Marketing and Product Concepts Exam Questions - Prof. Daniel Tablada, Exams of Marketing

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*********************************Exam 2************************************ Note: If anyone has problem four of this set, please post it

1. The four largest importers of U.S. goods and services are Canada, China, Japan, and Mexico.
2. At which stage of the product life style is a company likely to have its fullest product line? Maturity.
3. You greatly admire a set of Waterford Crystal bowls you see at a dinner party, and decide to buy two, despite the price of $250 each. They are only available in your area in a Waterford shop 40 miles from campus. Into which classification of consumer products would the crystal bowls fall? Specialty products.
4. (?)
5. Business products are also referred to as B2B products.
6. Counterparts refer to in a decision, the restrictions placed on potential solutions to a problem.
7. The Malaysian government recently exchanged 20,000 tons of rice for an equivalent amount of Philippines. This is an example of countertrade.
8. The best segmentation approach is one that maximizes the opportunity for profit and ROI.
9. Collaborative relationships are becoming a common way to meet the demands of global competition. Global strategic alliances are agreements between two or more independent firms to cooperative for the purpose of achieving common goals such as a competitive advantage or customer values creation.
10. Marketing research refers to the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
11. Published data from outside the organization are referred to as external secondary data.
12. One advantage of a market-product grid is that it can be used to determine which target market segments to select and which product groupings to offer.
13. Product differentiation refers to a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
14. Which of the following statements regarding “product” is most accurate? Nondurable goods would rely more on advertising while durable goods would benefit more from a personal selling strategy.
15. Gross domestic product refers to the monetary value of all goods and services produced in a country during one year.
16. Which of the following occurs during the decline stage of the product life cycle? Sales decrease substantially.

17. The demand for a business product that results from the demand for a consumer product is referred to as derived demand.
18. Business products refer to products that organizations buy that assist in providing other products for resale.
19. Support products are items used to assist in producing other goods and services. These include installations, accessory equipment, supplies and industrial services.
20. A government tax on goods or services entering a country is referred to as a tariff.
21. Support products are items used to assist in producing other goods and services. These include installations such as buildings and fixed equipment.
22. In {sorting} research objectives marketers have to be clear on the purpose of research they are about to do that leads to marketing actions. The three main types of marketing research include descriptive research, casual research, and exploratory research.
23. The Foreign Corrupt Practices Act (1977) makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign country.
24. Measures of success refer to criteria or standards used in evaluating proposed solutions to a problem.
25. Economic espionage is the clandestine collection of trade secrets or is referred to as proprietary information about competitors.
26. A product is the marketing terms for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value.
27. Pretzels were introduced as a salty snack. Later the product was repositioned as a low-fat snack to catch a rising trend.
28. Four major trends affecting world trade in the past decade are formal economic integration and free trade among nations, global competition among global companies for global customers, the emergence of networked global marketplace, and a gradual decline in economic protectionism by individual countries.
29. Setting research objectives and identifying possible marketing actions would take place during which stage in the five-step marketing research approach? Define the problem.
30. The shapes of the product life cycle or high-learning, low- learning, fashion, and fad products vary as does the actual length of time a given product stays in any given stage of the cycle.
31. Sealy, the largest manufacturer of mattresses in the U.S., recently set out to redefine its place in the bedrooms of America. No longer was it going to be associated as simply a mattress company. Henceforth, the name Sealy was going to be known as the worlds leading “sleep wellness provider”. This is an example of repositioning.

32. Which of the following statements regarding market segmentation is most accurate? If a business firm goes to the trouble and expense of segmenting its markets, it expects to reveal a way to increase sales profits, and return investment.
33. When the National Cattlemen’s Beef Association advertises “Beef, It’s What’s for Dinner” it is trying to stimulate primary demand.
34. Market modification refers to a strategy for managing a products life cycle that attempts to increases product’s use among existing customers, create new use situations, or find new customers market modification.
35. Which of the following statements reflects Michael Porter’s theory regarding national competitive advantage? A firm that succeeds in global markets often has first succeeded in intense domestic competition.
36. Two special methods vital to marketing are sampling, statistical inference.
37. In terms of promotion, which of the following types of goods would stress price, availability, and convenience.
38. World Trade Organization (WTO) refers to a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between and issue binding decisions.
39. Market segmentations stresses grouping people according to similar needs and relating needs and benefits to specific marketing activities.
40. Making action recommendations, implementing actions recommendation, and evaluating results would take place during which stage of the five-step marketing research approach? Take marketing actions.
41. Adding value to the (or line) through additional features or higher- quality materials, is referred to as trading up.
42. This company was rated by Fortune as the world’s most admired company in 2003 and Business Week often rates it as the most innovative company in the world. Apple.
43. grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the question “Would segmentation be worth doing and is it possible?”.
44. Which of the following is an example of a “Tiffany/Walmart” Strategy? Gap’s Banana Republic chain sells blue jeans for $58, whereas Old Navy stores sell a slightly different version for $22.
45. The North American Free Trade Agreement was designed o encourage free trade between the United States, Canada and Mexico.
46. Movie studios use market research to reduce their risk of losses by hiring firms like the National Research Group to conduct test screenings and tracking studies Often, 300 to 400 prospective moviegoers are recruited to attend a “sneak preview” of a film before

its release. After viewing the movie, the audience fills out and exhaustive survey to critique the title, plot and characters.

47. In the United States, the Harry Potter series of books were often at the top of The New York Times fiction best-seller list. These books have been marketed to preteen, teen, and adult readers around the world. Scholastic, the publisher of the Harry Potter books, is using which of the following segmentation strategies? One product with multiple market segments.
48. When compared to a multiple-products-multiple-market segments strategy, a one product and multiple-market-segment strategy creates greater cost savings in manufacturing costs.
49. When Ann Taylor, a well-known retailer of sophisticated women’s clothing, stated losing sales to it’s Loft outlets, featuring moderately priced casuals clothes, they were dealing with the marketing phenomenon of cannibalism.
50. The two main types of data are primary and secondary.
51. Another name for product manager is brand manager.
52. All of the different product lines offered by a company are collectively referred to as product mix.