Manufacturers use product development strategies to create new products for new
markets.
a. True
b. False
Answer:
A _____ is a price reduction offered to buyers buying in multiple units or above a
specified dollar amount.
a. tradediscount
b. cash discount
c. seasonal discount
d. quantity discount
Answer:
Which of the following is a feature of the product life cycle (PLC)?
a. It allows firms to shorten the development process of a product and reduce costs.
b. It helps marketers forecast future events and suggest appropriate strategy.
c. It dictates the marketing strategy to be used for a product.
d. It tells managers the length of a product’s life cycle or its duration in any stage.
Answer:
As products enter the growth stage of the product life cycle, prices generally begin to
stabilize.
a. True
b. False
Answer:
_____ is a sales practice that involves building, maintaining, and enhancing interactions
with customers in order to develop long-term satisfaction through mutually beneficial
partnerships.
a. Price-based selling
b. Adaptive selling
c. Stimulus-response selling
d. Relationship selling
Answer:
The business analysis stage of a new-product development process _____.
a. involves the development of a prototype of the proposed product
b. calculates preliminary figures for demand, cost, sales, and profitability
c. eliminates ideas that are inconsistent with an organization’s new-product strategy
d. decides on a product’s packaging, branding, labeling, and so forth
Answer:
Which of the following is a criticism of online panels?
a. They lead to biased and misleading results as members receive incentives to join the
panel.
b. They require the presence of a moderator to control the discussion.
c. They lead to incorrect results as panel providers are not permitted to select panel
members based on the current requirement.
d. They involve very long discussion times as panel members discuss among
themselves while offering suggestions.
Answer:
Why are more and more companies turning to dynamic pricing?
a. To help adjust prices
b. To implement bait pricing
c. To implement free on board origin pricing
d. To establish inelasticity of demand
Answer:
Duski, a very expensive brand of clothing and accessories, promotes its products by
using advertisements that feature beautiful women wearing its products. What kind of
an advertising appeal is used by Duski?
a. Environmental consciousness
b. Vanity and egotism
c. Health
d. Profit
Answer:
Consumer’s expectations of doing new things with varied kinds of information in ways
that create value have resulted in the emergence of _____.
a. the sales-orientation philosophy
b. the production-oriented philosophy
c. communicator valence
d. on-demand marketing
Answer:
If an advertiser wants to enhance the sales of a specific good or service, _____
advertising should be used.
a. institutional
b. product
c. corporate
d. advocacy
Answer:
Social media have become a layer in promotional strategy.
a. True
b. False
Answer:
Which of the following is associated with the market development strategy?
a. Limiting the production of products
b. Increasing the prices of products
c. Adding new features to products
d. Limiting resources used for promotion
Answer:
_____ are the first 2.5 percent of all those who first adopt a new product.
a. Innovators
b. Early adopters
c. Laggards
d. Early majority
Answer:
Elsem Foods is a manufacturer of food and beverages. It manufactures several varieties
of foods like potato chips, cupcakes, candies, crackers, fruit juices, and carbonated
drinks. It introduced a new line of baked potato chips in different flavors. It receives its
largest profit from its newly introduced line of hundred percent fruit juices that are
available in different flavors, such as orange, apple, litchi, cranberry, and so on. Which
of the following is a product item of Elsem Foods?
a. Baked potato chips
b. Cupcakes
c. Hundred percent orange juice
d. Beverages
Answer:
In the context of marketing planning, implementation requires:
a. micromanagement strategies.
b. anti-competitive strategies.
c. centralization of the firm.
d. delegating authority to employees.
Answer:
A sales presentation is a written document or professional presentation that outlines
how a company’s product or service will meet or exceed the client’s needs.
a. True
b. False
Answer:
Kraft’s marketing efforts for its Macaroni & Cheese include paid television
commercials and magazine inserts. These are examples of activities associated with:
a. advertising.
b. franchising.
c. personal selling.
d. nonstore retailing.
Answer:
Teens patronize big box retailers leaving little room for retailers in between.
a. True
b. False
Answer:
Social media allow marketers to have much more direct and meaningful conversations
with customers.
a. True
b. False
Answer:
Which of the following statements is true about Gen Xers?
a. They are a primary target for marketers promoting family-oriented products.
b. They control the majority or of America’s net worth.
c. They spend more on luxury products and services than any other cohort.
d. They are the group least affected by the Great Recession.
Answer:
A production-oriented firm focuses on its internal capabilities.
a. True
b. False
Answer:
Price is not used for trade promotions as it garners a negative opinion for the brand.
a. True
b. False
Answer:
_____ is the set of values, norms, attitudes, and other meaningful symbols that shape
human behavior and is transmitted from one generation to the next.
a. Influence
b. Consumerism
c. Lifestyle
d. Culture
Answer:
Items such as sheet metal, treated lumber, corn syrup, and plastics are examples of
_____.
a. raw materials
b. processed materials
c. installations
d. MRO supplies
Answer:
Issues such as product lines, promotional communications, and pricing are all
delineated in the _____.
a. statement of qualification
b. article of incorporation
c. marketing plan
d. financial statement
Answer:
Candy’s Chocolates Inc. is a confectionary company that manufactures only one
product. Unlike its competitors, the firm does not have its target customer base as
children. Instead, it promotes its product using the same strategy across consumers of
all age groups. Given this information, Candy’s Chocolates Inc. has adopted a(n) _____
strategy.
a. multisegment targeting
b. niche targeting
c. undifferentiated targeting
d. concentrated targeting
Answer:
A manufacturer’s or supplier’s use of an independent third party to manage an entire
function of the logistics system, such as transportation, warehousing, or order
processing, is called:
a. outsourcing.
b. mediation.
c. intermediary distribution.
d. benchmarking.
Answer:
Eliminating all nonessential marketing expenses and letting sales decline is one of the
successful strategies for marketing products in the decline stage of their life cycle.
a. True
b. False
Answer:
Initially, social media tools were used primarily for self-expression.
a. True
b. False
Answer:
Marketing research helps managers gauge the perceived value of their goods and
services, as well as the level of customer satisfaction.
a. True
b. False
Answer:
Technological advances can usher in a whole new set of competitors that can change a
firm’s business model.
a. True
b. False
Answer:
Explain the different stages in a product’s life cycle.
Answer:
Discuss the elements needed to implement successful relationship marketing strategies.
Answer:
Amy spends very little time to shop for bath soaps and beauty creams as she uses only
the products offered by Eve’s Aura, a manufacturer of bath and beauty products. As
Eve’s has a wide distribution network, its products are available in almost every retail
outlet in Amy’s locality. In this scenario, the bath and beauty products from Eve’s Aura
are examples of__________products.
Answer:
Discuss the concept of disposable income.
Answer:
How do consumers make complex buying decisions? Which is the most effective
technique in helping customers make complex decisions?
Answer:
A marketing mix typically encompasses__________strategies.
Answer:
Phoenix Automated Retail Services specializes in DVD rentals via automated retail
kiosks. If consumers want a particular DVD, they can rent it from Phoenix instead of
searching for it in various production studios. Phoenix therefore
provides__________for both consumers and the production studios.
Answer:
Target markets are sometimes defined on bases such as young singles, young married
couples with children, and middle-aged married couples without children. Such target
markets are most likely defined in terms of__________.
Answer:
__________are business customers who consider numerous suppliers, solicit bids, and
study all proposals carefully before selecting one.
Answer:
D’Costas, an authentic Mexican restaurant, has many restaurants all over the world. The
taste and authenticity of the food served is the same irrespective of the restaurant one
visits. Based on this information, D’Costas follows the strategy of__________.
Answer:
Discuss market segments.
Answer:
__________is the condition that exists when one party has confidence in an exchange
partner’s reliability and integrity.
Answer:
Researchers at PPG Industries Inc. spent considerable time, effort, and money
developing a bluish windshield that would let in filtered sunlight but block out heat.
PPG had not conducted market research before deciding to design the windshield.
Moreover, the windshield is priced higher compared to the other brands. The company
has now introduced the windshield in the market and is hoping that the customers will
like it. PPG most likely has a(n)__________orientation.
Answer:
Discuss the term marketing mix.
Answer:
Alex had purchased a battery-operated drill. The drill overheated and exploded when he
tried to use it. It was determined that the explosion was due to a problem with how the
drill was manufactured. Alex can lodge a complaint about the drill at the__________.
Answer:
Maria likes visiting different restaurants and trying out a variety of cuisines. She writes
her experiences on a Web page, titled Maria’s Experiences, which can be read by people
all around the world. She also reviews restaurants, and members of her Web page are
entitled to post their comments and suggestions. Based on this information, Maria’s
Experiences is an example of a(n)__________.
Answer: