Mktg 303 Exam Review
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A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using _______ to build loyalty among its customers.
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Value cocreation
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Customer relationship management
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Transactional marketing
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B2B marketing
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The supply chain
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This MKTG 303 Exam Review tests knowledge on historical marketing eras, customer-centric strategies, and key marketing concepts.
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- 2.
Imagine that you are in a convenience store choosing your favorite "comfort" food instead of being in a classroom taking this test. You might notice the packaging, colors, labels, even the fonts used on labels. All of these efforts are part of the marketer's
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Value-based promotions.
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Market segmentation.
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Positioning strategy.
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Customer excellence strategy.
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Target market.
Correct Answer
A. Positioning strategy.Explanation
The explanation for the correct answer, positioning strategy, is that the marketer's efforts in packaging, colors, labels, and fonts are all aimed at positioning the product in the minds of the customers. The goal is to create a distinct and desirable image for the product that sets it apart from competitors and appeals to the target market. This positioning strategy helps to shape the perception and value of the product in the eyes of the customers.Rate this question:
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- 3.
Marketing involves all of the following except
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Conducting exchanges.
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Satisfying customer needs and wants.
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Creating value.
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Efforts by individuals and organizations.
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Production scheduling.
Correct Answer
A. Production scheduling.Explanation
Marketing involves all of the activities mentioned in the options except for production scheduling. Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through creating value and conducting exchanges. It includes efforts by individuals and organizations to promote and sell products or services. Production scheduling, on the other hand, is a part of the operations management function that focuses on planning and organizing the production process.Rate this question:
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- 4.
At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?
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Market-oriented
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Sales-oriented
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Production-oriented
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Value-based marketing
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Economics-oriented
Correct Answer
A. Market-orientedExplanation
The given question describes an era where the customer became the focus of marketing efforts, indicating a shift towards meeting customer needs and preferences. This era is known as the market-oriented era.Rate this question:
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- 5.
Which of the following actions would be the most likely to support and enhance an operational excellence macro strategy?
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Singapore Airlines installing more comfortable seats in the economy-class cabins of its airplanes
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3M Corporation implementing new software to improve communication with its suppliers
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Adidas inviting customer suggestions to guide the design of the next generation of shoes
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Nike opening hundreds of new company stores in high-traffic shopping areas
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McDonald's lowering prices on its coffee drinks
Correct Answer
A. 3M Corporation implementing new software to improve communication with its suppliersExplanation
Implementing new software to improve communication with suppliers would support and enhance an operational excellence macro strategy because it would streamline the supply chain process and improve efficiency. Effective communication with suppliers is crucial for operational excellence as it allows for better coordination, faster response times, and improved inventory management. This would ultimately lead to cost savings, increased productivity, and better overall performance for the company.Rate this question:
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- 6.
Marketers in the United States are paying increasing attention to ethnic groups because
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They represent a majority of the population in nonurban areas of the country.
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Approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.
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They are more susceptible to marketing messages.
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Government subsidies assist marketers attempting to communicate value to these groups.
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Country culture is replacing regional culture as a key marketing consideration.
Correct Answer
A. Approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.Explanation
Marketers in the United States are paying increasing attention to ethnic groups because approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups. This means that these ethnic groups will have a significant impact on the overall population and consumer market. Therefore, marketers need to understand and cater to the needs and preferences of these groups in order to effectively target and engage with them.Rate this question:
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- 7.
When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as
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Integrated marketing communications.
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Multimedia marketing.
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Diverse marketing communications.
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Comprehensive promotion.
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Managed marketing communications.
Correct Answer
A. Integrated marketing communications.Explanation
Integrated marketing communications refers to the practice of using multiple communication disciplines, such as advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media, in combination to effectively communicate a value proposition to the customer. This approach ensures that all marketing communications are consistent and work together to create a unified and cohesive message for the target audience.Rate this question:
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- 8.
Viewers of the World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast are likely to see ads for clothing and hair care products, due to
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Cultural expectations.
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Male domination in corporate boardrooms.
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Differing demographic data for potential and past viewers.
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Marketers' general perceptions.
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Multiyear advertising contracts that cannot be broken.
Correct Answer
A. Differing demographic data for potential and past viewers.Explanation
The likely reason for viewers of the World Series to see ads for beer and cars, and viewers of the Academy Awards broadcast to see ads for clothing and hair care products is due to differing demographic data for potential and past viewers. Marketers analyze the demographics of their target audience and tailor their advertising accordingly. For example, the World Series may attract a predominantly male audience who are more likely to be interested in beer and cars, while the Academy Awards may have a more diverse audience who are more interested in clothing and hair care products.Rate this question:
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- 9.
When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following except
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Purchasing power.
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Interest rates.
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Inflation.
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Age.
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Currency exchange rates.
Correct Answer
A. Age.Explanation
Marketers monitor the economic situation to understand how it may impact their target markets. They typically monitor changes in purchasing power, interest rates, inflation, and currency exchange rates. These factors directly affect consumer behavior and purchasing decisions. However, age is not an economic factor and does not directly impact the economic situation. While age may influence consumer preferences and behavior, it is not a factor that marketers would monitor when analyzing the economic situation.Rate this question:
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- 10.
As it pertains to the marketing plan, understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm's goals you like?
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Enables firms to make appropriate adjustments.
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Allows managers to demonstrate their effectiveness.
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Offers insights into crafting an appropriate mission statement.
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Should always be followed by eliminating underperforming SBUs.
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Allows firms to better assess customer loyalty.
Correct Answer
A. Enables firms to make appropriate adjustments.Explanation
Understanding the causes of performance, regardless of whether it exceeded, met, or fell below the firm's goals, enables firms to make appropriate adjustments. By analyzing the factors that contributed to the performance, firms can identify areas of improvement or areas that need to be changed. This allows them to adapt their marketing plan and strategies accordingly, ensuring that they are better equipped to achieve their goals in the future.Rate this question:
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- 11.
Suppose that Nike wanted to use Facebook to increase awareness of a new line of tennis shoes. Which of the following methods would allow Nike to specifically target Facebook users who have mentioned tennis in their profiles?
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Uploading a coupon to the Nike fan page
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Encouraging Facebook users to "like" the Nike page so their friends will see this action
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Placing a Facebook ad
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Creating a Facebook tab allowing users to view the tennis clothing within Facebook
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Placing a Facebook link on the Nike corporate website
Correct Answer
A. Placing a Facebook adExplanation
Placing a Facebook ad would allow Nike to specifically target Facebook users who have mentioned tennis in their profiles. By using Facebook's ad targeting options, Nike can set specific criteria such as interests, demographics, and behaviors to reach users who have indicated an interest in tennis. This method ensures that the ad is shown to a relevant audience who are more likely to engage with the new line of tennis shoes.Rate this question:
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- 12.
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.
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Production-oriented
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Sales-oriented
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Market-oriented
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Value-based marketing
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Retailing-oriented
Correct Answer
A. Production-orientedExplanation
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the production-oriented era of marketing. This era focused on mass production and efficiency, with little emphasis on customer preferences or customization. Ford's statement reflects the limited options available to customers, highlighting the company's focus on producing large quantities of a standardized product. This approach prioritized production efficiency and cost reduction over meeting individual customer needs or desires.Rate this question:
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- 13.
Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era.
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Production-oriented
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Sales-oriented
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Market-oriented
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Value-based marketing
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Retailing-oriented
Correct Answer
A. Value-based marketingExplanation
Trey operates as if he were in the value-based marketing era because he considers the costs versus the benefits associated with the different options available to his customers. This approach focuses on delivering superior value to customers by understanding their needs and preferences and offering products and prices that align with their thinking. It prioritizes customer satisfaction and aims to create long-term relationships with customers based on mutual value.Rate this question:
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- 14.
Hisaoki picks up the local newspaper and reads a stinging letter to the editor criticizing his beverage company for supporting a sporting event for children with disabilities. The letter writer is critical of a banner displayed at the event with the logos of alcoholic beverages and Hisaoki's company name. Hisaoki never considered that this problem might arise. Hisaoki's company failed to
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Identify issues.
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Promote the firm's corporate social responsibility efforts.
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Analyze the needs of the industry.
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Brainstorm and evaluate alternatives.
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Choose a course of action.
Correct Answer
A. Identify issues.Explanation
The correct answer is "identify issues." Hisaoki's company failed to anticipate and recognize the potential problem of displaying alcoholic beverage logos at a sporting event for children with disabilities. They did not identify the issue beforehand, which led to the criticism in the letter to the editor.Rate this question:
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- 15.
Sodexo is a corporation that manages school cafeterias, university dining halls, mess halls at military bases, concession stands at sports arenas, and other large-scale food service facilities. If Sodexo were to begin to sell individual frozen meals in supermarkets, it would be pursuing a __________ growth strategy.
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Product development
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Market development
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Market penetration
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Diversification
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Product proliferation
Correct Answer
A. DiversificationExplanation
If Sodexo were to begin selling individual frozen meals in supermarkets, it would be pursuing a diversification growth strategy. Diversification refers to entering a new market with new products that are unrelated to the company's current offerings. In this case, Sodexo would be expanding its business by entering the retail market with frozen meals, which is different from its current focus on managing food service facilities. This strategy allows the company to reach new customers and potentially increase its revenue streams by tapping into the consumer packaged goods industry.Rate this question:
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- 16.
For marketers, media-sharing sites such as YouTube or Flickr are social media tools best used to
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Encourage customers to engage with the firm and experience its products.
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Stimulate excitement.
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Develop customer education and engage with others users.
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Develop customer education.
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Energize customers and stimulate excitement for its products.
Correct Answer
A. Encourage customers to engage with the firm and experience its products.Explanation
Media-sharing sites such as YouTube or Flickr are social media tools that allow marketers to encourage customers to engage with the firm and experience its products. These platforms provide a space for marketers to share videos or images that showcase their products or services, allowing customers to interact with the content and gain a better understanding of what the firm has to offer. By encouraging engagement and providing an opportunity for customers to experience the products, marketers can build a stronger connection with their target audience and potentially drive sales.Rate this question:
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- 17.
The first "latchkey" children belong to which generational cohort?
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Baby Boomers
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Generation W
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Generation X
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Generation Y
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Generation Z
Correct Answer
A. Generation XExplanation
The term "latchkey children" refers to children who were often left unsupervised at home after school because their parents were working. This phenomenon was most prevalent during the 1970s and 1980s, which aligns with the Generation X cohort. Baby Boomers were born between 1946 and 1964, while Generation Y (also known as Millennials) refers to those born between the early 1980s and mid-1990s. Generation Z refers to individuals born after the mid-1990s. Therefore, Generation X is the correct answer.Rate this question:
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- 18.
Business ethics is concerned with all of the following except
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Distinguishing between right and wrong actions in a business setting.
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Distinguishing between right and wrong decisions that arise in a business setting.
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Any special duties or obligations that apply to persons engaged in commerce.
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Broad and well-established moral and ethical principles that might arise in a business setting.
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Societal issues such as the sale of products or services that may damage the environment5
Correct Answer
A. Societal issues such as the sale of products or services that may damage the environment5Explanation
Business ethics is concerned with distinguishing between right and wrong actions and decisions in a business setting, as well as any special duties or obligations that apply to persons engaged in commerce. It also involves broad and well-established moral and ethical principles that might arise in a business setting. However, it does not specifically focus on societal issues such as the sale of products or services that may damage the environment.Rate this question:
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Current Version
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Jan 27, 2023Quiz Edited by
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Jun 12, 2020Quiz Created by
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