Chinese midterm

Országok listájaHungaryBudapesti Corvinus EgyetemGazdálkodástudományi KarNemzetközi gazdálkodás (angol nyelven)MarketingChinese midterm

MAR370 Midterm Exam (Version A) Name ___________________________________

TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) As an employee of Bonkers Enterprises, you market wild and crazy games for teens to play at parties. You work in the business market. 2) When an organization identifies and develops new markets for its current products and services, it is engaged in market development. 3) It is important to note that data age quickly, and keeping the database current requires a major effort. 4) The decider is the person in the purchase decision process who controls the flow of information to others involved. 5) Marketing management is not always interested in serving every customer in every way to remain competitive in today's markets. 6) Although products that remain in the maturity stage of the PLC seem unchanged, the most successful ones actually evolve to meet changing consumer needs. 7) Service inseparability means that services cannot be separated from their providers, whether the providers are people or machines. ESSAY. Write your answer in the space provided or on a separate sheet of paper. 8) Rather than following an undifferentiated strategy, what advantages are gained by segmenting a market? 9) Explain Maslow's needs hierarchy. 10) Explain the impact of the baby boomers, Generation X, and Generation Y on today's marketing strategies. 11) Briefly describe the steps in the new-product development process. 12) What is the key to lasting customer relationships? How is this linked to higher lifetime value and increased customer equity? 13) A very high percentage of new products fail. Offer a discussion of several reason why this is the case. 1)

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Name ___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 14) Jim Chung strengthens his company's connections with partners, including raw materials and component producers as well as the wholesalers and retailers who carry his company's products. What type of management is he using? A) outside partnering B) channeling C) mentoring D) supplier connecting E) supply chain 15) This group of buyers' shares a particular need or want that can be satisfied through exchange relationships. A) buying group B) segment C) market D) target market E) A and C 16) A buyer's decisions are influenced by personal characteristics such as all of the following EXCEPT ________. A) the buyer's age B) the buyer's life-cycle stage C) the buyer's economic situation D) the buyer's age at retirement E) the buyer's occupation 17) The research plan outlines sources of existing data and spells out the specific research approaches, contact methods, ________, and instruments that researchers will use to gather new data. A) personnel B) budget requirements C) sampling plans D) all of the above E) none of the above 18) The three largest age groups in America are the baby boomers, Generation X, and ________. A) infants B) teens C) seniors D) Generation Y E) toddlers 19) What do companies call a set of benefits that they promise to consumers to satisfy their needs? A) market offering B) value proposition C) evoked set D) demand satisfaction E) need proposition 14)

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Name ___________________________________ 20) What best describes the type of data readily available to both small organizations and large businesses with minimal effort? A) business B) the Internet C) primary D) census E) secondary 21) Consumer perceptions of the product's value set the ________. A) image B) floor C) variable cost D) demand curve E) ceiling 22) The simplest pricing method is ________. A) value-based pricing B) going-rate and sealed-bid pricing C) break-even analysis D) target profit pricing E) cost-plus pricing 23) Focus group interviewing is a major marketing research tool often used to gain insight into consumer thoughts and feelings. However, it is weak as a decision tool because the sample size is small, and it may be difficult to ________. A) find enough secondary data to support the findings B) orchestrate cooperation C) administer the questions D) find a representative sample E) generalize from the results 24) Mark Levin is starting a new skateboard sales business and is researching the factors and forces outside marketing that affect his ability to build and maintain successful relationships with target customers. What is Mark researching? A) the marketing environment B) target markets C) the marketing mix D) strategic planning E) none of the above 25) When your firm practices developing and maintaining a strategic fit between your organization's goals and capabilities, it is performing ________. A) tactical planning B) short-term planning C) values planning D) strategic planning E) operations planning

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Name ___________________________________ 26) Which of the following is often the hardest step in the marketing research process to take? A) defining the problem B) defining the problem and research objectives C) defining the research objectives D) researching a research agency to help E) C and D 27) A company's strategic business units (SBUS) include(s) ________. A) the company's mission B) the collection of businesses that make up the company C) the collection of products that make up the company D) core competencies E) the collection of businesses and products that make up the company 28) In general, a company should enter only segments in which it can ________ and ________. A) offer superior value; gain advantages over competitors B) gain advantages over competitors; get co-op advertising C) offer superior value; ship faster D) identify behaviors; understanding spending power E) offer lower prices; ship faster 29) For there to be an effective value chain, a company's marketing department should take the view of which of the following? A) other departments B) stockholders C) suppliers D) owners E) customers 30) Most large companies know they must now target specially designed ________ and ________ to ethnic groups in the United States. A) services; labeling B) products; promotions C) advertising; services D) services; promotions E) TV commercials; newspaper ads 31) New-product concepts are often tested with consumers before ________. A) developing them B) creating advertising and promotion C) attempting to turn them into a product D) pricing them E) commercializing them 32) One risk of ________ is that sales may come at the expense of other items in the line. It works best when it takes sales away from competing brands. A) line extension B) Internet marketing C) social marketing D) brand extension E) packaging Corvinus University of Budapest (International Studies Programme) - Page 4

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Name ___________________________________ 33) Opinion leaders are sometimes referred to as ________. A) the influentials B) the middle class C) the upper class D) buzz marketers E) none of the above 34) Purina Dog Food sells more than the same size store brand dog food even though the store brand dog food costs $0.50 less per bag. This is known as brand ________. A) specialty B) switching C) extension D) equity E) service 35) Your text pointed out that mission statements should be both realistic and ________. A) value laden B) short term C) long term D) unachievable E) specific 36) Why would In the Mood Music Distributors choose a sampling of its customers to research rather than all 1,500 of them? A) The customers may all be similar. B) Researching all of them is too time-consuming. C) Researching all of them can be too expensive. D) The sample can fairly represent the entire population. E) all of the above 37) The first idea-reducing stage in the new-product development process is ________. A) concept testing B) prototype production C) business analysis D) idea screening E) test marketing 38) Products and services fall into two broad classes based on the types of consumers that use them. Which is one of these broad classes? A) brand extension B) brand equity C) cohesive D) industrial products E) co-branding 39) ________ is one of the marketer's major positioning tools with a direct impact on product or service performance. It is closely tied to customer value and satisfaction. A) Specialty marketing B) Position marketing C) Packaging D) Social marketing E) Product quality

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Name ___________________________________ 40) Today the four Ps are compared to the four Cs. Product and place are called ________ and ________, respectively. A) communication; convenience B) customer cost; convenience C) communication; customer solution D) convenience; customer solution E) customer solution; convenience 41) Carville Communications is concerned about test marketing and the possible related problems. Such problems might include all of the following EXCEPT ________. A) it can take much time to test market B) people who are surveyed tend to tell less than the truth C) test marketing costs can be high D) it allows time for competition to spy and gain advantages E) C and D 42) The marketer wants to understand how the stimuli are changed into responses inside the consumer's ________, which has two parts. First, the buyer's characteristics influence how he or she perceives and reacts to the stimuli. Second, the buyer's decision process itself affects the buyer's behavior. A) social class B) belief C) culture D) black box E) lifestyle 43) On the Internet it is possible to purchase denim jeans manufactured to perfectly fit you. This practice is known as ________. A) micromarketing B) differentiated marketing C) mass marketing D) niche marketing E) none of the above 44) Many smaller companies pursue concentrated marketing because it offers the opportunity to compete by focusing their limited resources on serving niches that may be ________ or ________ larger companies. A) too small; undesirable to B) unimportant to; overlooked by C) unknown by; unwanted by D) unimportant to; unwanted by E) none of the above 45) How do customers learn about new products for the first time and make the initial decision to buy them? This process is referred to as the ________. A) adoption process B) variety-seeking buying behavior C) information search D) quality assessment E) new product recognition

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Name ___________________________________ 46) Knowledge of the price elasticity of demand for your product is helpful when setting a price. The less elastic the demand, the more it pays for the seller to ________. A) leave the price where it is B) discontinue the item C) drop the price D) raise the price E) bundle the product with another product 47) Most firms practice the selling concept when they face ________. A) marketing myopia B) fierce competition C) the sale of unsought goods D) a crisis E) a recession 48) What advantage(s) does test marketing offer the marketer? A) allows testing of positioning, advertising, distribution, and pricing B) provides experience before full introductions C) allows testing of the marketing program D) all of the above E) none of the above 49) A modern view of marketing is that it has evolved from merely selling products to ________. A) offering the widest selection B) making the best product C) satisfying customer needs D) satisfying customer wants E) producing the least expensive product 50) You have just created the "perfect" ad. It communicates a solid answer to the question, "Why should I buy your brand?" This full positioning is called ________. A) value proposition B) VALS C) value profiling D) AIDA E) capturing the consumers' attention 51) Why do profits increase during the growth stage of the PLC? A) Competition has not yet taken sales away. B) Promotion costs are spread over a large volume. C) Unit manufacturing costs fall. D) All of the above. E) None of the above. 52) The buyer decision process includes all of the following EXCEPT ________. A) need recognition B) purchase decision C) information search D) variety-seeking buying behavior E) none of the above

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Name ___________________________________ 53) In the past you have used both standard and controlled test markets and you now prefer the simulated approach. This approach offers all of the following advantages EXCEPT ________. A) the new service can be kept out of competitors' view B) they are fast C) it can be run in eight weeks D) the cost is usually less E) they are extremely accurate and reliable 54) During the implementation phase of marketing research for its clients, researchers will do all of the following EXCEPT ________. A) check the data for accuracy and completeness B) develop the specific questions C) analyze the data D) contact respondents E) tabulate the results 55) There are many misunderstandings about social class in the United States. Of the following statements, which is true regarding social class? A) Social classes show distinct product preferences in clothing and automobiles. B) Social class is determined primarily by income level. C) People are relegated to a permanent class layer in the United States. D) Wealth is more critical than education level in measuring social class. E) Lines between social classes in the United States are fixed and rigid. 56) A consumer organization, environmental group, or minority group has challenged your firm's stand on a local issue. This is an example of a ________ public. A) general B) media C) government D) local E) citizen-action 57) For the past 10 years Bill and Margaret Kennedy have saved money to go to the Super Bowl should their team, the Chicago Bears, ever win the NFC championship. This is the year, and several tour companies offer attractive packages to the game. They want to be certain to choose the best one. ________ is likely to occur. A) Brand personality B) Consumer market C) Complex buying behavior D) Dissonance-reducing buying behavior E) A or C 58) Segmenting voters as either democrats or republicans is an example of ________. A) psychographic segmentation B) occasion segmentation C) demographic segmentation D) intermarket segmentation E) an impossible task

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Name ___________________________________ 59) The ideal target market for a firm is the one in which it can profitably generate the greatest customer ________ and ________ it over time. A) value; sustain and grow B) loyalty; grow C) sales; sustain D) sales; keep E) satisfaction; spread 60) A product's benefits are communicated and delivered by ________ such as quality, features, and style and design. A) product mixes B) private brands C) product attributes D) consumer products E) none of the above 61) With concentrated marketing, the marketer goes after a ________ share of ________. A) large; the mass market B) small; a small market C) small; a large market D) large; one or a few niches E) none of the above 62) The major cultural values of a society are expressed in people's views of ________. A) everyday life B) organizations C) society D) the universe E) all of the above

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63) Assume a manufacturer with fixed costs of $100,000, a variable cost of $10, and expected sales of 63) 50,000 units wants to earn a 20 -percent markup on sales. What is the manufacturer's markup p price? A) $14 B) $15 C) $18.50 D) $18 E) none of the above 64) If Canon, a major producer of digital cameras follows a high-price, high-margin strategy, what will likely happen to other companies in its market? A) they will advertise less B) they will go out of business C) they will want to compete against Canon D) A or C E) none of the above 64)

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Name ___________________________________ 65) Altas Steel Corporation lacks the confidence, capital, and capacity to launch its new steel product into full national or international distribution. Even though test market results look promising, what will management's next step be? A) develop a prototype B) secure a loan to provide confidence, capital, and capacity C) seek the help of a nationally known consultant D) develop a planned market rollout over time E) retest the product in additional markets 66) After beginning with ________, research managers often follow with ________ research. A) exploratory; descriptive B) exploratory; causal C) descriptive; causal D) A and B E) all of the above SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 67) How does team-based new-product development enhance efficiency? 68) Give an example of the most basic level of product, the core benefit. 69) Briefly explain the following statement: "Too much information can be as harmful as too little." 70) Attitudes put people in a frame of mind of liking or disliking things, or moving toward or away from them. How might this affect buying behavior? 71) XYZ Computers, Inc., is a market nicher. How might XYZ benefit from this? 67) 68) 69)

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Answer Key Testname: MAR370 MIDTERM EXAM A - DRAFT

1) FALSE
Page Ref: 66 Topic:

2) TRUE
Page Ref: 43 Topic:

3) TRUE
Page Ref: 103 Topic:

4) FALSE
Page Ref: 166 Topic:

5) TRUE
Page Ref: 8 Topic:

6) TRUE
Page Ref: 270 Topic:

7) TRUE
Page Ref: 240 Topic:

8) By going after segments instead of the whole market, companies have a much better chance to deliver value to customers and to receive maximum rewards for close attention to customer needs. Businesses segment using variables of operating characteristics, purchasing approaches, situational factors, and personal characteristics.
Page Ref: 192 Topic:

9) Maslow suggested that our unfulfilled needs are enough to motivate us and that our needs are arranged in a hierarchy. The hierarchy of needs includes physiological, safety, social, self-esteem, and self-actualization. Maslow suggested that we fill the bottom-level, basic needs first before moving up the hierarchy.
Page Ref: 143 Topic:

10) The baby boomers earn more than half of all personal income; this group enjoys adventure vacations, providing Harley-Davidson and marketers of watercraft, for example, a huge target market. They are attracted to high-priced cars, health and fitness, and other luxuries. Generation X members carry a more cautious outlook and care about the environment and social responsibility; they are less materialistic than baby boomers. Generation Y members are children of the baby boomers. They buy designer clothes; they are brand conscious and highly computer literate. The demands of these population groups set marketing trends.
Page Ref: 69-71 Topic:

11) New product development starts with idea generation from internal and/or external sources. Next, the ideas must be reduced through idea screening. Once the new ideas are decided upon, the product concept must be developed and tested. A marketing strategy must be developed to introduce the product to the market. Once the product concept and marketing strategy are chosen, a business analysis is conducted to review the sales, costs, and profit projections to see if they will satisfy the company's objectives. A prototype will next be created in the product development stage. Test marketing will follow where the new product and its marketing program will be introduced into more realistic market settings. The last step is to launch or not launch the new product. If the company decides to launch the product, it will go ahead with the commercialization stage and later test its sales and profit results.
Page Ref: 254 Topic:

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Answer Key Testname: MAR370 MIDTERM EXAM A - DRAFT

12) The key to building lasting customer relationships is found in going beyond the basic level of satisfaction (meeting expectations) to the level of delighting the customer. This can be accomplished through judiciously selecting target customers (those you are better able to serve), shaping the customers' level of expectation (to increase your chance of surpassing it), and delivering a product of perceived high value. The result is increased customer loyalty, higher lifetime customer value, and increased customer equity.
Page Ref: 19 Topic:

13) Although an idea may be good, the market size may have been overestimated. The actual product was not designed as well as it should have been. It may have been incorrectly positioned in the market, priced too high, or advertised poorly. A high-level executive may push a favorite idea despite poor marketing research findings. Sometimes the costs of product development are higher than expected, and sometimes competitors fight back harder than expected.
Page Ref: 253 Topic:

14) E
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15) C
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16) D
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17) C
Page Ref: 101 Topic:

18) D
Page Ref: 69-71 Topic:

19) A
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20) E
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21) E
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22) E
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23) E
Page Ref: 106 Topic:

24) A
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25) D
Page Ref: 36 Topic:

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Answer Key Testname: MAR370 MIDTERM EXAM A - DRAFT

26) B
Page Ref: 101 Topic:

27) E
Page Ref: 39 Topic:

28) A
Page Ref: 195 Topic:

29) E
Page Ref: 45 Topic:

30) B
Page Ref: 75 Topic: AACSB: Diversity

31) C
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32) A
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33) A
Page Ref: 135 Topic:

34) D
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35) E
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36) D
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37) D
Page Ref: 256 Topic: AACSB: Communication

38) D
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39) E
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40) E
Page Ref: 51 Topic:

41) B
Page Ref: 260 Topic: AACSB: Ethics

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Answer Key Testname: MAR370 MIDTERM EXAM A - DRAFT

42) D
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43) A
Page Ref: 198 Topic: AACSB: Use of IT

44) B
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45) A
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46) D
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47) C
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48) D
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49) C
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50) A
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51) D
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52) D
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53) E
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54) B
Page Ref: 110 Topic:

55) A
Page Ref: 134 Topic: AACSB: Diversity

56) E
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57) D
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Answer Key Testname: MAR370 MIDTERM EXAM A - DRAFT

58) A
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59) A
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60) C
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61) D
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62) A
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63) B
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64) C
Page Ref: 299 Topic: AACSB: Use of IT

65) D
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66) D
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67) This team-based approach to product development allows cross-functional teams, comprised of people across numerous departments, to work on product development together; this allows the product-development process to avoid sending the product from department to department.
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68) Examples are numerous. A salon owner, providing similar services of a day spa, may focus on "pampering yourself in total relaxation."
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69) Too much information may prohibit the marketers from clearly applying the data/information to their objectives, or the excess information may lead the marketers to lose sight of the objectives.
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70) A digital camera buyer may hold attitudes such as "buy the best," and "the Japanese make the best electronic products." If so, the Nikon camera would fit well into the consumer's existing attitudes.
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71) XYZ Computers will have an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger competitors.
Page Ref: 197 Topic: AACSB: Use of IT

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