Business 530 - Marketing Management » Winter 2023 » Midterm Exam
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Question #1
The marketing framework can be used when one is _____.
A.
working on a case for class
B.
buying a car
C.
trying to decide where to eat lunch
D.
doing taxes
Question #2
Direct-to-consumer ads are not used to market pharmaceutical drugs because it is unlikely patients will ask their doctor for a particular brand name.
A.
TRUE
B.
FALSE
Question #3
Marketing should be understood at both the strategic and conceptual levels as well as at the _____.
A.
tactical, hands-on level
B.
psychological level
C.
virtual level
D.
lower level
Question #4
Marketers typically classify customers by __________ a given purchase.
A.
how much they care about
B.
how much they spend on
C.
their perception of
D.
how much they think about
Question #5
During higher-involvement purchases, we would expect customers to be more price sensitive.
A.
TRUE
B.
FALSE
Question #6
Which of the following is an example of stage 4 of classical conditioning?
A.
A food bowl placed in front of a dog naturally elicits its drool.
B.
A bell rung in front of the dog elicits drool.
C.
A bell rung while a food bowl is simultaneously placed in front of the dog elicits drool.
D.
A bell rung in front of the dog initially elicits no response.
Question #7
A customer loyalty program for high-involvement products would take the form of ___________.
A.
buy one, get one free
B.
brand communities
C.
price discounts
D.
giveaways
Question #8
Empty nesters tend to start dreaming of spending their greater discretionary income on _______.
A.
higher education
B.
music and movies
C.
travel and hobbies
D.
furniture and remodeling
Question #9
Which of the following is a geographic factor?
A.
Market size
B.
Media
C.
Income
D.
Price
Question #10
A service called Prizm posits that MBAs who live in New York have a lot more in common with their counterparts in London, Saö Paulo, and Tokyo, than they do with their neighbors in New York who are relatively less educated or wealthy. Which of the following factors are combined in this example?
A.
Geographic and demographic
B.
Psychological and behavioral
C.
Geographic and psychological
D.
Psychological and demographic
Question #11
An increasingly popular means of using co-purchasing patterns to generate cross-selling suggestions are online stores' recommendation agents.
A.
TRUE
B.
FALSE
Question #12
A lot of estimates go into the final calculation to determine market size, and each component needs to be as precise as possible. Otherwise, the errors in the estimation get compounded.
A.
TRUE
B.
FALSE
Question #13
The market for video games looks great, but your company only knows how to make thumb drives. This scenario is associated with which of the following quadrant in a SWOT analysis?
A.
Lower left
B.
Lower right
C.
Upper right
D.
Upper left
Question #14
Most markets are comprised of customers whose tastes are very similar.
A.
TRUE
B.
FALSE
Question #15
Company XYZ is working on a marketing strategy for a new oral hygiene product and just discovered that XYZ's biggest competitor is launching a very similar product a month later. A SWOT analysis can help the company determine if this is an opportunity or a threat.
A.
FALSE
B.
TRUE
Question #16
Alexis is in charge of designing a new product for her company. The research data she collected suggests the benefits to her target segment will be minimal. Based on this information, Alexis will have a difficult time positioning this new product.
A.
TRUE
B.
FALSE
Question #17
Which of the following positioning combinations makes the most sense?
A.
Low price, high quality, exclusive availability, light promotions
B.
Low price, low quality, widely available, heavy promotions
C.
High price, low quality, exclusive availability, heavy promotions
D.
Low price, low quality, exclusive availability, heavy promotions
Question #18
Marketers and senior managers like to see graphical depictions of where their brands and their competitors' brands are in their customers' minds. What are these called?
A.
Genograms
B.
Position charts
C.
Histograms
D.
Perceptual maps
Question #19
In marketing, USP stands for unique strategic position.
A.
TRUE
B.
FALSE
Question #20
Goods are dominated by credence and experience qualities, and services are mostly comprised of experience and search qualities.
A.
TRUE
B.
FALSE
Question #21
Which of the following is the general term used to describe both goods and services?
A.
Price
B.
Promotion
C.
Product
D.
Place
Question #22
Services can be ______.
A.
easier to price than goods
B.
produced and consumed simultaneously
C.
inventoried
D.
manufactured
Question #23
An example of a tangible purchase is ______.
A.
the symphony
B.
financial services
C.
consulting advice
D.
clothing
Question #24
Logos are shapes and symbols associated with a brand and become shorthand for the brand itself.
A.
FALSE
B.
TRUE
Question #25
Titleist Golf produces many major brands that all have their own brand name (ex., Titleist, Footjoy, Staysoft, Long Drive, etc.). This is a house of brands approach to brand naming,
A.
FALSE
B.
TRUE
Question #26
Anne and Tao lead the product development team for a national GPS system manufacturer. In reviewing customer satisfaction survey results, they find that product reliability is one of their customers’ biggest complaints. From a marketing perspective, reliability in a product means
A.
the prestige of the product bolsters the consumer's self-image.
B.
maintenance and repair costs are high.
C.
the product will perform to quality standards.
D.
it is expensive to own one.
Question #27
A brand association network shows the connections people make to a brand.
A.
FALSE
B.
TRUE
Question #28
Saying, “Okay, maybe some ideas are in fact bad ideas” corresponds to which step in the process of creating new products?
A.
Concept testing
B.
Design development
C.
Brainstorming meetings
D.
In-house winnowing and refinement
Question #29
Sales are low and slow in the early phases because distribution is limited.
A.
TRUE
B.
FALSE
Question #30
During which of the following stages in the product life cycle is a new product (good or service) brought into the marketplace with heavy marketing spending?
A.
Market growth
B.
Market introduction
C.
Maturity
D.
Decline
Question #31
Change in the market is always occurring.
A.
TRUE
B.
FALSE
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