BCOR 350 Exam | Complete Solutions (Answered)

BCOR 350 Exam | Complete Solutions (Answered) You need a new phone. You liked your old Android phone but aren't sure you want to stay with the same brand. After visiting a phone carrier store, you walk away confused a ...

BCOR 350 Exam | Complete Solutions (Answered) You need a new phone. You liked your old Android phone but aren't sure you want to stay with the same brand. After visiting a phone carrier store, you walk away confused about your options, annoyed at the time spent getting all your questions answered, and without a new phone. You just experienced an example of _____. A) an emotional connection to the brand that makes you feel more confident B) a poor marketing strategy process C) a comprehensive and effective marketing strategy to satisfy and retain customers D) a lack of advertising efforts The term that best describes the process of identifying, satisfying, and maintaining customer relationships is _____. A) accounting B) marketing C) advertising D) customer service A company's strategy stems from the ideology that "the customer is king," and the company tries to understand its customer as much as possible. Which concept is the company using to drive its success? A) Production concept B) Marketing concept C) Product concept D) Sales concept A manufacturing company using an assembly line, designed to increase efficiency and drive down production costs, has adopted a best price strategy. The company is most likely utilizing a _____. A) production concept B) marketing concept C) product concept D) sales concept Which of the following is a central aim of marketing? A) To help organizations understand and respond to customer needs and expectations B) To help the organization produce products in the most efficient manner possible C) To ensure industry leaders know about the organization D) To ensure that employees know where the organization's products can be purchased True or false: In the B2B buying process, fewer levels of consideration, review, and approval are required for more expensive purchases, unlike in the consumer buying process. False Which of the following products or services are most likely to be high-involvement decisions? Select all that apply. - a haircut - an automobile - an engagement ring - a meal at a restaurant True or false: In the end, marketing is mostly about creating and satisfying the consumers needs. False _____ is the process of having one s learning validated through rewards or punishments that will confirm that what was learned was correct. A) Modeling B) Reinforcement C) Self-actualization D) Socialization Which questions should a marketer ask to assist in evaluating buyer behavior? Select all that apply. - How can a marketing mix address the buyers problems? - How do potential buyers go about making purchase decisions? - What factors influence the buyer s decision process and in what way? - How do a buyer's characteristics influence how he or she reacts to the stimuli? When an organization adopts the ______ concept, it has made the attempt to know as much about the consumer as possible and has decided to base its marketing strategy on this information. A) competitive B) consumer C) marketing D) service Since it helps create the conditions for healthy competition and market efficiency, effective marketing can benefit _____. A) society as a whole B) consumers targeted by marketing C) businesses offering products and services D) both for-profit and nonprofit organizations When using product differentiation, the marketer should avoid doing which of the following? A) Underestimating the customer s technical knowledge of the product B) Making mention of product details that the customer may not be aware of C) Highlighting product features that are considerably different from the norm D) Emphasizing core appeals or features that the consumer expects from the product In the marketing mix, the term _____ refers to the communications that occur between the company and the customer. A) product B) promotion C) place D) price It is easy to recognize a bad value proposition if it _____. A) is aimed at making the customer wary and afraid B) is drastically different from its competition s style C) takes less than five minutes to read and understand D) does not explain clearly why the product is different The situational analysis stage in the marketing plan involves an analysis of internal factors that may include _____. Select all that apply. - opportunities - strengths - threats - weaknesses True or false: Ideally, after a business presentation is completed, everyone in the room should leave with the feeling that they have something to contribute and are a part of the solution. True Marketing exists to support an organization s _____, among other things. Select all that apply. - culture - employees - growth - profits True or false: It is usually better to check the impact of a marketing plan after its implementation to identify points of confusion than to spend time identifying them before implementation. False If a presenter feels uncertain about how to present a marketing plan, he or she should begin by reviewing the plans _____. A) company profile B) situational analysis C) executive summary D) customer decision-making profile The _____ strategy specifies how a company will get the most benefit from marketing resources and capabilities. A) company B) customer C) marketing D) tactical True or false: When monitoring a marketing campaign after implementation, it is not imperative for the organization to monitor the entire campaign. True What is the underlying reason that most small businesses fail? A) Pricing and cost issues B) Failure to plan sufficiently C) Creating a badly timed product D) Not using networks or advisors After its social media campaigns prove to be somewhat disappointing, Quattlebaum Widgets decides to rebrand itself as Quattlebaum Industries and to market sporting goods and office equipment in addition to widgets. What type of corporate strategy does this action demonstrate? A) Diversification B) Globalization C) Market penetration D) Product development As the marketing planning process grows and develops, only the _____ remain(s) unchanged. A) target market B) company mission C) corporate strategy D) internal and external factors To build relationships that will increase lifetime customer value, it is important to begin the process by _____. A) developing confidence, trust, and goodwill in customers B) converting one-time customers into loyal repeat customers C) building awareness and demand from potential customers D) tracking how the customers needs and wants evolve over time Building and maintaining relationships with customers is especially important when _____. A) more and more product choices enter the market B) the market experiences an economic downturn C) the customers wants and needs begin to evolve D) the quality of service and goods is likely to decline Every marketing plan begins with _____. A) corporate strategy B) a corporate mission C) a situational analysis D) implementation and evaluation True or False: Since business-to-business sales tend to be higher-priced larger-ticket items, mass advertising is of great importance and adjustments in marketing tactics should be made sparingly. False During his lunch break, John stops by a locally owned fast-food sandwich shop, purchasing a meatball sub and a side order of pasta salad. From a marketing perspective, John is _____ in this transaction. A) the consumer B) the customer C) both the consumer and customer D) neither the consumer nor the customer In FY16, Quattlebaum Widgets reported annual sales of $5.3 million. As the next fiscal year commenced, the company implemented a social media campaign that cost a total of $150,000. As a result of this campaign, Quattlebaum reported sales of $7.6 million in FY17. What is the company s return on investment (ROI) for this campaign (when estimated to the closest whole number)? A) 5 B) 10 C) 15 D) 20 Which of the following are included in Larry Downes three new forces model? A) "Dedication, operation, and implementation" B) "Digitalization, globalization, and deregulation" C) "Information, communication, and adaptation" D) "Penetration, diversification, and representation" Based on the BCG matrix method, a product or service in the Cash Cow quadrant is characterized by which of the following? A) High market growth and high relative market share B) Low market growth and high relative market share C) High market growth and low relative market share D) Low market growth and low relative market share True or false: Cephalopodia, a company that makes octopus figurines and plush toys, decides to set an annual objective to increase its profits by 12 percent by the end of the fiscal year. To achieve this company objective, recruiting new distribution partners to expand coverage to new major markets would be a better choice than increasing the prices of the products. False True or false: It is usually better to check the impact of a marketing plan after its implementation to identify points of confusion than to spend time identifying them before implementation. False The company profile in a marketing plan does which of the following? A) Gives basic information about the organization, its offerings, and competitive set B) Analyzes the external marketing environment and the internal company environment C) Discusses key questions that need to be answered and the information needed to answer them D) Profiles the primary buyers the marketing plan targets and the factors that impact their choices A marketing plans budget should include a list of _____ required for executing the plan. A) personnel B) products C) resources D) risks The marketing plan acts as a mechanism to _____ other functions and to check for alignment. A) support B) regulate C) interfere with D) communicate with The positioning and differentiation section of a marketing plan answers which of the following questions? A) What do you want to be known for? B) What organization are you marketing? C) How will you impact your target market? D) How will you demonstrate good corporate citizenship? True or false: In the B2B buying process, fewer levels of consideration, review, and approval are required for more expensive purchases, unlike in the consumer buying process. False Which of the following needs would be found in the lowest level of Maslow s Hierarchy? A) Acceptance B) Food C) Love D) Safety The buyer in a B2B sale writes the final order with the supplier at which stage of the process? A) Before the supplier selection B) Before the performance review C) Following the proposal solicitation D) Following the general need description In the black box model, the buyer s response to stimuli may be influenced by which internal factors? Select all that apply. - Beliefs and attitudes - Demographic factors - Methods of payment - Perceptions of the world True or false: Marketers rely on experiential learning when they use tactics such as customer testimonials, case studies, and blogger reviews to teach new customers through the experiences and opinions of others. False Practical, self-sufficient, like to work with their hands, value things with a functional purpose such as tools and utility vehicles, tend to hunt and fish more than the general population Makers Conventional; politically conservative; social lives revolve around family, church and career; work provides status, material success and sense of duty; tend to own swimming pools Achievers Young, enthusiastic, seek variety and excitement; into sports and social activities; spend money on fast food, clothes, movies, music; likely to have attended rock concert in past year Experiencers Money defines success; concerned about opinions of others; trying to find their place in life but may feel unsure of themselves; want to be stylish and own high-status possessions Strivers Successful, affluent, active, high self-esteem, interested in expressing themselves in different ways; often leaders yet seek new challenges; tendency for foreign travel, dinner parties and the arts Innovators Poor, elderly, low education, concerned about health, cautious; may feel resigned and passive about life; worried about security and safety; may not buy much but are loyal to their favorite brands Survivors Conventional, conservative, predictable; strong, fixed beliefs and rules of conduct about church, family, community and nation; modest incomes and education but sufficient to meet their needs Believers Mature, reflective; well-educated, well-informed and value knowledge; professional occupations; while respecting order, also open to new ideas and change in society; want durability and functionality in what they buy Thinkers Once a target segment has been established, the next step is determining the appropriate strategy for communicating with the segment. Which of the following methods can be used to accomplish this? Select all that apply. - Differentiated marketing - Macro marketing - Mass marketing - Niche marketing Once a target market is defined, further delineation comes in the form of segmentation. Successful segmentation will answer which of the following questions? Select all that apply. - To whom should I be marketing? - Which competitor is likely to be an obstacle? - Why should I market to this group over another? - How can I reach my target group most effectively? Geographic segmentation is considered the _____ consumer segmentation category. Select all that apply. - oldest - most accurate - most complete - least wasteful True or False: The target market should include only those segments of a market that are both profitable to serve and likely to be receptive to the products a company provides. True _____ is the unique combination of product, promotion, place, and price designed expressly to fit a designated market segment. A) Marketing mix B) Market grouping C) Group mix D) Individual marketing A perceptual map is a good tool to use in which step of the positioning process? A) Defining the positioning strategy B) Choosing competitive advantages C) Identifying competitive advantages D) Communicating the positioning strategy Peter is starting a grocery delivery service. After doing some research, he finds that no other services of the type exist in his area but that he may have trouble convincing his customers to pay him to buy their groceries instead of doing it themselves. As a result, he decides to position his service as a timesaving convenience. In doing so, his main competitive advantage involves _____. A) benefits B) features C) price D) quality True or false: A catchy, memorable positioning statement will take hold in the minds of consumers; therefore, it might be effective even if it is not credible and convincing. False Marketers often use perceptual maps to identify areas of the market in which there are _____. A) few competitors B) more distributors C) opportunities for growth D) better customer perceptions The repositioning process involves changing the market s _____ so that a product or service can continue to compete effectively in the market. A) comosition B) environment C) perception D) trends True or False: It is necessary for firms to conduct market segmentation because in most cases, buyers of a product or service are not one homogenous group. True True or False: In consumer marketing, it is not difficult to find examples of undifferentiated approaches, as is the case with salt products. False This type of behavioral segmentation focuses on analyzing occasions when consumers might purchase or consume a product; as in gift-giving, regular occasions or special occasions: A) Buyer readiness stage B) Usage rate/ purchase frequency C) Purchase/Usage occasion D) Benefits sought True or False: The process of gathering and interpreting information relating to your product, its competitors and the users is known as Market research. True _____________assumes that consumers with similar age, occupation, social class will exhibit similar purchasing patterns, motivations, interests and lifestyles and that these characteristics will translate into similar product/brand preferences. A) Geographic segmentation B) Psychographic segmentation C) Demographic segmentation D) Geo-demographic segmentation Lauren, a freelance marketing professional, has been hired by a small coffee shop to retool its marketing campaign. When formulating a plan for her market research, what is the first question Lauren might ask? A) How much do the current customers of this coffee shop spend there on average? B) How do we get more customers to visit this coffee shop and spend more money there? C) Who is the target customer base for this coffee shop, and what types of people are they? D) What types of products that the shop does not offer would these customers be likely to buy? Internal data consists of information that companies _____. A) collect about their customers B) gather about their competitors C) store in databases for future reference D) use to determine faults in goods or services The first step in the marketing research process is to _____. A) develop a plan for how the research will be conducted B) define an organized and ordered set of research objectives C) clearly identify and define the problem the research is trying to solve D) review any existing research that provides insight about the problem True or false: It is a good idea for marketers to keep up with their competitors by reading competitors company websites, following them on social media, and monitoring press releases and other published content. True One reason why a marketing department may wisely choose not to carry out a market research project is that _____. A) sales are already sufficient B) the research cost may exceed its benefits C) the research scope may exceed its purpose D) completed research already exists on the subject A marketing firm is tasked with determining the target market for an artificial intelligence-based robot kit. Which market segment would they most likely consult first? A) Demographic B) Geographic C) Psychological D) Usage-level Through the use of the website www.mymms.com, M&M Candies gives customers complete control over their candy experience, from the creation of personalized messages to graphic content to color schemes. Known as _____ marketing, this type of delineation puts the customer in complete control of how they experience the M&M product line. A) individual B) local C) niche D) differentiated True or False: The target market should include only those segments of a market that are both profitable to serve and likely to be receptive to the products a company provides. True One example of this type of segmentation includes Generation Z, also known as centennials who were born between 1995 and 2015. A) Psychographic segmentation B) Demographic segmentation C) Lifestyle segmentation D) Behavior segmentation E) Generational segmentation Marketers often use the STP model when creating marketing communication plans. It helps marketers to prioritize propositions and then deliver relevant messages to engage with targeted audiences. What does the STP model stand for? A) Service-training-practice B) Segmentation-targeting-positioning C) Selection-timing- positioning D) Service level-training-priority Which of the following is an example of a positioning statements designed to position the product against a competitor: A) Toothpaste with whitening B) Dove is one quarter moisturizer C) Avis; we try harder D) Nestle a winter time beverage In terms of evaluating market segments, the firm must consider their own company objectives and resources. These include all of the following except: A) Is the segment aligned with our company's operating philosophy? B) Do we have the resources necessary to enter this market segments? C) Do we have the skills to enter this market segment successfully? D) How large is the market? A market must have two defining characteristics; it must have at least one seller and one buyer and ____________. A) It must be a defined physical space B) The buyer must have the willingness and the ability to make purchases to fulfill their needs C) The seller must be able to reach the target audience via social media. D) The buyer need only have a need for the product. Why is a regular infusion of fresh customer insights important for keeping customers? A) Consistency in a company s product line is important to all customers. B) Customers wants and needs change, and the competition changes as well. C) Customers want the companies they patronize to keep up with new technology. D) It is important to dedicate more resources to marketing than the competition does. True or false: To encourage a better reception of what the organization is learning from marketing information, at the end of a research study the marketing team should review the original problem that the study was conducted to solve. True When conducting primary research, it is critical that _____. - the right individuals are contacted - all response are examined for bias - proper scientific methods are used - only credible sources are consulted Investigating customers by using marketing information yields insights into the customers _____. Select all that apply. A) behaviors B) goals C) needs D) perceptions True or false: As marketers begin to apply research findings and recommendations, it is essential that they give the strategy some time before monitoring and evaluating its progress. False Changes in the market environment that might lead to the decision to reposition a product may include _____. A) a change in consumer confidence B) a change in consumer preferences C) a change in organizational leadership D) a change in competitive pricing strategy True or false: When evaluating a position strategy s implementation, it is more important to look at data and sales figures than at feedback from customers. False Matthew is developing a positioning strategy to market a new line of gardening tools. In the products positioning statement, Matthew claims that these tools are made from a space-age alloy that will make them last longer than any other brand of tools. When he includes this, he considers what his company will have to do to ensure that it delivers this promise. This is an example of taking _____ into consideration in positioning. A) attitudes B) outcomes C) place D) rank Beetle & Barley, which sells home furnishings, decides to position itself as offering trendy, fashionable furniture at reasonably low prices. Which of the following should Beetle & Barley do to differentiate itself from the competition? A) Buy its goods from discount suppliers B) Begin carrying clothing and personal items as well C) Refresh its selection of goods on a bimonthly basis D) Offer a level of personal service that other stores do not Item to match with applicable blend (tangible-intangible) : Canned soup A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Paper towels A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Restaurant Meal A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Steel pipe A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Satellite radio subscription A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Elbow surgery A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Hair styling A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Automobile tune up A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Massage therapy appointment A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Item to match with applicable blend (tangible-intangible) : Cell phone plan A) Mostly physical good emphasis B) Blend of physical good and service C) Mostly service emphasis Sabre vehicles solve the consumer's need for transportation to and from their destination. Core Product Sabre vehicles come with free XM radio and Wi-Fi for the first year. Augmented Product The metallic paint for use on each vehicle is formulated in house. Tangible Product Sabre ensures their vehicles are Guaranteed to be the "finest Vehicle on the road". Promised Product Sabre offers each car owner a 5 year extended warranty on all major components. Augmented Product Each Sabre vehicle is made in house and by hand. Tangible Product Sabre vehicle owners receive a quality product that is not only fun to drive but offers peace of mind for the driver. Promised Product In this stage of the product life cycle, sales volume peaks and market saturation is reached. A) Introduction B) Growth C) Maturity D) Decline In the new product development system, ________ is the final stage before commercialization. It represents an actual launching of the total marketing program but is done on a limited basis. A) Evaluation stage B) Test Marketing Phase C) Business Case analysis D) Technical and marketing development phase True or False: Brand is the sum of perceptions about a company or product in the minds of consumers. True In the _________stage of the product life cycle, the emphasis shifts from drawing in new customers to the market to capturing more of the existing market. The company may extend a product line or add new models that have greater appeal to a smaller segment of the market. A) Introduction B) Growth C) Maturity D) Decline Funeral services, encyclopedias, fire extinguishers and reference books fall into this product classification: A) Homogeneous Products B) Convenience products C) Specialty products D) Unsought products In the _______stage of the Product life cycle, costs begin to reduce due to economies of scale, you begin to make profits and competitors begin to enter the market.