Business 530 - Marketing Management » Winter 2023 » Midterm Exam

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Question #1
The marketing framework can be used when one is _____.
A.   buying a car
B.   doing taxes
C.   trying to decide where to eat lunch
D.   working on a case for class
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.   lower level
B.   tactical, hands-on level
C.   psychological level
D.   virtual level
Question #4
Marketers typically classify customers by __________ a given purchase.
A.   how much they think about
B.   their perception of
C.   how much they care about
D.   how much they spend on
Question #5
During higher-involvement purchases, we would expect customers to be more price sensitive.
A.   FALSE
B.   TRUE
Question #6
Which of the following is an example of stage 4 of classical conditioning?
A.   A bell rung in front of the dog initially elicits no response.
B.   A food bowl placed in front of a dog naturally elicits its 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 elicits drool.
Question #7
A customer loyalty program for high-involvement products would take the form of ___________.
A.   giveaways
B.   brand communities
C.   price discounts
D.   buy one, get one free
Question #8
Empty nesters tend to start dreaming of spending their greater discretionary income on _______.
A.   furniture and remodeling
B.   travel and hobbies
C.   music and movies
D.   higher education
Question #9
Which of the following is a geographic factor?
A.   Income
B.   Price
C.   Media
D.   Market size
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.   Geographic and psychological
C.   Psychological and behavioral
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.   FALSE
B.   TRUE
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.   FALSE
B.   TRUE
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 left
D.   Upper right
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.   TRUE
B.   FALSE
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.   High price, low quality, exclusive availability, heavy promotions
B.   Low price, low quality, widely available, heavy promotions
C.   Low price, high quality, exclusive availability, light 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.   Perceptual maps
B.   Histograms
C.   Genograms
D.   Position charts
Question #19
In marketing, USP stands for unique strategic position.
A.   FALSE
B.   TRUE
Question #20
Goods are dominated by credence and experience qualities, and services are mostly comprised of experience and search qualities.
A.   FALSE
B.   TRUE
Question #21
Which of the following is the general term used to describe both goods and services?
A.   Promotion
B.   Place
C.   Price
D.   Product
Question #22
Services can be ______.
A.   manufactured
B.   easier to price than goods
C.   inventoried
D.   produced and consumed simultaneously
Question #23
An example of a tangible purchase is ______.
A.   clothing
B.   the symphony
C.   financial services
D.   consulting advice
Question #24
Logos are shapes and symbols associated with a brand and become shorthand for the brand itself.
A.   TRUE
B.   FALSE
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.   it is expensive to own one.
B.   the prestige of the product bolsters the consumer's self-image.
C.   the product will perform to quality standards.
D.   maintenance and repair costs are high.
Question #27
A brand association network shows the connections people make to a brand.
A.   TRUE
B.   FALSE
Question #28
Saying, “Okay, maybe some ideas are in fact bad ideas” corresponds to which step in the process of creating new products?
A.   Design development
B.   Concept testing
C.   In-house winnowing and refinement
D.   Brainstorming meetings
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.   Decline
C.   Market introduction
D.   Maturity
Question #31
Change in the market is always occurring.
A.   TRUE
B.   FALSE

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