quiz 2 mktg 601

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601

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Marketing

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Feb 20, 2024

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In the BCG matrix, firms categorized as problem children are characterized by Multiple Choice • high share and high growth. • low share and low growth. • high share and low growth. • low share and high growth.Correct • moderate share and moderate growth. A SWOT analysis identifies problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena under Multiple Choice • external opportunities. • external threats.Correct • internal opportunities. • internal strengths. • internal weaknesses. 70 to 80 percent of all new products worldwide Multiple Choice • fail.Correct • only make it to the first stage of the new product development process. • achieve a small measure of success. • are extremely profitable. • don’t make it past the introduction stage of the product life cycle The introduction phase of the product life cycle for an industry is usually characterized by Multiple Choice • high profits. • no profits.Correct • high sales. A SWOT analysis of a firm is least likely to Multiple Choice • reveal weaknesses.

• look at internal strengths. • include external analysis. • identify potential opportunities and threats. • suggest solutions to problems. A producer of headphones used with cell phones and tablets contracts manufacturing overseas. The firm is concerned that tariffs may be increased. Under which component of situation analysis will an examination of this issue be found? Multiple Choice • economic factors Incorrect • natural factors • competitive factors • political, legal, and ethical factors • logistical factors Damian is a close-up magician who is famous for his card tricks. He creates and sells DVDs of his best tricks. Lately he has been having some trouble getting the DVDs produced in a timely manner. Of the five primary activities in the value chain, this problem is most likely to occur in Multiple Choice • inbound logistics. • operations.Correct • outbound logistics. • marketing and sales. • service. What helps clarify the basic operationalization of a product during product testing, such as the physical characteristics and features? Multiple Choice • an alpha testCorrect • a beta test • a business case analysis • the innovation diffusion process • concept testing Which of these is considered an objective for a firm? Multiple Choice • to deliver the best customer service

• to practice responsible financial management • to increase revenue by 15 to 20 percent in each of the next five yearsCorrect In the context of product testing, a beta test is designed to Multiple Choice • encourage customers to evaluate and provide feedback on a prototype.Correct • let engineers test a product’s performance. • give fake information to competitors about a new product. • allow product specialists to check the quality of a product. • clarify the basic operationalization of a product. Which statement about the product life cycle timeline is accurate? Multiple Choice • Products in a category move consistently through the PLC. • There is little variability across product categories. • A product may move through the entire life cycle in months, not years.Correct In the context of criteria used to prioritize product ideas, time to market refers to the time taken to Multiple Choice • create awareness about a product among new market segments. • generate product ideas using internal forces. • develop and get the product to market.Correct • get the product through the introduction stage to the growth stage. • analyze market conditions to forecast sales. The marketing manager of an automobile dealership is crafting a SWOT analysis. In this case, she should list competitors that have gone bankrupt under Multiple Choice • strengths. • threats.Incorrect • opportunities.

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• strategies. • weaknesses. Which element is least likely to be included in action plans? Multiple Choice • timing • forecasts and budgets • individuals responsible for various aspects of implementation • resources necessary to make the strategy happen • separate plans for worst-case performance against the forecastCorrect Hilda just got her first sales position, and she is excited about finding new customers for her product. However, her manager feels she needs to focus on customer ________Blank in order to keep her accounts from switching to a competitor. Multiple Choice • benefit • exchange • value • experience • retentionCorrect A company produces the best wine corks of any other provider, so they are highly sought by winemakers. This company demonstrates a Multiple Choice • core activity. • strategic alignment. • distinctive competency.Correct • growth indicator. • competitive indicator.

When Dave and Bryon remodeled their kitchen, their contractor told them to pick out a refrigerator, dishwasher, and oven. These are examples of ________Blank goods. Multiple Choice • convenience • specialty • unsought • capital • shopping Dorie wanted to find a way to get women to try the company’s new shampoo because she knew if she could get them to use it, they would be sold on its features and value. Dorie was referring to a(n) Multiple Choice • adoption. • trial purchase. • interest. • evaluation.Incorrect • awareness. Two friends are partners in a manufacturing firm that employs over 1,500 people. Recently, employees have been complaining that they were not told of changes in health insurance coverage and premiums. To which of the following support activities of the value chain can this problem be attributed? Multiple Choice • firm infrastructure • human resource managementCorrect • technology development • inbound logistics • An individual purchases a product for the purpose of making a value decision. They are in the ________Blank stage of the consumer product adoption process. Multiple Choice • awareness

• interest • trialCorrect • evaluation • adoption

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