UB MGM 301 - MGM 301 Midterm 1 lecture-based practice questions falll 17 (5 pages)

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MGM 301 Midterm 1 lecture-based practice questions falll 17



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MGM 301 Midterm 1 lecture-based practice questions falll 17

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Pages:
5
School:
University at Buffalo-SUNY
Course:
Mgm 301 - Principles Of Marketing
Principles Of Marketing Documents
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Fall 17 Hints and Lecture Based Practice Questions for Exam 1 Exam 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 or a 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 Nike b Coca Cola c Anheuser Busch d Proctor Gamble e McDonald s 2 Proctor Gamble can be described as a 1st big company to jump on the internet b Having a strong commitment to consumer research c Having approximately 100 brands d b and c only e all of the above a b c 3 Discounts and allowances are to price as locations and transportation are to a place b product c promotion d marketing strategy e none of the above 4 When Henry Ford introduced the Model T automobile which marketing strategy did he use a target marketing b mass marketing c segmentation d positioning 5 Market share can be described as a A key indicator of how successful a company s marketing mix is b A commonly used measurable goal for a company c A company s sales revenues d a and b only e all of the above a b c 6 When Arm Hammer exposed consumers to new uses of its product it was trying to sell more of the same product to current customers Which product growth strategy did it use a marketing penetration b product development c market development d diversification 7 SWOT budgeting and goal setting are part of which step in marketing strategy formulation a planning b implementation c control d none of the above 8 Customers competitors and suppliers are part of which environment a macro b micro c internal d marketing department 9 Demographics can be described as a population s a cultural and religious beliefs b culture and behavior c age gender ethnicity income and occupation d age gender ethnicity income and culture 10 Children born between 1946 and 1964 represent which generation a Generation X b Generation Y c Generation Z d Baby Boomers 11 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 members B channel members competitors C suppliers competitors D competitors market share E relative market share raw market share 12 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 Million Company B 10 Million Company C 10 Million Company D 5 Million Company E 20 Million Which 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 above 14 Most of the growth in size of the U S population over the next 20 years will occur in which group s A B C D Asian Hispanic and African American Whites non hispanic European and Native Americans baby boomers 15 A product with the highest market share in a slow growth industry would most likely be classified as A Cash Cow B Star C Question Mark D Dog E Not enough information given to tell 16 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 B C D E organizational strengths market programming market segmentation distinctive competencies fragmentation theory 17 Trying to move your product from a question mark to a star involves what type of strategy A B C D E 18 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 d 2 e 3 a 4 b 5 d 6 a 7 a 8 b 9 c 10 d 11 a 12 e 13 d 14 a 15 a 16 c 17 a 18 a growth hold divest Harvest None of the above


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