Fall 17 Hints and Lecture Based Practice Questions for Exam 1Which of the following are correct?Fall 17 Hints and Lecture Based Practice Questions for Exam 1Exam questions come from the book, lectures, and case studies. Many of the questions cover material I discussed in class as well in the book. Some questions come from just the book, but there are fewer questions of this type than those that come from lectures, ora combination of lectures and book.The best approach for doing well on the exams in this class is to follow the advice I gave you on the first day of class:1) Keep up with the readings for the course as we move through the material. Do not wait until right before the exam to start reading.2) Come to all of the lectures. Take careful notes about the things I say in class. The PowerPoint slides are only an outline.3) Study the notes and the book and ask questions when you do not understand something. Study throughout the semester, do not wait until right before an exam.Below, I have provided a few of the types of questions you can expect to get from the lecture material from the course. These are not meant to be an exhaustive sampling of all of the subject areas represented on the first exam, but are meant to give you an idea of the types of questions you are likely to see on material that comes from the lectures.1. Which one of these companies is know for pioneering the brand management concept?a. Nikeb. Coca-Colac. Anheuser Buschd. Proctor & Gamblee. McDonald’s2. Proctor & Gamble can be described as:a. 1st “big company” to jump on the internetb. Having a strong commitment to consumer researchc. Having approximately 100 brandsd. b and c onlye. all of the above (a, b & c)3. Discounts and allowances are to price as locations and transportation are to ________.a. placeb. product c. promotiond. marketing strategye. none of the above4. When Henry Ford introduced the Model T automobile, which marketing strategy did he use?a. target marketingb. mass marketingc. segmentationd. positioning5. Market share can be described as:a. A key indicator of how successful a company’s marketing mix isb. A commonly used measurable goal for a companyc. A company’s sales revenuesd. a and b onlye. all of the above (a, b & c)6. When Arm & Hammer exposed consumers to new uses of its product it was tryingto “sell more of the same product to current customers”. Which product growth strategy did it use?a. marketing penetrationb. product developmentc. market developmentd. diversification7. SWOT, budgeting and goal setting are part of which step in marketing strategy formulation?a. planningb. implementationc. controld. none of the above8. Customers, competitors and suppliers are part of which environment?a. macrob. microc. internald. marketing department9. Demographics can be described as a population’s:a. cultural and religious beliefsb. culture and behaviorc. age, gender, ethnicity, income and occupationd. age, gender, ethnicity, income and culture10. Children born between 1946 and 1964 represent which generation?a. Generation Xb. Generation Yc. Generation Zd. Baby Boomers11 In order for a firm to enjoy long-term success and deliver value to consumers, it must be able to form strong bonds with both _____ and _____.A) suppliers; channel membersB) channel members; competitorsC) suppliers; competitorsD) competitors; market shareE) relative market share; raw market share12. Jill has 5 pints of Ben and Jerry's Chubby Hubby Ice Cream. Conor has 5 giant "macadamia magic" cookies. Jill and Conor talk and decide they are going to make an exchange. Jill gives Conor her 5th pint of Chubby Hubby and Conor gives Jill his 5th cookie. According to the concept of Diminishing Marginal Utility which of the following is true?A) After the exchange, the sum of Jill and Conor's total utilities is unchanged.B) As the number of units increases, both Jill and Conor's total utility increases at a constant rate.C) As the number of units increases, both Jill and Conor's total utility increases at an increasing rate.D) As a result of the exchange, both Jill and Conor's total utility decreases at an increasing rate.E) After the exchange, both Jill and Conor have more total utility.13. In a market with 5 competitors with the following annual sales:Company A $5 MillionCompany B $10 MillionCompany C $10 MillionCompany D $ 5 MillionCompany E $ 20 MillionWhich of the following are correct?A) Company A has a raw market share of 10% and a relative market share of 10%B) Company B has a raw market share of 50%, and a relative market share of 20%C) Company C has a raw market share of 20% and a relative market share of 100%D) Company D has a raw market share of 10% and a relative market share of 25%E) None of the above14. Most of the growth in size of the U.S. population over the next 20 years will occur in which group(s)?A) Asian, Hispanic, and African AmericanB) Whites (non-hispanic)C) European and Native AmericansD) baby boomers15. A product with the highest market share in a slow growth industry would most likely be classified as:A) Cash CowB) StarC) Question MarkD) DogE) Not enough information given to tell16. The Canon Camera Company makes different types of cameras. Some are inexpensive and easy to use while others are very expensive and more complex. This product differentiation is the result of: A) organizational strengths. B) market programming. C) market segmentation. D) distinctive competencies. E) fragmentation theory17. Trying to move your product from a question mark to a star involves what type of strategy?A) growthB) holdC) divestD) HarvestE) None of the above18. According to the lecture on competitive parity, if a company has a 20% market share and they want to grow by 20% so they end up with a 40% market share, what share of marketing effort in the market (share of voice) is most likely needed?A) 50%B) 40%C) 20%D) 30%E) 35%F) 60%Answers: 1. d2. e3. a4. b5. d6. a7. a8. b9. c10. d11. a12. e13. d14. a15. a16. c17. a18.