Operational excellence refers to companies that ________.

MARKETING MANAGEMENT

SPRING 2018 - MID TERM EXAM

Instructions:

1. As a reply email list the answers 1-50 and your letter answers.

2. Send the email with your answers before Sunday March 18

th @ 11:59 pm eastern time.

3. This is an open note, open book exam. You may not collaborate with anyone.

1. If you ask the average person, “What is marketing?” you might hear something like, “Marketers make people

buy stuff they don’t need and can’t afford.”

a. True

b. False

2. John just purchased a new Honda Civic from the local Honda dealership. Even though John was happy and

Honda made a profit, this was not a symbiotic relationship.

a. True

b. False

3. Marketers try to figure out what __________ want and then they try to figure out how to provide it and make

money doing so.

a. business owners

b. customers

c. advertisers

d. companies

4. Marketers help/work with all of the following EXCEPT:

a. athletes

b. hotels

c. department stores

d. pets

5. Marketing is thought to be evidence of an evolved ____.

a. society

b. business

c. customer

d. market

6. Advertising's goal is to enhance _____.

a. brand image

b. profit

c. marketing

d. purchases

7. What is one of the largest factors stressing out marketers these days?

a. the pressure increase stock price

b. the pressure to prove they are valuable

c. the pressure to show results

d. the pressure to produce more money than R&D

8. A company’s marketing executives should assess the _____ in terms of a general analysis of a business

problem or opportunity the company is facing.

a. business situation

b. 5Cs

c. STP

d. ARA

9. Fundamentally, the best marketers put themselves in the place of their _____.

a. company

b. customers

c. competitors

d. Friends

10. The pre-purchase phase includes identifying the need or want, searching possible solutions, and building a

consideration set.

a. True

b. False

11. During the ____ phase of the purchase process, the customer identifies that something is lacking.

a. purchase

b. pre-purchase

c. post purchase

d. preliminary

12. During the purchase phase for a new computer, Larry creates a _____ that includes Apple’s Macbook Pro

and Microsoft’s Windows 7, but does not include Linux systems.

a. mindset

b. purchase set

c. consideration set

d. list

13. Which phase of the purchase process generates word of mouth?

a. customer evaluation

b. pre-purchase

c. purchase

d. post-purchase

14. Whether the buyer is a consumer or a business, the buying process is ____.

a. consistent

b. inconsistent

c. exhausting

d. simple

15. A ____ item is something that is purchased without much thought before the purchase.

a. quick

b. specialty

c. convenience

d. shopping

16. Company ABC is interested in better understanding how different groups of customers feel about its

product. In order to do this, Company ABC will need to _____.

a. position its product in the market

b. segment the market

c. mass market

d. target market

17. Considering a continuum from “mass marketing” to “one-to-one marketing,” market segmentation is

________.

a. very close to “mass marketing”

b. very close to “one-to-one marketing”

c. in the middle

d. on a different continuum

18. As segments increase in size, it becomes _______ to satisfy them with the same

19. _______ means that all customers are treated the same. This approach might sound attractive because it

simplifies the marketing task, but it is usually unrealistic because customers differ.

a. One-to-one marketing

b. Gender marketing

c. Group marketing

d. Mass marketing

20. __________ means that each customer serves as his or her own segment. This approach sounds appealing

from the customer point of view because the product would be tailored specially for each person’s idiosyncratic

desires.

a. Geographic marketing

b. One-to-one marketing

c. Mass marketing

d. Psychological marketing

21. The contrast between mass marketing and one-to-one marketing illustrates that segments become more

_______ as they increase in size.

a. heterogeneous

b. favorable

c. homogeneous

d. unfavorable

22. There are two perspectives in assessing the attractiveness of each segment in terms of its potential for our

targeting, and it is extremely important to consider only one of these.

a. True

b. False

23. The idea of targeting is merely one of __________.

a. surveying

b. assessing

c. analysis

d. selection

24. Which of the following questions characterizes targeting?

a. How can we identify segments?

b. Why should we segment?

c. Which segments do we want to be our customers?

d. Which segment is the biggest?

25. Company ABC operates a nail salon that specializes in artificial nails. It has two primary ______, women

who get their nails done infrequently (i.e., once or twice per year), and women who continuously wear fake

nails.

a. segments

b. positionings

c. levels of awareness

d. market sizes

26. Marketers try to serve the segments whose needs match their _______, and in doing so hope to make very

happy and loyal customers who will be very profitable.

a. abilities to deliver

b. opportunities

c. financial resources

d. targets

27. Which of the following positioning combinations makes the most sense?

a. low price, low quality, exclusive availability, heavy promotions

b. high price, low quality, exclusive availability, heavy promotions

c. low price, high quality, exclusive availability, light promotions

d. low price, low quality, widely available, heavy promotions

28. Which of the following is NOT one of three basic corporate strategies for creating value and achieving

market stature?

a. operational excellence

b. product leadership

c. quality placement

d. customer intimacy

29. Operational excellence refers to companies that ________.

a. are good at production, delivery, price, and convenience

b. pride themselves on quality and innovation

c. are willing to tailor their products to particular customer needs

d. are expensive but is expected to pay off in long-term loyalty and enhanced customer lifetime value

30. Product leadership refers to companies that ______.

a. are good at production and delivery, and price and convenience

b. are expensive but is expected to pay off in long-term loyalty and enhanced customer lifetime value

c. pride themselves on quality and innovation

d. are willing to tailor their products to particular customer needs

31. Customer intimacy refers to companies that ______.

a. pride themselves on quality and innovation

b. are willing to tailor their products to particular customer needs

c. target and position themselves high in the market

d. are good at production and delivery, and price and convenience

32. Marketer 1 is marketing soft pretzels. Marketer 2 is marketing for a local amusement park. Why might their

strategies differ?

a. They don’t, their strategies would be the same.

b. Marketer 1 has a tangible product, white marketer 2 has an intangible product.

c. Marketer 1 would focus more on price than marketer 2.

d. Marketer 2 would focus more on promotion than marketer 1.

33. An example of a tangible purchase is _______.

a. consulting advice

b. the symphony

c. financial services

d. clothing

34. Which of the following is an example of “experience marketing”?

a. Starbucks

b. Cirque du Soleil

c. financial services

d. clothing

35. Some brands are closely associated with colors.

a. True

b. False

36. Which is not a quality associated with the brand name under the company’s control?

a. product shape

b. customer feedback

c. packaging

d. logo

37. Companies build associations to their brands through _____.

a. classical conditioning

b. operant conditioning

c. learning

d. behavioral studies

38. Which of the following brand names lacks an inherent meaning?

a. Coca-Cola

b. Nike

c. Trump Towers

d. Geek Squad

39. Which is not true about firms and brands named after the founder?

a. They tend to have no inherent meaning.

b. They show little creativity in marketing.

c. Customers can easily identify the name and products.

d. They serve primarily as an ego trip for the founders.

40. ABC Company is entering a new international market and has decided to enter the market under a different

brand name. The selected brand name should not ______.

a. engage the customer verbally

b. bring certain connotations to mind

c. engage the customer sensually

d. disregard cultural meanings

41. Companies who survive for decades need to _____ their logos.

a. colorize

b. keep

c. adapt

d. simplify

42. Change is not fun.

a. True

b. False

43. The process of developing new products depends first on a company’s __________.

a. bottom line

b. size

c. location

d. culture

44. A _________ approach is found frequently among companies with strong engineering orientations,

pharmaceutical and biomedical firms, financial services, and many high-technology companies.

a. bottom-up

b. top-down

c. upward

d. downward

45. Top down is also called ________ because the idea comes from within the company, and then feedback

from the outside is sought later in the process.

a. inside out

b. outside in

c. long term

d. short term

46. The opposite of a top-down approach is usually called ___________.

a. outside-in

b. inside-out

c. co-creation

d. bottom-up

47. The four P’s of marketing are product, price, place, promotion, and principles.

a. TRUE

b. FALSE

48. A product can be a good or a service

a. TRUE

b. FALSE

49. The four P’s of marketing do not include _____________.

a. Promotion

b. Production

c. Place

d. Product

50. The four P’s of marketing do include __________.

a. pickles

b. peppers

c. pottery

d. products