MRKT 303 Exam 3 Marketing

Total Questions Answered: 43
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Question 1 2 pts

Colin owns a dog food business, but wants to develop a canine fashion line as a way of expanding his portfolio and increasing sales and profits. One of the things customers love about Colin’s company is that all of the products are manufactured locally, creating jobs for young people. Though he does not have a lot of money and hopes that he won’t have to hire new staff, he thinks he might have to. Rather than developing a canine fashion line, which of the following alternatives can you suggest to Colin?

Colin should use cannibalization strategy.

Colin should use a market penetration strategy.

Colin should outsource his company’s jobs to cut costs.

Colin should consider selling his business to a larger pet food company.

Colin should hire a marketing company to help him promote his products.

Question 2 2 pts

Marketers aim to design an appropriate marketing mix to draw the intended target market. During a meeting with company executives, Roy suggests that one way to engage the target market and ensure that its members continue to be loyal customers is by allowing them to return their gadgets in exchange for workable or new parts when customers file complaints that their products no longer work.

Required:
In thinking about how to best market new products, which of the following components of the product variable is described above?

price

labels

warranty

packaging

reputation

Question 3 2 pts

A company wishing to implement a market segmentation strategy for its products should strongly consider using _____ branding.

family

captive

generic

individual

Question 4 2 pts

Finished business products of one producer that become part of the final products of another producer are called _____.

installations

accessory equipments

supplies

component parts and materials

Question 5 2 pts

Which of the following terms refers to the combination of physical characteristics and amenities that contribute to a store’s image?

Atmospherics

Simulation

Tableaux

Logistics

Question 6 2 pts

According to the Young & Rubicam’s BrandAsset Valuator model, the _____ dimension of a brand personality is a combination of perceived quality and consumer perceptions about its growing or declining popularity.

differentiation

relevance

esteem

knowledge

Question 7 2 pts

A popular cleaning services business employs the following tagline:

“Cleaning up life’s messes so you can take a breather!”

Required:
Which of the following service quality variables is best illustrated in the tagline presented above?

empathy

reliability

tangibles

assurance

responsiveness

Question 8 2 pts

_____ represent the distribution channel to most consumers because of their direct contact with the ultimate consumers.

Wholesalers

Retailers

Manufacturers

Selling agents

Question 9 2 pts

Which of the following is a single product line?

Four-door sedans offered by various automobile manufacturers

Passenger jets manufactured by Airbus and Boeing

Almond, caramel and dark chocolate flavors of Hershey Kisses

Different brands of toothpaste for people with sensitive teeth

Question 10 2 pts

Which of the following offers the fastest mode of transportation?

Water freight

Pipelines

Air freight

Railroads

Question 11 2 pts

When shifts in consumer preferences bring about an absolute slump in industry sales, a product is said to be in the _____ stage of the product lifecycle.

introductory

growth

maturation

decline

Question 12 2 pts

You work for the purchasing department of an up-and-coming eco-friendly fashion manufacturer, and have been asked to ensure that you have ordered enough raw materials for the pieces in the fall collection. The fall collections will feature plant-based T-shirts embellished with fancy stitching.

Required:
Which of the following combination of items should you order?

T-shirts, bamboo, and thread

buttons, T-shirts, and thread

buttons, thread, and bamboo

bamboo, thread, and sewing machines

T-shirts, sewing machines, and buttons

Question 13 2 pts

Dawn, Joy, and Ivory are dish liquid brands manufactured by Procter & Gamble. All these brands can be regarded as _____ brands.

private

family

generic

individual

Question 14 2 pts

In addition to traditional drug stores, Dr Scholl’s foot care company sells its products through convenience stores as well as through telemarketing to podiatrists. Which of the following is being employed by Dr Scholl’s foot care company to sell its products?

A reverse channel

Exclusive distribution

A direct channel

Dual distribution

Question 15 2 pts

Which of the following comes closest to providing a pure good?

A company that manufactures elevators

A laundry

A fitness gym

An advertising agency

Question 16 2 pts

Mommy & Little Tots manufactures products for mothers-to-be as well as newborn infants. Their products include maternity wear, diapers, wipes, burp clothes, and swaddling blankets. These products constitute the “product _____” at Mommy & Little Tots.

pack

congregation

cluster

line

Question 17 2 pts

The _____ stage in brand loyalty leads consumers to refuse alternatives and search extensively for the desired merchandise.

brand recognition

brand insistence

brand awareness

brand preference

Question 18 2 pts

You are the manager for the consumer product adoption strategies department of your firm. Your job requires you to manage the third stage of the five-stage consumer product adoption process. Which of the following statements is true in regard to your job focus?

You should focus on making sure buyers are aware of your product’s existence.

You should focus on encouraging the current buyers of your product to become repeat buyers.

You should focus on making sure buyers clearly understand your product’s benefits.

You should focus on providing information about your product.

You should focus on encouraging buyers to just try your product.

Question 19 2 pts

Which of the following is true of convenience products?

Consumers generally don’t have prior need recognition of convenience products before purchasing them.

Consumers generally tend to purchase convenience products immediately and with minimal effort.

Consumers tend to buy convenience products after a long-term evaluation of competing products in the market.

Consumers tend to buy convenience products because of the prestige associated with their ownership.

Question 20 2 pts

Your small retail outlet prides itself on selling environment-friendly premium coffee products. You purchase your beans from roasters who sell only fair trade-certified, Rainforest Alliance-certified, and organic-certified coffees. In fact, you are part of a co-op that assists small farmers through the certification process with grants and education. What vertical marketing process are you employing in distributing your products to your customers?

vertical conflict

forward integration

horizontal conflict

backward integration

functional integration

Question 21 2 pts

Which of the following modes of transportation controls the largest share of the freight business as measured by ton-miles?

Railroads

Water carriers

Motor carriers

Pipelines

Question 22 2 pts

Marketers acknowledge a broader conception of product; they realize that people buy want satisfaction. Using this broad concept, a television set is a(n):

obsolete technology in comparison with the Internet.

means of providing entertainment.

lucrative item for appliance stores.

machine used to receive broadcast signals.

Question 23 2 pts

You work for a multinational corporation that manufactures a series of home goods, cosmetics, pet supplies, foods, and beverages. As a newly appointed head of development, you want to familiarize yourself with the company’s product lines.

Required:
Which of the following combinations of items represents a product line?

mascara, lipstick, and plates

pet food, shampoos, and juices

eyeliner, dog biscuits, and frozen pizza

frozen tacos, salsa, and shredded cheese

sausage, dog bacon strips, and lemonade

Question 24 2 pts

The Gillette Company is a leader in the market for razors/blades/shaving systems for men and women. Its product development history goes back to the introduction of the first safety razor. Since then, it has regularly led the market in introducing products to meet the needs of its customers. The following list outlines some of its major product introductions:

safety razor
twin-bladed razor
twin-bladed disposable razor
pivoting-head razor
pivoting-head disposable razor
razor designed specifically for women
triple-blade razor
battery-powered razor

Gillette’s introduction of the twin-bladed disposable razor would be considered which of the following:

new product

line extension

brand licensing

universal product code (UPC)

trade dress

Question 25 2 pts

A product is said to have achieved brand preference when:

the product becomes familiar to the consumer.

the marketers start selling the product at a discount.

the consumer sees or recognizes the product and chooses it over its competitors.

the product has attained monopoly position with its customers.

Question 26 2 pts

Dani works in the fine fragrances sales floor in a major department store. She recently attended a mandatory training seminar in which sales personnel were coached on ways to increase sales through personal interactions with customers. Now Dani is putting what she learned to work. When customers ask her the price of a single bottle of fragrance, Dani gives them the information they want but also lets them know that for a slightly higher cost, they can purchase a gift set. The gift set contains a slightly smaller bottle of the fragrance but includes lotion and shower gel in the same scent. Since Dani started using this technique, the average value of each sale she makes has increased by 15%.

Based on Dani’s actions, which component of the department store’s retail strategy did the training seminar focus on?

pricing

promotion

merchandising

customer service

store atmospherics

Question 27 2 pts

The term “product positioning” refers to:

a low cost market entry strategy in which two or more firms represent one another’s complementary yet non-competing products in the markets.

the process of developing entirely new products for new markets.

consumers’ perceptions of a product’s attributes, uses, quality, as well as advantages and disadvantages relative to competing brands.

the process of developing a trade dress for a new product.

Question 28 2 pts

Which of the following factors has helped increase the importance of packaging as a marketing tool?

Marketers’ emphasis on targeting large market segments

Increased popularity of generic products

Changes in consumer lifestyles and buying habits

Global economic recessive trends

Question 29 2 pts

When a firm starts to realize substantial profits from its investment in a product, the product is said to be in the _____ stage of the product lifecycle.

decline

introductory

growth

maturity

Question 30 2 pts

Which of the following statements is most likely to be true about a convenience retailer?

It offers huge selections and low prices in single product lines.

It appeals to customers by having an accessible location, rapid checkout, extended store hours, and adequate parking.

It combines carefully defined product lines, services, and reputations in attempts to persuade consumers to expend considerable effort to shop at their stores.

It offers a complete array of services to its customers.

Question 31 2 pts

Liz Lange maternity wear and Shaun White’s apparel for boys are sold exclusively at Target. These brands are examples of _____ brands.

private

national

captive

exclusive

Question 32 2 pts

At the _____ stage in the consumer adoption process, buyers consider the likely benefits of the product.

awareness

trial

interest

evaluation

Question 33 2 pts

Which of the following factors is most likely to be associated with a short marketing channel?

The products require little or no technical knowledge and servicing.

Manufacturer lacks adequate resources to perform channel functions.

The products are perishable.

Manufacturer serves a geographically dispersed potential trade area.

Question 34 2 pts

Using the consumer products classification system, which of the following is most likely to be true of the consumer factors for specialty products?

Consumers tend to purchase specialty products frequently.

Consumers always compare price and quality between competing products.

Consumers tend to regard convenience of location as very important.

Consumers tend to plan extensively before buying them.

Question 35 2 pts

Which of the following is true of services?

Services are tangible.

Services are inseparable from service providers.

Companies can easily standardize services.

Services are nonperishable.

Question 36 2 pts

A “_____” carries an item’s brand name or symbol, the name and address of the manufacturer or distributor, information about the product’s composition and size, and recommended uses.

brand mark

label

brand token

watermark

Question 37 2 pts

The purpose of test marketing new-product offerings is to:

separate ideas with commercial potential from those that will not meet company objectives.

subject the product idea to additional study prior to its actual development.

verify that the product will perform well in a real-life environment.

evaluate the compatibility of the product with organizational resources.

Question 38 2 pts

Which of the following distribution strategy seeks to distribute a product through a single wholesaler or retailer in a specific geographic region?

Exclusive distribution

Associative distribution

Selective distribution

Intensive distribution

Question 39 2 pts

Which of the following is most likely to be categorized as a consumer product as well as a business product?

Natural gas

Iron ore

Concrete mixers

Agriculture produce

Question 40 2 pts

Using the consumer products classification system, which of the following is true of the marketing mix factors for a convenience product?

It is generally high priced.

The seller’s image is very important.

It has a long distribution channel.

Its number of sales outlets tends to be very few.

Question 41 10 pts

Define product lifecycle. Describe the various stages of a product lifecycle. Apply a product to each stage of the product lifecycle that you think fits into each category.

There are 4 stages of a product life cycle, namely, 1) introduction, 2) growth 3)maturity and 4) decline. Let us take an example of a cherry flavored carbonated drink. In the introduction stage, the costs for the company will be high as the product would have been just launched. The customers would be seeing the product for the first time and would need a lot of time and persuasion to start buying it. The price in the introductory phase would also be low to attract customers. In the second stage of growth, the product’s sales would rise and soon its marketing and distribution would increase and it would be made available at as many retails points as possible, this is the time when company’s revenues would start to increase tremendously. In the third phase of maturity, the market for the drink would be saturated, the sales would already be at their highest level possible and newer or similar products would be on offer by competitors. This will finally lead to the last stage, where the sales of the drink would decline and so would its popularity in the customer’s eyes. This would lead to decline in both the units of products produced and sales as the company would be curtailing its production.

Question 42 10 pts

Sears Would Really Like to Sell You a $33,000 Rolex

– Dana Mattioli and Suzanne Kapner, Wall Street Journal, July 21, 2013
Read the following article and engage in discussion involving the questions below.

Answer the following questions:

Do you believe Sears new merchandising strategy is a sound one? Why or why not?

What do you think of Sears’ strategy to sell higher end merchandise through its Marketplace function?

Do you consider Sears a trendy place to shop?

Do you think that Sears should focus more on its brick-and-mortar locations or reinvest in e-commerce?

I believe Sears’ new strategy is a not a sound one. It is because it has only focused on attracting customer’s attention by offering a wider range of products. Due to the focus on online marketing, Sears may have gained a bit of popularity but the downfall in its revenues in 2011 and 2012 exhibit the troubled status of Sears’ profitability. Since Amazon offers a price advantage to buyers, Sears’ strategy of selling higher end merchandise (at a higher rate than that of Amazon) is not a useful one. It is because, Amazon already has a much larger number of online shoppers and hence to distract them from Amazon and to persuade them to buy from Sears, Sears would have to improve on a lot of other accounts such as pricing, delivery time and range of goods offered. If Sears has been selling low-end products for quite some while, its not a trendy place to shop. It can also be said so because Sears’ already existing customer base is also uncomfortable with seeing Sears trying to go ‘hip’ and high end. Given the fact that 97$ of Sears’ revenue is generated from Brick and mortar stores, it makes sense for Sears to focus on that rather than on online shopping which only amounts to a negligible proportion of total sales. Thus, it should not reinvest in e-commerce.

Question 43

Discuss the characteristics of shopping products. Do marketers essentially use the same approach to market all shopping products?

Shopping products can be categorized according to the utility they provide, their frequency of purchase as well as their status in the eyes of consumers such as luxury goods or groceries etc. Moreover, shopping products can also be categorized according to the age, income group and gender of the potential buyers. Marketers do not use the same approach to market their products. For instance, baby milk would be promoted and advertised in a different manner than that of a million dollars worth luxury watch. What differentiates the marketing approach is the utility, use value and the target market of each product.

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MRKT 303 Exam 3 Marketing

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