BUSS110 Final Exam Study Sheet

  1. 1. (p. 15) Until recently, good PC software for
    producing digital videos was not available, but was much in demand by
    businesses. The first companies to produce a specific type of program had good
    sales even though they did little promotion and their programs were not
    "user-friendly." It seems that many of these "innovators"
    operated as if they were in the: 
    • production
    • era.
  2. 2. (p. 7) The aim of marketing is to
    • identify
    • customers' needs and meet those needs so well that the product almost
    • "sells itself."
  3. 3. (p. 17) Which of the following is LEAST LIKELY to
    be found in a production-oriented firm? 
    Producing  goods that exactly meet the customer's needs.

  4. 4. (p. 10-11) Concerning the "universal functions
    of marketing," which of the following statements is
    None of the above is false.
  5. 5. (p. 10-11) The universal functions of marketing 
    not  every firm must perform all of the marketing functions.
  6. 6. (p. 13) In a market-directed economy: 
    the  individual decisions of the many producers and consumers make the macro-level  decisions for the whole economy.
  7. 7. (p. 16) The _________________ era is a time when a
    company emphasizes selling because of the increased competition in the external
  8. 8. (p. 10) Which of the following is NOT true about
     They  always increase total expenses for a product. 

  9. 9. (p. 43) A marketing program blends all of the
    firm's marketing plans into one "big" plan and is the responsibility
    of the whole company. 
  10. 10. (p. 50) Differentiation refers to the
    ______________ of the firm's marketing mix to meet the needs of the target
  11. 11. (p. 39) An appropriate marketing mix should be
    determined _______  by  the needs of a target market.
  12. 12. (p. 38) The Price area of the marketing mix: 
  13.  13. (p. 47) Which of the following best illustrates a
    "breakthrough opportunity?" 
    • A drug
    • company develops a patented pill that people can take once a year and safely
    • avoid catching a cold.
  14. 14. (p. 38)  In general, no single element of the
    "four Ps" is more important than the others.
  15. 15. (p. 80-81) When evaluating the potential of possible
    opportunities (product-market strategies), a marketing manager should: 
    • evaluate
    • each opportunity over the life of the project, since short-term losses may hide
    • long-term profitability
  16. 16. (p. 61) Earning a profit probably should be one of
    the objectives of a firm, but it should not be the only one. 
  17. 17. (p. 75) The Sherman Act is primarily designed
    prevent  monopolies or conspiracies in restraint of trade.
  18. 18. (p. 72) Strong sentiments of nationalism
    facilitate growth in importing and exporting. 
  19. 19. (p. 77-78) More women working outside the home and
    greater interest in leisure are examples of changes in the ______________
    cultural and social.
  20. 20. (p. 96) Marketing-oriented managers see segmenting
    as a process of aggregating people with similar needs into a group. 
  21. 21. (p. 108) The seven-step approach to market
    segmentation begins to consider whether a particular group can be profitable to
    the firm in Step 1—and that is a major consideration throughout all seven
  22. 22. (p. 93) A product-market definition should
    All of the above. 

  23. 23. (p. 104-105) The first step in segmenting international
    markets is to group countries that are close to each other into "common
  24. 24. (p. 106-107) In the seven-step approach, qualifying
    dimensions are identified in Step 3 but determining dimensions are not
    identified until Step 4. 
  25. 25. (p. 92) A firm's "relevant market for finding
    opportunities" should: 
    be bigger than the firm's present product-market—but not so big that the firm couldn't be an important competitor.
  26. 26. (p. 105) The seven-step approach is a "best
    practice" approach to the ideas discussed in Exhibit 2-10. 
  27. 27. (p. 139) The traditional family flow, according to
    the family life cycle, does not include people who are 
    middle-aged divorced without dependent children.
  28. 28. (p. 129-130) Regarding changing population
    patterns areas
    with rapid population growth may offer
     the most attractive marketing opportunities.
  29. 29. (p. 165) What is the level of involvement in a
    purchase decision for a small kitchen appliance?
  30. 30. (p. 154) _____ is a change in a person's thought
    processes caused by prior experience. 

  31. 31. (p. 148) Which of the following would be most
    helpful for predicting why a final consumer selects one of several similar
    behavioral science theories

  32. 32. (p. 166) Dissonance is: 
    • tension
    • caused by uncertainty about the rightness of a decision
  33. 33. (p. 154-155) Which of the following is an example of
    using a cue to attract consumers? 
    All of the above are examples.
  34.  34. (p. 165) Which of the following products probably
    would result in the lowest involvement purchase for most consumers? 
    • Paper
    • towels
  35. 35. (p. 178) In a buying center, which of the following
    are likely to be influencers? 
    • People
    • who supply information for evaluating alternatives.
  36. 36. (p. 179) Vendor analysis:
    • Is
    • a formal rating of suppliers on all relevant areas of performance.
  37. 37. (p. 182) Regarding new-task organizational buying,
    which of the following persons is LEAST likely to be involved? 
    • a
    • competitor's purchasing manager
  38. 38. (p. 182) A vendor is MOST likely to make a sale if
    the buyer has bought from the vendor before and is doing: 
    • straight
    • rebuy buying.
  39.  39. (p. 182) Which of the following buying situations
    gives a seller the most chance for promotion impact? 
    • New-task
    • buying
  40. 40. (p. 195) Regarding the government market, 
                government is the largest customer group in the
    United States
    • spending
    • about 30 percent of GDP.
  41. 41. (p. 190-191) Regarding the size of manufacturing
    concerns, large firms (with more than 250 employees) 
    • are
    • few in number but their employees account for nearly half of all employed
    • people.
  42. 42. (p. 189) Which of the following situations would
    involve negotiated contract buying?
    • design
    • and manufacture a new computer accessory
  43. 43. (p. 209) _____ is an informal study of what
    information is already available in the problem area. 
    Situation analysis
  44. 44. (p. 208) Which of the following is NOT part of the
    five-step marketing research process discussed in the text? 
    • Developing
    • the marketing information system (MIS).
  45. 45. (p. 202-203) Regarding marketing research, 
    • a good researcher will understand the marketing problem as well as the technical
    • details of marketing research.

  46. 46. (p. 215) Mail surveys: 
    • All
    • of the above are true
  47. 47. (p. 207) The scientific method in marketing
    • forces
    • an orderly research process. 

  48. 48. (p. 207) A decision-making approach that focuses on
    being objective and orderly in testing ideas before accepting them is
    scientific method.
  49. 49. (p. 213) A consumer products manufacturer wants
    consumer reaction to its existing products. Interaction is considered important
    to stimulate thinking. The firm should use: 
    • focus
    • group interviews.
  50. 50. (p. 202-203) Which of the following statements BEST
    reflects the point of view of the text with respect to marketing
    • "When
    • we work with outside marketing research specialists, we expect them to take the
    • time to really understand the problem we are trying to solve."

  51. 51. (p. 213) An interview with 6 to 10 people in an
    informal group setting is called a(an): 
    • focus
    • group interview.

  52. 52. (p. 224-225) Regarding international marketing
    • Companies
    • with operations in several countries often try to centralize some marketing
    • research functions to reduce costs.

  53. 53. (p. 214) Marketing research which seeks structured
    responses that can be summarized is called: 
    • quantitative
    • research.

  54. 54. (p. 248) ___________ shopping products are products
    that the customer sees as basically the same and wants at the lowest
  55. 55. (p. 241) Products which have no brand other than
    the identification of their contents are called 
    • generic
    • products.

  56. 56. (p. 244) A "universal product code"
    • identifies
    • a product with a mark which can be "read" by electronic scanners.
  57. 57. (p. 249) Which of the following statements about
    consumer products is true? 
    • Unsought
    • products are not shopped for at all.
  58. 58. (p. 249-250) Consumer products which consumers do not
    yet want or know they can buy - and probably would not buy without special
    promotion even if they saw them - are called: 
    • unsought
    • products.
  59. 59. (p. 274) From a "social responsibility"
    viewpoint, marketers should try to design and sell: 
    • desirable
    • products. 

  60. 60. (p. 264) The shape, length, and current stage of a
    product life cycle may vary depending: 
    • All
    • of the above.

  61. 61. (p. 304-305) "Ideal market exposure" should
    make a product widely enough available to satisfy target customers' needs, but
    not exceed them. 
  62. 62. (p. 310) Of the six basic kinds of involvement in
    international marketing, exporting is the least permanent. 
  63. 63. (p. 310) Exporters usually work with specialists
    who can handle international problems such as customs, taxes, exchange rates,
    and shipping. 
  64. 64. (p. 331) Efforts to reduce the environmental
    efforts of transporting usually increase the firm's distribution costs. 
  65. 65. (p. 319) According to the "physical
    distribution concept": 
    • all
    • transporting, storing, and product-handling activities of a business and a
    • whole channel system should be coordinated as part of one system.

  66. 66. (p. 322-323) Every firm should try to use the
    just-in-time approach to physical distribution. 
  67. 67. (p. 325) Which of the following statements about
    electronic data interchange is FALSE? 
    • EDI
    • has not yet spread to international markets.

  68. 68. (p. 327-329) Regarding alternative transporting modes,
    which of the following statements is TRUE? 
    • All
    • of the above are true

  69. 69. (p. 344) _________  specialize in certain lines of related products rather than a wide assortment.
    • Limited-line
    • stores  
  70. 70. (p. 359) Which of the following is not a type of
    service wholesaler? 
  71. 71. (p. 345) Which of the following retailers was the
    first to adopt the mass-merchandising concept? 

  72. 72. (p. 345) Department stores: 
    All of the above are true.

  73. 73. (p. 359) Regarding merchant wholesalers, which of
    the following statements is TRUE? 
    • All
    • of the above are true.
  74. 74. (p. 352) The idea that new types of retailers begin
    as low-status, low-margin, low-price operators and then—if successful—evolve
    into more conventional retailers offering more services is called the: 
    • wheel
    • of retailing theory.

  75. 75. (p. 349) Telephone and direct-mail retailing: 
    • profit
    • margins have been falling because of increased competition.

  76. 76. (p. 345) The "mass-merchandising"
    • focuses
    • on increasing sales and speeding turnover by lowering prices

  77. 77. (p. 328) At least ________ percent of all freight
    shipped in the United States moves by trucks—at least part of the way—from
    producer to user. 
  78. 78. (p. 323) A supply chain: 
    • includes
    • all the activities involved in procuring materials, transforming them into
    • products, and distributing them to customers.

  79. 79. (p. 331) Storing: 
    • is
    • necessary when production does not match consumption.

  80. 80. (p. 360) Drop-shippers: 
    • do
    • not stock the products they sell

  81. 81. (p. 347) A "supercenter": 

    is concerned with providing all of the customer's routine needs at a low price.
  82. 82. (p. 345) Supermarkets: 
    • Are
    • designed to maximize efficiency.
  83. 83. (p. 347) Supercenters are also known as 
  84. 84. (p. 347) A "supercenter": 
    tries to provide all of a customer's routine needs—at a low price

  85. 85. (p. 410) Which of the following is a good example
    of a sales technology? 
    all of the above
  86. 86. (p. 412) According to the text, to recruit,
    motivate, and keep good salespeople, a firm has to 
    • develop
    • an effective compensation plan.
  87. 87. (p. 413) All of the following are payment methods
    for personal selling except 
    • tax
    • deductions.
  88. 88. (p. 413) A merchant wholesaler who wants to provide
    the most INCENTIVE in his sales force payment plan should use: 
    • straight
    • commission.
  89. 89. (p. 446-447) Which of the following is a possible
    outcome of a sales promotion? 
    • All
    • of the above.

  90. 90. (p. 444) Research to evaluate advertising
    • includes
    • experiments conducted using split runs on cable TV systems.

  91. 91. (p. 430) Institutional advertising: 
    • tries
    • to develop goodwill for a company or even an industry.

  92. 92. (p. 463) Which of the following statements about a
    flexible- price policy is True? 
    • Flexible
    • pricing often involves price negotiation between the buyer and seller.

  93. 93. (p. 470) A marketing manager might offer a cash
    discount to channel members to: 
    • encourage
    • buyers to pay their bills quickly.
  94. 94. (p. 502) Customers are likely to be less price
    sensitive when: 
    • the
    • greater the significance of the end benefit.
  95. 95. (p. 501) In marginal analysis, the profit
    maximizing point is the point at which: 
    • The
    • difference between total revenue and total cost is maximized.
  96. 96. (p. 523-524) The best way to break down and analyze
    sales data is
    • any
    • of the above, depending on the situation.
  97. 97. (p. 526) Performance analysis: 
    • may
    • be based on several different performance indexes.
  98. 98. (p. 524) Sales analysis: 
    • All
    • of the above are true.
  99.  99. What kind of promotion is PSI using when it publishes catalogs
    and exhibits in trade shows? 
    • Sales
    • promotion
  100. 100. (p. 580-585) Improving both micro-marketing and
    macro-marketing may require: 
    • All
    • of the above.
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BUSS110 Final Exam Study Sheet
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