MKT 111 IC Introduction to Marketing Principles

MKT 111 IC Introduction to Marketing Principles

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MKT 111 IC Introduction to Marketing Principles

Examination #1

Due Date: Thursday, March 7, 2019 in class. No email or late submissions accepted. Staple multiple pages.

Name: ____________________________

Directions: This examination consists of four sections: I through IV. Unclear or illegible answers will be graded as “incorrect.” The total value is 45 points.

Section I: Please select the best answer to complete each statement or question. Circle your response. Each item is valued at 1 point.

1. Customers typically seek to satisfy a set of needs when evaluating a product or service offering. Using Maslow’s Needs Hierarchy theory as a reference, which of the following is an example of primary or lower level need:
2. a) Social acceptance c) Autonomy
3. b) Status d) Hunger and Thirst
4. Which of the following IS NOT part of the marketing mix?
5. a) Distribution c) Advertising
6. b) Packaging d) Competitors
7. A marketer’s strategy to make its brand or company “stand out” from competitor’s offerings is

called__________:

1. a) Positioning c) SWOT Analysis
2. b) Differentiation d) Situational Analysis
3. The process used to “break down” a large group of potential, different customers into smaller groups having

similar characteristics is called ________________:

1. a) Perception c) Competitive bidding
2. b) Segmentation d) Convergence
3. As discussed in class, this business philosophy is focused upon achieving the highest manufacturing output so

the unit cost is low:

1. a) Sales orientation c) Social marketing concept
2. b) Production orientation d) Maximization
3. A _______________ is a group of customers/potential customers having similar needs and characteristics:
4. a) Population c) Culture
5. b) Reference group d) Segment
6. One of the ways that we filter the stimuli around us is to pay attention to things that are interesting or

important. This is called ________________________:

1. a) Selective Absorption c) Selective Perception
2. b) Voluntary Stimuli Reception (VSR) d) Attention-Response Model
3. Which of the following is notan example of a market research survey?
4. a) Questionnaire
5. b) Focus group
6. c) Mall intercept
7. d) Individual or group observation
8. An ATM (Automated Teller Machine) is an example of how technology is changing marketing strategy. These machines provide various services to customers on a 24/7 basis year round. This best reflects the ________________ marketing mix variable.
9. a) Price c) Place or Distribution Channel
10. b) Promotion d) Product
11. When marketers use birth dates to distinguish among various groups of customers, it would be an example of _____________ segmentation.
12. a) Behavioral
13. b) Demographic
14. c) Geography
15. d) Psychographic

Section II: Please indicate your response as “T” if the statement is correct or “F” if it is incorrect.

Circle your choice. Each statement is valued at 1 point.

1. A key element of the marketing concept is establishing short-term, mutually beneficial customer T or F

relationships.

2. The marketing mix variables are controllable factors within an organization’s marketing strategy. T or F
3. Researchers have described needs as a basic force that motivates a person or group. T or F
4. A market development strategy is used when organizations want to increase purchases from T or F

existing customers.

5. The demand for business products derives from the demand for final consumer products. T or F
6. The marketing process functions whether or not exchange occurs. T or F
7. As discussed in class, when an organization meets the minimum requirements established by law T or F

or customer expectation, this might be described as social responsibility.

8. Primary data is information collected for another purpose that can be used for your research project. T or F
9. When demand changes in relation to a change in price, we describe this as inelasticity. T or F
10. For learning to occur, it must always result from direct experience. T or F
11. Customers, organizational resources and competition represent direct market forces. T or F
12. A marketer is considering changing the formulation of liquid laundry detergent. This represents T or F

the “Product” variable within the marketing mix.

13. “Positioning” is a marketing strategy to make products and brands stand out from others. T or F
14. When all the conditions of exchange are present, an agreement (transaction) is always reached by T or F

the parties.

15. As discussed in class, “The meaning of words lie in people not in the words themselves.” T or F

Section III: Please answer each question or statement using the best selection from the alternatives provided. Each selection should be used once. Each item is valued at 1 point.

Primary Competitive advantage Market Penetration

Market Development Secondary Buying Center

Observation Diversification Experimentation or Experiential Method

Social Responsibility Utility Marketing Concept or Orientation

Product Development New Task Routine (Habitual) Response

1. U.S. Census information used for marketing purposes would be an example of _______________ data.
2. A mechanical traffic counter, when used in a marketing research project, is an example of ___________________.
3. A firm that seeks to develop new products/services for new customers and markets is using a _________________ ______________marketing strategy.
4. New product testing is an example of the _________________________ method of market research.
5. The _________________________ seeks to satisfy customers’ needs and expectations while achieving profitability.
6. Consumers follow the _____________________ decision-making process when purchasing convenience items such as carbonated beverages, snacks, newspapers, chewing gum, etc.
7. A marketing strategy that is focused upon new markets and customers for existing products is called _________________.
8. The value or benefit received through exchange is called ______________.
9. _____________________ is the business decision process typically associated with consumption of products and services that are costly and represent a significant risk to the purchaser.
10. A group of individuals within an organization that is responsible for the purchase of goods or

services is typically described as a ____________________.

Section IV: Please answer each question completely. Use the reverse side of the paper, if necessary. The value of each

question is shown in parentheses ().

1: What is a “SWOT Analysis”? Of what value is it to marketing effort? (3 pts.)

2. Identify and describe one of the three ways and organization “targets” customer groups for marketing purposes? (3 pts.)
3. Define the term “Exchange.” What five conditions are necessary for exchange to happen? (4 pts.)

3

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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