Marketing intelligence: Final Exam Essay

1) Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence? A. Watching how the stock market reacts to interest rate changes B. Motivating distributors to pass along important intelligence from the marketplace. C. Collecting competitive intelligence by buying a competitor’s products D. Setting up a consumer panel 2) When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s __________ systems. A. Accountability information system (AIS) B. Marketing intelligence C. Experiential research data D. Marketing research 3) Typically, companies budget about 11-12 percent of company sales for marketing research. A. True B. Fasle 4) Which of the following is NOT a component part of total customer value? A. Psychic value B. Image value C. Product value D. Services value 5) Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a _______________. A. Social class B. Demographic group C. Subculture D. Reference group 6) A(n) ________________ is likely to offer informal advice and information about a product or product category. A. Opinion leader B. Diversity marketing program C. Primary reference group D. Aspirational reference group 7) Which factors have the broadest and deepest influence on consumer behavior? A. Cultural B. Psychological C. Personal D. Social 8) Painting and consulting are considered industrial goods because ______________. A. Most firms do not seek them directly B. They are specialty goods C. They facilitate developing and managing the finished product D. They are considered â€Å"component materials† 9) When SAP software added a Windows-style â€Å"back† button to its industrial invoice management software, the new product ___________. A. Improved upon an existing product B. Used a new product line C. Used a marketing diversification strategy D. Added to an existing product line 10) Ayal and Zif argue that going into fewer countries is advisable when ___________. A. Population is low, and income size and growth are high in the initial countries chosen. B. Population and income size are high, and population growth is low in the initial countries chosen. C. Population, income size, and growth are high in the initial countries chosen. D. Population, income size and growth are low in the initial countries chosen. 11) Which is the last major decision in international marketing? A. Deciding on the marketing program B. Deciding which markets to enter C. Deciding how to enter the market D. Deciding on the marketing organization 12) Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence? A. Watching how the stock market reacts to interest rate changes B. Motivating distributors to pass along  important intelligence from the marketplace. C. Collecting competitive intelligence by buying a competitor’s products D. Setting up a consumer panel 13) Which is correct about â€Å"noise† in the communication process? A. It mostly happens during the decoding stage B. It interferes with intended communication C. It is controllable D. It has only one source 14) Marketing __________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. A. segmentation B. integration C. internally D. management 15) Public policy makers have developed a substantial body of laws and regulations to govern advertising. For these reasons, an important step in developing anadvertising campaign is _____________. A. The social responsibility review B. Asking network censors what to cut out of the communication C. Preparing a copy strategy statement D. The creative development of the message 16) Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series? A. Sales records for baseball cards gathered by the industry’s trade council. B. An article about the hologram cards in a recent issue of Sports Illustrated C. Data from sales records kept by exclusive dealers of Topp’s hologram series D. Input from focus groups that was put together specifically to discuss their perception of popularity of the hologram card series 17) A marketing information system (MIS) consists of ___________. A. An organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes. B. The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation. C. The people,  equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. D. A set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment. 18) The step in the marketing research process thatincludes determining who will be sampled is to _______________. A. Collect the information B. Develop the research plan C. Define the problem and research objectives D. Make the decision based on the project outcomes 19) All of the following are steps in the marketing research process EXCEPT: A. Compare data to government sources B. Collect the information C. Define the problem and research objectives D. Present the findings 20) The ____________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers. A. Consumer market B. Institutional market C. Government market D. Business market 21) Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products? A. Individual names B. Blanket family names C. Corporate names D. Separate family names 22) When SAP software added a Windows-style â€Å"back† button to its industrial invoice management software, the new product ___________. A. Improved upon an existing product B. Used a marketing diversification strategy C. Added to an existing product line D. Used a new product line 23) When customers buy on the basis of a reference price or because the price conveys a particular quality image to them, they are being influenced by ____________. A. The going rates of competitors B. Value augmented by perception C. The psychology of pricing D. Value pricing 24) A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs. A. Maximum current revenue B. Maximum sales growth C. Survival D. Maximum current profit 25) A concept in retailing that helps explain the emergence of new retailers is called the ___________ hypothesis. A. Service-assortment B. Product life-cycle C. Retail life cycle D. Wheel-of-retailing 26) Which of the following would NOT be considered part of a marketing communications program? A. An event sponsorship B. Personal selling C. A sales promotion D. Brand contact 27) McDonald’s franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of ___________ within channel relations. A. Sharing the risks B. Territorial rights C. Price policies D. Conditions of sales 28) __________________ are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell. A. Marketing communications B. Sales promotions C. Mass communications D. Brand images 29) Which of the following is most closely associated with a proactive marketing orientation? A. It represents the â€Å"make and sellâ€Å"philosophy. B. The marketer focuses on the customers’ latent needs. C. It is about understanding and meeting customers’ expressed needs. D. It involves delivering superior value 30) Marketing __________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. A. segmentation B. integration C. management D. internally 31) Which of the following is NOT a component part of total customer value? A.Product value B.Services value C.Psychic value D.Image value 32) About a year ago, Echo began renting her movies from Netflix. She perceived Netflix to be a better source because of the enhanced selection, the responsive customer service emails she has received in answer to her online queries, better pricing, and less effort compared to renting from the store in her town. Netflix has offered Echo better _________ than the local competition. A.Total customer cost B.Customer perceived value C.Customer delivered value D.Total customer value 33) Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via _____________. A.Reducing the buyer’s nonmonetary costs B.Reducing the product’s monetary costs to the buyers. C.Increasing the service value D.Increasing total customer value 34) _____________ are relatively homogeneous and enduring divisions in society, and may exhibit distinct product, brand, and media preferences. A.Subcultures B.Social classes C.Demographic groups D.Cultures 35) Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a _______________. A.Social class B.Subculture C.Demographic group D.Reference group 36) Business buying behavior differs from consumer buying behavior in that _________. A.[Answer Text]Businesses buy products to accomplish a single goal, which varies by industry and business. B.The buyers for the business market are typically more geographically dispersed than those for the consumer market and the demand for products and services in the consumer market is unaffected by price fluctuations. C.The demand for business goods and services is derived from consumer’s final demand. D.Fewer people typically participate in or influence business buying decisions than in the consumer market. 37) The institutional market is best described as having _____________. A.Contract negotiations and fluctuating demand B.Low budgets and a captive clientele C.Derived demand, geographically concentratedsuppliers, and budgetary constraints. D.Demand elasticity and geographically concentrated suppliers 38) The ____________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers. A.Consumer market B.Business market C.Government market D.Institutional market 39) Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products? A.Individual names B.Separate family names C.Corporate names D.Blanket family names