the competitive environment, a marketing manager usually can:
choose strategies to avoid head-on competition.
As discussed in class, a strategic or key business unit:
A. is treated as a separate profit center.
B. has a defined set of competitors.
C. has its own mission statement.
D. Two of the above.
E. Three of the above. (Correct)
(p. 6) Marketing encourages research and _______________, the development and spread of new ideas, goods and services.
innovation
(p. 48) Differentiation of a firm’s marketing mix:
May provide the firm with a competitive advantage in the marketplace.
(p. 59) According to the text, which of the following is NOT a basic guideline for setting a firm’s objectives?
Identifying its current and prospective competitors.
(p. 8) Societies need a macro-marketing system
to help match supply and demand.
(p. 209) Which of the following is probably NOT a part of a situation analysis?
A computer company asks ten lawyers to participate in a focus group on how they use computers.
(p. 70) Which of the following statements about the technological environment is NOT TRUE?
The transfer of technology from one part of the world to another is automatic.
24. Which of the following statements are true?
A. Copyrights protect ideas once they have been reduced to a tangible form.
B. Copyrights do not protect the idea themselves, only the expressions of the idea.
C. A copyright is for the life of the author , plus 50 years.
D. Two of the above.
E. All of the above. (Correct)
. (p. 208) All of the following are examples of secondary data sources EXCEPT:
a phone survey this month of past customers.
(p. 7) Effective marketing should begin with
potential customer needs.
As discussed in class, which of the following are defenses to the Robinson-Patman Act?
A. Cost justification.
B. Changing market conditions.
C. Distinct markets.
D. Two of the above.
E. Three of the above. (CORRECT)
As discussed in class, if everyone in a population is questioned, the analyst has performed a:
A. population study.
B. population – census study.
C. census.
D. stratified population study.
E. Two of the above.
ACCEPTING B, C & E AS CORRECT
(p. 6) The text stresses that:
marketing is a social process and a set of activities performed by organizations.
As discussed in class, a marketing plan that involves “present markets” and “new products” is called:
product development.
(p. 74) Which of the following U.S. antimonopoly laws deals with conspiracy to fix prices?
Sherman Act (1890)
As discussed in class, it is important to study marketing because:
many people work as marketing executives in volunteer or regularly paid positions for non-profit organizations.
As discussed in class, Henry Ford understood that customers wanted to purchase:
inexpensive transportation.
As discussed in class, the FTC cooling off rule states that:
a product or service costing $25 or more that is purchased from a door-to-door salesperson may be cancelled in 72 hours with the buyer receiving a full refund.
(p. 64) In monopolistic competition,
each competitor tries to get control in its “own” target market.
As discussed in class, the modern definition of value is:
quality, plus convenience, plus service, plus experience, plus innovation, divided by price.
(p. 205) The scientific method
is an orderly and objective approach to judging how good an idea really is.
(p. 61) Company objectives
guide managers as they search for and evaluate opportunities.
Trademarks last:
forever.
(p. 15) The text considers five “eras” of marketing evolution. Which of the following shows the logical order in which these eras occur?
Simple trade, production, sales, marketing department, marketing company
(p. 10) The buying function of marketing involves
looking for and evaluating goods and services.
(p. 38) ______ refers to personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase.
Customer service
(p. 12) An economic system in which government planners determine production levels is known as
a command economic system.
(p. 33) Marketing strategies
are not whole-company plans.
(p. 69) The _____ refers to how much one country’s money is worth in another country’s money.
exchange rate
(p. 202) An outside sales force can provide customers with up-to-date inventory levels, product prices, delivery dates, and so forth by accessing information on the firm’s own:
A. marketing model.
B. marketing dashboard.
C. intranet.
D. JIT system.
E. EDI system.
ACCEPTING B & C AS CORRECT
(p. 36) A “channel of distribution”:
is any series of firms (or individuals) from producer to final user or consumer.
(p. 9) The primary purpose of the transporting and storing functions of marketing is to overcome:
spatial separation.
(p. 213) Which variation of personal interview surveys helps reduce the cost of locating consumer respondents?
Mall intercept interviews
(p. 200) Marketing research:
is needed to keep marketing managers in touch with their markets.