When a product is in the maturity stage, the company should most likely consider
________.
A) harvesting the product or market
B) modifying the product, market, or marketing mix
C) divesting the product line
D) liquidating the firm’s assets
E) dropping the product from its market offerings
In marketing his wooden pens and pencils to specialty-shop customers, Ruben was most
likely using ________ marketing.
A) mass
B) trigger-based
C) concentrated
D) segmented
E) individual
The buying decision process starts with ________, in which the buyer spots a problem.
A) need recognition
B) information search
C) impulse purchases
D) buyer’s remorse
E) alternative evaluation
________ marketing consists of activities undertaken to create, maintain, or change
attitudes toward particular people. People ranging from presidents, entertainers, and
sports figures to professionals such as doctors, lawyers, and architects use it to build
their reputations.
A) Corporate image
B) Person
C) Social
D) Organization
E) Place
A buyer’s decisions are influenced by ________ such as the buyer’s age and life-cycle
stage, occupation, economic situation, lifestyle, personality, and self-concept.
A) personal characteristics
B) stereotypes
C) perceptions
D) attitudes
E) psychographics
The portion of the customer’s purchasing that a company gets in its product categories
is known as ________.
A) customer-perceived value
B) share of customer
C) customer insight
D) consumption function
E) induced consumption
Mark’s Markers, a manufacturer of white board markers, has required its dealers to
charge a specified retail price for its markers. Mark’s is most likely guilty of ________.
A) captive pricing
B) retail price maintenance
C) price discrimination
D) competitive pricing
E) unfair price skimming
PoolPak produces climate-control systems for large swimming pools. The company’s
customers are more concerned about service support for maintaining their systems than
the initial price of the product. PoolPak specializes in and differentiates itself through
both cutting-edge technologies used to build its high-value climate control systems as
well as seamless quality service. PoolPak’s prices are very high, but demand for its
climate-control systems seems to be forever on the rise. This exemplifies ________.
A) target costing
B) a pure monopoly
C) cost-plus pricing
D) a nonprice position
E) break-even pricing
Orion Inc. markets luxury watches. It targets the wealthy global elite segment,
regardless of their geographic location. Orion most likely uses ________ segmentation.
A) income
B) age-group
C) occasion
D) benefit
E) cross-market
Which of the following is NOT a benefit of using multivariable segmentation systems?
A) help companies identify key customer segments
B) help companies reach key customer segments more efficiently
C) help companies more accurately price their products to appeal to key customer
segments
D) help companies better understand key customer segments
E) help companies tailor market offering to the needs of the key customer segments
For her current research project, Margaret Rogers wants to select a sample in which
every member has a known and equal chance of selection. In other words, Margaret is
looking for a ________.
A) simple random sample
B) convenience sample
C) stratified random sample
D) judgment sample
E) quota sample
Independent Grocers Alliance, Do-It Best, and Western Auto are examples of
________.
A) franchise organizations
B) warehouse clubs
C) voluntary chains
D) category killers
E) wholesale clubs
Explain how the United States Postal Service has “competitor myopia.”
Formed in 1957, ________ set out to create a single European market by reducing
barriers to the free flow of products, services, finances, and labor among member
countries and developing policies on trade with nonmember nations.
A) the Uruguay Round
B) the European Union
C) the European Organization
D) the European Central Bank
E) CAFTA
When a company provides superior value by leading its industry in price and
convenience, it has obtained ________.
A) product leadership
B) focus
C) operational excellence
D) customer intimacy
E) differentiation
The full mix of benefits on which a brand is differentiated and positioned is known as
the brand’s ________.
A) value proposition
B) service life
C) value stream
D) supply chain
E) demand chain
________ refers to the unique psychological characteristics that distinguish an
individual or group.
A) Attitude
B) Belief
C) Perception
D) Personality
E) Self-awareness
________ are the major marketing factors in the sale of most manufactured materials
and parts.
A) Branding and advertising
B) Price and service
C) Sales promotion and advertising
D) Branding and packaging
E) Public relations and brand management
Life-stage changes usually result from ________.
A) birthdays
B) mentors
C) friends
D) life-changing events
E) siblings
Departments or managers that have an influence on pricing include sales managers,
finance managers, accountants, and ________.
A) engineering managers
B) human resources managers
C) production managers
D) customers
E) resellers
Which of the following is a sociocultural factor that a company should consider before
deciding to enter into a new country?
A) political stability
B) population density (urban vs. rural)
C) education
D) income distribution
E) consumer lifestyles, beliefs, and values
Symbols such as the McDonald’s golden arches, the colorful Google logo, the Nike
swoosh, or Apple’s “bite mark” logo provide strong company or brand recognition and
are indicative of ________ differentiation.
A) people
B) image
C) channel
D) services
E) product
________ analysis is an overall evaluation of the company’s strengths, weaknesses,
opportunities, and threats.
A) Porter’s five forces
B) A breakeven
C) A regression
D) A SWOT
E) A cluster
________ refer to sales promotion tools used to persuade resellers to carry a brand, give
it shelf space, promote it in advertising, and push it to consumers.
A) Point-of-purchase promotions
B) Frequency marketing programs
C) Trade promotions
D) Events
E) Coupons and inserts
Apple’s iPod has been called “one of the greatest consumer electronics hits of all time.”
iPods have been sold in huge numbers, and Apple captures a large share of the music
player market. This success has attracted many large, resourceful competitors. The iPod
is in the ________ stage of the product life cycle.
A) introduction
B) growth
C) maturity
D) decline
E) adoption
The BCG matrix approach is problematic in that it ________.
A) focuses on planning for the future at the cost of ignoring the present
B) focuses solely on current businesses and provides little scope for future planning
C) tends to undermine the importance of market growth rate as a measure of market
attractiveness
D) tends to undermine the importance of relative market share as a measure of company
strength in the market
E) fails to classify SBUs
Computer mouse and interface device maker AdvTechPRO is only a fraction the size of
software giant Terminal Time Software Inc. AdvTechPRO manufactures every variation
of computer mouse imaginable (for left-handed people, wireless mice, shaped like
actual mice, LED mice, etc.). Through skillful ________, the firm dominates the PC
mouse market, with Terminal Time Software as its runner up.
A) centralization techniques
B) niching
C) brand imaging
D) vertical integration
E) benchmarking
Which of the following groups do marketers involve for the process of concept testing
new products?
A) suppliers
B) employees
C) target consumers
D) manufacturers
E) competitors
The early ________ cut expenses by offering few services and operating in
warehouse-like facilities in low-rent, heavily traveled districts.
A) department stores
B) hypermarkets
C) discount stores
D) supermarkets
E) full-service retailers
Which of the following is true of product bundle pricing?
A) It promotes the sale of products that consumers might not otherwise buy.
B) It is used to set prices across an entire product range based on customer evaluations.
C) It forces customers to buy product parts that are only compatible with the main
product.
D) It results in companies making fewer—though more profitable—sales.
E) It involves pricing the main product low and setting high markups on the supplies.
Under a team-based new product development approach, ________.
A) a single departmental team works to complete different stages of the process before
passing the new product along to the next department and stage
B) the organizational tension and confusion is less than under the sequential approach
C) company departments work closely together in cross-functional teams
D) a bottleneck at one phase can seriously delay an entire project
E) the new product passes from one department to another before finalizing