Exam 1 IBM 301

question

The marketing strategy that emphasizes selling more of existing goods and services to existing customers is called A. product development. B. market development. C. market penetration. D. diversification. E. positioning.
answer

C. market penetration.
question

Which marketing strategy would Ben and Jerry’s Ice Cream be using if it decided to begin selling its ice cream in Mexico for the first time? A. market penetration B. product development C. diversification D. market development E. positioning
answer

D. market development
question

If Consumer Reports publishes an issue that states that Uber offers the best overall service and price for all ride-share firms, this represents a ____________ for Uber. A. a core benefit. B. a value edge. C. marketing tactics. D. product control. E. a competitive advantage.
answer

E. competitive advantage
question

Which of the following is a risk of licensing in an international market? A. the licensor may create its own competition B. the licensor may misuse trademarks C. locally owned licensees don’t know much about the local customers D. licensor doesn’t know enough about the brand E. licensor has to pay the licensee money to enter the arrangement
answer

A. the licensor may create its own competition
question

Typically the least risky option for entering international markets is A. exporting. B. joint venture. C. licensing. D. direct ownership. E. franchising.
answer

A. exporting.
question

As a marketing strategy, what is diversification? A. selling existing goods and services to new customers B. creating new goods and services for existing markets C. selling more of existing goods and services to existing customers D. selling new goods and services to existing customers E. offering new products that are unrelated to the existing products produced by a company
answer

E. offering new products that are unrelated to the existing products produced by a company
question

In a SWOT analysis, increasing gasoline prices would represent a potential __________ for manufacturers of electric cars. A. weakness B. threat C. opportunity D. operational advantage E. locational advantage
answer

C. opportunity
question

A firm that is engaged in environmental scanning is monitoring developments outside of the firm’s control in order to detect and respond to A. the strengths of the firm. B. environmental issues associated with the firm’s operations. C. market opportunities associated with environmental concerns. D. the weaknesses of the firm. E. threats and opportunities.
answer

E. threats and opportunities.
question

While shopping for back-to-school clothes, Josie uses apps on her smartphone to comparison shop, and to obtain coupons and fashion advice. What external factor affecting the marketing environment does this represent? A. economic B. demographic C. legal D. sociocultural E. technological
answer

E. technological
question

Which of the following acronyms stands for the international organization that regulates trade among participating countries and helps importers and exporters conduct their business? A. IMF B. NATO C. CAFTA D. NAFTA E. WTO
answer

E. WTO
question

NAFTA is a trade agreement between A. Brazil, China, and India B. The United States, Canada, and Mexico C. The European Union and the United States D. The United States and China E. The United States, Mexico, and Brazil
answer

B. The United States, Canada, and Mexico
question

What type of sampling occurs when every person in the target population has a chance of being selected, and the probability of each person being selected is known? A. probability B. nonprobability C. quota D. snowball E. preferred
answer

A. probability
question

Which of the following is a form of quantitative research that can be used to measure consumer attitudes, intended behavior, and the motivations behind behavior? A. observational studies B. focus groups C. experiments D. mathematical models E. surveys
answer

E. surveys
question

All of the following are sources of external secondary data EXCEPT A. the Census Bureau. B. LexisNexis. C. the Internet. D. the Economics and Statistics Administration. E. customer surveys
answer

E. customer surveys
question

Which type of research seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs, and behavior? A. descriptive B. analytic C. exploratory D. causal E. predictive
answer

C. exploratory
question

Marketing research has an impact on which of the 4 Ps? A. promotion and price. B. product only. C. price. D. product, price, and promotion only. E. product, price, promotion, and place.
answer

E. product, price, promotion, and place.
question

Which statement about social media sites is TRUE? A. Social media sites give marketers access to what is typically inexpensive information. B. The potential for capturing data from social media sites is minimal but growing. C. Social media data is widely considered to be unreliable. D. Social media users on Facebook often share personal information that researchers use. E. Most social media sites have a policy against using their information for marketing purposes.
answer

D. Social media users on Facebook often share personal information that researchers use.
question

GM wanted to know what features were used the most in their new cars, so they invited 10 people who owned GM cars to sit in a room with a moderator and answer questions. This is an example of A. secondary research. B. an interview. C. an experiment. D. a focus group. E. snowballing.
answer

D. a focus group.
question

Which one of the following is a disadvantage of using secondary data? A. high cost B. time consuming C. data may not be current D. survey can confuse the individual E. I ran out of fake answers
answer

C. data may not be current
question

Which of the following often provide firms with higher profits and a steady stream of customer sales? A. new product purchases B. impulse buys C. ritual consumption D. intermittent buying patterns E. special occasion shopping
answer

C. ritual consumption
question

The mental conflict that people undergo when they acquire new information that contradicts their beliefs and assumptions is called A. new product letdown. B. cognitive dissonance. C. self-actualization. D. rational recognition. E. product awareness.
answer

B. cognitive dissonance.
question

Which of the following accurately lists the levels in Maslow’s hierarchy of needs, from the lowest level to the highest level? A. esteem, love/belonging, physiological, self-actualization, and safety B. physiological, safety, love/belonging, esteem, and self-actualization C. safety, physiological, esteem, self-actualization, and love/belonging D. self-actualization, esteem, love/belonging, safety, and physiological E. safety, esteem, self-actualization, physiological, and love/belonging
answer

B. physiological, safety, love/belonging, esteem, and self-actualization
question

The traditional marketing strategy of selling umbrellas when it is raining is an example of how __________ factors influence consumers’ decisions. A. situational B. psychological C. shopping D. interpersonal E. economic
answer

A. situational
question

The people that an individual would not like to be like make up his or her A. exclusive reference group. B. membership reference group. C. dissociative reference group. D. isolation reference group. E. aspirational reference group.
answer

C. dissociative reference group.
question

Among the factors affecting the consumer decision-making process is/are __________, the way consumers spend their time and money to live. A. external validation B. conspicuous consumption C. the demonstration effect D. lifestyle E. life standards
answer

D. lifestyle
question

The consumer’s level of involvement can lead to two types of buying decisions: __________ and __________. A. habitual; extended B. culturally influenced; autonomous C. economic; social D. physiological/safety; esteem/self-actualization E. extended problem solving; limited problem solving
answer

E. extended problem solving; limited problem solving

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