GB 350 Final Exam (Latest Exam 2025) | Updated Questions and Correct Answers | Verified, Exams of Marketing

Download GB 350 Final Exam (Latest Exam 2025) | Updated Questions and Correct Answers | Verified and more Exams Marketing in PDF only on Docsity!

GB 350 Final Exam (Latest Exam 2025) |

Updated Questions and Correct

Answers | Verified Answers | Graded

A+

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 members agree to have their photos sold to third parties when they accept the terms of the agreement before the account can be created. Which of the following conditions required for exchange is related to the FTC's charge and Facelifts response? ---------CORRECT ANSWER-----------------Notice Dark Table is a Canadian restaurant where customers dine in complete darkness served by blind employees. Dark Table has two goals: (1) provide employment to blind people through successful business operations and (2) enhance society's awareness of the blind community. Based on the lecture from Chapter 3, Dark Table seeking to create ____ value (Porter and Kramer 2011). ---------CORRECT ANSWER-----------------Shared Mark, an American salesperson, travels to Japan to meet potential customers for his companies' new international market offering. He arrives early, meets his potential customers, and they exchange business cards. In order to ensure these potential customers' know that Mark is serious about getting their business, he begins making small notes about the customers on the business cards. One thing

that Mark does not understand is that in Japan, it is considered unprofessional to write on another person's business card. What term describes Mark's assumptions about standards of professionalism being the same across different cultures? ---------CORRECT ANSWER-----------------Ethnocentrism Maxlife is a company that makes driverless vehicles, and believes they are the future of automobile transportation. Although a few innovative consumers have been willing to purchase driverless vehicles, the larger part of the market is still unsure about whether this category of products is safe and affordable. What type of demand does Maxlife need to focus on developing? ---------CORRECT ANSWER-- ---------------Selective 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

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 JCPenney often run sales on its inventory, offering low prices to get customers through the door. What type of PRICING OBJECTIVE does JCPenney operate under? ---------CORRECT ANSWER-----------------Sales-Oriented Pricing Objective Jackfrost makes premium quality riding lawnmowers and has traditionally charged a high price for them to its retailer customers. Recently, Jim freeze has entered the market with an expensive lawnmower, and retailers have started considering Freeze mowers instead of Frost mowers. Concerned about keeping his market share, Jack drastically lowers the price of his lawnmowers, and Jim freeze leaves the market because he cannot compete. Once Jim is out of the market, Jack increases his lawnmower prices back to where they were. What illegal practice could jack be accused of? ---------CORRECT ANSWER-----------------Predatory Pricing

Unfair trade practices act requires a mandatory markup on products that retailers and wholesalers sell. These markups are _____ regulations. ---------CORRECT ANSWER-----------------Legal? Allyn's office supplies is a manufacturer of mechanical pencils and file folders. Allyn sells mechanical pencils to Walmart at a 20% markup. One week later, Allyn sells file folders to Miller's local store at an 80% markup. What illegal act could Allyn be accused of? ---------CORRECT ANSWER-----------------Price Discrimination 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

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 The apartment store Kohls issues "Kohls bucks" to existing customers who shop at their store. These "bucks" could be spent at Kohl's on their next purchase. Which strategic alternative from Ansoff's Matrix does this describe? ---------CORRECT ANSWER-----------------Market Penetration In a SWOT analysis, the _____ are internal assessment, whereas the _____ are external assessments ---------CORRECT ANSWER-----------------Strengths and Weaknesses; Opportunities and Threats

. At the end of class on the previous Friday, Billy's teacher informed the class that they were going to have a test on Monday, that their project was due on Monday, and that they were going to have pizza delivered during class on Monday. Billy went to class on Monday ready to eat pizza but didn't realize that his project was due, or that they were having a test that day. What type of perception stage did Billy experience? ---------CORRECT ANSWER-----------------Selective Exposure

Red Ink is an organization that specializes in proofreading and editing professional documents for its clients. Recently, Red Ink typed "proofreading services" into a Google search, and Red Ink did not show up on the first Search Engine Results Page (SERP). If red Ink wants to enhance their positioning in Google Search results, what should they do? ---------CORRECT ANSWER-----------------Embed keywords into content 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

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 Often, the goal of persuasive advertising in the growth and maturity phases of the product life cycle is generating _____ demand. ---------CORRECT ANSWER------------ -----Selective . Based on the lectures which of the 4 P's of marketing is the most flexible? --------- CORRECT ANSWER-----------------Price Pro-Snacks is a new company that makes healthy snack mixes. Upon entering the market, Pro- Snacks realized that Master Snacker, a competitor, was the most commonly chosen brand of snack mix in this routing buying decision. Based on the lectures, which promotional tool would be best it Pro-Snacks wants to find a way into the consideration sets? ---------CORRECT ANSWER----------------- Advertising and Sales Promotion

Kellogg's brand often advertises it cereal products to consumers, with the hopes that consumers will continue to come to retailers to buy the cereal products. What type of promotional strategies manufacturer using? ---------CORRECT ANSWER-----------------Advertising, Sales Promotion, and Less Personal Selling Mary is watching television one night when an advertisement for a national restaurant comes on. Mary continues watching, but is distracted by a problem that has been on her mind all day. From the lecture on the communication process what is happening in this scenario? ---------CORRECT ANSWER----------------- Transmission is hindered 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?

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 Which of the following is an obstacle that organizations with societal orientations might face, according to the lecture? Select all that apply ---------CORRECT ANSWER-----------------Meeting customer performance expectations and Justifying premium prices Jane purchases a coat that is 30% off on sale at a local clothing retailer that promotes a 30-day return policy. When she gets home and tries the coat on with her other clothes. Jane realizes that she does not really like the fit. She takes the coat back to the retailer, but the customer service employee says that the 30 day return policy does not apply to sale items. Jane is furious that this information was not provided to her at the time of purchase. What condition for exchange did the retailer not meet? ---------CORRECT ANSWER-----------------Clear communication and delivery of terms

A salesperson for a tractor manufacturer is meeting, with a potential customer, a tractor retailer in a new market. The salesperson spends most of the conversation talking about the tractor's features-size, color, and price-instead of focusing on the tractor's benefits- long life compared to other tractor competitors and positive reviews that previous customers have provided. What concept describes the salesperson's ineffective approach? ---------CORRECT ANSWER----------------- Marketing Myopia Many Amazon sellers offer two different ways for customers to purchase products: a one-time purchase or a monthly subscription at a discounted rate. 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

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. 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

Which of the following represents a mode of social control? ---------CORRECT ANSWER-----------------Active consumers ,Laws. Self-regulation 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