Liberty University BUSI 330 Midterm Exam Complete Solutions Correct Answers Key

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Liberty UniversityBUSI 330 Midterm ExamComplete Solutions Correct Answers KeyMore than two versionsWhich of the following products mentioned in Chapter 1 of the textbook failed in the marketplace?Which of the following statements describes an environmentalforce?Organizations such as American Airlines, U.S. Bank, and the Red Cross provide customers withproducts that are typically called a(n)Shortly after World War II, Sam Jackson developed an idea for a biodegradable lubricant that wassuperior to anything currently on the market. He was excited about his new idea and persuaded anumber of his friends to help produce samples… This is an example of marketing behavior thatwould occur during theera of U.S. business history.The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation atthe door is.Thevaluetoconsumersthatcomesfromhavingtheofferingavailablewhentheyneeditconstitutesutility.All of the following are true aboutmarketingexcept:Many companies subscribe to being“green” because they feel that consumers value this. Yet, inmany of these same firms, office computers are left on 24 hours a day and office paper is notrecycled. This example indicates it is not always easy for firms to act in accordance with theA farmhand would like to buy a moped scooter to commute to his job at a nearby ranch. Hedoesn’tknowhowto findadealer though,anddoesn’thaveInternetaccess.Whichof thefollowing reasons explain whymarketing fails to occur here?3M’s place strategy in its marketing program made it convenient forto buy Post-it Flag Highlighters and Post-it Flag Pens.Insistingupona marketorientationwithinone’sfirmfirstoccurredduringwhicherainU.S.business history?According to Figure 2-3c above, which of the following states has the highest number of monthlywebsite visits?

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Step 3 in the planning phase of the strategic marketing process consists of“HowAboutWe is the fastest, easiest, most fun way to go on awesome dates” is theforthe online dating service that focuses on setting up actual activities as dates for its users.Despitebeingslowtoexploititsdigitalcameratechnology,Kodakeventuallydid(movedsuccessfully from a question mark to a star) and became the market leader by 2005. The productwas then considered to be a cash cow. However, with the arrival of smartphones such as Apple’siPhone in 2007, sales fell dramatically by 2012 and the Kodak’s digital camera SBU approachedbeing ain its portfolio.Specialized functions such as marketing and finance are generally referred to asMen’s Wearhouse caters to the man who doesn’t necessarily enjoy shopping… The MW targetsthe budget-conscious consumer with suit prices ranging from $250 to $500. Earnings rose 23%recently, indicating that the location of its stores and the pricing strategy both are part of MW’sOne of the strengths inherent in the use of BCG business portfolio analysis is that itThe marketing strategy to sell current products to new markets is referred to asThe second phase of the strategic marketing process is theThe name Netflixwas chosen specifically becauseThe primary purpose of a marketing metric is toMoral idealism refers toTherearethreeconceptsofsocialresponsibility,eachrelatingtoparticularconstituencies.According to Figure 3-A above, “C” representsresponsibility.All of the following statements about a person’s moral philosophy are true EXCEPT:The form of competition in which many sellers compete with their products on a substitutablebasiswithin a price range is called.Multiculturalmarketingreferstocombinationsofthemarketingmixthatreflecttheuniqueattitudes, ancestry, communication preferences, and lifestyles of differentIn marketing, the effective rules of the game, the boundaries between competitive and unethicalbehavior, and the codes of conduct in business dealings are referred to as

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A firm conducting an environmental scan of the marketplace might uncover keylikethe growth of social networks or the increasingeconomic impact of AsiaEconomic espionage refers toThe Lanham Act (1946)Income used to buy luxury items such as a Cunard cruise is referred to asIn a recent issue of AARP The Magazine, a print ad for State Farm Insurance annuities advisesreaders that “The company has helped you enjoy your time with the kids and it can now help youenjoy your time without them.” The ad is most likely targeted toward which generational cohort?Febreeze is an odor-controlling spray that is manufactured by Procter & Gamble. When Febreezewas introduced, a few people in a chat room stated that the product was harmful to house pets.Though untrue, unfortunately the rumor spread. If P&G had not been convinced it would be avery successful product, it would have dropped Febreeze from its P&G product line as a result ofInmostcases,whichproblemsolvingvariationwouldbeusedforblenders,lunch,andprofessional ball game tickets?Advertising explains that the drug Plavix works by preventing plague buildup in arteries that cancause heart attack and stroke. This is an example ofVALS groups of consumers motivated byare those who are guided by knowledge andprincipleVals creates profiles of people based on their primary motivation and resources. In the VALSframework above, “B”refers toSelective exposure is most likely to occur during which stage of the consumer purchase decisionprocess?Which of the following statements about thefamilylife cycle is most accurate?VALS groups of consumers motivated byare those who look for products andservices that demonstrate success to their peers or to a peer group they aspire toWhen Kia Motors offers a 10-year, 100,000-mile warranty for the Kia Soulautomobile,its strategyis to reduce consumers’and encourage purchases

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Theprocessbywhichanindividualselects,organized,interpretsinformationtocreateameaningful picture of the world is referred to asMany automobile dealerships employ anon-negotiable or “no haggle” price strategy to sell theircars. A customer who wants to buy a new or used car would pay the posted price. These dealersprobably adopted this pricing policy becauseThe sales department’s identification of an improvement made to a competitor’s product wouldoccur during which stage of the organizational buying decision process?Another name for an e-marketplace is a(n)Large multi-store chain retailers such as Sears, Safeway, and Target use a highly formalized buyingcenter referred to as a(n)Purchases of sodium fluoride by Procter & Gamble for use in the manufacture of Crest toothpastewould be an example ofdemandWhen JCPMedia buys paper, it considers suppliers’ forest management and other sustainabilitypractices. For JCPMedia, these are importantA buy class situation affects buying center tendencies in different ways. If there are two or threepeople involved, the problem definition has only minor modifications, and the buying objective isthe low-priced supplier, the buy class situation is aAn IT engineer specifies the type of plug-in to be used on the company’s new websites. Theengineer also chooses the supplier who receives the contract to provide the software. In thebuying center, this person is theFor routine orders, the decider is usuallyMost large multistorechain resellers usethat are highly formalized and known asbuying committees to arrive at buying decisions.Which of the following is a service business withinthe industrial market?Inabuyingcenter,affectthebuyingdecision,usuallybyhelpingdefinethespecifications for what is boughtExporting refers to a global market-entry strategy

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When CNS decided to enter the global market for its Breathe Right strips, there were manycontributingfactorsfordoingso.However,accordingtoKevinMcKenna,vicepresidentforinternational at CNS, the real key to successfully enter a specific global market isThe world’s largest manufacturer of peppermint candy canes was in Albany, Georgia, until it couldno longer afford to buy the sugar needed for its operation. It moved its manufacturing businessto Mexico where there are no restrictions (as existed in the United States) on the amount of sugarthat can be brought into the nation. The movement of this U.S. business to Mexico was caused bya(n)established by the U.S. government.The threetypesof companies thatpopulate andcompete intheglobalmarketplace are (1)international firms; (2) multinational firms; and (3)firms.For the marketer, a thoroughinvolves an understanding of and an appreciation forthe values, customs, symbols, and language of other societies.Global companies have five strategies for matching products and their promotion efforts to globalmarkets. According to Figure 6-4 above, “D” refers to which type of strategy?KFC in Japan altered the sweetness of its coleslaw to appeal to Japanese tastes. This is an exampleof which type of global marketing product/promotion strategy?Global companies have five strategies for matching products and their promotion efforts to globalmarkets. According to Figure 6-4 above, “C” refers to which type of strategy?Disney employed a(n)marketing strategy for its Disneyland Paris, particularly whenit came to the eateries in the park. These restaurants featured recipes that were revised for localtastes, alcoholic beverages (not permitted in previous parks),and increased outdoor seating.Four trends in the past decade have significantly influenced the landscape of global marketing.One of them isFigure above 6-5 outlines the distribution channels through which a product manufactured in onecountry must travel to reach its destination in another country. Channels of distribution in globalmarketing are often long and complex. “A” represents theand “B” identifies theA fixed alternative question requires respondents to select one or more response option from theset of predetermined choices. Another name for this kind of question is a(n)Analyzing data and presenting the results of this analysis would take place during which step of

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the five-sept marketing research approach?Marketing research refers toRed Carpet Baby!, a children’s accessory and toy store, is considering expanding the size of thestore. The manager queries its marketing database to understand how a change in square footagemight impact sales. She is performing a(n)According to Figure 7-1 above, what does “D” represent in the marketing research process?Surveys, testing of marketing campaigns, sneak previews, and tracking studies are all examples ofmarket research techniques. Collectively, they are used in the movie industry toTwo key elements in deciding how to collect marketing data areandTheprocessofdefiningamarketingproblemandopportunity,systematicallycollectingandanalyzing information, and recommending actions is referred to asSurveys that enable the interviewer to be flexible in asking probing questions or getting reactionsto visual materials would be conducted usingEffective decision makers rely on criteria or standards used in evaluating proposed solutions to aproblem, which are known asA survey of buyers’ intentions forecast involvesAll of the following are criterion used for selecting target market segments except:Which of the following is not a reason to segment a market?Which of the following is a criterion used for selecting a target market?All of the following would be a logical way to group the products Wendy’s sells at its restaurantsexcept:Product features and usage rate are both variables used to employsegmentation.Doris Lewis owns Lewis Edibles, Inc., a company that makes Tongue Tinglin’ B.B.Q. Sauce. Shewants to targetlocalpeople wholike thespecial blendof flavorsfound… Indevelopingamarketing strategy to sell the sauce, Lewis decided to join Goodness Grows in North Carolina, aspecialtyfoodassociationthatadvertiseslocalproductsanddistributesthemtolocalsupermarkets and gourmet shops. Lewis has just

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Segmentation based on some observable actions or attitudes by prospective customers, such aswhat benefits they seek, as well as where, how frequently, and why they buy, is referred to asFigure 8-6 above shows the market-product grid for a Wendy’s restaurant next to a large urbanuniversity campus. Assume a large market (shown by a “3”) is three times the size of a smallmarket (shown by a “1”). Similarly, assume a medium market (shown by a “2”) is twice the size ofa small market. The meal occasion (product grouping that comprises the largest product groupingisA rehabilitation center wants to target women in their 20s who have received some permanentdisability as the result of a skiing accident. In terms of the criteria used for selecting a targetsegment, this market wouldCollege dorm residents frequently want to keep and prepare their own food and snacks to savemoney or have a late night snack. However, their dorm rooms are often woefully short of space.MicroFridgeunderstandsthisandmarketsacombinationmicrowave,refrigerator,andfreezertargeted to these students. MicroFridge is using which basis of segmentation?According to the Apple market-product grid above, Apple would most likely get the least marketsynergies fromLeona hates carrying a camera with her on vacations. If she only knew of the existence of the 1/2”thick Logitech pocket digital camera that easily fits in any pocket! For Leona, the Logitech camerais a(n)The type of business products known as support products includes installations, industrial services,supplies, andFigure 9-5 above represents the seven stages of the new-product development process. Stage 6 isthestage.How could a firm use a test market in its new-product process?Test marketing involves offering a product for saleCommercialization refers toEquipment-based services do nothave the marketing concern of inconsistency becausehasbeen removed from the delivery of the service

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