Essentials Of Marketing Management 1st Edition

Constantly developing the "next new thing" leads to _________ leadership. A.Convenience B.Image C.Innovative D.Price E.Personnel Constantly developing the "next new thing" leads to innovative leadership. For example, Apple. Answer: C. Answer: C. Answer: C. The Food and Drug Administration requires all processed-food companies to provide detailed nutritional information clearly identifying calories, fats, carbohydrates, and other information. This is an example

ABC Corp. is the number one leader in its industry. It will probably use comparative advertising to reach its audience. Answer: FALSEComparative advertising works especially well when you are not No.1 in a product category because you can put the market leader on the defensive. Answer: FALSEComparative advertising works especially well

Business goods can be characterized on two dimensions: (1) whether or not they are used in the manufacturing process and (2) the time needed to decide whether to purchase them or not. Answer: FALSEBusinesses buy an array of products that can be classified into three broad areas based on two

_____________ is an example of a non-technology communication selling activity. A.Enhance language and overall communication skills B.Email C.Create useful company Web page content D.Database management E.Leaving voicemail messages The selling activities that relate to communication and are non-technology involve the salesperson enhancing language and overall communication skills and developing effective presentation skills. Answer: A. Answer: A. Answer: A. One rationale

Marketing managers know that creating an effective retail strategy begins with knowledge of _______________. A.Merchandise assortment B. Knowledge of merchandise assortment, level of service, and the retail value proposition is required to create an effective retail strategy. Answer: Answer: Answer: _______ is a subjective opinion about something. A.Belief B.Motivation C.Attitude D.Values E.Expectations Beliefs are a subjective opinion about something. Since they

Doubtful positioning occurs when consumers have too narrow an understanding of the company, product, or brand. Answer: FALSEOverpositioning occurs when consumers have too narrow an understanding of the company, product, or brand. Answer: FALSEOverpositioning occurs when consumers have too narrow an understanding of the company, product, or brand. Answer: FALSE Overpositioning occurs when

Differentiation means developing different value offerings for different targeted segments. Answer: TRUEDifferentiation means developing different value offerings for different targeted segments. Possible sources of differentiation are many and include innovation/R&D, product quality, service leadership, corporate social responsibility, and many others. Answer: TRUEDifferentiation means developing different value offerings for different targeted segments.

Buzz, or word-of-mouth communication, is the communication generated about a brand in the marketplace. Answer: TRUEBuzz, or word-of-mouth communication, is the communication generated about a brand in the marketplace. Answer: TRUEBuzz, or word-of-mouth communication, is the communication generated about a brand in the marketplace. Answer: TRUE Buzz, or word-of-mouth communication, is the communication generated

Services such as such as loyalty programs, easy store access, additional facilities like restaurants, support services for young children and infants enhance the ________ of the customers. A.Retailer experience B.Shopping experience C.Sales experience D.All of the above E.None of the above Services such as loyalty programs, easy store access, additional facilities like restaurants, support services for

There are two types of end user purchases-capital equipment and sundries. Answer: FALSEThere are two major types of end user purchases: capital equipment and materials, repairs, and operational (MRO) supplies and services. Answer: FALSEThere are two major types of end user purchases: capital equipment and materials, repairs, and operational (MRO) supplies

Entrepreneur magazine reports that ________________ remain the highest-potential startup and growth mechanism for small-business owners, and it is an effective way to expand a distribution channel quickly and efficiently. A.Franchise organizations B.Retailer cooperatives C.Wholesaler cooperatives D.Channel captains E.Partner relationship management (PRM) strategies Franchising is one of the best ways to grow quickly and efficiently. Answer: A. Answer: A. Answer:

_______________ is the first phase in the process cycle for CRM. A.Analysis and refinement B.Supplier interface C.Customer interaction D.Knowledge discovery E.Marketing planning The CRM process cycle begins with knowledge discovery, where data gathered is analyzed through various touchpoints. Output of knowledge discovery is used in marketing planning. Answer: D. Answer: D. Answer: D. With reference to the VALS framework, _______

Early adopters are opinion leaders who seek out new products but are price sensitive. Answer: FALSEEarly adopters are not price-sensitive and are willing to pay the price premium for a product. Answer: FALSEEarly adopters are not price-sensitive and are willing to pay the price premium for a product. Answer: FALSE Early adopters are

Research suggests that consumers prefer environmentally sensitive products, but are unwilling to pay a significant price premium. Answer: TRUEConsumers like ecological products but are hesitant to pay a premium for them. Answer: TRUEConsumers like ecological products but are hesitant to pay a premium for them. Answer: TRUE Consumers like ecological products but are

According to the Model of the Consumer Decision Process, the marketing activities that affect consumer decision process include the value proposition, technology, and marketing communications. Answer: FALSEValue proposition, distribution, and marketing communications are the marketing activitiesthat affect the consumer decision process. Answer: FALSEValue proposition, distribution, and marketing communications are the marketing activitiesthat

Geoff works at an Aspen ski shop. He has just gotten a shipment of new snowboards and realizes that the company has priced its snowboards higher than the rest of the boards in Geoff's shop. Since Geoff took a marketing class in college, he knows that the company is using _____________. A.Product

CRM-driven, one-to-one marketing tends to have increased promotional costs. Answer: FALSECRM-driven one-to-one marketing tends to have reduced promotional costs due to decreased reliance on expensive mass media and redirection of promotional investment to more targeted promotional vehicles. Answer: FALSECRM-driven one-to-one marketing tends to have reduced promotional costs due to decreased reliance

When Bob was asked to describe Sherry, he didn't describe her by talking about her age or education; rather, his comments about her sense of humor were reflecting her ________. A.Appearance B.Personality C.Income D.Job type E.Aptitude Personal characteristics like sense of humor are personality traits. Answer: B. Answer: B. Answer: B. Companies translate the essential benefit into physical, tangible elements

Great Skate skateboarding parks' marketing team wants to stay open until 3:00 a.m. The parks currently close at midnight. Most likely, this would be classified as a __________ strategy in Ansoff's Product-Market Matrix. A.Market diversification B.Marketing strategy development C.Market penetration D.Product development E.Market development As per Ansoff's Product-Market Matrix, market penetration involves investing in existing customers to gain

To use CRM, companies are ____________. A.Redesigning the internal structures to focus on internal and external relationships B.Renegotiating contracts with suppliers to cut price C.Focusing solely on internal relationships D.Focusing solely on external relationships E.Giving huge discounts to long time customers Redesigning the internal structure helps in optimizing CRM's potential for contribution to the bottom line. Answer:

______________________ is a good reason to use radio advertising. A.It appeals to multiple senses B.It has a long shelf life C.It is high involvement D.It facilitates easy selectivity E.It has an audio only format Among other advantages, radio as a medium of advertising offers easy selectivity by market and station programming. Answer: D. Answer: D. Answer: D. A(n) _____ has

B2B transactions have been growing at a phenomenal rate. Online B2B sales worldwide is now in excess of ______________. A.10 trillion dollars B.5 trillion dollars C.3 trillion dollars D.1 trillion dollars E.None of the above B2B transactions have been growing at a phenomenal rate with online B2B commerce worldwide in excess of $1 trillion, a much larger

The issue of corporate identity and its impact on customer attitudes and responses toward product offerings is no longer relevant in today's marketplace. Answer: FALSECustomers pay attention to the organization behind an advertising message, how socially responsible the company is, and what values it stands for. Answer: FALSECustomers pay attention to

________________ occurs within a channel to better match quantities needed to space constraints and inventory turnover requirements. A.Reverse logistics B.Disintermediation C.Assortment creation D.Breaking bulk E.Accumulating bulk The function of breaking bulk occurs within a channel to better match quantities needed to space constraints and inventory turnover requirements. Breaking bulk could be performed by different types of intermediaries. Answer:

A competitor's price is one of the most visible elements of its marketing strategy, and you can often infer the pricing objective by carefully analyzing historical and current pricing patterns. Answer: TRUEOne can often tell what a competitor is trying to do by viewing their pricing over time. Answer: TRUEOne can

The two parts of value equation are benefits and cost. Answer: TRUEFrom the viewpoint of the customer, value is seen as a ratio of benefits to costs. Answer: TRUEFrom the viewpoint of the customer, value is seen as a ratio of benefits to costs. Answer: TRUE From the viewpoint of the customer, value

EDI (electronic data interchange) allows _________. A.Companies to talk to each other daily B.Customer computers to communicate directly with supplier computers C.Computers to fulfill the buying center function D.Computers to do complex product evaluation with limited human involvement E.All of the above Technology has transformed the business purchase decision process. Sophisticated programs manage inventories and automatically

________ represent(s) a huge segment of the population. There is some evidence that they, in their own minds, do not think they age. A.Generation X B.Generation Y C.Millennials D.Baby boomers E.The silent generation Baby boomers are born between 1946 to 1964. Much of the research on baby boomers indicates that-at least in their minds-they don't age. Answer:

Managers should buy the best, most advanced CRM package, and then try to change the firm to fit the new technology. Answer: FALSECRM failure may result if there is no organizational buy-in prior to introducing the CRM platform. The primary users of CRM should be consulted prior to the purchase. Answer: FALSECRM

Efficiencies in cost of labor, materials, supply chain, or other operational elements lead to ________ leadership. A.Innovative B.Product C.Price D.Service E.Personnel Efficiencies in cost of labor, materials, supply chain, or other operational elements lead to price leadership. Answer: C. Answer: C. Answer: C. Building a positive customer attitude toward the brand is a key component of ___________ advertising. A.Pioneering B.Competitive C.Institutional D.Comparative E.Sales promotion Marketing managers

Internet advertising ______________________. A.Is decreasing in popularity B.Costs are high relative to other advertising channels C.Is more targeted D.Is harder to measure E.Is described by all of the above Internet advertising is growing and there is no indication the demand is slowing. Costs are still low relative to other advertising channels such as television, and, since

According to Ansoff's Product-Market matrix, market development strategies allow the firm to introduce existing products to new customers, often including international markets. Answer: TRUEMarket development strategies allow for expansion of the firm's product line into untappedmarkets, often internationally. Answer: TRUEMarket development strategies allow for expansion of the firm's product line into

Today many CEOs and shareholders expect to measure results of marketing efforts because ___________. A.Marketing metrics today are designed to assign specific results to specific marketing programs B.They are unrealistic in believing that all marketing is measurable C.It is easy to do D.Every other firm does it E.Marketing has been easy to measure for decades As

Miriam and Gregory are partners in a manufacturing firm that supplies electronic parts to over 1,500 companies. Recently, employees have been complaining that they were not told of changes in health insurance coverage and premiums. They attribute this to a problem with _____________. A.Firm infrastructure B.Human resources management C.Technology development D.Inbound logistics E.Procurement Human resource management

A _________approach is also popularly called a niche strategy. A.Customized marketing B.Differentiated target marketing C.Concentrated target marketing D.Mass marketing E.One-to-one marketing A concentrated target marketing approach, which Michael Porter refers to as a focus strategy and is also popularly called a niche strategy, involves targeting a large portion of a small market. Answer: C. Answer: C. Answer: C. A marketing

A _______________ offers its merchandise in the comfort of a consumer's home. A.General merchandise retailer B.Supermarket C.Food retailer D.Speciality store E.Catalog retailer Catalog retailers offer their merchandise in the comfort of a consumer's home using a printed or online catalog. Consumers who do not have time for an in-store retail experience appreciate the convenience of catalog

Objectives are measurable and goals are broad statements of generally desired accomplishments in support of the firm's mission statement. Answer: TRUEGoals are broad statements which eventually become refined into specific, measurable, andattainable objectives for the firm. Answer: TRUEGoals are broad statements which eventually become refined into specific, measurable, andattainable objectives for

In the context of _____, the initial approach to a prospective customer should involve the sales representative trying to determine who has the greatest influence or authority in the purchase. A.Opening the relationship B.Handling customer objections C.Closing the sale D.Following up with customers E.Prospecting for customers In the context of the initial approach to the prospective

Creamy Cones manufactures prepackaged ice cream cones. It creates the cones, makes the cones, distributes the cones, and markets the cones around the country. Creamy Cones is a ________________. A.National brand B.Private-label brand C.Specialty brand D.Low-cost brand E.House brand National brands are products created, manufactured, and marketed by a company and sold to retailers around the

The lower the reach and frequency, the higher the cost of a campaign. Answer: FALSEThe greater the reach and higher the frequency, the more expensive the overall advertising campaign will be. Answer: FALSEThe greater the reach and higher the frequency, the more expensive the overall advertising campaign will be. Answer: FALSE The greater

For years, P&G was the channel captain in every channel in which it was a member based on the clout of its extensive stable of No. 1 brands. This is an example of _______________. A.Diversification B.Horizontal integration C.Corporate VMS D.Contractual VMS E.Administered VMS In an administered VMS, the sheer size and power of one of the

_________ have become extremely popular as two-income households often lack the time for an in-store retail experience. A.Malls B.Flea markets C.Grocery stores D.Sidewalk retailers E.Catalog retailers Two-income households often lack the time for an in-store retail experience and appreciate the convenience of shopping when they choose from home. Catalog retailing is extremely popular among such consumers. Answer: E. Answer:

Solid Surface, a countertop store, will give customers a 10% discount if they pay their bills in full in 20 days, however after 20 days they do not receive a discount. This is an example of ______________. A.Cash discounts B.Trade discounts C.Quantity discounts D.Seasonal discounts E.Promotional allowances Sellers offer cash discounts to elicit quicker payment of

In the GE Business Screen model, Business Position looks at factors like government regulations, sensitivity to economic trends and size of the market. Answer: FALSEBusiness Position assesses the firm's ability to compete. Factors like government regulations, sensitivity to economic trends and size of the market are looked at in the

The marketing manager is considering a new advertising campaign for Guzzle Beverages. He purchases six months of scanner data for Cruncheez Snack Foods, a company that recently ran a similar campaign. He wants to use this information to determine their campaigns effectiveness before implementing it for Guzzle. He is using

People who know about many different types of products, initiate discussions about and respond to others' inquiries are called _____________. A.Opinion leaders B.Market mavens C.Influencers D.Early adopters E.Innovators Market mavens have information about many kinds of products, places to shop, and other facets of markets. They exert influence over an individual's product and brand choice. Answer: B. Answer: B. Answer:

Marketing plays a central role in creating, communicating, delivering, and exchanging offerings that have value. Answer: TRUEFrom Peter Drucker's early writings in the 1950s to the recently updated AMA official definition of marketing, it is clear that marketing plays a central role in creating, communicating, delivering, and exchanging offerings that

You are creating a survey for your company. The question you are currently working on asks your business-to-business customers to describe the ideal purchasing transaction. You are utilizing a(n) __________ question to collect the desired information. A.Behavioral B.Open-ended C.Observational D.Closed-ended E.Probing Open-ended questions encourage respondents to be expressive and offer the opportunity to provide more detailed, qualitative responses.

Early adopters and innovators are the primary purchasers in the __________ stage of the product life cycle. A.Growth stage B.Introductory stage C.Maturations stage D.Decline E.Innovation In the introductory phase, the target markets are innovators and early adopters. Answer: B. Answer: B. Answer: B. Sally has seen the same ad for Fishy's Cat food every time she turns on the television.

The marketing manager of XYZ brewery is developing a promotional strategy for their high quality low cost beer. He wants to state the advantages of XYZ's line and give customers a reason to choose it over the competition. The goal of this promotional strategy is to ______. A.Persuade B.Inform C.Captivate D.Remind E.Manipulate Promotion provides the opportunity

Companies create call centers around the world to handle regional customer traffic over the course of a 24-hour business cycle. Answer: TRUEThe global nature of company operations coupled with worldwide access to the Internet means at least minimal customer support must go on 24/7/365 days a year. So companies create call

Firms generally only use one method of segmentation at a time. Answer: FALSEGeographic, demographic, psychographic, and behavioral approaches can be used for segmentation. In practice, these approaches are not applied one at a time. Firms develop a profile of a segment that might include aspects of any or all of

Because Sony has so many different product offerings in various electronics categories, the management has found that it is helpful to use brands to keep track of products in each category. Thus, they have different brand names for their televisions, DVD players, and portable music players. This is an example

A fundamental rule in marketing is to not set customer expectations so high that they cannot be effectively met on a consistent basis. Answer: TRUEIt is one of the challenges of service marketing to not set the expectations so high that they cannot be met. Answer: TRUEIt is one of the

_______ are often considered a more realistic picture of product growth. A.New purchases B.Revenues C.Unit sales D.Repeat purchases E.Replacement purchases Currency fluctuations can lead to wide variations in revenue, and price increases can also dramatically affect total revenue. So unit sales are often considered a more realistic picture of product growth. Answer: C. Answer: C. Answer: C. Toyota sells and manufactures

In today's workplace everyone is involved in service in some way; everyone has customers either outside or inside the firm, or both. Answer: TRUENearly everyone in a firm has something to do with service delivery whether it is internal or to customers. Answer: TRUENearly everyone in a firm has something to

Internal factors affecting consumer choices are the most difficult to understand. Answer: TRUEInternal factors affecting consumer choices are personal characteristics and psychological attributes. Often, consumers themselves are not fully aware of the role these traits play in their decision making and these characteristics vary by individual, change over time, and

The decisions made about the product have no impact on the pricing, promotion, or distribution elements of the marketing mix. Answer: FALSEDecisions about the product affect other elements of the marketing mix. Answer: FALSEDecisions about the product affect other elements of the marketing mix. Answer: FALSE Decisions about the product affect other elements

_____________, goods for which a consumer may engage in a limited search, are candidates for selective distribution. A.High technology goods B.Durable goods C.Convenience goods D.Impulse goods E.Shopping goods Shopping goods are the goods for which consumer may engage in a limited search. These goods are appropriate for selective distribution. Answer: E. Answer: E. Answer: E. When FedEx promises 8 a.m.

Public relations is an area that can be handled by anyone trained in marketing. Answer: FALSEPR is a specialized field; usually, undergraduate and graduate marketing programs do not include training in PR. Answer: FALSEPR is a specialized field; usually, undergraduate and graduate marketing programs do not include training in PR. Answer: FALSE PR

Open Sesame is a chain of Thai restaurants located in the western United States. The marketing manager has discovered that there is a growing demand for Spanish food and that Latino Americans spend more money on food away from home than other ethnic groups. This information would be included in the

Specialty goods hold a unique place in the hierarchy of product classifications in that they __________. A.Focus on price B.Focus on total value C.Are sought out by customers who are willing to search to find this particular kind of product D.Have stores located in peculiar places E.Are not really desired by the consumer Specialty goods are

One competitive force NOT addressed directly by Michael Porter is ____________. A.Power of competitive forces B.Power of substitute forces C.Power of other stakeholders D.Power of suppliers E.Power of potential entrants Stakeholders like unions, community groups, and trade associations can strongly impact industry attractiveness. But this competitive force is not directly addressed by Michael Porter. Answer: C. Answer: C. Answer: C. The

"If it can't be measured, it can't be managed" refers to top management's need to quantify objectives and results. Answer: TRUEOne of the important reasons for the intense focus on metrics is the quantification of objectives and results. Answer: TRUEOne of the important reasons for the intense focus on metrics is

Call Company has 12 call centers worldwide. The firm is considering the purchase of a software firm that serves the oil and gas industry. Most likely, this would be classified as __________ in Ansoff's Product-Market Matrix. A.Market diversification B.Marketing strategy development C.Market penetration D.Product development E.Market development Market diversification strategies seize on opportunities to serve new

A fixed sum of money paid at regular intervals is a(n) __________. A.Salary B.Non financial incentive C.Intrinsic reward D.Output measure E.Incentive pay A salary is a fixed sum of money paid at regular intervals. Answer: A. Answer: A. Answer: A. Montgomery shops at Mango Nation, a high-end clothing store. This week she received two discount cards in the mail, one for

It is not uncommon to see ________ profits in the introductory stage of the product life cycle for an industry. A.High B.No or negative C.Average D.Low E.Marginal cost In the introduction phase, sales are usually low and there are high marketing and product costs, so no or negative profits are not uncommon. Answer: B. Answer: B. Answer: B. Catalogs, telemarketing,