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MKT 521 Midterm Exam Complete A+ Answer

MKT 521 Midterm Exam Complete A+ Answer

 

Multiple Choice – 20 questions (40 pts.)

Choose the appropriate answer.
Question 1.1. In which of the external environments changes usually occur most slowly? (Points : 2)
        Cultural and social environment
        Political and legal environments

        Resources and objectives of the firm

        Competitive environment
        Economic and technological environments
Question 2.2.
Jersey G. wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couples that owned their first home. Jersey appears to be following ____________.
(Points : 2)
        mass marketing
        multiple target market

        combined target market
        single target market
 
        All of the above.
Question 3.3. MICRO-marketing effectiveness can be measured by ______________. (Points : 2)
        the profits of business firms
        the opinions of intermediaries
        consumer complaints
        attitude research studies

        All of these are good measurements for MICRO-marketing.

Question 4.4. Mickey and Minnie Jones are preparing to purchase a new car. He currently has a Toyota Camry and she has a Honda Accord. They now have two children under age 5, so they plan to trade in Minnie’s car to purchase a minivan. Mickey and Minnie decided on a Honda Odyssey because Minnie is familiar with Hondas and thinks they are very reliable. In this purchase situation, Mickey and Minnie’s family life cycle stage is a _____________ segmenting dimension, and the benefit Minnie seeks (reliability) is a _____________ segmenting dimension.
(Points : 2)
        geographic; demographic

        demographic; behavioral
        geographic; behavioral

        demographic; geographic
        behavioral; demographic

Question 5.5. Which of the following observations concerning planning strategies for international markets is false? (Points : 2)
        A marketing manager should know that relying on intuition or personal experience may be misleading.
        A marketing manager should know that understanding local cultural differences is of no real value.
        A marketing manager should know that consumers in a foreign culture are probably bound by some similar cultural forces.
        A marketing manager should involve locals who have a better chance of understanding the interests of customers.

        A marketing manager should understand that many specific influences do not generalize from one culture to another.

Question 6.6. A producer of electrical components combined electrical supply wholesalers and manufacturers of electrical equipment into the same market segment, one of several segments it was targeting. Soon it lost the manufacturers’ business to a competitor. It seems that the firm failed to consider the risk of  ______________________.
(Points : 2)
        too much aggregating
        insulting the manufacturers by putting them in the same market segment with the wholesalers

        picking market segments based on qualifying dimensions
        selecting market segments that were not substantial

        using too many segmenting dimensions.
Question 7.7. Which of the following statements best describes the modern view of marketing? (Points : 2)
        The job of marketing is to sell whatever the company is producing.
        Marketing begins with anticipating potential customer needs.

        Marketing should take over production, accounting, and financial services within a firm.
        Marketing is concerned with generating a single exchange between a firm and a customer.

        Production, not marketing, should determine what goods and services are to be developed.

Question 8.8.
From the perspective of macro-marketing, e-commerce specialists CarFax (which provides vehicle history reports) and Cars.com (a website offering auto comparison shopping) have emerged within the auto industry because _______________.
(Points : 2)
        auto manufacturers need to sell direct to consumers
        the market needs competitive rivals to auto dealerships
        the information they provide makes the exchange process between producers and consumers more efficient and effective
        the role of the automotive sales person is becoming obsolete
        consumers live far distances from most automotive plants

Question 9.9.
A marketing manager should __________________.
(Points : 2)
        know that most consumer complaints do not require a response because the consumer’s dissatisfaction is beyond the control of the firm
        be concerned that many of the complaints that are reported are never resolved
        recognize that many consumers who complain are trouble makers and that not much can or should be done about their complaints
        assume that most customers who are dissatisfied will complain, but that people who are satisfied will be silent
        recognize that a “complaint” box isn’t needed if the firm is really market-oriented in the first place

Question 10.10. When listening to music on the radio, many consumers automatically switch stations when commercials begin to run, and they search until they find another station that is playing music. This tendency is an example of _____________. (Points : 2)
        selective exposure
        selective perception
        selective retention
        selective learning
        selective reception
Question 11.11. Prince wants to design a necklace he would like to give his girlfriend, Charming. Lately though, he has noticed that he is constantly “designing” the piece in his head. At times, he even dreams about the finished work. Prince is probably going through _________ behavior. (Points : 2)
        compulsive
        creative
        subliminal
        impulsive
        rational
Question 12.12. A marketing analyst for a chicken processor reports that a rising percentage of people are eating chicken because it has less fat than beef. Clearly, this firm’s opportunities may improve with this change in the ______________.
(Points : 2)
        technological environment
        cultural and social environment

        economic environment
        political and legal environment

        competitive environment

Question 13.13. The marketing management team for TAMUC Motors brainstormed a variety of solutions to the problem of how to transport people in the world. This process came during the __________ step in the market segmentation process.
(Points : 2)
        disaggregating
        market definition
        segmenting
        aggregating
        approach selection

Question 14.14. An emphasis on a single country’s interests before everything else is known as __________. (Points : 2)
        socialism
        democracy
        capitalism
        nationalism
        entrepreneurship

Question 15.15. When you are “in the market” for a new car, and are considering different brands to purchase, what type of market is involved?  (Points : 2)
        Product-market
        Qualifying market
        Generic market
        Determining market
        None of the above are true.
Question 16.16. A national restaurant chain encourages its customers to use its website as a means of providing comments about their experiences at the chain’s locations. This website is one way of measuring _______________.  (Points : 2)
        macro-marketing effectiveness
        the effectiveness of competition
        employee empowerment

        micro-marketing effectiveness
        All of these alternatives are correct.

Question 17.17. Which of the following would be the most difficult task facing a marketing manager? (Points : 2)
        Discover the attitudes of the firm’s target market.
        Create new attitudes toward his or her brand.
        Promote existing attitudes.
        Change existing negative attitudes.
        Strengthen existing positive attitudes.
 
Question 18.18. Which of the following statements about marketing is FALSE?

 
(Points : 2)
        Marketing affects the products you buy.
        Marketing applies to nonprofit organizations too.

        Marketing affects the advertising you see and hear.
        Marketing offers many good job opportunities.
        Marketing can help with individual transactions but not in building relationships with customers.
Question 19.19. Kim, a new salesperson for Basketball Foods, wants to call her ex-boyfriend Chris, another salesperson for Basketball Foods using the company provided cell phone. She is hoping to rekindle their past relationship. However, Kim knows that there is a strict company policy against using company equipment for personal use. But Kim also knows that no one checks the phone log for calls. This relates to __________ as an influence in ethical decision making. (Points : 2)
        individual value system
        opportunity
        organizational relationships
        insubordination
        external punishment
Question 20.20. Good marketing managers know that ________________________.  (Points : 2)
        marketing strategies can’t influence consumer “wants”
        marketers can’t create internal drives in consumers
        it is not that difficult to develop a marketing strategy that gets consumers to do what they don’t want to do
        None of these alternatives is correct.
        All of the above are true.

True/False Section – 10 questions (20 pts.)

Indicate if the following statements are True or False.
Question 1.1. Managers are now applying a new screening criteria, sustainability, that reinforces the importance of meeting present needs without compromising the ability of future generations to meet their own needs.

  (Points : 2)
        True
        False
Question 2.2. The “continuum of environmental sensitivity” suggests that industrial products are more sensitive to the cultural environments in which they are placed than high-style consumer products.  (Points : 2)
        True
        False
Question 3.3. Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price, is an example of a production activity. (Points : 2)
        True
        False
Question 4.4. The legal environment sets the maximum standards of ethical behavior in a society.  (Points : 2)
        True
        False
Question 5.5. Nike moved beyond shoes and sportswear to offer its athletic target market a running watch, digital audio player, and even a portable heart-rate monitor. This is an example of a market development strategy.  (Points : 2)
        True
        False
Question 6.6. A firm usually has different strategy possibilities that it can pursue, so it must use screening criteria to help eliminate those strategies not well-suited to the firm.  (Points : 2)
        True
        False
Question 7.7. Because almost all of the world’s population can read and write, international marketers have no problems in communicating with potential customers no matter where they live.
(Points : 2)
        True
        False
Question 8.8. Unfavorable trends in the domestic marketing environment may make the international marketing environment very attractive.  (Points : 2)
        True
        False
Question 9.9. Qualifying dimensions are those that actually affect the customer’s purchase of a specific brand in a product-market. (Points : 2)
        True
        False
Question 10.10. A firm involved in international marketing should pay even more attention to segmenting than a firm that sells only in the United States.  (Points : 2)
        True
        False
Essay Section – 4 questions (40 pts.)

Answer the following essay questions. Be as thorough as possible. Remember that this is a graduate level course, and expectations are as such.

The first part of this MKT 521 course (Chaps. 1, 20, 2, 3, 4, 5) focused on understanding the target customer. Discuss the importance of this in relation to differentiation and positioning. (Points : 10)

Discuss the concept of segmentation within the context of the automotive industry in the US. That is, explain how segmentation is used by the automotive industry. (Points : 10)

Briefly discuss the 2 approaches to consumer behavior. (Points : 10)

 

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