Midterm - Megatrends, which are unpredictable

Midterm

QUESTION 1

 

Megatrends, which are unpredictable, short-lived, and without social, economic, and political significance. Examples of these Megatrends would be the Pet Rock, the Hula Hoop and Pokemon Go.

 

 

True

 

 

False

 

 

5 points

 

QUESTION 2

 

California Bank & Trust's company's marketing information system should be a mix of what managers think they need, what managers really need, and ________.

 

 

what the marketing research department is able to do

 

 

what consumers are willing to consume

 

 

what the government policies allow

 

 

what is acceptable at the industry level

 

 

what is economically feasible

 

5 points

 

QUESTION 3

 

You are the Chief Privacy Officer of your company and you are researching privacy. Which of the following is NOT one of the reasons consumers are concerned about privacy?

 

 

Consumers worry that they will be robbed or cheated.

 

 

Consumers worry that their information will be used to customize their offers.

 

 

Consumers believe private information will be used against them.

 

 

Consumers believe they will be bombarded by solicitations.

 

 

Consumers believe that children will be targeted by ads.

 

5 points

 

QUESTION 4

 

A ________ is a set of procedures and sources managers, such as those at Caterpillar, Inc. use to obtain everyday information about developments in the marketing environment.

 

 

data warehousing system

 

 

viral marketing campaign

 

 

product management system

 

 

marketing intelligence system

 

 

sales information system

 

5 points

 

QUESTION 5

 

Orica Inc. competes in the market for commercial explosives. The company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of ________.

 

 

systems selling

 

 

straight rebuying

 

 

customer referencing

 

 

derived demand

 

 

channel consolidation

 

5 points

 

QUESTION 6

 

Gina is in charge of the buying decisions in her firm. She is influenced by a YouTube Video that provides helpful advice and definitions of product information, including how to use the new tools. YouTube experts are influencers because they help provide information on alternatives to buy.

 

True

 

False

QUESTION 7

 

Margaret has the role of the ________ in a buying center. She is the person that has the power to prevent sellers or information from reaching other members of the buying center.

 

 

initiator

 

 

influencer

 

 

decider

 

 

gatekeeper

 

 

approver

 

5 points

 

QUESTION 8

 

The demand for business goods such as airplane parts is ultimately derived from the demand for ________.

 

 

raw materials

 

 

consumer goods

 

 

services

 

 

business solutions

 

 

e-commerce

 

5 points

 

QUESTION 9

 

Within the heart of Toyota's marketing program is the firm's ________, its tangible offering to the market.

 

 

strategy

 

 

product

 

 

brand

 

 

value

 

 

people

 

5 points

 

QUESTION 10

 

For Netflix and similar companies, the success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.

 

 

disintermediation

 

 

diversification

 

 

reduced competition

 

 

deregulation

 

 

privatization

 

5 points

 

QUESTION 11

 

In most countries, ________ goods represent more than half of production, distribution, and marketing efforts.

 

 

Durable

 

 

Impulse

 

 

Physical

 

 

Luxury

 

 

Intangible

 

5 points

 

QUESTION 12

 

As the marketing director for a car dealer, you need to gather information. Which of the following types of marketing research firms gathers consumer and trade information and then sells it for a fee (e.g., Nielsen Company)?

 

 

custom marketing research firms

 

 

syndicated-service research firms

 

 

specialty-line marketing research firms

 

 

generic marketing research firms

 

 

focused marketing research firms

 

5 points

 

QUESTION 13

 

An item in a questionnaire states that "most politicians cannot be trusted." Respondents are required to provide their answers by choosing any one of the following options: 1) Strongly disagree, 2) Disagree, 3) Neither agree nor disagree, 4) Agree, 5) Strongly agree. This is an example of a ________.

 

 

semantic differential

 

 

word association question

 

 

Thematic Appreciation Test (TAT)

 

 

Likert scale

 

 

dichotomous question

 

5 points

 

QUESTION 14

 

The Nordstrom, Inc. customer-performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the company's performance: employees, suppliers, banks, distributors, retailers and stockholders.

 

True

 

False

 

5 points

 

QUESTION 15

 

General Products Laboratories warehouses and delivers 3M's medical and surgical products to hospitals across the United States. The best description of this form of alliance would be a(n) ________.

 

 

product alliance

 

 

logistics alliance

 

 

pricing collaboration

 

 

indirect collaboration

 

 

promotional alliance

 

5 points

 

QUESTION 16

 

Jim wants to purchase a bicycle. After a customer places an order at BigPurchase.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________ process.

 

 

market-sensing

 

 

customer acquisition

 

 

customer relationship management

 

 

fulfillment management

 

 

new-offering realization

 

5 points

 

QUESTION 17

 

Marketing plans for companies like Samsung who do business manufacturing are becoming more production oriented because of the high costs of doing business and the ability to improve internal processes in today's economy.

 

 

False

 

 

True

 

5 points

 

QUESTION 18

 

Please select the best true statement about marketing plans for a company such as Patagonia.

 

 

They can be independently developed without worrying about other functional areas.

 

 

They provide direction and focus for a brand, product, or company.

 

 

They are usually profit-oriented.

 

 

They are of limited use to nonprofit organizations.

 

 

They are typically five-year plans and they lay out the strategies required to achieve targets in those five years.

 

5 points

 

QUESTION 19

 

The most attractive segment is one in which entry barriers are low and exit barriers are high.

 

True

 

False

 

5 points

 

QUESTION 20

 

Jake is trying to segment his target market. The ________ criterion for useful market segments, a segment should be the largest possible homogenous group worth going after with a tailored marketing program.

 

 

measurable

 

 

substantial

 

 

accessible

 

 

differentiable

 

 

actionable

 

5 points

 

QUESTION 21

 

The Double Tree and Marriott Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic. This is an example of ________ segmentation.

 

 

demographic

 

 

behavioral

 

 

psychographic

 

 

geographic

 

 

cultural

 

5 points

 

QUESTION 22

 

A marketer is interested in segmenting a business market on ________ if the marketer intends to eventually segment the market based on loyalty and attitudes toward risk.

 

 

situational factors

 

 

purchasing approaches

 

 

personal characteristics

 

 

operating variables

 

 

demographic variables

 

5 points

 

QUESTION 23

 

Headphones manufacturer ACYR has to choose between two options for sourcing parts: Italy-based Ricaro Inc. and US-based Radar Z, Inc. How can Ricaro, Inc reduce the total customer cost for ACYR?

 

 

by absorbing some risk by offering a warranty

 

 

by improving the functional aspects of the products

 

 

by augmenting the psychological benefits of the products

 

 

by training service personnel to improve their skills

 

 

by investing in brand building for the products

 

5 points

 

QUESTION 24

 

Which of the following is an example of focusing disproportionate effort on high-profit customers?

 

 

In addition to bicycles, 2Wheels sells biking gear such as helmets, bottles, jackets and other accessories.

 

 

2Wheels has a club for its regular customers, organizing cycling events and parties for them.

 

 

Though 2Wheels previously offered free delivery, it now charges for deliveries made outside the city.

 

 

2Wheels allows existing customers to upgrade to a newer model at less than the sticker price by trading in their older model.

 

 

2Wheels encourages customers to send in their suggestions for product improvement.

 

5 points

 

QUESTION 25

 

Your boss Susan has just told you to follow the 80-20 rule. She knows that the 80-20 rule reflects the idea that ________.

 

 

20 percent of the company's profits are generated by the top 80 percent of customers

 

 

the top 20 percent of customers are highly satisfied and 80 percent of customers will recommend the company to a friend

 

 

20 percent of customers are unprofitable, and 80 percent make up a company's profits

 

 

the top 20 percent of customers often generate 80 percent of the company's profits

 

 

any new product will be accepted by 20 percent of the customers immediately, but 80 percent of the customers will be up for grabs throughout the product's life cycle

 

5 points

 

QUESTION 26

 

Customers interact with an airline in several ways. A customer touch point for Singapore Airlines would be an item such as ________.

 

 

ease of access to the airport

 

 

a mechanic's ability to service the airplanes

 

 

the reservations desk

 

 

the value of air travel versus surface transportation

 

 

competency of a travel agent

 

5 points

 

QUESTION 27

 

In Japan and other areas of the world, the relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behavior constitute a ________.

 

 

culture

 

 

subculture

 

 

social class

 

 

family

 

 

group

 

5 points

 

QUESTION 28

 

Ricardo is a computer service technician in Spain. People in his neighborhood usually depend on his suggestions for purchasing any computer accessory or hardware, as they believe that he has access to far more information on computer technology than the average consumer. The neighbors are also aware that Ricardo has the required knowledge and background for understanding the technical properties of the products. Within this context, Ricardo can be called a(n) ________.

 

 

transactional leader

 

 

opinion leader

 

 

role model

 

 

gate-keeper

 

 

international marketer

 

5 points

 

QUESTION 29

 

When you apply the concepts of Maslow's hierarchy of needs model, you learn that belonging is about love, family, intimacy and a sense of connection.

 

True

 

False

 

5 points

 

QUESTION 30

 

GMC uses the caption "Magnify the Experience" in the ad to promote its SUV automobile, the GMC Adventurer. The ad features the car traveling through an uneven, rocky terrain. Within the context of Jennifer Aaker's brand personality analysis, GMC is most likely to be strong on which of the following traits?

 

 

sincerity

 

 

intelligence

 

 

imagination

 

 

sophistication

 

 

ruggedness