DigiExam 1 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Mid-Term Exam 2021 Marketing Management Exam Marking: Total of 50 marks: 10 x 0.5 (True/False) + 25 x 1 (Multiple Choice Questions) + 4 x 5 (short questions) No negative marking Resources: This is an open-book exam. Physical copies of the textbook, coursebook, notes may be used for reference. Other than DigiExam screen no other electronic resources including ipads, mobile phones, etc. are allowed. This exam consists of 3 sections: Section I (Questions 1- 10, 5 marks): Consists of 10 True or False questions. Each question has a weightage of 0.5 marks. For these questions, indicate whether the statement is true or false. Section II (Questions 11 - 35, 25 marks): Consists of 25 multiplechoice questions. Each question has a weightage of 1 mark. For these questions choose the correct answer. Section III (Questions 36 - 39, 20 marks): Consists of 4 short answer questions. Each question has a weightage of 5 marks. For these questions, keep your answers brief and to the point. Answer in the space provided (maximum 250 words). Final result: 40 Question 1 0.5 of 0.5 points Question (Hide) Value perception to the buyer decreases with increase in quality. Answer (Hide) True (Correct answer) False 24-08-2021, 03:30 pm DigiExam 2 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Question 2 0.5 of 0.5 points Question (Hide) An initiator in a buying center cannot be a decider. Answer (Hide) True (Correct answer) False Question 3 0.5 of 0.5 points Question (Hide) Mental accounting refers to the way consumers categorize and evaluate financial outcomes of choices. Answer (Hide) (Correct answer) True False Question 4 0.5 of 0.5 points Question (Hide) A potential buyer of a car is concerned that the product may decline in value so rapidly that it will have minimal resale value. This is an example of a social risk perception. Answer (Hide) True (Correct answer) False Question 5 0.5 of 0.5 points Question (Hide) 24-08-2021, 03:30 pm DigiExam 3 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 A modified rebuy typically involves a change in product specifications, prices, or delivery requirements. Answer (Hide) (Correct answer) True False Question 6 0.5 of 0.5 points Question (Hide) The successful repositioning of Saffola using the ‘Kal se re’ campaign was achieved using a lifestyle segmentation. Answer (Hide) (Correct answer) True False Question 7 0.5 of 0.5 points Question (Hide) The Click Through Rate (CTR) metric can be derived from Cost-Per-Impression (CPM) metric Answer (Hide) True (Correct answer) False Question 8 0.5 of 0.5 points Question (Hide) CLV and NPS (Net Promoter Score) are highly correlated with each other. Answer (Hide) True 24-08-2021, 03:30 pm DigiExam 4 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 (Correct answer) False Question 9 0.5 of 0.5 points Question (Hide) Maslow’s hierarchy is one of the theories that describes consumer motivation to meet his/her needs. Answer (Hide) (Correct answer) True False Question 10 0.5 of 0.5 points Question (Hide) Segmentation by dividing the market into geographical units is called grassroots segmentation. Answer (Hide) True (Correct answer) False Question 11 0 of 1 points Question (Hide) Which of the following is true? Answer (Hide) “Need” and “demand” are synonymous and can be used interchangeably. (Incorrect answer) Customer lifetime value is relevant only in consumer markets. (Correct alternative) Blogs can be an important source of market intelligence. All of the above. None of the above. Question 12 24-08-2021, 03:30 pm DigiExam 5 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 0 of 1 points Question (Hide) Which of the following is true? Answer (Hide) (Incorrect answer) Focus groups are usually used to test hypotheses. Brands must target all segments to be successful. Brand mantras are their advertising slogans. All of the above. (Correct alternative) None of the above. Question 13 1 of 1 points Question (Hide) Which of the following is true? Answer (Hide) The consideration set can be larger than the choice set. Promotions play a key role in the selling concept. Perceptual maps can help marketers identify points of parity. (Correct answer) All of the above. None of the above. Question 14 1 of 1 points Question (Hide) Which of the following is true? Answer (Hide) (Correct answer) Metrics are useful in evaluating marketing performance. Compensatory heuristics need minimum cutoff levels for product attributes. We have seen a sustained fad for smartphones over the last decade and a half. All of the above. 24-08-2021, 03:30 pm DigiExam 6 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 None of the above. Question 15 1 of 1 points Question (Hide) In Walt Disney's Magic Kingdom (an entertainment resort complex), customers can visit fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing ________. Answer (Hide) (Correct answer) An experience A service An event An organization A good Question 16 1 of 1 points Question (Hide) Which of the following is an example of integrative growth? Answer (Hide) a company improves its market share with its current products in the current markets a company enters a new market with current products a company develops new products for its existing markets (Correct answer) a company grows by acquiring channel members a company developing new products for new markets Question 17 1 of 1 points Question (Hide) If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap, you would most likely explore ________ strategy first because it is easier to improve an existing business than to build a new one. 24-08-2021, 03:30 pm DigiExam 7 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Answer (Hide) (Correct answer) market-penetration market-development diversification product-development exclusive Question 18 1 of 1 points Question (Hide) Daniel and Erika have just divorced. Which of the following demographic segmentation subsegment formats might be used by marketers to reach Daniel or Erika? Answer (Hide) (Correct answer) life stage benefits age segment personality type social class Question 19 1 of 1 points Question (Hide) One set of consumers, during a focus group session, indicated that Dell computers reminded them of a surfer, Apple Computer was equated to a mad-scientist, and IBM computers to Scrooge from the Dickens’s tale. Which of the following qualitative research approaches matches the approach described above? Answer (Hide) Cluster analysis neural networks (Correct answer) brand personification laddering pyramiding 24-08-2021, 03:30 pm DigiExam 8 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Question 20 1 of 1 points Question (Hide) A marketing manager is considering several options to market to segments identified as being either culture-oriented, sports-oriented, or outdoor-oriented. This manager has selected ________ format for segmenting markets. Answer (Hide) demographic behavioral occasions user status (Correct answer) psychographic lifestyle readiness stage Question 21 1 of 1 points Question (Hide) Cluster analysis can be used for Answer (Hide) Forecasting developing defensive marketing strategies (Correct answer) segmentation and targeting assessing perceived value none of the above Question 22 1 of 1 points Question (Hide) During Covid time, the demand for consumer products is expected to Answer (Hide) fall for staples 24-08-2021, 03:30 pm DigiExam 9 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 (Correct answer) fall for discretionary spending goods rise for discretionary spending goods follow irregular demand patterns none of the above Question 23 1 of 1 points Question (Hide) The blind taste test Answer (Hide) helps to establish superiority of the taste attribute in a product is an experimental research method belongs to the class of conclusive market research methods (Correct answer) all of the above none of the above Question 24 1 of 1 points Question (Hide) Mediquip Answer (Hide) Follows the production concept Is a societally oriented company as they care about the safety of their clients Is a production oriented company as they can produce their machines faster than competition All of the above (Correct answer) None of the above Question 25 1 of 1 points Question (Hide) 24-08-2021, 03:30 pm DigiExam 10 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Which of the following is true: Answer (Hide) There is no routine buying response in B2B markets Elimination by aspects is a compensatory heuristic In B2B markets buying decisions are always done by one individual (Correct answer) Ensuring availability is important for a mundane/routine purchase scenario All of the above Question 26 0 of 1 points Question (Hide) Customer lifetime value (CLV) for customer 1 is $60 and customer 2 is $40. Which of the following is necessarily true? Answer (Hide) Customer 1 definitely has a longer life with the company than customer 2 (Incorrect answer) The churn rate of customer 1 is definitely lower than customer 2 The per period margin of customer 1 is always higher than that of customer 2 All of the above (Correct alternative) None of the above Question 27 1 of 1 points Question (Hide) Which of the following is most likely one of Dr. Rufer’s roles: Answer (Hide) Initiator User (Correct answer) Influencer Radiologist Secretary 24-08-2021, 03:30 pm DigiExam 11 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Question 28 0 of 1 points Question (Hide) Johnson's Baby Oil originally sold as skin softener for babies and has found its way into a women’s cosmetics bag as a makeup remover. This growth is an example of: Answer (Hide) Penetration (Correct alternative) Market development Product development (Incorrect answer) Diversification None of the above Question 29 1 of 1 points Question (Hide) Ted views marketing as when a firm makes something and then sells it. In this view, marketing takes place in the second half of the process. Companies that subscribe to this view have the best chance of succeeding __________. Answer (Hide) in highly competitive markets (Correct answer) in economies marked by goods shortages where customers are not fussy about quality where consumers have plenty of choices of high quality and competitively-priced goods against competitors who carefully define their target markets and position their offerings accordingly All of the above Question 30 1 of 1 points Question (Hide) Raju is a truck driver who is planning to buy a new mini-truck. Due to budget considerations, he has eliminated all brands and models priced over 4 Lakhs. One of the main worries for Raju is that the truck may not perform to his expectations. This is the reason he wants to buy an 24-08-2021, 03:30 pm DigiExam 12 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 “Indian Brand” as he believes that maintenance and after sales support will be easier to get. Therefore, he has eliminated all foreign brands from his list. The set of vehicles that is remaining with Raju at the end of the above process is called the ___________ Answer (Hide) Total Set (Correct answer) Consideration Set Awareness Set All of the above None of the above Question 31 1 of 1 points Question (Hide) Raju is a truck driver who is planning to buy a new mini-truck. Due to budget considerations, he has eliminated all brands and models priced over 4 Lakhs. One of the main worries for Raju is that the truck may not perform to his expectations. This is the reason he wants to buy an “Indian Brand” as he believes that maintenance and after sales support will be easier to get. Therefore, he has eliminated all foreign brands from his list. Raju’s truck buying process is best described as: Answer (Hide) Routine buying process Impulse buying (Correct answer) Non-compensatory choice process ‘Buy the familiar’ heuristic All of the above Question 32 1 of 1 points Question (Hide) Raju is a truck driver who is planning to buy a new mini-truck. Due to budget considerations, he has eliminated all brands and models priced over 4 Lakhs. One of the main worries for Raju is that the truck may not perform to his expectations. This is the reason he wants to buy an “Indian Brand” as he believes that maintenance and after sales support will be easier to get. 24-08-2021, 03:30 pm DigiExam 13 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Therefore, he has eliminated all foreign brands from his list. Raju perceives the following during the buying process: Answer (Hide) (Correct answer) functional risk social risk laddering all of the above none of the above Question 33 1 of 1 points Question (Hide) ABC, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down the cost and thus expand the market. This is most indicative of __________ orientation. Answer (Hide) (Correct answer) production product customer societal marketing all of the above Question 34 1 of 1 points Question (Hide) There is a growing set of businesses (such as online media) where a large proportion of consumers pay next to nothing. The life-time value of such a free customer depends upon: Answer (Hide) His ability to attract other fee and free customers The degree of network benefit (where consumers all benefit from more consumers) Impact of firm’s marketing effort through the life of the consumer 24-08-2021, 03:30 pm DigiExam 14 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 (Correct answer) All of the above None of the above Question 35 1 of 1 points Question (Hide) Which one of the following marketing mix elements can be most effective in reducing postpurchase anxiety? Answer (Hide) Compensation increases for salesman Promotional coupons (Correct answer) Advertising ‘best in-class’ awards for the product Product roll-back None of the above Question 36 5 of 5 points Question (Hide) Classify the following as benefits sought by customers and company skills/resources. 1. Ambassadors 2. Brand 3. Durability 4. Venture capital 5. Freshness 6. Health 7. Innovation 8. Peace of mind 9. R & D 10. Status Needs/Benefits Skills/Resources Use the space provided below to clearly write your answer. Answer (Hide) The answer should be around 250 words long. Needs/Benefits 24-08-2021, 03:30 pm DigiExam 15 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 1. Health 2. Freshness 3. Peace of mind 4. Status 5. Durability Skills/Resources 1. Venture Capital 2. Innovation 3. Brand 4. R&D 5. Ambassadors Question 37 5 of 5 points Question (Hide) “To urban-dwelling, educated, techno-savvy consumers who worry about the environment that future generations will inherit, Zipcar is the car-sharing service that lets you save money and reduce your carbon footprint, making you feel you've made a smart, responsible choice that demonstrates your commitment to protecting the environment.” Based on the above positioning statement for Zipcar, give one example for each of the following: 1. Economic benefit: __________________ 2. Demographic segment: ________________ 3. Psychographic segment: _________________ 4. Emotional Benefit: __________________ 5. Consumer need being addressed: _________________ Use the space provided below to clearly write your answer. Answer (Hide) The answer should be around 250 words long. 1. Economic benefit: Save money 2. Demographic segment: Urban-dwelling 3. Psychographic segment: Responsible 4. Emotional Benefit: Reduced carbon footprint 24-08-2021, 03:30 pm DigiExam 16 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 5. Consumer need being addressed: Commute (Car sharing service) Question 38 2 of 5 points Teacher's feedback Metrics required for awareness/recall. Question (Hide) Based on a consumer study in 2001, one of the insights generated related to Saffola is: ‘Saffola had high recall with customers, probably just below Sundrop.’ Give 3 metrics associated with the above statement? For each metric give a sample market research question. Use the space provided below to clearly write your answer. Answer (Hide) The answer should be around 250 words long. 1. Brand recall: Which brand comes to your mind when you hear healthy oil ? 2. Perception: What is your perception about saffola oil ? 3. Usability: Does you house use saffola oil only for members having heart problem/issues ? Question 39 2 of 5 points Teacher's feedback Use survey data Question (Hide) Consider Cluster 1 (C1) as indicated by the segmentation study in the Ontela PicDeck (B) case. Give two advantages and two disadvantages of targeting this cluster? How would you target this cluster? Use the space provided below to clearly write your answer. Answer (Hide) The answer should be around 250 words long. 24-08-2021, 03:30 pm DigiExam 17 of 17 https://app.digiexam.com/app#/student/1100267816/results/1117297048 Advantages 1. They are well informed and aware about any new technologies and will happily adopt to any new developments. 2. Consumers in cluster 1 are tech savvy and are ready to adopt any new upcoming technologies Disadvantages 1. They are well informed and therefore will evaluate every aspect of brand/product 2. If brand/product comes into bad light due to any issue then they will be the first one to switch the product. Targeting this cluster: This cluster can be targetting by providing detailed benefits of the prodcuts at intial phases only and also keep updating them with all the new develpments related to product. 24-08-2021, 03:30 pm
