Quiz1 Solutions-1

Quiz1 Solutions-1 - University of Southern California Marshall School of Business Fall 2008 BUAD 307 Marketing Fundamentals(Instructor Seshadri

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Unformatted text preview: University of Southern California Marshall School of Business Fall 2008 BUAD 307 - Marketing Fundamentals (Instructor: Seshadri) Quiz 1 -— A _.—-—- NOTE: lieb’iL-CM'LJ w Ui- GP’J’ ' I).If 1. Please circle ]the appropriate answer. Do not put a tick mark i you put tick mark, it would not be valuated. 2. If you are rectifying an answer you previously responded, make sure you strike the previous answer completely by darkening the circie and then encircle the correct answer. It is also recommended to write your answer in the side again 3. There is only one answerfor each question. if multiple choices look the same to you (in fact, they are not! I}, pick the one that you feel is the most appropriate. 1. Today, marketing must be understood in terms of not just making a sale but also ./ satisfying customers’ needs understanding customers‘ value understanding customers’ self-images advertising brilliantly successfully remaining in the market r0 9-.“ 57““ 2. For the past two years Mary Conti has wanted to buy a new car. Now that she has finally graduated from college and taken a good paying job she has the buying power to purchase the red convertible she has dreamed about. Mary’s want now has become a a. need b. necessity (€- demand 3. satisfier e. none of the above 3. After surveying all 3,500 customers by e-mail, Best Value Stores learned that its customers favor high-quality, performance, and innovative features. Best Value’s customers were surveyed about (21." product concept production concept customer satisfaction marketing concept promotion concept {VP-957': 4. The failure brought about by the attempt to "build a better mousetrap" is an often-cited example of marketing a. failures GT myopia c: problems d. incongruences e. malfeasance r‘h "xx? 9. is an important concept when we realize that losing a customer means losing more than a single sale. It means losing the entire stream of purchases that the customer would make over a lifetime of patronage. Heuristics Net profit Customer lifetime value Relationship marketing Market share 59519-9"? Your new internship is working with a marketing manager who is heavily involved in the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Which one of the following best describes the main concern of your new manager? a. database mana ement -'-— ' s a 1: Web site hits 3 J...) aLge 0‘ "‘ “"1c‘r'cf'kcf 6' {Lam c relationship management "" in ' ,L , (JILL d. donor marketing (nggtzfyb {.6} Jim {1 J r. .t. I}, @j customer relationship management ‘ /__ I f _ v L 'r' L 43.. Because of extensive price competition and subsequent low-margin customers, Mr. John, the marketing manager of a supermarket, is sure that the best type of relationships with his customers would most likely be a: full partnerships 6 I basic relationships c. relationship marketing d. key customer marketing e. lifetime value Jim Chung strengthens his company’s connections with partners, including raw materials and component producers as well as the wholesalers and retailers who carry his company’s products. What type of management is he using? a. outside partnering b. supplier connecting _c. mentoring supply chain e. channeling Sally recently purchased a new hand lotion. In analyzing the product’s perceived performance against her expectations, Sally was measuring her level of a. customer perceived value customer satisfaction c. exchange d. demand e. custOmer lifetime value 10. At the corporate level, a company starts the strategic planning process by defining its overall purpose and (5: mission b values c vision d opinions e strengths 11. Fence Patrol has developed a new mounting system for chain link fences. Although they are a local company, they now have the ability to market their products nationwide. Fence Patrol is likely to be following a strategy. »- a. market penetration 4 b. market development 6‘. diversification (ET A or C e. product development 12. Kimball Gardens is a company that operates as two distinctive businesses—one that sells lawn and garden products and one that markets booklets. Each business is a /, a. separate entity / strategic business unit (SBU) a. profit center b. division c. business portfolio 13. Michaei’s Motors has decided to pursue a market development strategy whereby it will offer products to markets. K... a. new or modified; new K current; new i/ . . c. new or modified; current d. current; current e. consumer; business 14. Marketing strategy identifies the and divides it into smaller at industry; markets 6-. market; segments ' l c. competition; competitors d. market; market shares e. customer; preferences 15. In a basic SWOT analysis the “5” stands for a. situation b. solutions \ § c. satisfactions strengths e. A and C 16. 17. 18. 19. 20. A consumer organization, environmental group, or minority group has challenged yOur firm’s stand on a local issue. This is an example ofa a. b. '\ r) 9-;- fl) public. general local government citizen—action media The three largest age groups in America are the baby boomers, Generation X, and a. C. d. E. seniors Generation Y teens toddlers infants Which of the following generations is noteworthy for their utter fluency and comfort with computer, digital, and Internet technology? a; Q3. C. d. E. Generation X Generation Y the elderly preschool children baby boomers Bill Henderson is opening a new commercial children’s play space and is studying the factors that are close to the company that affect its ability to serve its future customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and pubiics. What is Bill studying? (if. c. d. e the macroenvironment the microenvironment the marketing environment the green movement the global environment Yellow Freight and Jimmy’s Warehouse help distribute the frozen foods your company sells. The two businesses are examples of b: e. resellers marketing services agencies marketing intermediaries physical distribution firms geographic segments N In 21. When Burger King targets different groups—from children and teens to adults and seniors—with different ads and media, it is practicing segmentation._ _ - _ «- . .. i demographic .. “Ea-CK had-If Ct LL,“ a. I / a“ age and life cycle h o p I a c. psychographic \_ I ,__ d. behavioral jf‘tfl I [rid—(g. ;a( e. end-use , 22. John divides buyers into groups based on their social class, lifestyle, or personality characteristics. John is obviously using segmentation. a._ behavioral @' psychographic c. age and life cycle d. demographic e. geographic 23. Because your company takes an environmental management perspective, they hire to influence legislation affecting their industries to their advantage. a. mediators b. green marketers lobbyists d. negotiators e. politicians 24. In the ECG analysis, the matrix includes several circles. The circles represent a. the location of the company’s SBUs on the matrix b. the dollar sales of the company’s SBUs G the location of the company’s SBUs and their dollar sales d. cross-functional teams of managers e. none of the above 25. A common practice among marketers is to increase sales to current customers without changing their products. What is this practice called? a. market skimming market penetration c. market development d. product extension e. production extension 26. Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to develop a(n) a. target market u-M-m market segment c. market d. goid mine e. undefined niche 27. You have quickly discovered that as you begin to position products, you begin with the company’s marketing offer so that it gives consumers more value. é: differentiating . promoting N c. advertising sf.- d. selling e representing 28. The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. In order to increase market share, managers may decide to a. continually add new products in the market ,J - 2’ b. implement a harvest strategy 0- c. use money from a cash cow to promote the pharmaceuticals division d. divest the SBU A or C 29. This type of segmentation centers on the use of the word when, such as when consumers get the idea to buy, when they actually make their purchase, or when they use the purchased item. What do marketers call this? I \ .. . -, ' ,. I? a. behavioral («s-,tLL’C-f {Lftflf {(‘fiutfi-t-Ltlca. e- " _ b. psychographic I IF I __ occasion fife-"Ci [ ijf’L'fi d. impulse ,/ e. emergency 30. Your current assignment at York Foods is to find the major benefits people look for in product classes, the kinds of people who look for each benefit, and the major brands that deliver each benefit. What is this segmentation method called? __ a \ benefit ’1‘ -_ _ _ , r” ('1- “(CE-ale behavioral 21 C7“ (C2 f 6" gfltéLL c. age and life cycle d. psychographic e. demographic l {let-71¢ 31. At one time Miller Beer was known as the "champagne of bottled beer.” Unfortunately, Miller drinkers did not drink much beer. To increase sales they were repositioned to attract the working / class. This segmentation approach is ’2 8 user status . q . A: r- . II _ l I; Lilé:rc{ CE} usage rate MSTi (:1, Gui-“c! (Vt-{CL c. d e I {-Dgc.c.-)'L-( benefit , . ' I _. I -p'LC_=;.§-'Lftc_£( behavioral __§5WZQ yea {DELLA [115.13, <_ Li psychographic g?) f 0 kn Fag-72f: ...
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This note was uploaded on 10/30/2008 for the course BUAD 307 taught by Professor Morristowns during the Fall '07 term at USC.

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Quiz1 Solutions-1 - University of Southern California Marshall School of Business Fall 2008 BUAD 307 Marketing Fundamentals(Instructor Seshadri

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