Bsbwor501 Final Exam
Leonard N. Stern School of Business
New York University
INTRODUCTION TO MARKETING
Professor Ambar Machfoedy
Sample Exam
This is a closed book, closed notes mid-term exam. You have 1 hour to complete this exam. Individual point allocation for each question is indicated in parentheses. Points allocation across questions is not equal, so please pace your self accordingly. As you go through the exam please do not get stuck on any one question in particular.
Please write all answers in the blue test booklet.
Please note that the University takes seriously any incident of cheating or other violation of the Stern Student’s Code of Conduct. You are advised to exercise the highest level of integrity in completing this exam. …show more content…
For you to receive any credit for this exam, this page must be signed and returned along with the answer booklet.
“I pledge my honor that I have not violated the Stern Student Code of Conduct in the completion of this examination.”
Your Name PRINTED: ______________________________
Your Name SIGNED: ______________________________
DO NOT TURN THIS PAGE OVER UNTIL INSTRUCTED.
GOOD LUCK!
ANSWER ALL QUESTIONS.
BEGIN ANSWERING EACH QUESTION ON A NEW PAGE.
1. Which of the following statements about marketing activities is true?
a. Marketing is affected by society and in return affects society as a whole.
b. The marketing department works closely with other departments and employees to implement marketing activities.
c. Marketing activities provide the customer-satisfying products required for the organization to survive and prosper.
d. Environmental factors affect marketing activities.
e. All of the above statements about marketing activities are true.
2. Which of the following statements about the marketing concept era is true?
a. During the marketing concept era, companies tried to satisfy the needs of consumers while also achieving the organization's goals.
b. During the marketing concept era, companies tried to satisfy the wants of the consumer no matter what.
c. During the marketing concept era, companies believed if you produced as much as you can, at the highest quality level, for the lowest price, the product will sell itself.
d. All U.S. firms are now operating with a marketing concept era philosophy.
e. The marketing concept era can actually trace its roots to early Greek culture.
3. A firm may choose to maintain or increase its market share, sometimes at the expense of greater profits if
a. there are poor sales databases.
b. it is listed on the New York Stock Exchange.
c. there are unpredictable sales expenses.
d. industry status or prestige is at stake.
e. inflation is present.
4. Several years ago the Honda Motor Company unveiled the hybrid version of the Honda Civic. While the hybrid vehicles are very fuel efficient, they are also very expensive to purchase. Hybrid vehicles sales have increased over 570 percent with a compound annual growth rate of 88.6%. Sales of the Civic eventually overtook those of the Toyota Prius, making it the number one hybrid car in the U.S. For years Honda has experienced tremendous success with their Accords—in fact, Honda cars are repeatedly the top selling automobiles in the U.S. Where would the Honda Civic (hybrid version) and the Honda Accord fall in the BCG product portfolio matrix?
a. The hybrid Civic would be a classified as a star, and the Accord would be classified a cash cow.
b. The hybrid Civic would be considered a cash cow, and the Accord would be classified as a star.
c. Due to the overwhelming success of Honda cars, both the Accords, and the hybrid Civics would be classified as cash cows.
d. The Civic would be a problem child, and the Accord would be a cash cow.
e.
The Civic would be considered a dog, and the Accord would be classified as a star.
5. Which of the following statements about subliminal perception is true?
a. The Federal Communications Commission (FCC) does not believe that subliminal perception works with consumers.
b. Subliminal messages are illegal in the United States.
c. No organizations have used subliminal messages since people used to go regularly to drive-ins to watch movies.
d. Many U.S. consumers think that subliminal messages can cause them to buy things they don’t want.
e. The use of subliminal messaging is monitored by the Better Business Bureau.
6. Emily had an excellent year as a saleswoman in 2010. She earned $97,000. She paid $17,000 for "necessities" such as mortgage, food, and clothing. She was given a six-week all expenses paid vacation by the company for her sales performance that had a value of $9,000. Her state and federal income taxes totaled $24,000. What was her discretionary income?
a. $56,000
b. $65,000
c. $80,000
d. $97,000
e. There is not enough data provided to calculate her discretionary income.
7. Which of the following is NOT considered a psychological influence?
a. motivation
b.
personality
c. perception
d. antecedent state
e. lifestyle
8. Rackspace US Inc. is a Web hosting company. That means that if you want to have a site on the Web, you could buy not only Internet space from them, but also technical support, and design services. When its ad tells you that its users consider Rackspace “the risk-free host because it offers dedicated and helpful support any time day or night,” you know that Rackspace is most likely trying to do which of the following?
a. downgrade the competition
b. reduce new buyers' cognitive dissonance
c. increase new buyers' cognitive dissonance
d. produce a consideration set
e. evoke alternative evaluation
9. Environmental scans have shown that the population of the United States is undergoing dramatic change. Generally the population is becoming larger, older, and more diverse. The number of people who are 65 years of age or older will soon make up 20 percent of the U.S. population. This change in the U.S. population is an example of __________ changes to which marketers must respond.
a. cyclical population growth
b. psychographic
c. demographic
d. situational segment
e. target market
10. You want to buy some dry breakfast cereal, and you are in the mood for unsweetened flakes. The store you go to has three cereals of that type: Post Toasties, Kellogg's Corn Flakes, and General Mills Wheaties. You are familiar with all of these cereals and like them all so you decide to choose Kellogg’s Corn Flakes. Collectively, what is this group of cereal brands called?
a. a value group
b. a consideration set
c. an evaluative criterion
d. an impulse set
e. a discriminative group
Section B:
Answer all questions
Q11(a) You are a senior at NYU and are at a job interview with a small start-up company located in New York City. The company, Good Eats Inc., has a range of packaged food products. These are mostly sauces for Asian dishes. Examples include a sweet and sour sauce, which can be poured over fried fish, either fileted or whole, or chicken to make an entrée. Another product is a sauce for stir-frying vegetables.
The company has its products in packages for consumers and for institutional clients like restaurants, school cafeterias and hotels. The SKUs for consumers come in 12 oz bottles, whereas those for institutional clients come in 5 lb packs.
The owner of the company is a professional chef himself but this is his first time at running a business. He realizes that he needs help in marketing the product and plans on hiring a Marketing Executive. You are a candidate for the position.
During your job interview with the owner, he remarked, “I see that you have taken an introductory course in Marketing. We certainly hope to benefit from the knowledge that you have learnt. On this, could you share with me 2 key takeaways or ideas that you learnt in your Introduction to Marketing course which would help me in my efforts to build up my business? Please elaborate how such ideas can be relevant or useful in my business.” (9 points)
Q11(b) Assuming that the business owner of Good Eats Inc. had asked you for advice on a pricing strategy for his products. He is partial to or prefers a skimming pricing strategy. What conditions favor the use of this pricing strategy? (6 points)
Q12. Tiger Woods is one, and so is Betty White. Explain the rationale for using celebrities as spokepersons in marketing products or services. Is this a good strategy?
(15 marks)
cons:
1. riscky
2. costly
3. confusion between celebrity’s brand vs. co’s brand
1.opinion leader(reliable)
2. ready fan base
3. aspirational
New York University
INTRODUCTION TO MARKETING
Professor Ambar Machfoedy
Sample Exam
This is a closed book, closed notes mid-term exam. You have 1 hour to complete this exam. Individual point allocation for each question is indicated in parentheses. Points allocation across questions is not equal, so please pace your self accordingly. As you go through the exam please do not get stuck on any one question in particular.
Please write all answers in the blue test booklet.
Please note that the University takes seriously any incident of cheating or other violation of the Stern Student’s Code of Conduct. You are advised to exercise the highest level of integrity in completing this exam. …show more content…
For you to receive any credit for this exam, this page must be signed and returned along with the answer booklet.
“I pledge my honor that I have not violated the Stern Student Code of Conduct in the completion of this examination.”
Your Name PRINTED: ______________________________
Your Name SIGNED: ______________________________
DO NOT TURN THIS PAGE OVER UNTIL INSTRUCTED.
GOOD LUCK!
ANSWER ALL QUESTIONS.
BEGIN ANSWERING EACH QUESTION ON A NEW PAGE.
1. Which of the following statements about marketing activities is true?
a. Marketing is affected by society and in return affects society as a whole.
b. The marketing department works closely with other departments and employees to implement marketing activities.
c. Marketing activities provide the customer-satisfying products required for the organization to survive and prosper.
d. Environmental factors affect marketing activities.
e. All of the above statements about marketing activities are true.
2. Which of the following statements about the marketing concept era is true?
a. During the marketing concept era, companies tried to satisfy the needs of consumers while also achieving the organization's goals.
b. During the marketing concept era, companies tried to satisfy the wants of the consumer no matter what.
c. During the marketing concept era, companies believed if you produced as much as you can, at the highest quality level, for the lowest price, the product will sell itself.
d. All U.S. firms are now operating with a marketing concept era philosophy.
e. The marketing concept era can actually trace its roots to early Greek culture.
3. A firm may choose to maintain or increase its market share, sometimes at the expense of greater profits if
a. there are poor sales databases.
b. it is listed on the New York Stock Exchange.
c. there are unpredictable sales expenses.
d. industry status or prestige is at stake.
e. inflation is present.
4. Several years ago the Honda Motor Company unveiled the hybrid version of the Honda Civic. While the hybrid vehicles are very fuel efficient, they are also very expensive to purchase. Hybrid vehicles sales have increased over 570 percent with a compound annual growth rate of 88.6%. Sales of the Civic eventually overtook those of the Toyota Prius, making it the number one hybrid car in the U.S. For years Honda has experienced tremendous success with their Accords—in fact, Honda cars are repeatedly the top selling automobiles in the U.S. Where would the Honda Civic (hybrid version) and the Honda Accord fall in the BCG product portfolio matrix?
a. The hybrid Civic would be a classified as a star, and the Accord would be classified a cash cow.
b. The hybrid Civic would be considered a cash cow, and the Accord would be classified as a star.
c. Due to the overwhelming success of Honda cars, both the Accords, and the hybrid Civics would be classified as cash cows.
d. The Civic would be a problem child, and the Accord would be a cash cow.
e.
The Civic would be considered a dog, and the Accord would be classified as a star.
5. Which of the following statements about subliminal perception is true?
a. The Federal Communications Commission (FCC) does not believe that subliminal perception works with consumers.
b. Subliminal messages are illegal in the United States.
c. No organizations have used subliminal messages since people used to go regularly to drive-ins to watch movies.
d. Many U.S. consumers think that subliminal messages can cause them to buy things they don’t want.
e. The use of subliminal messaging is monitored by the Better Business Bureau.
6. Emily had an excellent year as a saleswoman in 2010. She earned $97,000. She paid $17,000 for "necessities" such as mortgage, food, and clothing. She was given a six-week all expenses paid vacation by the company for her sales performance that had a value of $9,000. Her state and federal income taxes totaled $24,000. What was her discretionary income?
a. $56,000
b. $65,000
c. $80,000
d. $97,000
e. There is not enough data provided to calculate her discretionary income.
7. Which of the following is NOT considered a psychological influence?
a. motivation
b.
personality
c. perception
d. antecedent state
e. lifestyle
8. Rackspace US Inc. is a Web hosting company. That means that if you want to have a site on the Web, you could buy not only Internet space from them, but also technical support, and design services. When its ad tells you that its users consider Rackspace “the risk-free host because it offers dedicated and helpful support any time day or night,” you know that Rackspace is most likely trying to do which of the following?
a. downgrade the competition
b. reduce new buyers' cognitive dissonance
c. increase new buyers' cognitive dissonance
d. produce a consideration set
e. evoke alternative evaluation
9. Environmental scans have shown that the population of the United States is undergoing dramatic change. Generally the population is becoming larger, older, and more diverse. The number of people who are 65 years of age or older will soon make up 20 percent of the U.S. population. This change in the U.S. population is an example of __________ changes to which marketers must respond.
a. cyclical population growth
b. psychographic
c. demographic
d. situational segment
e. target market
10. You want to buy some dry breakfast cereal, and you are in the mood for unsweetened flakes. The store you go to has three cereals of that type: Post Toasties, Kellogg's Corn Flakes, and General Mills Wheaties. You are familiar with all of these cereals and like them all so you decide to choose Kellogg’s Corn Flakes. Collectively, what is this group of cereal brands called?
a. a value group
b. a consideration set
c. an evaluative criterion
d. an impulse set
e. a discriminative group
Section B:
Answer all questions
Q11(a) You are a senior at NYU and are at a job interview with a small start-up company located in New York City. The company, Good Eats Inc., has a range of packaged food products. These are mostly sauces for Asian dishes. Examples include a sweet and sour sauce, which can be poured over fried fish, either fileted or whole, or chicken to make an entrée. Another product is a sauce for stir-frying vegetables.
The company has its products in packages for consumers and for institutional clients like restaurants, school cafeterias and hotels. The SKUs for consumers come in 12 oz bottles, whereas those for institutional clients come in 5 lb packs.
The owner of the company is a professional chef himself but this is his first time at running a business. He realizes that he needs help in marketing the product and plans on hiring a Marketing Executive. You are a candidate for the position.
During your job interview with the owner, he remarked, “I see that you have taken an introductory course in Marketing. We certainly hope to benefit from the knowledge that you have learnt. On this, could you share with me 2 key takeaways or ideas that you learnt in your Introduction to Marketing course which would help me in my efforts to build up my business? Please elaborate how such ideas can be relevant or useful in my business.” (9 points)
Q11(b) Assuming that the business owner of Good Eats Inc. had asked you for advice on a pricing strategy for his products. He is partial to or prefers a skimming pricing strategy. What conditions favor the use of this pricing strategy? (6 points)
Q12. Tiger Woods is one, and so is Betty White. Explain the rationale for using celebrities as spokepersons in marketing products or services. Is this a good strategy?
(15 marks)
cons:
1. riscky
2. costly
3. confusion between celebrity’s brand vs. co’s brand
1.opinion leader(reliable)
2. ready fan base
3. aspirational