Mar 216 final exam

Question 1 (4 points) The Product Matrix consists of: Question 1 options: A) Computers, Morpheus, Neo, Alternate Worlds B) Products, Promotions, Accessories, Consumers C) Competitors, Customers, Suppliers, Distributors D) Cash Cows, Stars, Dogs, Question Marks Save Question 2 (4 points) What are the key elements of a marketing plan? Question 2 options: A) Executive Summary , Current Situation, Competitor Analysis, Advertising, Pricing, Use of the Product B) Business Plan, Product Development, Product Usage, Repair of Product Defects, Re-Market of Improved Product C) Executive Summary , Current Situation, SWOTT, Objectives, Pricing, Advertising, Selling, Evaluation D) Executive Summary, Current Situation, SWOTT, Objectives, Marketing Strategy, Action Plans, Budgets, Controls Save Question 3 (4 points) What is the purpose of the marketing plan? Question 3 options: A) It is a required part of a company’s mission B) It serves to document how the organization’s strategic objectives will be achieved C) It helps the salespeople sell products to consumers D) It helps the advertising depart create a budget Save Question 4 (4 points) Marketing is defined as: Question 4 options: A) The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return B) None of the above C) The process by which companies advertise products to consumers D) The process by which customers give feedback to companies so they can develop new and improved products Save Question 5 (4 points) GATT stands for: Question 5 options: A) Gaining Access To Threats B) The General Agreement on Tariffs and Trade C) Getting Attention of Target Transactions D) Going After The Targets Save Question 6 (4 points) The two types of market research data are: Question 6 options: A) Target marketing and Advertising B) Competitor analysis and SWOTT Analysis C) Primary Data and Secondary Data D) Individual and Group Save Question 7 (4 points) Examples of Demographic Segments include: Question 7 options: A) Age, Gender, Sex, Race, and Occupation B) Industries, Demand, Organizations and Farmers C) Teenagers, Elderly, Cartoon Characters, Pets D) Names, Geography, Culture, and Competitors Save Question 8 (4 points) The following are all forms or promotion: Question 8 options: A) Advertising, Competitor analysis, TV Ads, Price Setting B) Advertising, Distribution, TV ads, Price setting C) Advertising, Selling, Public Relations, Word of Mouth D) Advertising, Selling, Distribution, Direct Mail Save Question 9 (4 points) The most important aspect of Marketing is to: Question 9 options: A) Create an effective advertisement so your customers know your product B) Set the right price for your product C) Know your product, your target market, and your niche in the industry D) Promote your product to all consumers to maximize your potential profits Save Question 10 (4 points) Survey results may be skewed because: Question 10 options: A) The focus group may not be random B) There may be a bias from the targeted respondents C) People may not actually answer truthfully D) All of the above Save Question 11 (4 points) Contribution Margin is Question 11 options: A) The amount of worker’s hourly rate added into the product’s price B) (Total Sales-Total Variable Costs) divided by Total Sales C) Total Sales times gross margin minus variable cost D) Total Sales divided by number of units sold Save Question 12 (4 points) The economic community is: Question 12 options: A) A group of nations organized to work toward common goals in the regulation of international trade B) All the consumers located in a local community C) A function of money evaluation that is incorporated into the GDP D) The consumers that spend money at a specific store Save Question 13 (4 points) Online marketing and purchasing benefits consumers by: Question 13 options: A) Making it more convenient to shop B) Allowing companies to promote other products to consumers C) Allowing consumers to be entered into direct marketing databases D) Giving companies a bigger target demographic Save Question 14 (4 points) A “Pull” strategy is: Question 14 options: A) A strategy that uses the sales force and trade promotions to push the product down through the distribution channels B) A strategy that calls for spending on advertising and promotion to induce end consumer to purchase products C) Overstocking the store shelves so consumers have to purchase the product D) Using salespeople to promote through “hard” selling techniques Save Question 15 (4 points) The stages of the product life cycle are: Question 15 options: A) Promote, Purchase, Use, Repair/Replace, Evaluate B) Product Development, Introduction, Growth, Maturity, Decline C) Start, Grow, Use, Finish/Complete D) Introduce, Advertise, Sell, Grow, Create new products Save Question 16 (4 points) An example of a Service type company is: Question 16 options: A) All of the above B) A cleaning company C) A Starbucks drive thru D) A financial advisor Save Question 17 (4 points) Which of the following are good resources for Marketers? Question 17 options: A) Marketing: An Introduction by Armstrong & Kotler B) The Marketing Plan Handbook by Marion Burk Wood C) Marketing Plan Pro Software D) All of the Above Save Question 18 (4 points) Cannibalization in marketing refers to: Question 18 options: A) Taking “eating into” the competitor’s market share B) Too many competitors products in the marketplace that drives down price levels C) A company’s product taking sales from another product of the company D) Eating other humans Save Question 19 (4 points) The levels of the distribution chain include: Question 19 options: A) Manufacturer, Consumer, Delivery Personnel, Focus Groups B) Entrepreneurs, Engineers (developers), Promoters, Distributors, Consumers C) Focus Groups, Product Developers, Promoters, Consumers D) Manufacturer, Wholesaler, Retailer, Consumer Save Question 20 (4 points) The three types of Distribution Strategies are: Question 20 options: A) Intensive, Selective, Exclusive B) Promoting, Selling, Public Relations C) Trucking, Railing, Shipping D) Manufacturers, Wholesalers, Retailers Save Question 21 (4 points) Mark up price equals: Question 21 options: A) Unit cost divided by total costs B) Unit cost divided by (1-desired return on sales) C) Unit price times 2 D) Unit cost plus variable cost plus fixed cost Save Question 22 (4 points) What is the Marketing Mix? Question 22 options: A) Product, Profits, Presentation, Piloting B) Product, Profits, Presentation, Price C) Product, Promotion, Place, Price D) Product, Profits, Place, Price Save Question 23 (4 points) Examples of a targeted market segment are: Question 23 options: A) Students, Business Professionals, Medical Personal B) Students, People at an industry convention, Entrepreneurs C) All of the Above D) None of the Above Save Question 24 (4 points) Price Elasticity is: Question 24 options: A) How flexible a retailer is in negotiating a price B) How flexible a consumer is in negotiating a price C) None of the above D) A measure of the sensitivity of demand to changes in price Save Question 25 (4 points) A “push” strategy is: Question 25 options: A) A strategy that calls for spending on advertising and promotion to induce end consumer to purchase products B) A strategy that uses the sales force and trade promotions to push the product down through the distribution channels C) Using salespeople to promote through “hard” selling techniques D) Overstocking the store shelves so consumers have to purchase the product