MGT301- Principles of Marketing Solved Midterm Paper

MIDTERM  EXAMINATION

Fall 2009

MGT301- Principles of Marketing (Session - 3)

Time: 60 min
Marks: 50

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Question No: 1    ( Marks: 1 )    - Please choose one
An automobile manufacturing company places steel beams in the doors of its cars for which of the following purposes?
► Reduce the possibility of accidents
► Increase short run customer satisfaction
► Increase long run customer satisfaction
► Add style to its cars
Question No: 2    ( Marks: 1 )    - Please choose one

Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor reflects which one of the following concepts?

► Sales promotion

► Direct marketing

► Advertising

► Personal selling
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Question No: 3    ( Marks: 1 )    - Please choose one
Which one of the following options refers to “The art and science of choosing target markets and building profitable relationships”?
► Customer relationship management
► Knowledge management
► Total quality management
► Marketing management
Question No: 4    ( Marks: 1 )    - Please choose one
Which one of the following statements by a company chairman BEST reflects the marketing concept?
► We have organized our business to satisfy the customer needs
► We believe that marketing department must organize to sell what we produce
► We try to produce only high quality, technically efficient products

► We try to encourage company growth in the market

Question No: 5    ( Marks: 1 )    - Please choose one

The marketing concept is a philosophy that states that an organization determines the needs and wants of target markets and delivers the desired satisfactions more effectively and efficiently than competitors do. What is the impact of this philosophy on the organization?

► Increase market share
► Increase sales of the products
► Achieve the organization’s goals
► Provide quality products
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Question No: 6    ( Marks: 1 )    - Please choose one

The digital age will fundamentally change customers’ thinking of convenience, speed, price, product information and service. This new consumer thinking will affect which one of the following businesses?

► A few businesses

► Every business

► Established businesses

► Starting up businesses

Question No: 7    ( Marks: 1 )    - Please choose one

XYZ Company purchased Hear Music and began making compilation music CDs to play and sell in its stores. It has also tested new restaurant concepts; XYZ Company is considering which of the following strategies?

► Product development

► Market development

► Diversification

► Market penetration
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Question No: 8    ( Marks: 1 )    - Please choose one
Which of the following is an intensive growth strategy of increasing sales in current markets with current products?
► Market development
► Market penetration
► Product development
► Market saturation
Question No: 9    ( Marks: 1 )    - Please choose one
The strategic marketing process is how an organization allocates its marketing mix resources to reach its:
► Stated business idea
► Target market
► Competition
► Area of expertise
Question No: 10    ( Marks: 1 )    - Please choose one
Which of the following sets refers to the order or sequence of marketing management functions?
► Control – implementation – market planning
► Market planning – control – implementation
► Implementation – control – market planning
► Marketing planning – implementation - control
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Question No: 11    ( Marks: 1 )    - Please choose one
Advertising agencies are an example of which of the following marketing intermediaries?
► Insurance company
► Financial intermediary
► Marketing services agency
► Physical distribution firm
Question No: 12    ( Marks: 1 )    - Please choose one
Which type of management is responsible for setting the company’s mission, objectives, broad strategies and policies?
► Top management
► Middle level management
► Low level management
► Functional management
Question No: 13    ( Marks: 1 )    - Please choose one

Which one of the following environment is made up of institutions and other forces affecting society’s basic values, perceptions, preferences and behaviors?

► Cultural environment
► Fictitious environment
► Natural environment
► Political environment
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Question No: 14    ( Marks: 1 )    - Please choose one

Gathering secondary information is one of the steps of developing the research plan. What does the meaning of secondary information in marketing research?

► That does not currently exist in an organized form

► That already exists somewhere, having been collected for another purpose

► That the researcher can obtain through surveys and observation

► That already exists somewhere in an organized form

Question No: 15    ( Marks: 1 )    - Please choose one

How would you describe the primary data being used by your firm?

► Collected for the specific purpose

► Original information

► First-time information

► Fresh and reliable than secondary data

Question No: 16    ( Marks: 1 )    - Please choose one

In the previous three years, four studies have been conducted on the characteristics of ABC Company’s clients. As the firm seeks to put together a report showing trends in this area, it has a hard time locating the information contained in these study reports. What does this firm seem to need?

► A marketing research manager
► A marketing databank
► Survey research
► Primary data
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Question No: 17    ( Marks: 1 )    - Please choose one

General Motors need to assess the company's image relative to a new competitor. The time schedule is flexible, the research budget is very limited and a low response rate will not be a major problem. Which one of the following survey would be used by General Motors?

► Mail
► Telephone
► Personal interview
► Population
Question No: 18    ( Marks: 1 )    - Please choose one

Which one of the following stage is NOT a part of buyer’s black box?

► Brand choice

► Product choice

► Need recognition

► Dealer choice

Question No: 19    ( Marks: 1 )    - Please choose one

Groups of people with shared value systems based on common life experiences and situations in a culture represent which one of the following option?

► Motives

► Attitudes

► Cognitive dissonances

► Subcultures

Question No: 20    ( Marks: 1 )    - Please choose one
Which one of the following three-step process represents “Perception”?
► Motivation, personality and attitudes
► Collecting, eliminating and organizing information inputs
► Receiving, organizing and interpreting information inputs
► Anticipating, classifying and discarding information inputs
Question No: 21    ( Marks: 1 )    - Please choose one

Maslow has a list of human needs from the most pressing to the least pressing. They include all of the following EXCEPT:

► Physiological needs

► Safety needs

► Need recognition

► Self-actualization

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Question No: 22    ( Marks: 1 )    - Please choose one
Identify the process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment?

► Personality

► Perception

► Selective group

► Habitual behavior

Question No: 23    ( Marks: 1 )    - Please choose one

Mr. Salman works for an organization in which his purchases must be accountable to the public. His buying procedures are extremely complex. Based on this description, he works for an organization in which market type?

► Reseller

► Producer
► Supplier
► Government
Question No: 24    ( Marks: 1 )    - Please choose one
The fact that organizational customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs. This situation shows which of the following demands?
► Joint
► Derived
► Inelastic
► Fluctuating
Question No: 25    ( Marks: 1 )    - Please choose one

The receptionist at a doctor's office throws away certain product circulars mailed by pharmaceutical companies and keeps the ones on products she believes are useful. The receptionist is performing which role in the buying centre?

► Influencer
► Buyer
► Decider
► Gatekeeper
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Question No: 26    ( Marks: 1 )    - Please choose one

In its purchase of a small business computer, Mr. Ateeq asked that potential suppliers provide information only on units with 1Mb of memory. As management evaluates the purchase, it finds that 1Mb is inadequate for many of the software programs they use. In this instance, the firm would need to modify which aspect of the purchase process?

► Searching
► Specification development
► Alternative evaluation
► Performance evaluation
Question No: 27    ( Marks: 1 )    - Please choose one

Income segmentation is used to target which of the following groups?

► Affluent

► Middle class

► Lower income class

► All of the given options

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Question No: 28    ( Marks: 1 )    - Please choose one

Demographic segmentation divides the market into groups based on which of the following variables?

► Size, location, industry, customer
► Size, company, industry, technology
► Location, size, occupation, race
► Customer, technology, company, industry
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Question No: 29    ( Marks: 1 )    - Please choose one

When the size, purchasing power and profiles of business market segments can be determined, they are said to possess the requirement of being what?

► Measurable

► Accessible

► Substantial

► Actionable

Question No: 30    ( Marks: 1 )    - Please choose one
The three groups of industrial products and services include all of the following EXCEPT:

► Materials and parts

► Capital items

► Maintenance and operations

► Supplies and services

Question No: 31    ( Marks: 1 )    - Please choose one

Less frequently purchased consumer products and services which are compared by the customer on different product attributes, refers to which one of the following product?

► Specialty products

► Shopping products

► Unsought products

► Industrial products

Question No: 32    ( Marks: 1 )    - Please choose one

You have an upset stomach. Your spouse rushes to the corner convenience store for a medicine. This product falls under which of the following categories?

► Unsought

► Convenience

► Shopping

► Specialty

Question No: 33    ( Marks: 1 )    - Please choose one

Customer service is another element of product strategy. The first step is to survey customers periodically to assess the value of current services and to obtain ideas for new ones. From this careful monitoring, marketer has learned that buyers are very upset by repairs that are not done correctly the first time. What is the name of these types of services?

► Brand equity services

► Product support services

► Social marketing services

► Unsought product services

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Question No: 34    ( Marks: 1 )    - Please choose one
The consumer decides to make use of the product on a regular basis. Which one of the following concepts BEST describe it?
► Awareness
► Interest
► Trial
► Adoption
Question No: 35    ( Marks: 1 )    - Please choose one
In which one of the following stages of the product life cycle sales fall off and profits stop?
► Growth
► Introduction
► Decline
► Maturity
Question No: 36    ( Marks: 1 )    - Please choose one

First National Bank launches an innovative in-home banking system tied to personal computers. The product is not widely accepted because bank customers don't see the need for such a service. Which one of the following is the best discretion of product failure?

► Establishment of a customer information system
► Organization structure
► Technological advancement
► Scanning corporate capabilities
Question No: 37    ( Marks: 1 )    - Please choose one

Honda Atlas Cars Pakistan Limited is introducing a faster model of car in the market regardless of whether the customers are interested or not in more speed, Honda Atlas Cars Pakistan Limited is practicing which of the following concepts?

► Social
► Production
► Sales
► Marketing
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Question No: 38    ( Marks: 1 )    - Please choose one
The marketing concept holds that delivering the desired satisfaction to customers more effectively and efficiently creates customer loyalty. What might be another reason that creates customer loyalty?
► The customers' needs are met at a price that represents value for money
► The company produces a product with enough features to satisfy everybody
► A company offers numerous 'specials' to customers in the market
► The company's marketing activities are persuasive enough
Question No: 39    ( Marks: 1 )    - Please choose one

Buying goods and services for further processing or for use in the production process refers to which of the following markets?

► Consumer markets
► Government markets
► Business markets
► International markets
Question No: 40    ( Marks: 1 )    - Please choose one

Markets can be segmented into group of non-users, ex-users, potential users, first-time users and regular users of a product. It refers to which type of segmentation?

► User status

► Usage rate

► Loyalty status

► Seller status

Question No: 41    ( Marks: 10 )
One of the major developments in marketing can be summed up in one buzzword: relationships. Define customer relationship management and how organizations build long-term relationships with their customers. Briefly explain it with an example.

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