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Devry BUSN319 Final Exam August 2015

Final exam covering key business and marketing principles.

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    Devry BUSN319 F inal E xam A ugust 2015 Question Question 1.1. (TCO 4) Three commonly used methods of evaluating marketing programs are marketing metrics, marketing dashboards, and (Points : 5) marginal analysis. marketing audits. marketing ROI. marginal analysis. marketing control boards. Question 2.2. (TCO 1) Ideally in effective marketing planning, goals should be _____ in terms of what is to be accomplished and when. (Points : 5) loose and vague as general as possible flexible or elastic quantified and measurable None of the above Question 3.3. (TCO 3) Which marketing strategy focuses on a single market segment but adds additional product lines? (Points : 5) Full coverage Market specialization Product specialization Selective specialization Market - product concentration Question 4.4. (TCO 1) Based on relative competitive scope (broad target to narrow target) and source of competitive advantage (lower cost to differentiation), Porter's four generic business strategies are differentiation, cost focus, differentiation focus, and (Points : 5) exclusivity. electronic - focus. quality focus. cost leadership. service leadership. Question 5.5. (TCO 1) Step 3 in the planning phase of the strategic marketing process is (Points : 5) the situation analysis. the market - product focus and goal setting.

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    the marketing program. implementation. obtaining resources. Question 6.6. (TCO 1) The consumer products industry is one with several large competitors, soaring raw materials prices, and strong demands from powerful retailers for lower prices. As a result, Colgate - Palmolive Co. and Unilever Group, the makers of products such as Colgate toothpaste and Ben & Jerry’s ice cream, both reduced their earnings forecasts. Yet Procter & Gamble, another consumer products company, did not. At P & G, innovation is a key attribute, allowing the company to update all 200 of its brands and to invent products, such as Crest Whitestrips, that consumers crave. P & G has also used its marketing know - how to develop unique product placements on television shows that highlight its brands. A SWOT analysis of this information for P & G would indicate that the overall industry situation is a _____, whereas the invention taking place at P & G is a _____. (Points : 5) strength; weakness weakness; threat threat; strength opportunity; threat opportunity; strength Question 7.7. (TCO 3) All of the following steps are part of the planning process used to develop an organization's advertising program, except (Points : 5) identify the target audience. specify the advertising objectives. write the advertising copy. calculate the marketing ROI. schedule the advertising program. Question 8.8. (TCO 2) The proper blend of elements in the promotional mix depends on the type of product. The three specific characteristics to be considered are complexity, _____, and ancillary services. (Points : 5) risk size durability accessibility acceptability Question 9.9. (TCO 4) At which stage in the product life cycle would your promotional objective be to persuade the consumer to buy the product rather than substitutes? (Points : 5) Introduction

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    Growth Incubation Decline Maturity Question 10.10. (TCO 2) The _____ can be used to inform prospective buyers about the benefits of the product. (Points : 5) SWOT analysis maturity stage marketing matrix promotional mix target audience Question 11.11. (TCO 7) Which of the following statements about the terms used for marketing intermediaries is true? (Points : 5) The most precise terms used to describe marketing intermediaries are dealer and distributor. A retailer sells to consumers. An agent has no legal authority to act on behalf of a manufacturer. A wholesaler is an intermediary who sells to consumers. Broker is a synonym for a dealer. Question 12.12. (TCO 7) Which of the following statements about the legal and regulatory aspect of pricing is true? (Points : 5) The Robinson - Patman Act deals with predatory pricing. The Consumer Goods Pricing Act is the only federal legislation that deals directly with pricing issues. The Sherman Act deals only with vertical price fixing. The Federal Trade Commission Act deals with predatory pricing, deceptive pricing, and geographical pricing issues. The Consumer Goods Pricing Act and the Robinson - Patman Act deal with price discrimination. Question 13.13. (TCO 2) Which of the following is not one of the six major pricing objectives? (Points : 5) Profit Unit volume Monopoly Survival Market share Question 14.14. (TCO 3) The ratio of _____ to price is called value. (Points : 5) perceived benefits

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    prestige value value - added pricing perceived revenue perceived costs Question 15.15. (TCO 6) Market segmentation involves aggregating prospective buyers into groups that will respond similarly to a marketing action and (Points : 5) will pay attention to marketing messages. have common needs. be responsive to marketing research. use the same payment methods. go shopping on a regular basis. Question 16.16. (TCO 5) Which of the following statements about environmental scanning is true? (Points : 5) Environmental scanning changes the marketing environment. Environmental scanning identifies and interprets potential trends. Environmental scanning is an annual event. Environmental scanning focuses primarily on geographical factors. All of the above Question 17.17. (TCO 1) The marketing department helps keep the organization focused on creating value both for it and for customers. This is accomplished by (Points : 5) listening to customers. developing offerings. producing offerings. implementing marketing program activities. All of the above Question 18.18. (TCO 1) Which of the following acts as a barrier to the development of relationship marketing? (Points : 5) The large number of one - to - one relationships that customers are asked to sustain The large number of products on the market The increasing number of retail stores that are closing The changing regulatory environment Diluted cultural diversity Question 19.19. (TCO 1) A local university in Lynchburg, VA offers an outstanding business school education. Cali pays the tuition to attend Daniels and earns her MBA with a concentration in supply chain management. Upon graduating, she is offered a high - paying, fulfilling position. Was this a marketing exchange? (Points : 5)

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