Download GB 350 Final Exam 2025 | Updated Questions and Correct Answers | Verified Answers and more Exams Business Administration in PDF only on Docsity!
GB 350 Final Exam 2025 | Updated Questions
and Correct Answers | Verified Answers |
Graded A+ | Just Released
Pet Shed is a pet grooming business that offers a loyalty program to its customers. Program members earn points toward a free grooming service for each completed transaction. After 6 grooming transactions are completed. The members has enough points for a free grooming service as long as the service is redeemed withing the next 3 months. The loyalty program is to encourage existing customers to buy more of the company's existing grooming services. Based on this scenario. Pet Shed is engaging in which strategy from Ansoff's opportunity matrix? ---------CORRECT ANSWER-----------------Market penetration Which of the following is NOT part of the implementation stage of the marketing plan? ---------CORRECT ANSWER-----------------SWOT/Situation analysis A widget producer sells boxes of widgets. All boxes have one dozen widgets each, and customers $3.99 per box, regardless of how many boxes they purchase. For example, a business customer who purchases 20 boxes will pay the same amount per box as an individual customer who purchases 1 box. What type of targeting strategy is the widget producer using? ---------CORRECT ANSWER----------------- Undifferentiated Anheuser-Busch, maker of Budweiser and other beer brands, developed a zero- carb beer named Next, which is aimed at younger, health- conscious beer
drinkers. These customers already drink Anheuser-Bush brands but expressed an interest in a "healthier" option. Which type of innovation does this scenario describe? ---------CORRECT ANSWER-----------------Core innovation Which of the following is a characteristic of strategic business units (SBUS)? --------
- CORRECT ANSWER-----------------SBUs have control over their own resources. According to the BCG Matrix, brand/SBUs with low market share dominance and high growth are known as __________ ---------CORRECT ANSWER----------------- Problem children/question marks Companies earn product.service differentiation competitive advantages when they are efficient enough to change low prices for their products as compared with competitors ---------CORRECT ANSWER-----------------False A local pet products store partners with the Humane Society for a fundraising campaign. For 2 months, the store will donate 5% of all sales proceeds to the Humane Society. This is an example of _________. ---------CORRECT ANSWER------- ----------Cause-related marketing Facelift is a social media site where members create accounts to enhance photos. Recently the Federal Trade Commission charged Facelift with selling members photos without member knowledge. Facelift denied this charge, stating that all
Farmer Joe and Farmer Mike both grow tomatoes that Heinz company uses to make ketchup. Usually, Hienz purchases tomatoes from lower-cost former. Tired of having to compete based on cost, Farmer Joe and Farmer Mike get together and decide to charge the same price for the tomatoes. Their hope is that Hienz will split its tomato orders in half; half for Joe and half for Mike. What type of illegal practice could Farmer Joe and Farmer mike be accused of? ---------CORRECT ANSWER-----------------Price Fixing Heavenly creamery is an ice cream producer with a plant in Oxford. Heavenly makes pint size offerings of three different flavors of ice cream in the Oxford plant: strawberry, chocolate, and vanilla. Heavenly pays the plant supervisor salary of $45,000 per year to oversee production. The supervisor salary would be considered a(n) ____ cost. ---------CORRECT ANSWER-----------------Fixed Ace Mobile Phone company decides to increase its prices in order to generate more revenues from customers. Unfortunately, the price increase results in a decrease in the demand, and revenues go down because customers found substitute mobile phone providers. Ace has realized that the mobile phone market it is competing in is _____ ---------CORRECT ANSWER-----------------Elastic John is purchasing a new washer and dryer from a local retailer. From what John has been told, washer/dryer manufactures often offer three-year warranties to customers for additional price. John does not think that he needs a warranty just because he's buying a new washer and dryer. In John's opinion, the washer/dryer
combo and the warranty have a _____ relationship. ---------CORRECT ANSWER------ -----------Neutral Mary is purchasing a new washer and dryer at a retailer. Once she has chosen her washer/dryer combo, the salesperson tells her that is always a good idea to purchase a warranty at an additional charge. The warranty will cover any repairs to the washer/dryer combo for three years. What type of relationship is a salesperson trying to create between the washer/dryer combo and the warranty? ---------CORRECT ANSWER-----------------Complementary
. Refined Inc. just developed a new dining room table that hangs from the ceiling instead of standing on four legs. It costs Refined $800 to produce each table, and the company would like to make a profit by charging $1000 market price. However, Refined realizes that most consumers are not familiar with hanging dining room tables, and probably would be willing to pay $1000 for it. Therefore, Refined enters the dining room table market with its hanging tables price at $750/per table, willing to take an early loss with the hopes of getting customers to purchase and use the product. What type of pricing strategy is Refind using when it enters the market? ---------CORRECT ANSWER-----------------Penetration Pricing Marx Pharmaceutical company recently received FDA approval for a new cancer- fighting drug. According to regulations, this drug is protected by patent for seven years, and cannot be replicated by another competitor during that time. During those seven years, Marx Pharmaceutical decides to charge very high prices for the product in order to recover the costs it incurred to develop and gain approval for the drug. what type of pricing strategy is Marx Pharmaceutical using during the seven years? ---------CORRECT ANSWER-----------------Price Skimming
Gant Manufacturing has earned a reputation for producing the most reliable widgets the southeastern United States. Originally, Gant sold its products directly to consumers through its website and phone orders. However, Gant quickly realized that it would be more efficient to sell its products retailers, who would then sell the widgets to consumers. For Gant, these retailers offer _____ utility. --- ------CORRECT ANSWER-----------------Exchange Until recently, Streamlined Boat Company has made two types of boats: fishing boats and pontoon boats. However, Streamlined performed interviews with a sample of its current customers, and found that many of these customers would be interested in buying speed boats as well. After hearing this, Streamlined decided to make speed boats to sell to its current customers. What type of strategic alternative from Ansoff's matrix does this decision represent? --------- CORRECT ANSWER-----------------Product Development Johnson Tire Company, a United States manufacturer, is trying to develop business in a foreign country. While the potential customers in this foreign country are interested in doing business with Johnson Tire Company, part of the cultural norms for business practice in that country involved Johnson giving money to the government as a "good faith" effort. This money would not be related to any business transaction in the country, and would be considered a bribe per US regulations. Which law prohibits this type of interaction? --------- CORRECT ANSWER-----------------Foreign Corrupt Practices Act (FCPA) The _______ pricing objective category requires little planning and is considered a passive pricing objective category. ---------CORRECT ANSWER-----------------Status Quo
David lives in Laguna Beach CA. He's having a small gathering at his house this weekend and would like to have a crawfish boil. However live crawfish are only available in certain areas of the country mainly near the gulf coast. Based on the lecture on overcoming discrepancies, which discrepancy explains the issue David is having? ---------CORRECT ANSWER-----------------Spatial _____, also known as parallel imports, involve the practice of selling and distributing products outside the normal distribution channels. ---------CORRECT ANSWER-----------------Grey Markets Montel foods Inc. is a North American food producer and distributor of canned vegetables. Del Monte recently joined with Morton's Salt Company to introduce a new product "Whole Kernel Corn with Natural Sea Salt". This is example of what marketing strategy from the Product Concept (Ch. 10) lectures? ---------CORRECT ANSWER-----------------Ingredient Branding When selecting a test market city, a researcher should look for a city: --------- CORRECT ANSWER-----------------Where the demographics and purchasing habits mirror the overall market. In the product life cycle, high failure rates occur during the ____ stage. --------- CORRECT ANSWER-----------------Introductory Stage
According to equity theory, during the post-decision stage of the consumer decision making process (Ch. 6), which of the following is not one of the three types of justice that a consumer perceives when evaluating a decision? --------- CORRECT ANSWER-----------------Distributive, Procedural, and Interactional Jamie's discount retailer is trying to compete with Walmart by offering a price matching guarantee to its customers. Basically, if a customer purchases a product from Jamie's and finds it is offered a lower price on the Walmart's shelf, that customer can bring a picture of the Walmart price and get a refund for the difference. Under what type of pricing objective category is Jamie's operating? ---- -----CORRECT ANSWER-----------------Status-Quo Pricing Objective Apple just introduced the "IPaceMaker" to the medical equipment industry. Financial analysis has deemed this is a risky move for the $1 billion company who traditionally focuses on making products for tech savvy consumers. What strategy does this describe? ---------CORRECT ANSWER-----------------Diversification The Walt Disney Company hosts a website called the "Disney Parks Mom Panel" for parents who have questions about the different offerings of the Disney Company. Members of the Mom Panel are experienced Disney customers who answer questions from site visitors in order to give them relevant information from a parental point of view, and provide a community atmosphere so visitors can become more involved with the Disney brand, overall. What promotional goal is Disney most likely seeking with the Moms Panel? ---------CORRECT ANSWER------ -----------Informative Promotion
All the following are basic marketing mix decisions except: ---------CORRECT ANSWER-----------------Product, Place (Distribution), Promotion, and Pricing As compared with products, services often are provided and consumed at the same time. What characteristic of services does this describe? ---------CORRECT ANSWER-----------------Inseparable Reality celebrity Kim Kardashian gets paid to promote a variety of products on Instagram. When she does, she includes a note in the comments stating that it is sponsored content. Which of the following types of media is Kim Kardashian posting? ---------CORRECT ANSWER-----------------Paid Media Chicken-pot-Panera, a restaurant chain, ran the advertising campaign claiming that it's menu items were made with the "freshest ingredients around". A competing restaurant sued Chik-pot- panera for making false claims. What concept best describes what the judge ruled this statement to be? --------- CORRECT ANSWER-----------------FTC rules apply to advertisers making false claims about their own products
. Direct comparison/comparative advertising is legal as long as: ---------CORRECT ANSWER-----------------Federal rulings prohibit advertisers from falsely describing competitor's products and allow competitors to sue if ads show their products or mention their brand names in an incorrect or false manner
According to the lectures on integrated marketing communications, what has become one the most critical decisions in promotional strategy? ---------CORRECT ANSWER-----------------Media Selection A(n) ___ warrantee is an unwritten guarantee that a good or service is fit for the purpose for which did it was sold. ---------CORRECT ANSWER-----------------Implied From the lectures on Consumer Behavior, research suggests that customer outrage is most commonly associated with which type of justice? ---------CORRECT ANSWER-----------------Distributive?, Procedural?, Interactional?, All of the above? Mandy is a salesperson for Cushion, a large company that makes cotton balls. The company has a marketing department as well, which is considered separate from the sales force. Recently, the marketing department performed a study revealing that Cushion's cotton balls are made of higher quality cotton than any other competitors. The marketing department puts together a handout promoting the higher quality cotton and tells Mandy to give it to retailers that she is trying to sell Cushion cotton balls to. Because Mandy has more contact with retailer buyers than the marketing department does, she knows that these buyers really do not care about cotton quality but do care about the weight of the cotton balls. However, the marketing department does not ask Mandy for useful customer information and continues promoting the high-quality cotton. Based on the scenario, Cushion is not operating from a ____ perspective. ---------CORRECT ANSWER-----------------Total Business
Crazy kittens is a retailer that specializes in toys, accessories, and food for pet cats. The pricing strategy for crazy Kittens is simple: the retailer doubles the cost it paid the manufacturer for the product and that 100% markup is the price changed to end consumers. What type of pricing is this? ---------CORRECT ANSWER-----------------Keystoning According to the lectures, from a marketing standpoint, elasticity of demand can be thought of as: ---------CORRECT ANSWER-----------------Consumers responsiveness or sensitivity to changes in price Crunch! is a company that makes potato chips. Currently, Crunch! offers five flavors: barbecue, plain, salt & pepper, and sour cream & onion. Based on the lecture on positioning strategy, which statement best describes this scenario? ----- ----CORRECT ANSWER-----------------Internal Walmart sells creamy peanut butter under its private label brand, Great Value. However, Walmart does not actually make the Great Value peanut butter, instead Walmart contracts a company that specializes in producing peanut butter. For Walmart this producer offers _____ utility. ---------CORRECT ANSWER----------------- Form Organizations who win the prestigious Baldridge award are recognized for approaching marketing with a ___________ perspective. ---------CORRECT ANSWER-----------------Total Business
What customer stage would the subscription option be seeking to optimize? ------- --CORRECT ANSWER-----------------Retention Magic Makers sells children's magicians kits. Each magic kit comes with paper instructions and how-to guides for magic tricks to help customers make the most of their experience with the company's products. Customers can also watch Magic Maker's youtube videos to see magic trick demonstrations. Magic Makers is trying to optimize what customer process? ---------CORRECT ANSWER----------------- Adoption Companies with market orientations/philosophies tend to rely on aggressive promotions to achieve high sales ---------CORRECT ANSWER-----------------False Better Place Brands is a collection of eCommerce coffee and apparel brands. Each brand is associated with a particular dog breed. (e.g. Boxy Browns coffee is associated with boxers). Better Place Brands donates 20% of all product sales to charitable organizations for the namesake dog breed. What type of orientation/philosophy does better place brands have? ---------CORRECT ANSWER- ----------------Societal Vivint is a company that sells solar panels for home energy sourcing and management. Over the past few years, customers complained that the company's salespeople were engaging in aggressive promotion to sell the products instead of truly helping customers. For example, Vivint sold a 25 year old solar panel contract to a 91 year old woman who died a month after the contract was signed.
What type of orientation-philosophy do these com[lainst describe? --------- CORRECT ANSWER-----------------Sales Which of the following is an overall goal of marketing, according to the lectures? Please select all that apply ---------CORRECT ANSWER-----------------Create Value Strategic planning is typically only required when the company wants to design a new product. ---------CORRECT ANSWER-----------------False Ethics are situations specific and time oriented ---------CORRECT ANSWER------------ -----Flase Benefit Corporations allow businesses to.... ---------CORRECT ANSWER----------------- Balance economic goals with environmental and/or social goals. Companies should avoid self-regulating unless federal law requires them to. ------- --CORRECT ANSWER-----------------False According to the lectures, which of the following best reflect conscious consumerism? ---------CORRECT ANSWER-----------------A consumer buys a pair of
Which of the following is NOT a demographic factor that international marketers should consider? ---------CORRECT ANSWER-----------------Language Which of the following BEST reflects ethnocentrism ---------CORRECT ANSWER------ -----------A salesperson for a U.S based company shakes a Japanese customer's hand, although the Japanese custom is to bow when greeting in business meetings. When country A's imports from Country B are greater than country A's exports to country B. country A is experiencing a ___________. ---------CORRECT ANSWER----- ------------Trade deficit Many U.S steel sellers have asked the government to investigate Marquis, a foreighn competitor in the industry. The U.S \steel sellers are accusing Marquis of __________ or exporting products to U.S. customers at a price that is lower than prices in its own home market. ---------CORRECT ANSWER-----------------Dumping Shawn has an Apple Iphone with a broken screen. Instead of taking his phone to an official apple store for repairs, he goes to a local electronics shop to have his screen replaced. This could be considered _____________ transaction. --------- CORRECT ANSWER-----------------Gray Market
Elite power Tools is a U.S. based company that sells products to U.S. Canadian and European customers. When international customers place orders online, Elite ships products to them from its U.S. warehouse. Which method of entering international markets is best being described by the scenario? ---------CORRECT ANSWER-----------------Exporting Home stay in a U.S. based hotel brand with location in the U.S. and Canada Canadian Homestay location are operated by Canadian managers/owners who pay a fee to the company for the right to operate under the HomeStay name and business model. Which method of international market entry is best described in this scenario? ---------CORRECT ANSWER-----------------Licensing Apple owns and operates retail stores all over the world. For example, Apple's recent new rental locations include Kawasaki, Japan, and Mexico city, Mexico. Apple does not partner with international companies, but instead maintains ownership in these markets. Which method of entering the international market is best described in this scenario? ---------CORRECT ANSWER-----------------Direct investment The government of Fauna placed a maximum of 300 tons for coconut imports between July 1, 202 and September 30, 2020. The government of Faun is using a(n)________ in this scenario ---------CORRECT ANSWER-----------------Absolute quota Feel better a U.S. based pharmaceutical company pays an independent (not owned by Feel Better) company in India to produce its medicine. The Indian
