Acquisition involves the purchase of a whole company, a patent, or a license to produce
someone else’s product.
Millennials comprise the most financially affluent group in America today.
Off-price retailers pay regular wholesale prices for their merchandise but maintain low
prices by accepting lower margins and selling higher volume.
Influencers often help define specifications and also provide information for evaluating
alternatives.
Cost-based pricing is often product driven.
Sales promotion involves building up a good corporate image, and handling or heading
off unfavorable rumors, stories, and events.
Xorbate Blue is a relatively new food supplement that provides both high immediate
satisfaction and high long-run benefits, such as improved energy levels and muscle
tone. Xorbate Blue is best classified as a pleasing product.
A mission statement is a document embodying an organization’s short-term goals.
As mass markets have fragmented, marketers have shifted away from mass marketing.
JumBo Games is in the commercialization stage. The first decision that the firm should
make while introducing the product in the market is introduction timing.
Using an undifferentiated marketing strategy, a firm decides to target several market
segments and designs separate offers for each.
Many company and brand Web sites also serve as online brand communities, where
customers can congregate and exchange brand-related interests and information.
A company’s Web site can be an important public relations vehicle.
Using the PLC concept to develop marketing strategy can be problematic because
strategy is both a cause and a result of the product’s life cycle.
Product refers to the goods-and-services combination that a company offers to its target
market.
To plan effective marketing strategies, the company must ignore its competitors.
Multibranding offers a way to establish different features that appeal to different
customer segments, lock up more reseller shelf space, and capture a larger market share.
Harvesting the product involves reducing various costs such as maintenance, R&D, and
advertising to increase profits.
The customer-driven marketing strategy involves four steps: market segmentation,
market targeting, positioning, and differentiation.
Asian American consumers are the least brand conscious of all ethnic groups.
Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching
electronic collections of consumer information within the company network to arrive at
crucial marketing decisions. In this instance, Kei is using ________.
A) ethnographic research
B) internal databases
C) descriptive research
D) data warehouses
E) causal research
Which of the following would lead to greater competition in the maturity stage of the
PLC?
A) overcapacity
B) market pioneers
C) poor management
D) inadequate promotion
E) diminishing budgets
________ refers to the stage of the business buying process in which the buying
organization decides on and specifies the best technical product characteristics for a
needed item.
A) Performance review
B) General needs description
C) Product development
D) Proposal solicitation
E) Product specification
Consumer products refer to ________.
A) products purchased by consumers for further processing or for use in conducting a
business
B) products and services bought by final consumers for personal consumption
C) primarily intangible offerings from marketers
D) raw materials as well as manufactured materials and parts
E) products that aid in the consumer’s production or operations, including installations
and accessory equipment
Which of the following is a disadvantage of a team-based approach to new product
development?
A) It takes longer for the development of a new product.
B) The development effort is not as effective because of employee inexperience.
C) It decreases the efficiency of the new product development process.
D) It results in organizational confusion and tension.
E) The process does not work with the shorter life cycles of many of today’s products.
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
Which of the following is a marketing decision that may be called into question under
the law?
A) price increases
B) scarce resources
C) excessive cost
D) dealer’s rights
E) deceptive pricing
Rex Steelworks makes steel sheets which the firm markets and sells to companies all
over the world. Which of the following marketing strategies is most suitable for Rex
Steelworks?
A) one-to-one marketing
B) undifferentiated marketing
C) individual marketing
D) local marketing
E) trigger-based marketing
Which of the following is a reason a consumer would follow a company’s blog?
A) The blog offers fresh insights or new ideas about the company or products.
B) The blog provides the consumer with familiar information.
C) The blog allows consumers to communicate with each other.
D) A well-followed blog gives the company influence in the marketplace.
E) Consumers know that companies want them to follow the blog postings.
Foreign businesses in India appear to receive unusually close scrutiny and must meet
special regulations, aimed at protecting local businesses. This includes nontariff trade
barriers. This reflects that a country’s ________ should be carefully considered before
doing business in that country.
A) political-legal environment
B) industrial structure
C) cultural norms
D) natural resources
E) income distribution
Why is markup pricing most likely popular?
A) Sellers are more certain about demand than about costs.
B) Markup pricing tends to maximize market competition.
C) Markup pricing affords buyers greater bargaining power.
D) Sellers do not need to make frequent adjustments as demand changes.
E) Markup pricing is designed to set prices to break even on the costs of making and
marketing a product.
Which of the following is a major step in selecting advertising media?
A) determining reach, frequency, and impact
B) selecting message execution style
C) developing a compelling creative concept
D) deciding on format elements
E) planning a message strategy
The challenge for makers of which type of product is to add long-run benefits without
reducing the product’s desirable qualities?
A) salutary product
B) desirable product
C) pleasing product
D) durable product
E) deficient product
Loft Industries sells roof trusses to contractors and builders and is currently looking for
honest feedback on its services. However, in the past, most of its efforts to procure
feedback from customers did not yield any meaningful data. According to the marketing
managers of Loft Industries, feedback was more polite than honest. Which of the
following contact methods should Loft Industries most likely use to maximize its
chances of receiving honest and impersonal feedback?
A) online focus groups
B) telephone interviews
C) mail questionnaires
D) group interviews
E) personal interviews
________ are minor stimuli that determine where, when, and how a person responds to
an idea.
A) Cues
B) Drives
C) Reinforcers
D) Cognitions
E) Impulses
When are competitors most likely to react to price changes? How can a firm anticipate
the likely reactions of its competitors?
Why is the technological environment such a dramatic force in today’s market?
Briefly describe the steps in the new product development process.
How are specialty products distributed?
What is product value analysis?
What is demography? Why is the demographic environment of major interest to
marketers? Discuss the changing age structure of the U.S. population.
Explain break-even pricing.
Define commercialization. Explain two important decisions the company must make
during this stage.
Explain the factors involved in setting international pricing.
Explain the concept of derived demand.