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midterm exam revision, Exams of Marketing

University of SaskatchewanMarketing

midterm exam revision for usask students

Typology: Exams

2022/2023

Uploaded on 10/24/2023

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Comm 204.3 Midterm #02
Part I. Essay Questions. Present your answers clearly and in a logical manner. Please
use complete sentences. (Write approximately one page per essay).
1.
What do "search qualities" mean. Are services generally hijher in search qualities.
or
lower? Also, explain the ramifications of this characteristic on service
marketing. (You must not discuss the general issues of service marketing but
confine your discussion to the search-quality issue only.) (6 points)
2.
An automobile manufacturer has chosen a new-product idea of a solar-powered
automobile. The company wants to conduct a concept test. Discuss how' the
test
should be conducted. (6 points)
3. Whitney Houston was recently appointed as a brand manager in a large
consumer product company. She decides to assess whether the current pricing
strategy is
appropriate. As an initial step, she wants to examine what price level
could maximize the profit from this brand, which can be categorized as a preference
product. Discuss what pricing approach could be employed and the detail s of this
process. (10 points)
Part II. Multiple Choice. Each question has the weight of 1.2 points. Answer every
question. No answer as well as a wrong answer will be penalized by one-third of ihe
weight per each question ((1.4 points).
I. All of the following are distinguishing characteristics of the industrial market except:
a)
geographic market concentration
d) utilization of SIC classification
b)
relatively small number of buyers
e) all of the above are characteristics
c) heavy use of marketing research
2. As a result of the high degree of concentration that exists in the industrial market
a)
advertising is an extremely important c) shoemakers are infrequently used
pan of the marketing mix d) retailers are extremely
important
b) channels must be much longer than e) none of the
above for consumer goods
3.
The linkage between desires to make industrial purchases and the desires
of
consumers for the firm's output is referred to as:
a) joint demand d) ultimate demand coiiiplementary
b)
linked demand
demand
c) derived demand
4.
Situations in which industrial buyers are willing to re-evaluate their available
options
are best described as:
a)
special order rebuys
b)
straight rebuys
c)
formula rebuys
d) modified rebuys
e) adapted rebuys
pf3
pf4
pf5
pf8
pf9
pfa

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Comm 204.3 Midterm # Part I. Essay Questions. Present your answers clearly and in a logical manner. Please use complete sentences. (Write approximately one page per essay).

  1. What do "search qualities" mean. Are services generally hijher in search qualities. or lower? Also, explain the ramifications of this characteristic on service marketing. (You must not discuss the general issues of service marketing but confine your discussion to the search-quality issue only.) (6 points)
  2. An automobile manufacturer has chosen a new-product idea of a solar-powered automobile. The company wants to conduct a concept test. Discuss how' the test should be conducted. (6 points)
  3. Whitney Houston was recently appointed as a brand manager in a large consumer product company. She decides to assess whether the current pricing strategy is appropriate. As an initial step, she wants to examine what price level could maximize the profit from this brand, which can be categorized as a preference product. Discuss what pricing approach could be employed and the detail s of this process. (10 points) Part II. Multiple Choice. Each question has the weight of 1.2 points. Answer every question. No answer as well as a wrong answer will be penalized by one-third of ihe weight per each question ((1.4 points). I. All of the following are distinguishing characteristics of the industrial market except: a) geographic market concentration d) utilization of SIC classification b) relatively small number of buyers e) all of the above are characteristics c) heavy use of marketing research
  4. As a result of the high degree of concentration that exists in the industrial market a) advertising is an extremely important c) shoemakers are infrequently used pan of the marketing mix d) retailers are extremely important b) channels must be much longer than e) none of the above for consumer goods
  5. The linkage between desires to make industrial purchases and the desires of consumers for the firm's output is referred to as: a) joint demand d) ultimate demand coiiiplementary b) linked demand demand c) derived demand
  6. Situations in which industrial buyers are willing to re-evaluate their available options are best described as: a) special order rebuys b) straight rebuys c) formula rebuys d) modified rebuys e) adapted rebuys
  1. Which^ of^ the^ foPowing^ buying^ centre^ roles^ is^ concerned^ with^ connomng, or (^) screening, information to be reviewed by other members of the buying centre? a) influences^ d)^ gatekeepers b) deciders e) manager of the purchasing c) users department
  2. SIC is an abbreviation^ for a) Standard Industrial Classification b) Standard Inventory Categories c) Superior Industrid Classification d) Standard Industrial Categories e) Secondary Industry Classifications
  3. How many divisions do the SIC codes identify? a) 3 b) 5 c) 8 d) 10 e) 18
  4. Which of the following is not a government's method of obtaining bids? a) requests^ for^ proposals^ d) a letter of^ inquiry b) an invitation to tender e) all of the above are methods c) requests for quotations
    1. Pencil, Inc. produces pencils for the government market. Pencil, therefore, is a major purchaser of lead and wood. This year, there is a general shortage of lead. Thus, Pencil, Inc. has reduced its purchases of wood. %s situation highlights the importance of a) derived demand b) the accelerator principle c) inventory adjustments d) joint demand e) none of the above
    2. The DeepPit Coal Company sells to manufacturers of pig iron. The fact that their customers also require that DeepPit be aware of and concerned with the demand of other industrial goods used in the production of pig iron illustrates the special problems resulting from a) inventory adjustments b) derived demand c) joint demand d) demand variability e) all of the above
    3. At which stage of the PLC do differences among competing products diminish as competitors discover the product features and promotional characteristics most desired by the market? a) introduction b) decline c) maturity d) growth e) profitable
  5. Those consumers who are the first to purchase a new product are called a) status seekers c) trenders b) opinion leaders d) innovators

e) all of the above

  1. The Future Corporation competes in an industry in which differences between competing products have diminished to the point that promotional outlays have increased to emphasize image and minor product differences. Overall, the industry is suffering from chronic overcapacity. What stage of the product life cycle is opemting here? a) introduction b) growth c) maturity
  2. The diffusion process d) decline e) stagnation a) recognizes that consumers become aware of and adopt products similarly b) focuses upon how individuals adopt new products c) focuses upon how new products are accepted by members of a social system d) assumes that the rate of new product adoption is constant over time e) none of the above
    1. The Plymouth Corpomtion is preparing to launch an extensive sampling campégn for its new product. The company feels confident that the ease with which the consumer can try the product will greatly facilitate its rapid acceptance. The product features a high degree of a) compatibility b) divisibility c) complexity d) communicability
    2. The assortment of product lines and individual offerings available from a marketer comprises the a) product mix b) product line c) product assortment d) brand mix e) product grouping
    3. Identify the strategy that refers to the development of new products for new markets. a) product-divenification c) product-posiioéng b) product-improvement d) product-development
    4. When a unique product becomes generally known by its original brand name, the brand name may be ruled a) illegal b) generic c) a national brand d) a trademark
    5. A decision to use a popular brand name for a new-product entry in an unrelated product category is known as a) brand extension b) brand proliferation c) brand development d) brand exploraion e) line extension
    6. Sunoco is a brand name; Sunoco's yellow diamond pierced by a red arrow is a

a) trademark b) cue c) label d) sales promotion e) sign

  1. Compeing firms often reduce prices and increase promoional schemes when they learn a company is going to a) commercialize^ a^ product^ line b) test market a new product c) change^ the^ package^ size,^ label, or (^) product quality d) recall an item from the market voluntarily e) increase their sales force in a certain region of the country
  2. Which of the folowing is not usually printed on a^ label? a) name^ and^ address^ of^ the^ d) ingredients^ or^ components^ of the manufacturer or distributor product b) product size e) all of the above are printed on a label c) brief warranty statement
  3. Which^ of^ the^ following^ statements^ concerning^ organizational^ stnicture^ for new (^) product development is false? a) new^ product^ committees^ are^ primarily^ responsible^ for^ reviewing^ and^ approving new product plans b) the^ new^ product^ department^ makes^ new^ product^ development^ a^ permanent,^ full-time activity

cJ under^ the^ product^ manager^ system,^ new^ product^ development^ may^ get^ secondary

treatment d) the venture team does not disband until the commercial poRntial of the product has been demonstrated e) none of the above

  1. Which of the following statements is correct? a) national brands are often referred to as private brands b) national brands can be referred to as manufacturers' brands c) Sears' brands, such as Kenmore, are naiond brands d) National brands are sometimes labelled as generic products e) None of the above
  2. Ted is the marketing manager for a detergent company. Ted's firm is currently producing detergents. Ted's product committee has recommended fat Ted market a detergent that &so incorporates a fabric softener. He is concerned that the new detergent will not increase total company sales due to: a) cannibalization d) brand proliferation b) flanker brands e) width of assortment c) promoional expenses
  3. Concept testing

41. For which type of quality must the buyer mist that the supplier has performed correctly, even after purchase? a) credence b) experience c) search d) all of the above e) a and b 42. Unlike services, most goods tend to be high in a) credence qualities d) all of the above b) experience^ qualities^ e) a and^ c c) search qualities

  1. Involvement of consumers in service production follows from which aspect of service (^) production and consumption? a) heterogeneity b) intangibility c) inseparability d) perishability To solve the heterogeneity problem, services may be a) customized d) a and c b) inventoried e) b and c c) industrialized
  2. Stimulating word-of-mouth communicaions is a markeing-strategy response to a) heterogeneity c) inseparability b) intangibility^ d)^ perishability
  3. June is the manager of a hotel near an indusuial park that is frequented by businesspeople. One of June's primary responsibilities is to make sure that there is enough staff on hand to satisfy her demanding customers. This capacity planning problem is due primarily to a) the intangible nature of services b) the perishability of services d) the difficulty of standardization e) none of the above cl June's customers
    1. The number of times the dollar value of the firm's average inventory is sold annually is called: a) stock turnover b) sales turnover c) order turnover d) transaction turnover e) nolle of the above
    2. A markup percentage based on cost of 66.7&» is equal to a markup percentage based on selling price of a) 50a» d) 80%
    3. Janet Jackson has just reduced the prices in her retail store to clear existing inventory. Janet has initiated

a) a discount policy b) reverse markups c) promotional price-lining d) mukdowns

  1. R an attempt to overcome the arbitrary allocation of fixed expenses, some firms utilize a) break even analysis b) incremental cost pricing c) full-cost pricing d) markup pricing e) status quo pricing
  2. The formula given in the text for determining the break-even point in units is a) total cost divided by per-unit contribution to fixed cost b) total cost divided by per-unit contribution to variable cost c) total fixed cost divided by per-unit contribution to variable cost d) total fixed cost divided by per-unit contribution to fixed cost e) none of the above
  3. A firm sells cassette recorders for $50. The variable cost of each recorder is $30. The fixed costs are $30,000. The fixed costs are $30,000. How many recorders must the firm sell at $50 to break even? a) the figure cannot be calculated from c) 500 the data given d) 3000 b) 600 e) 1500
  4. A department store with average annual sales of $1 million and a markup of 50% has an average inventory of $100,000 recorded at cost. The stock turnover is a) 50 b) 20 c) 10 d) 5 e) none of the above
  5. In reviewing the effects of a recent 10 percent price increase, the marketing manager discovered that sales decreased only 3 percent. The price elasticity of demand is a) inelastic d) semi-elastic b) elastic e) unitary elastic c) perfectly elastic
  6. Fixed costs in the production of whatevers are $50,000. If whatevers have a variable cost of $2 and a price of $7, what is the break-even point in units? a) 15,000 b) 25,000 c) 20,000 d) 10,00 e) 5,
  7. The major disadvantage associated with a skimming pricing policy is that it a) attracts competitors d) resuicts demand b) lowers quality perceptions e) all of the above c) delays recovery of research / development costs
  8. A firm fat introduces a flew product into a market characterized by many competing brands is likely to employ a a) skimming pricing strategy b) competitive pricing straiegy

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