BUSN-319 Final Exam Updated 2020 Rasmussen

BUSN-319 Final Exam Updated 2020 Rasmussen Page 1 1. (TCO 4) Three commonly used methods of evaluating marketing programs are marketing metrics, marketing dashboards and (Points: 5) marginal analysis. marketing aud ...

BUSN-319 Final Exam Updated 2020 Rasmussen Page 1 1. (TCO 4) Three commonly used methods of evaluating marketing programs are marketing metrics, marketing dashboards and (Points: 5) marginal analysis. marketing audits. marketing ROI. marginal analysis. marketing control boards. 2. (TCO 1) Marketing plans must enable results to be compared with planned targets which allows __________, the flexibility to update original plans. (Points: 5) replanning contingency planning downsizing dynamic planning proactive change 3. (TCO 3) Which marketing strategy involves retaining focus on a single product line but marketing it to new markets? (Points: 5) full coverage market specialization product specialization selective specialization market-product concentration 4. (TCO 1) Based on relative competitive scope (broad target to narrow target) and source of competitive advantage (lower cost to differentiation), Porter's four generic business strategies are cost leadership, cost focus, differentiation focus, and (Points: 5) service leadership. diversification. reactive. differentiation quality focus. 5. (TCO 2) Which of the following pieces of information is used in the implementation phase of the strategic marketing process? (Points: 5) corporate return on investment organizational charts and job descriptions revenues associated with each point of market share trends in past and current revenues for industry and competitors in total and by segment possible cannibalization effects on other products in the line 6. (TCO 6) Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process? (Points: 5) corporate return on investment market share for the product revenues associated with each point of market share projection of future sales, expenses, and profits possible cannibalization effects on other products in the line 7. (TCO 3) When developing the advertising program, which step helps advertisers with other choices in the process such as selecting media and evaluating a campaign? (Points: 5) identify the target audience specify the advertising objectives design the advertising pretest the advertising schedule the advertising program 8. (TCO 2) The proper blend of elements in the promotional mix depends on the type of product. The three specific characteristics to be considered are complexity, risk, and__________. (Points: 5) Ancillary services. Size Durability Accessibility Acceptability 9. (TCO 4) At which stage in the product life cycle would your promotional objective be to persuade the consumer to buy the product rather than substitutes? (Points: 5) introduction design the advertising pretest the advertising schedule the advertising program 10. (TCO 2) The __________ includes advertising, personal selling, sales promotion, public relations and direct marketing. (Points: 5) promotion channel communication chain marketing matrix promotional mix media mix 11. (TCO 8) Which of the following statements about the terms used for marketing intermediaries is true? (Points: 5) The most precise terms used to describe marketing intermediaries are dealer and distributor. A retailer sells to business markets. An agent has no legal authority to act on behalf of a manufacturer. A wholesaler is an intermediary who sells to other intermediaries. A broker is a synonym for a dealer. 12. (TCO 7) Conspiracy among firms to set prices for a product is called (Points: 5) price discrimination. price fixing. predatory pricing. tying arrangements. exclusive dealing. 13. (TCO 2) Which of the following is NOT one of the six major pricing objectives? (Points: 5) profit unit volume break-even survival market share 14. (TCO 3) The ratio of perceived benefits to __________ is called value. (Points: 5) price prestige value value-added pricing value analysis perceived costs 15. (TCO 6) Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is called (Points: 5) consumer differentiation. psychographics market segmentation. market delineation. aggregation marketing. 16. (TCO 5) A company engaged in environmental scanning is (Points: 5) taking into account the effect its marketing activities can have on plants and animals in our environment. continually acquiring information on events occurring outside the organization to identify and interpret potential trends. maintaining a time constant horizon in its strategic planning process. maintaining retail customer databases. requiring all employees to spend time outside the office to avoid the ivory tower syndrome. 17. (TCO 1) A key role of the marketing department is to (Points: 5) allocate financial resources across business units. set the overall mission of the company. provide talent management services. market delineation. aggregation marketing. 18. (TCO 1) Which of the following statements about relationship marketing is most true? (Points: 5) Relationship marketing has a short-term focus on increasing profits. Relationship marketing is easy to implement. Relationship marketing is more effective when there is a personal, ongoing relationship between individuals in the selling and buying organizations. Very few companies today are engaged in relationship marketing. The Internet is an ideal forum for relationship marketing. Page 2 1. (TCO 1) Cole works for a company that requested all of its staff to purchase new toys and bring them into the office during the month of December for holiday distribution to families in need. Cole was excited about choosing some toys for this event, purchased several and brought them to work. After Cole dropped the toys off, he felt very happy and satisfied that he had helped others with his donation. Was this a marketing exchange? (Points: 8) No, because this request was tax-deductable Yes, because the toys were going to families in need No, because Cole bought the toys Yes, because Cole's donation of the toys was accompanied by his satisfaction and happiness No, because Cole spent money for toys but then gave them away. 2. (TCO 6) Which of the following would be the BEST the target market for tickets to the home games of the Indianapolis Colts professional football team? (Points: 8) All people in the Indianapolis area All people in the U.S All men in the U.S People in the Indianapolis area with an interest in professional football All people in the U.S. with an interest in professional football 3. (TCO 3) The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market. Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine. (Points: 8) Product Price Promotion Place Production 4. (TCO 5) Google's myspace.com is a social network that is targeted primarily to people under the age of 25. Increasinguse of myspace.com as a networking tool for this target market is an example of how __________ forces impact the marketing (Points: 8) Economic Competitive Social Regulatory 5. (TCO 7) Recently a federal appeals court rendered a unanimous decision that Microsoft Corp. does not have an automatic right to put whatever features it wants into its Windows operating system; rather each new feature needs to be evaluated separately. Many of these features are also made by much smaller companies. This ruling grew out of the power that Microsoft holds in the software market because it owns a major share of the marketplace. What purpose did this ruling have? (Points: 8) Protecting companies from one another Protecting consumers from unfair trade practices Protecting the future interests of society from dangerous business practices Protecting consumers from one another Protecting businesses from unfair consumer practices 6. (TCO 6) Graham-Field Health Products makes hospital beds and wheelchairs from component parts and materials it buys. It sells its products to hospitals, nursing homes and retailers of health care products. Graham-Field Health Products operates in a(n) __________ market. (Points: 8) Consumer Government Industrial Reseller Demographic 7. (TCO 1) Several years ago, SwissAir made some unwise investments to pay for a planned expansion. As a result, the company had to make some cost-cutting moves that alienated its customers. Eventually the company declared bankruptcy, regrouped and found itself able to resume business. Its board of directors recently announced that the company would resume flying if it could prove that the airlines could regain at least 75 percent of its lost customers. It decided to allot $50,000 to determine the probability that its former customers would fly on the airline again and what methods requiring little or no money could be used to increase that probability. This description represents which stage in the marketing research approach? (Points: 8) Define the problem Develop the research plan Collect relevant information Develop findings Take marketing actions 8. (TCO 3) DirectProtect is an insurance provider that uses telemarketers rather than insurance agents to sell its insurance and to deal with claims. It wants to introduce its product into new markets, but before it does so, it wants to have a prediction of how successful its sales efforts will be. One of the first things researchers did was to invite a group of eight people with insurance in to talk about home and auto insurance with a moderator. One of the purposes of this exploratory research was to gather information about the group members' attitudes toward insurance and their awareness of DirectProtect. While additional research still needs to be done, the marketing researchers were able to use a focus group to gather __________ data. (Points: 8) Hypothetical Generative Questionnaire Evaluative Experiential 9. (TCO 4) Sara Burns is the owner of a company called Spice and was looking for a new product to go with her company's line of food condiments when a friend suggested combining spices with tea. In the __________ stage of the new-product process, the spices and tea mixtures were exposed to prospective consumers under realistic purchase conditions. (Points: 8) Idea generation Screening and evaluation Business analysis Market testing Commercialization 10. (TCO 4) A few years ago Who Wants to Be a Millionaire premiered as the first nighttime game show in a couple of decades. Once the show became a hit and televised several nights a week, other networks quickly created their own version of what they hoped to be a successful game show format. Greed and Twenty-One are the names of but two of the new shows that were created to compete with Who Wants to Be a Millionaire. At this point in time the nighttime televised game show genre entered which stage of its product life cycle? (Points: 8) Growth stage Decline stage Commercialization stage Maturity stage Introduction stage 11. (TCO 8) When the Avon representative sells cosmetics door-to-door, it is an example of which type of marketing channel? (Points: 8) Direct channel Indirect channel Strategic channel alliances Marketing channel Dual distributive channel 12. (TCO 2) To promote its theme parks to groups, Disney is using advertising, direct marketing, Internet promotion and partnerships with other companies. In other words, Disney is using (Points: 8) Commercialization stage Maturity stage Introduction stage 13. (TCO 2) When a news story covers a terrible disaster and viewers are asked to send donations to the American Red Cross, the American Red Cross is receiving (Points: 8) Publicity Advertising Direct marketing Personal selling A public service announcement 14. (TCO 8) Assume McDonald's is engaging in a market penetration strategy. Which of the following actions best illustrates a market penetration strategy? (Points: 8) Opening the first McDonald's in China Developing a line of McDonald's toys to be sold through Toys R Us stores Adding a line of new deli sandwiches to the menu of existing McDonald's stores Running a promotion based on the Monopoly game, whereby customers have a chance to win prizes with each purchase Removing slow-moving products from its menus 15. (TCO 5) Microsoft, Intuit and, Yahoo are building new facilities in Quincy, WA, a town that previously had a population of 3,500. Along with these new neighbors, the residents of Quincy are also going to get more traffic lights, a strip mall, higher housing prices and, new jobs. This example best illustrates a(n) ___________ change with which the people and businesses of Quincy will be faced. (Points: 8) Economic Regulatory Competitive Psychographic Legal/regulatory Page 3 1. (TCO 3) Imagine you are creating a marketing plan for a company that will sell kites. As you consider the marketing program, what types of strategy should you consider including in the plan? Propose one specific example of each type of strategy that you are considering and present your rationale (reasoning) for your strategy selections. (Points: 30) 2. (TCO 1) Imagine you are the marketing manager responsible for developing marketing strategy for a bicyclecompany. Propose the strategic marketing process you will use being sure the name the stages, the activities included in the stages and stage specific examples related to marketing bicycles. (Points: 30) 3. (TCO 4) Managing the product through successive stages of the product life cycle is an important role for a product manager. Assess the three ways to manage a product through its life cycle including examples to help clarify your assessment. Indicate the reasoning why you would prefer one method over another in a given situation. You can use any product in your examples. (Points: 30)