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Please Note: Score of this Final Guide is 20/25
1.Tarow is a leading manufacturer of designer handbags. The company has stores all over the world and is especially famous for the high-quality leather used in its handbags. However, the company soon realizes that a cheap liquor brand has been using its logo for the past six months. In this scenario, the company owning the liquor brand is guilty of __________.
Felicia, a marketing executive of Trinola Inc., a manufacturer of nutritional supplements, visits a high school to promote Trinola’s products. She conducts a survey among students and classifies them into three groups: those who do not take any nutritional supplements, those who take Trinola’s nutritional supplements, and those who prefer nutritional supplements of other brands. Felicia talks to the first group about the importance of consuming nutritional supplements and to the second group about Trinola’s products in detail. To the third group, she explains why Trinola’s products are better than those of other brands. In this scenario, which of the following types of market segmentation does Felicia employ?
Which of the following statements is true of social marketing programs?
They require an entirely different planning process from what is used for traditional products.
They are complex and time consuming.
They should be executed in a single phase.
They usually use a single tactic to achieve their goals.
Celestia’s is a recently opened bakery that is looking to reach more customers. Ria, a social media marketer by profession and a regular customer at the bakery, offers to help the bakery establish a strong online presence. She says that she will create a website for the bakery and use various social media platforms to promote the bakery’s goods and services. In return, she is promised a free supply of baked goods for the next three months. Which of the following concepts does this scenario illustrate?
Which of the following scenarios illustrates the impact of political and legal forces on the marketing environment?
After a shoe manufacturing company experiences an increase in demand for its products, it opens retail outlets in several locations.
With the number of smartphone users on the rise, Taalia Inc., an electronics company, decides to create mobile advertisements for its products in addition to print and television advertisements.
The raise in the legal drinking age from 21 to 25 in Florida might force marketing managers of alcohol companies to minimize their target market and reposition their offerings.
Lianet Ltd. hires a gay individual as its marketing manager in an attempt to encourage diversity in the organization.
An organization that decides to measure how its marketing efforts influence its external stakeholders is most likely to gauge __________.
employees’ commitment to goals
employees’ desire to learn
Archofan Associates, a firm that specializes in the sale of historical artifacts, comes into possession of an antique royal crown. It confirms the authenticity of the crown and holds an auction to sell it. Several interested buyers participate in the auction and quote their prices. The price of the crown is raised each time a person bids until Emily, a bidder, offers an exorbitant price that no other bidder is able to match. Archofan then sells the crown to Emily. Which of the following types of auctions does this scenario illustrate?
A minimum bid auction
A sealed-bid auction
An English auction
A Dutch auction
Feisla Inc. is a manufacturer of high-end smartphones. It therefore caters only to the upper class and the upper middle class. However, the company soon realizes that it has enormous growth potential among middle-class consumers. To tap this potential market, it releases a recent range of smartphones that are less expensive. This move proves to be successful and eventually helps the company gain a larger market share. Which of the following concepts does this scenario illustrate?
The management of Aurosa Inc., a chain of retail stores that sells home appliances, observes that its expenditure on sales and promotions is skyrocketing and decides to implement a recent pricing method to attract more customers. It sets a fixed low price for all the appliances offered in the store and completely withdraws all promotion activities. This builds confidence in customers who dislike the uncertainty that comes with price fluctuations. Which of the following pricing methods does this scenario illustrate?
Everyday low pricing
Vatain Inc. is an apparel manufacturer that markets its products based on consumers’ tastes and preferences. It has introduced several brands to achieve this purpose. Another brand is directed at high-end customers who do not have budget constraints. One brand caters to the fashion-conscious customers who watch out for the latest trends in fashion. Yet another brand is meant to attract customers who value comfort over fashion. In this scenario, which of the following marketing strategies has Vatain employed?
Multiple segment specialization
Eania Inc. manufactures toys and games for children. After achieving a high growth rate and establishing itself as a market favorite, Eania introduces a clothing brand for adults. In this scenario, Eania pursues a __________.
Latia is a popular fruit juice brand in the food and beverage market. Once the brand reaches the maturity stage of the product life-cycle, its growth rate begins to decline slowly. The company that owns the brand decides to adopt a market modification approach by increasing the consumption rate among its existing customers. Which of the following strategies is most likely to help the company achieve its goal?
Listing out reasons for potential customers to try Latia fruit juices
Advertising the benefits of drinking Latia fruit juices more than once a day
Making changes to the packaging of Latia products
Identifying recent market segments and strategizing on the best ways to enter them
Millennials are likely to be receptive to marketing efforts that:
carry direct appeals where value is clear.
emphasize their role as grandparents.
align with their perception of retirement as a recent beginning.
address social and environmental issues.
Rotego Inc., an automobile manufacturer, releases two recent models of cars. The first model is an expensive luxury car targeted at high-income groups, whereas the second model is an affordable car targeted at low-income groups. Through the introduction of these two models, Rotego intends to present itself as a company that caters to people across all income groups. In this scenario, which of the following types of market segmentation does Rotego employ?
15. An advantage of a firm pursuing multiple segment specialization is that:
it creates the largest potential market for the firm’s products.
it increases the extent to which the firm can engage in mass customization.
it helps the firm achieve the lowest cost in each segment.
it diversifies the firm’s risk across segments.
Lanase, a leading producer of aerated drinks, decides to introduce fruit juices and bottled water into the market. The company’s budget requires it to keep advertising and marketing costs as low as possible. It therefore decides to introduce the products under the company brand name. Which of the following is a likely consequence of the decision?
Consumers will buy the products since the company name will be easily recognizable to them.
If the products do not perform well in the market, the company will not be affected since it has not tied its reputation to the products.
The development costs for future products will be extremely high.
The company’s goodwill will be unaffected since consumers will find it easy to differentiate one product from another.
Gallide is a warehouse retailer that conducts special in-store demonstrations of certain products. This allows potential customers to see and feel the products for themselves and be convinced that the products are worth purchasing. The salespeople of the store receive a bonus if a customer buys the products after a demonstration. Which of the following is a likely reason that the store has adopted this approach for some of its products?
Consumers know which brand they want to purchase before they enter the store.
Consumers are inclined to make many of their brand choices only when they are at the store.
Consumers respond well to the use of product placement as an advertising technique.
Consumers are brand-conscious and display high brand loyalty in certain product categories.
The __________ occurs when the demand for plant and equipment in an organization turns volatile because of the combined effects of the normal year-to-year replacement demand and the need to satisfy an increase or decrease in consumer demand for the organization’s products.
Ma Chère Inc. is a cosmetics store that has introduced a recent range of hair care products. The store’s salespeople are being given a high commission for every sale that they make on these products. They are asked to aggressively sell the products and target as many potential customers as possible. In this scenario, which of the following strategies is being employed by the cosmetics store?
A pull strategy
A push strategy
Mojo Marinade, a popular restaurant, creates history by becoming the world’s first restaurant to use lab-grown meat in its dishes. It charges exorbitant prices for its dishes to communicate its exclusivity to customers. Over time, Mojo Marinade keeps reducing the prices of its dishes and attracts customers from different market segments. Which of the following pricing objectives does this scenario illustrate?
Maximum market skimming
Partial cost recovery
Maximum market share
Viva Pisto, a restaurant, has received numerous complaints from customers about its slow service and unfriendly waiters. The management of the restaurant needs to address these complaints promptly and ensure that similar complaints do not arise in the future. Which of the following practices will help the restaurant restore customer goodwill?
Monitoring social media only if there are more than five complaints
Responding to customer complaints only if they are raised formally
Taking a defensive stance if the complaints are justified
Accepting responsibility for customers’ dissatisfaction and disappointment
Which of the following scenarios illustrates market-penetration pricing?
Aulaan, a recently established discount store, sells products at prices that are very low when compared to other stores.
Iratan, a manufacturer of smartphones, prices its latest models between $600 and $700. After a few months, it steadily reduces these prices.
Bakers and Eaters, a confectionery company, offers high-quality chocolates at affordable rates.
Ban World Hunger is a nonprofit organization that works to end world hunger. It relies on donations and government grants for financial support.
Milk Genii Inc., a manufacturer of dairy products, has a state-of-the-art manufacturing facility where the processes of production and packaging are carried out. After packaging, the products are directly sold to customers through the company’s outlets located in all major cities. Which of the following marketing channel levels does Milk Genii use in this scenario?
A zero-level channel
A three-level channel
A one-level channel
A two-level chann
Which of the following statements is true of consumer markets?
The buyers in consumer markets are geographically concentrated.
In consumer markets, purchasing is often executed through intermediaries.
In consumer markets, sales are finalized after multiple sales calls.
The suppliers in consumer markets customize their products to suit the needs of consumers.
Which of the following is a limitation of marketing-mix modeling?
It is less effective at evaluating how different marketing elements work together.
It overlooks the importance of incremental growth.
It is not capable of isolating the impact of specific marketing activities.
It does not allow marketers to conduct multivariate analyses