MKT 431 Final Exam
Answer the following questions by choosing the BEST answer. Place the letter corresponding to your choice in the space beside the question numbers on the Answer Sheet. The Answer Sheet is due by Monday at 11:59 MST.
The basic reason marketing research is done is because:
Interesting data may be found
The desire to provide basic knowledge
The need for managers to make a decision
Research is always needed
If a manager begins a research project by asking “What would the data need to look like for me to make this decision?” they would be engaging in:
Traditional marketing research
Backward marketing research
Knowledge based research
Qualitative research.
What the text quotes as a “tidal wave of brand democratization” has led to the need for marketers to rethink how they communicate with markets to spread brand information. What has been the driving forces behind this revolution?
The Internet
Digital technologies
Reality TV programming
All of the above are contributing factors
When FedEx first came on the scene, it offered a whole new way for both businesses and later consumers to quickly and economically ship small packages. It, in essence, launched a new industry. Which of these best describes FedEx at that time?
It followed a Blue Ocean strategy
It followed a Red Ocean strategy
It followed a Differentiation strategy
It followed a Low-Cost strategy
At the intersection of Main Street and Palm Drive there are three service stations. When one lowers price the other two follow suit. If one advertises a low price on soft drinks so do the others. What kind of situation describes these three competitors?
All follow a Blue Ocean strategy
All follow a Red Ocean strategy
All follow a Differentiation strategy
All follow a Low-Cost strategy
Apple is known for introducing user friendly electronic devices to the market. Their iPod, iPad and iPhones are all examples. Although Apple did not invent any of those products, they provided designs and features that took those products to make Apple the market leader in each category. Apple would be an example of a:
Market Follower
Market Challenger
Market Driven company
Market Driving company
All companies face competition in the marketplace even if only indirect. Which of the following statements is true?
Once a company becomes a market driver, they will always be a driver
Once a company becomes market driven, they will always be market driven
A company may shift between being driven and being a market drives
All of the above are true
Crowd sourcing is an activity where a firm might turn to others – such as consumers – to suggest ideas. Frito-Lay, for instance, has been conducting contests for budding film makers to submit commercials for Doritos. One or two of these are selected for debut in the Super Bowl. Which best describes Frito-Lay’s approach to customers?
Resist
Enable
Discourage
Encourage
More companies are using ethnography. In ethnographical studies, a researcher observes behavior in its “natural environment.” For example, a cookware company went to people’s homes and observed them making dinner for their families. Based on this feedback, the company designed a new line of cookware that fit the needs of the consumer. Which category would best describe the cookware company with regard to consumers?
Follower
Shaper
Interact
Isolate
Wal-Mart has built arguably the most efficient distribution system in the retailing world. Through the employment of various initiatives, such as Vendor Managed Inventory, RFID and distribution center layouts with cross-docking. The low cost (relative to other retailers) distribution system would best be called a:
Business model
Core Competency
A differentiation strategy
A positioning strategy
The chief marketing officer at Harley-Davidson Motorcycles once said that Harley riders are the brand. In this case, Harley’s brand =:
Identity
Trustmark
Experience
Story
Speaking of Harley-Davidson, rider groups (called HOGS) actively recruit people to become members and encourage them to ride Harleys. HOG members become, for Harley-Davidson:
Brand knowledge experts
Brand evangelists
Brand identifiers
Brand fantasizers
Traditional bookstores are dwindling in number. Part of this is due to the increased use of e-books where people may download and read books from virtual companies such as Amazon (Kindle) or Barnes & Noble (Nook). The disappearance of the traditional bookstore is an example of:
Disinternment
Obsolescence
Disinterest
Disintermediation
Technology has disrupted distribution channels through:
The death of distance
Homogenization of time
Irrelevance of location
All of the above
A sales organization that moves quickly in recognizing opportunity and acting on it would be a(n) __________ sales force:
Expeditionary
Creative
Strategic
Collaborative
Frances Greene is the sales manager of a medium sized company. She is committed to the idea that the sales force is more than a group of individuals who sell products to existing and potential customers, She believes that the sales force is instrumental is ensuring that the company achieve its objectives and can help guide the company’s direction. Frances thinks of the sales force as one that is ____________ in nature:
Expeditionary
Creative
Strategic
Collaborative
The text authors suggest that sales people should see themselves as:
Salespeople
Entrepreneurs
Customer driven
Technical experts
Brand loyalty means not just buying the same product or shopping at the same store, it also involves a __________ component:
Perceptual
Psychographical
Motivational
Attitudinal
The total amount a customer will spend on a given product category over a strategically meaningful time period is called:
Customer Lifetime Value
Customer Worthiness
Customer Equity
Customer Profitability Analysis
Starbuck’s initiatives include purchasing 100 percent of all coffee through ethical sourcing practices (Fair Trade) and investing in a better future for farmers and their communities by nearly doubling funding to organizations that provide farmer loans. This mostly reflects:
Moral idealism
Utilitarianism
Social responsibility
Business culture
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