Type
Quiz
Book Title
A Preface to Marketing Management 14th Edition
ISBN 13
978-0077861063

MGMT 603 Midterm 2

October 29, 2015
Which of the following factors is primarily concerned with how consumers perceive
various prices or price changes?
A. Environmental factors
B. Psychological factors
C. Demographic factors
D. Sociological factors
Answer:
_____ usually refers to a specific amount of monetary compensation at an agreed rate
for a definite time period.
A. Commission
B. Bonus
C. Salary
D. Employee stock option
Answer:
Which of the following is the best example of a modified rebuy?
A. A contractor buying concrete roof tiles from the same supplier for the roof of the
tenth house he is building
B. The production manager of an oil production plant buying a high-tech separator that
will improve the efficiency of the plant's processes by thirty percent
C. A supermarket manager reordering agricultural produce from the usual supplier
D. A company that manufactures computers switching to a new supplier that provides
an improved version of microprocessor chips
Answer:
After all objections of a sales prospect have been resolved, a salesperson must ask for
_____.
A. an action plan
B. inputs
C. commitment
D. feedback
Answer:
Which of the following is a benefit of mathematical modeling as a marketing research
method?
A. It generates a substantial number of ideas when compared with other methods.
B. It is involved in the analysis and interpretation of primary data exclusively.
C. It provides an efficient way to study problems with extremely large secondary data
sets.
D. It is ideal for investigating customer beliefs, attitudes, satisfaction, and other issues.
Answer:
Mark, an employee of Easel Co., an American-based multinational firm, was transferred
to Japan to oversee the operations there. He was surprised to find that the Japanese
employees only addressed their coworkers by their surnames and rarely made eye
contact with each other. Moreover, Mark found it difficult to acclimatize to the local
customs. Which of the following problems with entering a foreign market did Mark
face?
A. Legal risk
B. Political uncertainty
C. Economic risk
D. Cultural misunderstanding
Answer:
_____ are products that extend current product lines to current markets.
A. New-to-the-world products
B. New-to-the-firm products
C. Additions to existing product lines
D. Improvements and revisions of existing products
Answer:
The final step in controlling an implemented marketing plan is:
A. performing marketing tasks.
B. comparing results of the marketing plan with objectives.
C. measuring the results of the marketing plan.
D. deciding whether the marketing plan is achieving objectives.
Answer:
The reinforcement of unfavorable ethnic or racial stereotypes through mass media is a
legal concern directly associated with:
A. advertising
B. public relations
C. sales promotion
D. personal selling
Answer:
Which of the following research methods was primarily used in the customer
satisfaction measurement research?
A. Focus groups
B. Choice modeling
C. Fieldwork
D. Desk research
Answer:
As one of the marketing managers of a retail firm, Katie has to decide the size of the
advertising budget for a hair care product, which was a star performer last year but has
seen a considerable fall in its market shares recently. To address this problem, Katie
decides to implement discounting strategies and focus on short-term profits. Which of
the following is Katie's decision most likely to entail?
A. Cutting advertisement budgets to fund price promotions
B. Minimizing quarterly earnings
C. Viewing advertising as a nondiscretionary cost
D. Abstaining from raiding advertisement budgets to increase earnings
Answer:
Which of the following is the last stage of the organizational buying process?
A. Postpurchase evaluation
B. Organizational need assessment
C. Vendor analysis
D. Purchase activity
Answer:
Which of the following refers to the elapsed time between product definition and
product availability?
A. Scalability
B. Time to market
C. Cycle time
D. Information provision
Answer:
Which of the following is an example of a product development strategy?
A. A microprocessor manufacturing firm introduces a new microprocessor chip to
replace the older, slower version and markets it in its established markets.
B. McDuffy's fast food restaurant opens its first overseas restaurant, offering its original
menu of pizzas and pastas.
C. A carpet manufacturer operating in the U.S. introduces in India a new organic stain
remover designed to remove even the worst spills.
D. A beverage manufacturer decides to enter the retail industry by introducing a new
range of ethnic wear by capitalizing on the corporate image it has acquired as a
beverage manufacturer.
Answer:
In the context of global marketing research, which of the following can be assessed by
examining per capita national income, extent of available financing, and distribution of
income?
A. Culture
B. Ability to buy
C. Willingness to buy
D. Political conditions
Answer:
Which of the following is true of the idea generation stage of the new product
development process?
A. The role of the top management of an organization is insignificant at this stage of the
new product development process.
B. New product ideas at this stage of the new product development process have a low
mortality rate.
C. Ideas are the raw materials for product development, and the whole planning process
depends on the quality of idea generation.
D. It is the most expensive stage of the new product development process in terms of
investments in funds, time, and personnel.
Answer:
Which of the following is the last stage in the sales relationship-building process?
A. Responding to objections
B. Obtaining commitment
C. Building a long-term relationship
D. Prospecting
Answer:
Alice Inc., an American firm, signed a contract with an Indian retailer to sell its latest
range of furniture. The furniture was priced high due a misjudgment on Indians'
preferences and buying power. Consequently, sales were below expectations. We can
infer that Alice Inc. did not succeed due to _____ conditions in India.
A. political
B. legal
C. cultural
D. economic
Answer:
Most foreign nations do not include an income question on their census while others
omit such items as marital status or education levels. What problem is the market
researcher encountering here?
A. Language
B. Timeliness
C. Data content
D. Availability in the United States
Answer:
Ursula, a conventional advertising manager, allocates a sizeable amount of funds
toward advertising budgets. She is primarily concerned with the sales figures at the end
of every quarter and calculates return on investment for her company's product
portfolio. Based on these characteristics, which of the following approaches to
advertising does Ursula follow?
A. The generalist viewpoint
B. The specialist viewpoint
C. The consumer attrition perspective
D. The marketing management approach
Answer:
The management of Neptune Services Inc. is analyzing the different types of incentives
it could offer its sales force for better productive outcomes and for the expansion of the
company at large. It therefore decides to introduce fringe benefits and education
allowances as part of its incentive plan. These two measures taken by the company are
most likely to result in:
A. full-line balanced selling and an increase in customer turnover.
B. improved service of existing customers and larger average orders.
C. a reduction in selling costs and an increase in the number of sales calls.
D. improved market penetration and lesser sales volume.
Answer:
Bonuses, meetings, and portfolios are examples of sales promotion activities primarily
aimed at:
A. middlemen.
B. a company's own sales force.
C. retailers.
D. final consumers.
Answer:
In personal selling, a persuasion objective of the sales force is to:
A. install a product or service that exceeds customer expectations.
B. convert first-time customers into repeat purchasers.
C. reassure product or service superiority through demonstrable actions.
D. follow up immediately with calls and visits to address unresolved concerns.
Answer:
Lana bought a microwave oven from Empress Inc. When she reached home, she
realized that there was a defect in the piece. Subsequently, she returned to the store and
made a complaint to the sales manager. He noted the complaint and apologized for the
inconvenience. He also assured her that he would replace her product at the earliest.
Based on this evidence, it can be concluded that the sales manager possessed the service
quality of _____.
A. empathy
B. tangibility
C. uniformity
D. responsiveness
Answer:
In the context of product considerations in pricing, a(n) _____ is an approach to pricing
in which a seller charges a relatively low price on a new product and is used when
demand for the product is, at least in the short run, price elastic.
A. going rate policy
B. markdown policy
C. penetration policy
D. skimming policy
Answer:

Subscribe Now

Sign up to view full document

View Document