saint leo mba565 all module quiz latest 2016 august

Question 1: A company that follows the marketing concept philosophy should:

serve all customer needs at all costs.

understand that the customer is always right.

understand that there is no such thing as a bad customer.

serve only profitable customers.

Question 2. Which of the following statements supports technology driven approach to the marketplace?

Products should be tested and proven before releasing them.

Providing technology to salespeople can help increase volumes.

Quality improvement in products can result in customer value.

Customer information systems can be used to increase sales.

Question 3. Which of the following is a disadvantage of an over-engineered product?

The quality of the product will be low.

It is less robust for its application.

It is associated with operational problems.

The product will have unwanted features.

Question 4. Which of the following is the key difference between traditional value chain and the new versions of the value chain?

The value chain starts with the customer in the new perspective.

Customer needs are ignored in traditional value chain.

Traditional versions are not focused on core competencies and assets.

Outbound marketing chain is used in the new perspective.

Question 5. A few customers cost more to serve than the revenues they generate. Identify the most appropriate way to handle these customers.

Attempt to turn away the unprofitable customers.

Provide services at a discounted rate to these customers.

Avail preferential treatment to these customers.

Design specific marketing messages for these customers.

Question 6. Marketing plans should be written because:

it provides a concrete history of the product's strategies.

it is mandatory for a registered firm to have a written marketing plan.

it considers the external environment alone to make decisions.

written marketing plans can be distributed to all stakeholders.

Question 7. Which of the following organizational structures will be suited for a company that sells business to business products?

Market-based structure

Product-focused structure

Classic brand structure

Internationally focused structure

Question 8. A company takes a product or service that is widely marketed and develops a system for customizing it to each customer's specifications. This is referred to as:

mass customization.

selective marketing.

user modeling.

behavioral targeting.

Question 9. Which of the following refers to multi-channel distribution of products?

Clicks and mortar

Buzz marketing

Organized retailing

Viral distribution

Question 10. Product-focused organizational structure is not suited for:

business-to-business products.

retail products.

consumer durables.

internationally focused products.

Question 11. Marketing managers use a market penetration strategy to target:

individuals who have never used the product or service.

offshore customers who have a need for the product or service.

individuals who are buying your product or service or a direct competitor's.

individuals who buy closely-related products or services.

Question 12. Which of the following is a characteristic of a competitive advantage?

It makes the product more accessible for the customers.

It generates customer value.

It makes the product more user-friendly.

It increases cost of the product.

Question 13. Customers who have purchased your product or service are familiar with its benefits. Assuming that your customers enjoyed the consumption experience, there is often potential left in the market from the current customers who could be persuaded to buy more. You, as a marketing manager, should therefore prioritize:

market development strategy.

diversification strategy.

product development strategy.

market penetration strategy.

Question 14. Firms can compete on price if they:

focus on market development strategy.

focus on global raw material sourcing.

focus on controlling costs.

focus on merging or acquiring a competitor.

Question 15. Identify the correct statement about market development strategy.

It is less risky than market penetration strategy.

It is usually implemented in markets where growth rate is slowing.

It persuades current customers to buy more products.

It is cheaper than implementation of market penetration strategy.

Question 16. Most likely, marketing managers would like to be first in the market because:

it keeps out competition.

the first mover establishes awareness of its product as the prototype.

it leads to cost reduction over the product life cycle.

it leads to quality improvements over the product life cycle.

Question 17. Which of the following statements is true regarding the maturity stage of the product life cycle?

During this stage, the market grows rapidly.

Usually, competition is most intense in this phase.

Many new competitors enter the market.

This stage comes after the introduction stage.

Question 18. In the growth stage of the product life cycle, the riskiest move by a follower is to:

imitate the leader by developing "me-too" products.

leapfrog the competition.

exit quickly and invest in some other product with long-term potential.

fortify its position as number two or three.

Question 19. Which of the following statements is true about the decline stage of the product life cycle?

During this stage, the market grows rapidly.

Many new competitors enter the market.

Usually, competition is most intense in this phase.

Product category sales decrease at this stage.

Question 20. When marketing mangers see that the sales curve has flattened out and few new buyers are in the market, they know that they are in this stage of the product life cycle. Identify the stage.

Introduction stage

Growth stage

Maturity stage

Decline stage

Module 2 quiz

1. Which of the following types of qualitative research explores the reasoning behind customer purchase behavior?

Phenomenological research

Exploratory research

Clinical research

Behavioral research

Question 2. Which of the following is an example of an internal source of secondary data?

A trade publication

A past marketing plan

A trade association

An academic publication

Question 3. Personal interactions with survey respondents could lead to answers that would not be given otherwise. This gives rise to the potential for:

Nonresponse bias

Tolerance bias

Focus bias

Interviewer bias

Question 4. Which of the following is an external secondary data source?

Marketing plans used previously

Call reports submitted by salespeople

Past transaction information from the accounting department

Trade publications

Question 5. The most common misuse of focus groups is attempting to use them to:

generate research hypothesis for further study.

brainstorm for new product ideas.

draw general conclusions.

carry out concept testing.

Question 6. The estimate of market potential is best described as:

the number of current customers times the awareness ratio.

the number of current customers times the potential buying rate.

the number of potential customers times the potential buying rate.

the number of potential customers multiplied by the current buying rate.

Question 7. Panel conditioning refers to a problem where:

panel members do not remain on the panel.

panel members do not represent the underlying population.

being on a panel changes a member's behavior.

attitudes and preferences of the panel members change over the time.

Question 8. Which of the following best describes the degree to which experimental results can be generalized to the real world or, more generally, to the target population?

Internal validity

Interpolation

Flexibility

External validity

Question 9. Which of the following forecasting methods uses certain macroeconomics variables to forecast changes in the economy, based on the fact that changes in these variables occur before changes in the economy?

Correlation analysis

Exponential smoothing

Leading indicators

Regression analysis

Question 10. Which of the following methods of collecting data has the highest response rate?

Personal interviews

Telephone interviews

Mail

Internet

Question 11. ________ competition can destroy entire product categories when a major innovation occurs, so it requires attention, especially for long-run planning.

Product form

Product category

Generic

Budget

Question 12. Which of the following refers to a group of products that are functional substitutes of each other?

An industry

A product variant

A product type

A product class

Question 13. Which of the following best describes the type of information a marketing manager would need to know when determining the competitor's major objectives?

Whether they are pursuing growth or profit-related objectives

The demographics of the competitors' employees

The demographics of the competitor's CEO

The contributions to nonprofit organizations in the previous year

Question 14. A __________ approach classifies competitors based on customer attitudes and behaviors.

customer-based

supply-based

market-based

demand-based

Question 15. __________ is the percentage change in one product's sales due to a percentage change in a marketing variable (such as price. for another product.

Reverse-elasticity

Demand-elasticity

Cross-elasticity

Supply-elasticity

Question 16. Which of the following statements is true regarding scenario planning?

This method involves extrapolating historical sales data into the future.

It can be used only when a lot of data is available for analysis.

This method involves creating alternative scenarios of the future.

It is useful when many nonquantifiable factors affect outcomes in the market.

Question 17. Which of the following primary sources is excellent in determining competitor sales pitches, pricing, and other aspects of their activity?

Employees

Sales force and customers

Suppliers

Internet newsgroup

Question 18. In game theory, __________ is a graphic depiction of the rewards or costs to each player for each possible combination of strategies.

communication matrix

responsibility matrix

payoff matrix

perceptual matrix

Question 19. Coke and bottled water brands continue to run sales promotions and compete strongly on price. Clearly, the best solution would be for neither to promote which would jointly maximize their profits. However, both are worried that if they stop promoting while the other does not, they will suffer. As a result, the equilibrium is heavy promotion by both and lower total profits. With reference to the game theory, this is an example of:

generic equilibrium.

prisoner's dilemma game.

leader—follower game.

best strategy game.

Question 20. Which of the following best describes a sophisticated, long-term version of the simulation process?

Conjoint analysis

Scenario planning

Multidimensional scaling

Regression analysis

Module 3 quiz

Question 1. __________ is the concept that a customer will adopt an innovation only if he or she considers it to be an improvement over the current product being used to satisfy the same need.

Observability

Planned obsolescence

Relative advantage

Need recognition

Question 2. Which of the following terms best describes the set of products that the customer has no intention of buying?

Evoked set

Inert set

Purchase set

Latent set

Question 3. Economic theory suggests that rational customers will collect information only to the point at which:

the marginal benefit of obtaining the information in terms of incremental value to making a choice equals the marginal cost.

the total benefit of obtaining the information equals the total cost after purchasing the product.

they can no longer pay for syndicated information.

the marginal benefit of obtaining the information in terms of incremental value to making a choice is less than the marginal cost.

Question 4. Craig is the CMO of Speedoconnect, an Internet Services Provider that has been consistently losing market share for the past three quarters. Craig conducts a customer analysis to understand the weaknesses in the company's service operations. Which of the following groups is most critical in this customer analysis?

Competitors' customers

Former customers

Potential customers

Current customers

Question 5. The __________ model is any model in which a low score on one attribute can be offset by a higher score on another.

cluster

segmentation

compensatory

attribution

Question 6. In regard to the adoption of new technologies, the extent to which customers are uncertain about the consequences of an action is termed as:

systemic risk.

pure risk.

perceived risk.

speculative risk.

Question 7. Which external source of information provided by the marketing manager is considered to be the most credible?

Sales presentations

Advertisements

Sales orientation

Word-of-mouth

Question 8. The seller of industrial products is part of the buyer's __________ and must provide timely inventory replenishment, service and maintenance, spare parts, and efficient order handling.

supply chain

communication channel

service chain

promotional program

Question 9. __________ are the set of descriptor variables based on the newness of the purchasing situation.

Demographics

Operating variables

Situational factors

Buy classes

Question 10. When a firm markets a product or service to another organization, it is called:

consumer marketing.

industrial marketing.

market segmentation.

consumer behavior.

Question 11. Usually in this stage of the buying process, benefits rather than specific product or service characteristics are stated.

Determine the characteristics

Establish specifications

Search for and qualify potential suppliers

Request proposals

Question 12. Which of the following stages in a buying sequence will result in a specific option or set of options from which price, delivery, system compatibility, and other characteristics can be determined?

Determine the characteristics

Establish specifications

Search for and qualify potential suppliers

Request proposals

Question 13. A company recognizes the need for a new system to handle customer enquiries. During the buying process, who is most likely to be concerned with the return on investment (ROI)?

The initiator

The user

The decider

The purchaser

Question 14. According to the classification system for global organizational culture as developed by Hofstede, the degree to which employees are threatened by ambiguity is known as:

power distance.

uncertainty avoidance.

ambiguity tolerance.

long-term orientation.

Question 15. Which of the following information is contained in a customer information file (CIF)?

Description of competitors

Contact history of the customers

Rates charged by key suppliers

Rules and regulations affecting the business of the organization

Question 16. A large amount of evidence indicates that merely satisfying customers:

is not enough to keep them loyal to your company or product.

leads to increased purchase by the customers over time.

attracts more customers through word of mouth.

allows you to reduce advertising expenditure over time.

Question 17. Which of the following is a primary customer-based metric?

Market share

Sales volume

Return on investment

Lifetime duration

Question 18. Lands' End offers tailored clothing on its Web site, allowing one to choose a collar, sleeve style, pocket, etc. This is an example of:

mass customization.

niche marketing.

differential marketing.

demographic marketing.

Question 19. Retained customers __________ than switchers.

are more expensive to serve

are more profitable

have lower lifetime customer value

are more price sensitive

Question 20.A back-of-the-envelope approach to calculating lifetime customer value (LCV) is a margin "multiple," which can be used to multiply the current margin generated by each customer to estimate the LCV. This multiple is shown by the formula: r/(1 + i + r) In this formula, "r" stands for:

retention rate for the product.

failure rate for the firm's products.

rate of return of the product by the customers.

the reliability of the product.

Module 5 quiz

Question 1:Development costs are best described as:

costs that are associated with individual products that do not vary with sales volume.

expenses involved in bringing new products to the market.

costs that must ultimately be covered by revenues from individual products, but are not associated with any one product.

the per-unit costs of making the product or delivering the service.

Question 2. Which of the following best describes the pricing objective typically used by regulated utilities such as gas and electricity?

Penetration pricing

Skimming

Investment pricing

Competitive pricing

Question 3. High buyer power tends to __________ prices, and high supplier power __________ the floor beneath which prices cannot be set.

inflate; raises

inflate; lowers

depress; raises

depress; lowers

Question 4. Which of the following statements is true about value pricing?

It is also known as penetration pricing.

It gives customers more value than they expect for the price paid.

It gives the seller most of the value—cost difference.

It implies low price alone.

Question 5. Which of the following pricing strategies is the most appropriate when costs are not related to volume and managers are less concerned about building significant market share?

Penetration pricing

Skimming

Market share pricing

Competitive pricing

Question 6. As the price of a product gets closer to customer value,:

price elasticity will decrease.

price elasticity will be unaffected.

price elasticity will increase.

product will become perfectly inelastic.

Question 7. Strategically pricing below customer value is called:

price skimming.

value pricing.

pricing to value.

price discrimination.

Question 8. Which of the following best describes a trend in business to purchase a service from an outside vendor to replace the company's operation?

Insourcing

Outsourcing

Joint venture

Horizontal integration

Question 9. Which of the following pricing strategies is used to gain as much market share as possible?

Penetration pricing

Skimming

Prestige pricing

Competitive pricing

Question 10. Identify the concept related to the psychological aspects of price.

Skimming price

Reference price

Prestige price

Penetration price

Question 11. If there is no legal way to keep competitors out of the market, these costs must be viewed as sunk costs that do not affect decision making after the product is introduced into the market. Identify the type of cost being discussed.

Development cost

Variable cost

Direct fixed cost

Overhead cost

Question 12. Which of the following best describes the costs that must ultimately be covered by revenues from individual products, but are not associated with any one product?

Development costs

Variable costs

Direct fixed costs

Overhead costs

Question 13. What a product or service is worth to a customer is the:

brand value.

customer value.

profit potential.

market potential.

Question 14. Which of the following statements is true about variable costs?

The corporate jet expenditure is an example of a variable cost.

These costs must be recovered by the price.

The marketing manager's salary is an example of a variable cost.

These costs are independent of sales volume.

Question 15. An understanding of the cost structure of the market provides marketing managers with:

an idea of how low some competitors can price.

the demographics of target markets.

the behavioral segmentation of target markets.

an accurate idea of customers' willingness to pay.

Question 16. Price variations within a product category are called:

price slots.

price ranges.

price groups.

price bands.

Question 17. Which of the following describes the per-unit cost of making the product or delivering the service?

Development costs

Variable costs

Direct fixed costs

Fixed costs

Question 18. When marketing mangers see that the sales curve has flattened out and few new buyers are in the market, they know that they are in this stage of the product life cycle. Identify the stage.

Introduction stage

Growth stage

Maturity stage

Decline stage

Question 19. Identify the stage in the product life cycle at which fierce battles for market share take place.

Introduction stage

Growth stage

Maturity stage

Decline stage

Question 20. Which of the following statements is true regarding the growth stage of the product life cycle?

The growth rate and the size of the market are low.

The market growth becomes flat.

Usually, competition is most intense in this phase.

The rate of growth begins to decrease in this stage.

Module 6 quiz

Question 1 : __________ appeals make either a direct or indirect claim of superiority against a targeted or general class of competitors.

Feature/benefit

Competitive advantage

News

Product or service popularity

Question 2. Which of the following statements is true about advertisements that are created using emotional appeals?

Emotional appeals are rarely used for television advertisements.

It is difficult to use emotional appeals for those products which do not have any tangible differential advantage.

Advertisements created using emotional appeals focus on imagery and symbols.

Advertisements created using emotional appeals have poor recall.

Question 3. Which of the following types of informational appeals focuses on the dominant attributes or characteristics of the product or service, or the benefits provided?

Feature/benefit appeals

Competitive advantage appeals

Favorable price appeals

News appeals

Question 4. Which of the following types of appeals focuses on the functional or practical aspects of the product and emphasize facts, learning, and persuasion?

Social appeals

Behavioral appeals

Informational appeals

Emotional appeals

Question 5. Which of the following is used to develop an image-oriented advertisement which is used for product categories where it is difficult to establish tangible differential advantages?

Feature/benefit appeals

Competitive advantage appeals

News appeals

Emotional appeals

Question 6. Identify the approach that uses friends and neighbors as the sales force.

Direct sales

Telemarketing

Direct-mail marketing

Sales promotion

Question 7. In these ads, the copy touts how popular the product is among the target audience. Identify the informational appeal being used.

Feature/benefit popularity appeal

Competitive advantage appeal

News appeal

Product or service popularity appeal

Question 8. The stage where customers are becoming aware of the product and developing knowledge of the product's attributes and benefits is known as:

cognitive stage.

affective stage.

behavioral stage.

evaluation stage.

Question 9. With reference to the three basic stages of the advertising response process, inducing trial for a product is an example of which of the following?

Cognitive objectives

Affective objectives

Behavioral objectives

Post-purchase objectives

Question 10. Communication activities that provide extra incentives to customers or the sales force to achieve a short-term objective are called:

sales promotion.

advertising.

integrated marketing communication.

public relations.

Question 11. Consumer-oriented promotion gives customers a reason to purchase the product. This process represents:

push promotion.

pull promotion.

horizontal promotion.

vertical promotion.

Question 12. Sampling is most likely to be used:

in the maturity stage of the product life cycle.

in the decline stage of the product life cycle.

when a new product or brand is being introduced.

to create interest among laggards and to generate sales in the decline stage.

Question 13. Identify the objective of trade promotions.

Creating awareness about the product among the end consumers

Identify the needs of final consumers

Giving the intermediaries incentives to carry and sell the product

Giving customers a reason to purchase the product

Question 14. __________ compensate retailers for prominently displaying and promoting goods.

Display allowances

Off-invoice allowances

Stocking allowances

Rebates

Question 15. In order to maintain the profit level of the product to the channel member and keep the product on the shelves, the marketing manager uses __________ to compensate for the decline in sales.

price-oriented promotions

product-oriented promotions

special events

horizontal promotions

Question 16. Which of the following is an example of a consumer price-oriented promotion?

Off-invoice allowance

Money-back offer

Market development funding

Sampling

Question 17. A shelf talker is:

a sales representative in a retail outlet who provides customers with information on different products in various shelfs.

a sign hanging on the shelf with information, usually about a special price.

a representative from a manufacturing firm who negotiates shelf space with the retailers.

a representative from a retail outlet who negotiates shelf space with the manufacturer.

Question 18. Identify the trade promotion that is the most risky for a company.

Place-based promotions

Sales-based incentives

Product-based allowances

Price-based promotions

Question 19. Special displays and other company-paid advertisements inside the store (e.g. announcements for contests and sweepstakes, information about recipes, etc.) are examples of:

point-of-purchase advertising.

off-invoice allowances.

premiums.

missionary marketing.

Question 20. A particularly important purpose of retail-oriented promotions is:

to create awareness about the product.

to obtain feedback about the product from the customers.

to gain or maintain distribution.

to identify additional features required to improve the product.

Module 7 quiz

Question 1.According to the text, channels of distribution must be treated like:

partners of the organization.

customers.

competitors of the firm.

marketers of the firms products.

Question 2. An organization focusing on the law firm segment purchases personal computers from a company, bundles together special software designed for client management and law firm accounting, and then sells the package as a turnkey system to customers. This organization is an example of:

an original equipment manufacturer.

a manufacturing agent.

a value-added reseller.

a broker.

Question 3. When providing basic logistical services, the channel member is providing the function of:

marketing research.

physical distribution.

risk taking.

negotiation.

Question 4. Because channel members often have direct contact with customers, it is an ideal situation for collecting information about customer and competitor behavior. Which of the following channel functions best describes this event?

Marketing research

Communications

Negotiation

Relationship management

Question 5. Activities of channel management that requires getting channels to carry and sell the product are known as __________ activities.

vertical

push

horizontal

pull

Question 6. Wholesalers try to deliver products to customers in lot sizes that match their needs. Identify this channel function.

Communications

Matching/customizing

Risk taking

Relationship management

Question 7. Which of the following statements is true about a multiple-channel system?

It reduces the cost of distribution.

It is a type of a direct channel where intermediaries are eliminated through the use of information technology.

It simplifies coordination and management of the channel of distribution.

Loss of control is a typical problem associated with a multiple-channel system.

Question 8. Which of the following indicates physical distribution of goods from one location to another?

Procurement

Logistics

Segmentation

Inventory management

Question 9. A merchant establishment operated by a concern that is engaged primarily in buying, taking title to, usually storing and physically handling goods in large quantities, and reselling the goods (usually in smaller quantities. to retail or to industrial or business users is known as a(n):

agent.

wholesaler.

facilitating agent.

broker.

Question 10. Identify the key reason for picking a particular channel system.

To differentiate your product or service from the competition

To follow competition's strategy

To consider the inexpensive nature of the distribution channel

To analyze the organization's familiarity with the distribution channel

Question 11. Which of the following is a method of determining the size of the sales force needed that assumes an average productivity level for each salesperson?

Breakdown method

Workload method

Marginal economic method

Breakout method

Question 12. Which of the following is one of the internal factors that have a major effect on the performance of salespeople?

Changes in technology

The quality of the sales management

Economic shifts

Changes in customers' tastes and buying behavior

Question 13. __________ become very familiar with customers' operations and problems and are in an excellent position to satisfy customers' needs by helping them develop a strategy for the product in question.

Regional sales managers

District sales managers

Key account managers

Field sales representatives

Question 14. When direct e-mails sent only to those customers who had agreed in advance to receive such contact, such programs are known as __________ programs.

opt-in

unchecked

check-in

pre-checked

Question 15. The salesperson needs to understand both his or her superior's expectations and the kind of selling that is necessary to be successful. This knowledge is called:

role perception.

role reversal.

role acceptance.

role requirements.

Question 16. Which of the following types of selling includes order taking, but also entails responsibilities such as making sure the stock is adequately displayed on shelves, setting up displays, providing demos, and other merchandising activities?

Response selling

Trade selling

Missionary selling

Technical selling

Question 17. __________ is derived from rewards such as promotions, salary increases, and sales contests.

Intrinsic motivation

Intrinsic satisfaction

Extrinsic motivation

Extrinsic satisfaction

Question 18. Identify the selling situations where the salesperson is typically an order taker and the customer initiates the sale and gives the order to the sales person.

Response selling

Trade selling

Missionary selling

Technical selling

Question 19. Which of the following types of selling typically involves developing new customers and maintaining old ones by investing a considerable amount of time in understanding buyers' needs and wants?

Response selling

Creative selling

Trade selling

Missionary selling

Question 20. Using the breakdown method, calculate how many salespeople will be needed if a company expects to sell $100 million worth of goods in a year and the average sale per salesperson is $5 million.

5

10

20

50