Senior Exam Spring 2011

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1 Senior Exam Spring 2011 NAME Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Betty s Boutique sells 500 floral arrangements at $20 apiece. Total revenue from these sales is: a. $15,000 d. $20,000 b. $100,000 e. $10,000 c. $1, A firm programs the elements of its marketing mix based on the needs of the target market in which it is interested. This combination of marketing mix and target market is called: a. a business plan. d. operational planning. b. productions operation. e. tactical planning. c. marketing strategy. 3. Implementation of a marketing strategy refers to: a. deciding on the best way to advertise. d. performing the details needed to carry out the strategy. b. developing the basic marketing mix. e. figuring out what prices to charge for our products. c. paying close attention to production issues. 4. Which of the following statements about SWOT is true? a. strengths and threats are internal, while opportunities and weaknesses are external. b. strengths and weaknesses are external, opportunities and threats are internal. c. strengths and opportunities are internal, weaknesses and threats are external. d. strengths and weaknesses are internal, opportunities and threats are external. e. which are internal and which are external depends on the point of view of management. 5. The CEO of a firm says to his top management: Our investment plans for next year must be altered, due to a shortfall in our cash position. In terms of SWOT, this situation illustrates: a. an opportunity. d. a strength. b. a threat. e. a strategic window. c. a weakness. 6. NAFTA is: a. a trade agreement between European countries. b. another name for the World Trade Organization. c. a treaty creating a global common market. d. an agreement to create free-trade between Mexico, Canada, and the USA. e. a trade agreement to encourage domestic markets in the U.S.

2 7. India and China are examples of: a. countries that are expected to become increasingly agricultural. d. countries in which the demand for American products is weak. b. fully industrialized societies. e. large, emerging markets. c. countries with limited growth prospects. 8. The approach to marketing ethics that says you should act in a way that provide the greatest good to the greatest number of people is called : a. the utilitarian principle. d. the professional ethic. b. Kant's categorical imperative. e. the Golden Rule. c. the TV test. 9. The ethical principle that states that you should act in a way that could be taken as a universal law or rule of behavior in those circumstances is called: a. the utilitarian principle. d. the professional ethic. b. Kant's categorical imperative. e. the Golden Rule. c. the TV test. 10. The ethical principle that says you should act in the way that would be approved by a disinterested panel of your peers is called: a. the utilitarian principle. d. the TV test. b. Kant's categorical imperative. e. the Golden Rule. c. the professional ethic. 11. The social responsibilities of an organization are best described as: a. providing value to customers, c. following ethical principles in decision stockholders, employees, and the making. community. b. following all legal regulations and laws. d. using the marketing concept. 12. The marketing concept of positioning refers to: a. How a retailer positions its store in a c. How the consumer views a product in particular location. his or her mind in comparison to competitive products. d. How an advertiser positions an advertisement on a newspaper page. b. How the manufacturer positions a product in a distribution channel. 13. Which is the correct order for a means-end chain? a. Attribute - Benefit - Value. d. Value - Attribute - Benefit. b. Benefit - Attribute - Value. e. Benefit - Value - Attribute. c. Attribute - Value - Benefit 14. Which of the following is the best indicator of customer loyalty? a. Indicating a high level of satisfaction. c. Recommending the brand to others. b. Complaining to the Better Business d. A high propensity to switch brands. Bureau. 15. Which of the following indicates that a customer lacks loyalty to a company? a. Complaining to the customer service c. Being willing to pay more. department. b. Complaining to the Better Business d. Considering the company to be the Bureau. consumer's first choice.

3 16. The customer's perception of the product, the usage situation, trade-offs between positive and negative consequences, and the comparison to the competition are essential elements of what concept? a. customer value c. customer loyalty b. customer satisfaction d. value of the customer 17. A trademark is: a. any product name that can be spoken. d. the legal protection of product names, symbols or characters. b. any product symbol that cannot be e. applicable only to products in the spoken. United States. c. any product character that can be visualized. 18. The universal product code (UPC): a. was mandated by the Federal Fair d. identifies a product with a mark which Packaging and Labeling Act. can be read by scanners. b. slows down the retail checkout e. must be placed on all consumer goods process. products. c. involves placing the price per ounce on or near the product. 19. "Database marketing" refers to: a. identifying consumer needs and wants d. identifying new industrial sales for new products. information needs. b. selling information to libraries for e. the use of information on customer research. purchase behavior to value a business. c. the use of information on actual or potential customers to develop targeted marketing programs. 20. Database marketing can help a company in which of the following ways? a. Identify highly desirable customers for c. Develop effective sales promotions for special offers. the mass market. b. Carry out efficient mass advertising d. Determine customer perceptions of its campaigns. products. 21. In a difference in means test, an ANOVA tests the implicit hypothesis that: a. two or move groups differ in d. two or more groups differ in normality. dispersion. b. two or move groups differ in variance. e. two or more groups differ in skewness. c. two or move groups differ in central tendency.

4 22. If a researcher states that there is no overlap in the 95% confidence interval of two independent groups, what that researcher is stating is really that: a. It is likely that both independent d. There is no likelihood that the null groups are the same hypothesis is true b. There is a 5% chance that the independent groups are different. c. There is no likelihood that the null hypothesis is true. 23. Cross-tabulations allow a researcher to: a. compare the distributions of two or more variables treated as interval. b. assess the correlation between two nominal variables. c. compare the standard deviations of two or more groups. 24. Market segmentation refers to a process of : a. developing separate marketing mixes for geographically distinct test markets. b. breaking a total market for a product into subsets that are internally homogeneous and externally heterogeneous. e. There is a 95% chance that there is a difference in the true mean of the two groups. d. compare the means of two or more groups on a variable that is treated as interval. e. compare the distributions of responses of two or more groups on a variable that is treated as nominal. c. aggregating a subset of the population into a total market. d. leveling customer purchase patterns so as to design a single effective marketing mix for all buyers. 25. Which of the following would probably be the best marketing strategy for a new company trying to enter the market with few resources? a. A multi-segment strategy with a single c. A multi-segment strategy with separate mix efficiently focused on all targeted mixes for each segment. segments. b. A total market strategy with a single d. A niche market strategy focusing on a marketing mix. single high potential segment. 26. The least frequently used function of a web site is: a. providing incoming communications over d. generating sales transactions over the the Internet. Internet. b. facilitating customer support over the e. delivering products or services over the Internet. Internet. c. providing outgoing communications over the Internet. 27. Which of the following would be an excellent feature of an excellent web site? a. Lots of information on each page. c. Similarity to other sites in the industry. b. Requires few clicks to make a purchase. d. Provision of an 800 number as the only way to contact the organization.

5 28. Which of the following is a "Do" of web site design? a. Have a lot of links to other sites that take c. Link every page with the home page and viewers away from your site. with all other appropriate pages. b. Include a beautiful opening page that has d. Use multiple typefaces. no text. 29. The difference between a goal and an objective is that: a. a goal is general while an objective is c. a goal is short-term while an objective is specific in providing a level of success. long-term. b. a goal is measurable while an objective is d. a goal specifies a time frame while an not. objective does not. 30. Which of the following accurately distinguishes mass from relationship marketing? a. Mass marketing is a dialogue while c. Mass marketing brings many products to relationship marketing is a monologue. one customer while relationship marketing b. Mass marketing concentrates on hassle reduction while relationship marketing concentrates on cost reduction. brings many customers to one product. d. Mass marketing is concerned with share of market while relationship marketing is concerned with share of customer. 31. The promotion mix includes all of the following except: a. pricing. d. publicity. b. advertising. e. personal selling. c. sales promotion. 32. Focusing a company s advertising on building its name and prestige is called: a. primary advertising. d. reminder advertising. b. prestige advertising. e. institutional advertising. c. integrated marketing communications. 33. Trying to sell a firm s new product to a large market at one low price is known as: a. an introduction price dealing policy. d. a target return pricing strategy. b. a skimming pricing strategy. e. a penetration pricing strategy. c. a flexible pricing policy. 34. A discount of 5/10, net 30 means that: a. the invoice is dated may 10 and must be paid by may 30. b. you can get a 5% discount off of the face value of this invoice if you pay the bill within10 days. d. you will be paying a 5% annual interest rate if you do not take the discount. e. the buyer must make a 5% down payment with the balance due in 10 to 30 days. c. you can take a 5% discount if you pay by the 30 th day. 35. ABC Company produces and sells just one product. It has a fixed cost of $20,000 and a variable cost of $3 per unit. It can sell all the units it produces at $5 per unit. What is the firm s break-even point? a. 4,000 units. d. 40,000 units. b. 6,667 units. e. 60,000 units. c. 10,000 units.

6 36. The best measure of the average for an ordinal scale is the: a. mode. d. geometric mean. b. median. e. range. c. arithmetic mean. 37. A measure of the degree of association between two interval variables is the: a. Chi-square analysis. d. cross-tabulation tables. b. factor analysis. e. analysis of variance. c. correlation analysis. 38. What is the range for the value of coefficient of correlation? a. 1 to 10 d. -1 to +1 b. 0 to 1 e. 0 to 50 c. 0 to Which of the following are nonmetric data scales? a. nominal and ordinal scales. d. nominal and ratio scales. b. interval and ratio scales. e. ordinal, interval, and ratio scales. c. interval and nominal scales. 40. The research hypothesis is tested against the _ hypothesis. a. null d. alternative b. statistical e. true c. positive 41. When should the null hypothesis be rejected? a. When the calculated value of alpha is d. When the calculated value of the greater than.05. critical statistic is less than.05. b. When the calculated value of alpha e. When the calculated value of alpha is level is less than.05. equal to.05. c. When the calculated value of the critical statistic is greater than The expected sales for a firm given its particular economic conditions and marketing plan is referred to as: a. market potential. d. sales forecast. b. sales potential. e. sales budget. c. market share. 43. The basic purpose of performing marketing activities is to facilitate: a. exchange. c. tax revenues. b. profits. d. sales revenues. 44. The effort to create and maintain an intended image for a product relative to other brands in the mind of the consumers is called: a. product integration. c. perceptual distortion. b. determinant advertising. d. product positioning. 45. A sales person has been driving all day and is looking for the next motel on the road to stop for the night. To this person at this time, a motel room represents what classification of product? a. specialty d. convenience b. heterogeneous shopping e. unsought c. homogeneous shopping

7 46. A video rental store issues cards to each customer. When a customer rents a movie, the card is validated. After ten validations, the eleventh rental is free. This is an example of: a. relationship marketing. d. price inelasticity. b. simultaneous consumption. e. unbundled choices. c. derived demand. 47. Which of the following statements best illustrate the marketing concept? a. The customer is King! Find a need d. Nothing happens until something is and fill it. sold. b. Demand will always find an adequate e. If you build a better mousetrap, the world supply. will beat a path to your door. c. A good product will sell itself. 48. The Boston Consulting Group classifies strategic business units with high market share and high growth rates as: a. cash cows. d. sleeping bulls. b. dogs. e. stars. c. question marks. 49. Xerox wants to maintain a high quality and prestigious image for its most expensive copiers. The distribution strategy they use would be most likely classified as: a. intensive. d. vertical. b. selective. e. horizontal. c. exclusive. 50. The central problem of physical distribution is to: a. maximize the utility of each physical d. minimize inventory carrying charges. distribution component while minimizing total costs. b. minimize total costs. e. minimize administrative costs. c. maximize inventory available to customers.

Summary. H.J. Leavitt model of organization. Model of organization: organizational structure. Model of organization: people

Summary. H.J. Leavitt model of organization. Model of organization: organizational structure. Model of organization: people H.J. Leavitt model of organization Summary Mission goals and objectives Goals hierarchy Tasks Goals, objectives & Tasks People Individual values, beliefs, attitudes, motives, competencies Group behaviour