MKT 111: Introduction to Marketing Principles Exam 2015

Indicate your full name and course section on your submission.

Section I: Please select the best answer to complete each statement or question. Circle your response. Each item is valued at 2 points.

1. Customers typically seek to satisfy a set of needs when evaluating a product or service offering. Using Maslow’s Needs

Hierarchy theory as a reference, which of the following is an example of primary level need:

a) Social acceptance c) Autonomy

b) Status d) Hunger and Thirst

2. Which of the following IS NOTpart of the marketing mix?

a) Distribution c) Advertising

b) Packaging d) Competitors

3. A marketer’s strategy to make its brand or company “stand out” from competitor’s offerings is called__________:

a) Positioning c) SWOT Analysis

b) Differentiation d) Situational Analysis

4. The process used to “break down” a large group of potential, different customers into smaller groups having

similar characteristics is called ________________:

a) Perception c) Competitive bidding

b) Segmentation d) Convergence

5. As discussed in class, this business philosophy is focused upon achieving the highest manufacturing output so

the unit cost is low:

a) Sales orientation c) Social marketing concept

b) Production orientation d) Maximization

6. A _______________ is a group of customers/potential customers having similar needs and characteristics:

a) Population c) Culture

b) Reference group d) Segment

7. One of the ways that we filter the stimuli around us is to pay attention to things that are interesting or important.

This is called ________________________:

a) Selective Absorption c) Perception

b) Voluntary Stimuli Reception (VSR) d) Attention-Response Model

8. Which of the following is not an example of a market research survey?

a) Questionnaire c) Mall intercept

b) Focus group d) Individual or group observation

9. A ProActive™ Kiosk in a shopping mall is an example of how technology is changing marketing strategy. These

machines provide various ProActive™ branded products to customers on a 24/7 basis year round. This best reflects the

________________ marketing mix variable.

a) Price c) Place

b) Promotion d) Product

10. When marketers use birth dates to distinguish among various groups of customers, it would be an example of _____________ segmentation.

a) Behavioral c) Geography

b) Demographic d) Psychographic

11. A marketer wishes to understand consumer’s opinions regarding one of its brands through an on-line questionnaire

that uses words to identify various scaled responses. This type of questionnaire is called a ___________________.

a) Delphi Technique c) Strong Scale

b) Nominal Differential Scale d) Likert Scale

12. A market that does not change its purchasing level due to price fluctuations is described as being ___________ :

a) Resilient c) Elastic

b) Unresponsive d) Inelastic

13. As discussed in class, which of the following Marketing Mix variables is most easily adjusted or changed __________?

a) Product c) Place

b) Price d) Promotion

14. What does “Confidence Level” describe when working with statistical research?

a) Sampling validity c) Accuracy of the mathematical formulas used

b) Quality of inputs d) An international standard

15. Another term describing “undifferentiated target marketing” is _______________:

a) Niche marketing c) Concentrated targeting

b) Mass marketing d) Social marketing

Section II: Please indicate your response as “T” if the statement is correct or “F” if it is incorrect. Circle your choice.

Each statement is valued at 2 points.

1. A key element of the marketing concept is establishing long-term, mutually beneficial customer T or F

relationships.

2. The marketing mix variables are controllable factors within an organization’s marketing strategy. T or F

3. Researchers have described needs as a basic force that motivates a person or group. T or F

4. A market development strategy is used when organizations want to increase purchases from T or F

existing customers.

5. The demand for business products derives from the demand for final consumer products. T or F

6. The marketing process functions whether or not exchange occurs. T or F

7. As discussed in class, when an organization meets the minimum requirements established by law T or F

or customer expectation, this might be described as social responsibility.

8. Primary data is information collected for another purpose that can be used for your research project. T or F

9. When demand changes in relation to a change in price, we describe this as inelasticity. T or F

10. For learning to occur, it must always result from direct experience. T or F

11. Michael Jordan’s promotion of Nike brand products is an example of “opinion leader” influence T or F

on consumer spending.

12.When the demand for one product affects demand for other business products, it is joint demand. T or F

13. Test marketing is a type of primary Marketing research called “Experimentation.” T or F

14. According to Maslow’s Theory, each level of unfulfilled need acts as a motivator for behavior. T or F

15. Warranties and guarantees are effective ways to overcome cognitive dissonance in consumers. T or F

Section III: Please answer each question or statement using the best selection from the alternatives provided. Each selection should be used once. Each item is valued at 2 points.

Primary Competitive advantage Market Penetration

Market Development Secondary Buying Center

Observation Diversification Experimentation or Experiential Method

Social Responsibility Utility Marketing Concept or Orientation

Product Development New Task Routine (Habitual) Response

1. U.S. Census information used for marketing purposes would be an example of _______________ data.

2. A mechanical traffic counter, when used in a marketing research project, is an example of ___________________.

3. A firm that seeks to develop new products/services for new customers and markets is using a _________________ ______________marketing strategy.

4. Test marketing is an example of the _________________________ method of market research.

5. The _________________________ seeks to satisfy customers’ needs and expectations while achieving profitability.

6. Consumers follow the _____________________ decision-making process when purchasing convenience items such as carbonated beverages, snacks, newspapers, chewing gum, etc.

7. A marketing strategy that is focused upon new markets and customers for existing products is called _________________.

8. The value or benefit received through exchange is called ______________.

9. _____________________ is the business decision process typically associated with consumption of products and services that arecostly and represent a significant risk to the purchaser.

10. A group of individuals within an organization that is responsible for the purchase of goods or

services is typically described as a ____________________.

Section IV:Please answer each question completely. Use the reverse side of the paper, if necessary. The value of each

question is shown in parentheses ().

1: What is a “Situational Analysis”? Of what value is it to marketing effort? (5 pts.)

2. Define the term “Exchange.” What five conditions are necessary for exchange to happen? (5 pts.)

3. In the article, “Marketing Myopia,” author Ted Levitt argues that there are four conditions which hasten the decline of

any business or industry. What are they and what is their effect? Identify one “growth company” in our time

that might be vulnerable to one or more of these conditions. Why? (10 points)