Retailers must decide on three major product variables: product assortment, services
mix, and ________.
A) store location
B) store layout
C) self-service offerings
D) store atmosphere
E) store ambience
Answer:
Which of the following is an example of licensing?
A) DMX, an electronics manufacturer, acquires Z-Elex, a start-up firm, and sells all
Z-Elex’s products under the DMX brand name.
B) Berry, a fruit juice company, uses a well-known cartoon character to promote the
company’s line of children’s products and pays the creator of the cartoon character a fee.
C) XLC, a sporting goods firm, sponsors a number of top athletes in various sports and
also hosts the XLC Sporting Achievement Awards.
D) ZetaBike, a bicycle manufacturer, teams up with VitaWater, a sports drink producer,
to introduce ZetaVita, an energy drink.
E) Mason’s, a retail chain, sells a number of different products from different
manufacturers under the brand name Mason’s.
Answer:
A strategy for company growth through starting up or acquiring businesses outside the
company’s current products and markets is called ________.
A) vertical integration
B) market development
C) diversification
D) market penetration
E) product development
Answer:
Which of the following groups is included in both a company’s value chain and its value
delivery network?
A) customers
B) suppliers
C) employees
D) distributors
E) competitors
Answer:
________ are sets of interdependent organizations that help make the product or service
of a company available for use by consumers or business users.
A) Research and development channels
B) Upstream channels
C) Marketing channels
D) Raw materials suppliers
E) Backward integration chains
Answer:
________ now command about 45 percent of all retail sales in the United States.
A) Franchises
B) Factory outlets
C) Superstores
D) Acquisitions
E) Joint agreements
Answer:
In a(n) ________ marketing system, leadership over production and distribution is
assumed through the size and power of one or a few dominant channel members.
A) direct
B) contractual vertical
C) horizontal
D) corporate vertical
E) administered vertical
Answer:
A company should avoid high-pressure selling if it wants to ________.
A) achieve short-term gains
B) move a previous year’s product models
C) comply with local and federal laws
D) build long-term relationships with valued customers
E) maintain an accurate customer database
Answer:
________ pricing refers to selling below cost with the intention of punishing a
competitor or gaining higher long-run profits by putting competitors out of business.
A) Oligopolistic
B) Captive
C) Dynamic
D) Zone
E) Predatory
Answer:
Elise Philips, a leading fashion designer, connects with her followers through a strong
online presence, promoting her brand and discussing fashion tips through articles and
videos on her personal fan page. In this case, which of the following marketing forms
does Elise use?
A) direct e-mail
B) a catalog
C) a search engine
D) a spambot
E) a blog
Answer:
Although not recommended, some marketers decide to ignore market segmentation and
target the whole market with one offer. This is known as ________ marketing.
A) undifferentiated
B) differentiated
C) niche
D) local
E) individual
Answer:
Which of the following best describes the value chain of a company?
A) the collection of businesses and products that make up the company
B) profits earned by the cash cows and stars in the company’s business portfolio
C) touchpoints at which a company or brand interacts with its consumers
D) the series of departments that design, produce, market, deliver, and support the
company’s products
E) a network made up of the company, its suppliers, and its distributors working
together to deliver customer value
Answer:
Kathy Jenkins is planning to conduct research on consumers’ personal care routines.
Since the questions are likely to be personal and sensitive, Kathy wants to select a
contact method that will encourage respondents to answer honestly. Which of the
following contact methods is most likely to best serve Kathy’s purpose?
A) mail questionnaires
B) telephone interviews
C) individual interviews
D) focus group interviews
E) online discussions
Answer:
A firm’s decision to identify and develop new markets for existing products is a
________ strategy.
A) market development
B) market differentiation
C) market penetration
D) product development
E) diversification
Answer:
________ builds around what P&G calls the “First Moment of Truth” the critical three
to seven seconds that a shopper considers a product on a store shelf.
A) Internal marketing
B) Sole sourcing
C) Warehousing
D) Test marketing
E) Shopper marketing
Answer:
The practice of tailoring products and marketing programs to suit the tastes of specific
individuals and locations is referred to as ________.
A) niche marketing
B) micromarketing
C) segmented marketing
D) global marketing
E) undifferentiated marketing
Answer:
High-pressure selling will most likely work in situations that involve ________.
A) valued customers
B) repeat customers
C) service-based sales
D) one-time sales
E) complex products
Answer:
Which of the following statements about buying centers is true?
A) The buying center is not a fixed and formally identified unit within a buying
organization.
B) Roles in the buying center are specified in the organizational chart of a firm.
C) The CEO of an organization is always the decision maker in a buying center.
D) An individual’s role in a buying center does not change with time.
E) All buying centers involve formal participants.
Answer:
Cylog, a leading provider of personal computer systems, began manufacturing tablet
devices after predicting a future consumer need for portability. Which of the following
was most likely implemented by Cylog?
A) the selling concept
B) customer-driving marketing
C) the product concept
D) sustainable marketing
E) the production concept
Answer:
A ________ is defined as a name, term, sign, symbol, or design, or a combination of
these, that identifies the maker or seller of a product or service.
A) prototype
B) paradigm
C) framework
D) patent
E) brand
Answer:
________ consists of creating something new to meet the needs of consumers in a
given country.
A) Product adaptation
B) Straight product extension
C) Undifferentiated marketing
D) Product invention
E) Standardized manufacturing
Answer:
Which of the following media is most suitable for having consumers provide input on
product design or features?
A) television
B) radio
C) magazines
D) social media
E) billboards
Answer:
A customer who is both loyal and profitable is referred to as a ________.
A) barnacle
B) stranger
C) true believer
D) laggard
E) butterfly
Answer:
Which of the following sets the upper limit for a product’s pricing?
A) profits
B) product costs
C) consumer perceptions of value
D) elements of the product mix
E) competition
Answer:
According to the text, ________ are the most important actors in a company’s
microenvironment.
A) stockholders
B) employees
C) suppliers
D) resellers
E) customers
Answer:
________ products are consumer products and services that customers usually buy
frequently, immediately, and with minimal comparison and buying effort.
A) Shopping
B) Specialty
C) Capital
D) Convenience
E) Unsought
Answer:
Beverages that are high in sugar are called ________ products.
A) deficient
B) pleasing
C) salutary
D) desirable
E) salubrious
Answer:
Busch Stadium in St. Louis charges different prices for seats in different areas of the
ball park, even though each seat costs the same for the owners of the stadium. What is
this form of pricing called?
A) location-based pricing
B) market-skimming pricing
C) product-form pricing
D) time-based pricing
E) market-penetration pricing
Answer:
CVS Pharmacy changed its name to CVS Health, reshaping and broadening its lines of
products and services to align more appropriately with its revamped “better health”
mission. For example, it stopped selling tobacco products altogether. How would this be
classified in a SWOT analysis?
A) strength
B) weakness
C) opportunity
D) threat
E) barrier to entry
Answer:
Appliance maker Whirlpool assigns individual teams of salespeople to big retail
customers such as Sears, Lowe’s, Best Buy, and Home Depot. Each Whirlpool sales
team aligns with the large customer’s buying team. Whirlpool has most likely adopted a
________ sales-force structure.
A) product
B) team-based
C) territorial
D) market
E) complex
Answer: