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Marketing Concepts and Strategies: A Comprehensive Assessment

Comprehensive assessment of marketing concepts.

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    Marketing Concepts and Strategies: A Comprehensive Assessment 1) Total customer satisfaction is the general feeling of pleasure or disappointment that results from comparing perceived performance to expectations. To achieve total customer satisfaction, organizations need to_____________. A. Lower prices B. Spend more money C. Lower expectations D. Develop marketing campaigns E. Manage customer experiences 2) ________ consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. A. A marketing database B. A marketing research system C. A promotional campaign D. A marketing information system E. A marketing intelligence system 3) A company can take several steps to improve the quality of its marketing intelligence. If the company purchases competitive products for study, attends open houses and trade shows, and reads competitors’ published reports and stockholder information, the company is using ________ to improve the quality of its marketing intelligence. A. customer feedback systems B. intermediaries C. advisory panels D. sales force surrogates E. external networks

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    4) A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. A. vertical system B. marketing information system C. marketing intelligence system D. marketing research system E. product management system 5) A(n) ________ is any good, service, or idea that is perceived by someone as new. A. creative product B. product C. new idea D. innovation 6) Most established companies focus on ________ when it comes to innovation. A. competitive innovation B. continuous innovation C. demand innovation D. incremental innovation E. everyday innovation 7) The value proposition consists of a cluster of benefits the company promises to deliver; it is A. business processes B. customer experience with the company C. customer expectations

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    D. Customer loyalty to the company E. total customer satisfaction 8) In ________ marketing, the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers. A. differentiated B. mass C. segmented D. group E. general 9) A firm has to consider many factors in setting its pricing policy. We list these as a six - step process. Which of the following is NOT one of these steps? A. Selecting a pricing method. B. Selecting the final price. C. Selecting the pricing objective. D. Researching reference prices in the target market. E. Determining demand. 10) ________ is the result of a concentrated effort by designers, engineers, and purchasing agents to reduce the product’s overall costs. A. Experience curve B. Least cost producer C. Target costing D. Learning curve 11) Which of the following types of marketing research firms would best be described as one that gathers consumer and trade information which they sell for a fee (e.g., Nielsen Media Research)? A. Non - profit marketing research firms

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    B. General - line marketing research firms C. Syndicated - service research firms D. Specialty - line marketing research firms E. Custom marketing research firms 12) With respect to the sampling plan, three decisions must be made. The decisions are: the sampling unit — who is to be surveyed? Sample size — how many people should be surveyed? And ________. A. sample supervisor — who will lead the sampling effort? B. sampling procedure — how should the respondents be chosen? C. surveyor skill — who will do the surveying? D. sample security — how to protect the sample data? E. sample cost — how much does sampling cost? 13) A marketing manager needs to know the cost of the research project before approving it. During which step in the marketing research process would such a consideration most likely take place? A. Step 3 — information collection B. Step 2 — develop the research plan. C. Step 1 — creating decision alternatives. D. Step 1 — drafting the research objectives. E. Step 1 — defining the problem. 14) To reach Generation Y, rock band Foo Fighters created a digital street team that sends targeted e - mail messages to members who “get the latest news, exclusive audio/video sneak previews, tons of chances to win great Foo Fighters prizes, and become part of the Foo Fighters Family.” Which of the following techniques for reaching Generation Y are the Foo Fighters using? A. Online buzz B. Computer games C. Unconventional sports

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    D. Cool events E. Student ambassadors 15) A company can add new products through acquisition or development. The acquisition route can take three forms. The company can buy other companies, it can acquire patents from other companies, or it can buy a ________ or _________ from another company. A. franchise/acquire rights B. franchise/co - brand C. license/receive permission D. license/franchise 16) The chief disadvantage to a firm that decides to follow a product specialization strategy in selecting target markets is ________. A. e - commerce becomes difficult for the company B. competitors can easily copy any new product introductions C. logistics can become a nightmare D. the product may be supplanted by an entirely new technology E. no synergy exists 17) “Power prices” use price as a key strategic tool. These “power prices” have discovered the highly ________ effect of price on the bottom line. A. soothing B. direct C. abrasive D. leveraged E. dramatic

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    18) Following the ________ approach to target market selection encompasses a strong knowledge of the segment’s needs, a strong market presence, and operating economies through specializing in production, distribution, and promotion. A. full market coverage B. product specialization C. selective specialization D. single - segment concentration E. market specialization 19) Major retailer types include the following EXCEPT ________. A. superstore B. catalog showroom C. discount store D. specialty store E. the Internet 20) ________ communicates a company’s intended value positioning of its product or brand to the market. A. Physical evidence B. Place C. Price D. Packaging E. Promotion 21) Price has operated as the major determinant of buyer choice among poorer nations, among poorer groups, and with ________ products. A. commodity - type

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    B. over the Internet C. similar D. identical 22) The marketing communications mix consists of six major modes of communications. Which of the following is NOT one of these modes? A. Advertising B. Sales promotions C. Direct marketing D. Personal selling E. Packaging 23) Some intermediaries use the following: strategic planning, advanced information systems, sophisticated marketing tools, measure performance on a return - on - investment basis, segment their markets, improve their target marketing and positioning, and ________. A. aggressively pursue market expansion and diversification strategies B. aggressively pursue take over strategies C. aggressively “squeeze” manufacturer margins D. contend with dwindling customer bases E. dominant the manufacturers they do business with 24) Which of the following statements about leadership is true? A. Nonsanctioned leadership is as important as or more important than formal influence. B. managers are leaders. C. Formal rights enable managers to lead effectively. D. leaders are managers. E. leaders are hierarchically superior to followers.

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    25) The traditional view of conflict is the belief that conflict is _____. A. neutral B. necessary C. natural D. harmful E. situationally - dependent 26) Negotiation can be defined as a process in which two or more parties exchange goods or services and attempt to agree upon _____. A. effective arbitrators for disputes B. the exchange rate for those goods and services C. a model of the negotiation process for resolving differences D. the monetary value of the exchanged items E. acceptable bargaining strategies for obtaining the goods and services 27) Which of the following statements best defines a work group? A. A work group consists of 3 or more people from across departmental or functional lines. B. The performance of a work group is generally greater than the sum of its inputs from individual members. C. A work group consists of 3 or more people who take on self - supervising responsibilities. D. A work group is a group comprised of 10 or more people E. A work group interacts primarily to share information, rather than to engage in work that requires joint effort. 28) John Kotter’s view argues that management focuses on coping with complexity, whereas leadership focuses on coping with _____. A. morale

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