Cost competitive advantage can be achieved by:
a. avoiding reverse engineering efforts.
b. avoiding manufacturing products in bulk.
c. avoiding marginal customers.
d. avoiding government subsidies.
Answer:
Using three-dimensional printing (3DP) technology, objects are built to precise
specifications using raw materials at or near the location where they may be consumed.
a. True
b. False
Answer:
A marketing mix typically encompasses _____ strategies.
a. pricing
b. divestment
c. anti-competitive
d. trade restraint
Answer:
A consumer product is used to manufacture other goods or services, to facilitate an
organization’s operations, or to resell to other customers.
a. True
b. False
Answer:
A large firm in the automotive aftermarket business wants to improve its current
situation, which is characterized by excess inventory, incomplete information, high
logistics costs, slow reactions to environmental change, and loss of profits at the retail
level. Will supply chain management be of any help to the business?
a. Yes, supply chain management is designed to coordinate and integrate all the
activities from raw materials to product consumption.
b. No, supply chain management is only applicable to distribution strategies for
products being sold in the business market.
c. Yes, supply chain management, unlike other management philosophies, is not
customer-driven.
d. No, supply chain management requires an extensive investment in time and resources
to make it worthwhile.
Answer:
Which of the following opinions would a proponent of rule utilitarianism hold?
a. Ethical truths depend on the individuals and groups holding them.
b. Decisions must benefit the most people but through the fairest and most just means
available.
c. Decisions should never be based on predictions of future.
d. Intuition and personal feelings should guide decision making in cases of dilemmas.
Answer:
An organization is most likely to opt for a market development strategy to boost sales
of a new product.
a. True
b. False
Answer:
The most important factor in successful new-product introduction is a good match
between the product and market needs.
a. True
b. False
Answer:
In the portfolio matrix, a _____ is in a low-growth market, but the product has a
dominant market share; it is an SBU that generates more money than it needs to
maintain its market share.
a. problem child
b. dog
c. star
d. cash cow
Answer:
Podcasting is a form of social media.
a. True
b. False
Answer:
For both profit and nonprofit service firms, the first step toward success in the global
marketplace is determining the nature of the company’s core products.
a. True
b. False
Answer:
Soul Tech, a consumer electronics company, has suffered substantial losses while
moving products from the assembly line to the warehouse and shipping docks. Soul
Tech should consider reducing the number of times an item is moved in the warehouse
by installing a(n):
a. flexible manufacturing system.
b. materials-handling system.
c. contract manufacturing system.
d. outsourcing system.
Answer:
Which of the following information should be included at the beginning of a research
report?
a. A brief explanation about the research design
b. A clear, concise statement of the research objectives
c. A detailed discussion on the methodology employed
d. A short discussion on the major findings in the research
Answer:
A company that sells paper stationery made of recycled materials, which no other paper
manufacturing company in the market has the ability produce, has a competitive
advantage.
a. True
b. False
Answer:
The heart of the marketing mix is the:
a. product offering and product strategy.
b. place and distribution strategy.
c. sales promotion and personal selling strategy.
d. product packaging and pricing strategy.
Answer:
At the store level, tactical retailing goals include decrease in store traffic and lower
sales of specific items.
a. True
b. False
Answer:
A marketing strategy involves developing and maintaining a marketing mix.
a. True
b. False
Answer:
Saraz, a leading brand of apparels, extends its presence to several parts of the United
States. Upon research, the marketing managers identify that people belonging to
music-based groups have subtle differences in their preferences when compared to the
overall culture. The company adds variety to its product line to attract these diverse
groups. In this case, the music-based group can be referred as a _____.
a. subculture
b. social class
c. popular culture
d. reference group
Answer:
Online panel providers consist of a carefully selected group of consumers who agree to
participate in an ongoing dialogue with a particular corporation.
a. True
b. False
Answer:
The product in the marketing mix:
a. includes point of purchase.
b. includes company image.
c. includes personal selling.
d. includes pricing..
Answer:
_____ are expense items that do not become part of a final product.
a. Installations
b. Supplies
c. Component parts
d. Business services
Answer:
Consumers are more likely to perceive the value of a product to be less than its cost if:
a. the product’s price is set too high.
b. the product’s manufacturer gains very little profit from the product.
c. the product has an inelastic demand.
d. the product’s demand and supply attain the state of price equilibrium.
Answer:
One of the four major components of the pyramid of corporate social responsibility is:
a. opportunism.
b. self-dealing.
c. creativity.
d. philanthropy.
Answer:
Which of the following can help companies make strategic planning effective?
a. Refraining from involving top management in the strategic planning process
b. Making strategic an ongoing process rather than an annual exercise
c. Eliminating managerial intuitions
d. Avoiding cross-functional teams
Answer:
Escalator pricing and delayed-quotation pricing are demand-oriented pricing tactics.
a. True
b. False
Answer:
Ads for Brita LED Lightings use comparative advertising to emphasize the benefits of
using LEDs over CFLs. The ads emphasize that LEDs last longer, consume lesser
energy, and need to be replaced fewer number of times than CFLs. In this case, what
kind of appeal is used by these ads?
a. Admiration
b. Vanity and egotism
c. Health
d. Profit
Answer:
The purpose of market segmentation is to:
a. change consumer attitudes and beliefs toward a product.
b. divide a market into submarkets of equal size that have equal number of customers in
each.
c. group a large number of markets together, enabling a company to serve them
simultaneously.
d. enable a marketer to tailor marketing mixes to meet the needs of one or more specific
segments.
Answer:
_____ is a process of finding out about potential clients from friends, business contacts,
coworkers, acquaintances, and fellow members in professional or civic organizations.
a. Campaign management
b. Networking
c. Negotiation
d. Needs assessment
Answer:
To manage service capacity, service firms must turn down some prospective customers
if they do not have the capacity to meet demands.
a. True
b. False
Answer:
A popular production house wants to release a teaser of one of its upcoming movies to
create a buzz among the public. Which of the following is the best platform that can be
used by the studio?
a. Picasa
b. Photobucket
c. YouTube
d. Imgur
Answer:
Bar codes are read by computerized optical scanners that match codes with brand
names, package sizes, and prices.
a. True
b. False
Answer:
Which of the following statements is true about tweens in the United States?
a. Nearly sixty percent of tweens own a mobile phone.
b. Tweens have more spending power than any other cohort group.
c. The majority of tweens are in their early twenties.
d. Tweens are a larger cohort than Millennials.
Answer:
The Bureau of Competition _____.
a. encourages anti-competitive practices
b. promotes competition in industries where consumer impact is high
c. promotes mergers and acquisitions to decrease competition
d. encourages monopolization
Answer:
Which of the following activities is carried out during implementation of a marketing
plan?
a. Defining the business mission
b. Gathering information about customers
c. Setting up strategic business units
d. Creating and managing a task force
Answer:
In the context of marketing mix, promotion includes:
a. public relations activities.
b. pricing strategies.
c. after-purchase service.
d. storage and transportation of finished products.
Answer:
When a firm develops structural bonds with its customers by offering unique value
added services, it is operating at__________of relationship marketing.
Answer:
Inland Eastex Inc. manufactures paper that is used for printing covers for different types
and sizes of magazines. The percentage of magazine sales determines how much paper
Inland Eastex will produce each year. This is an example of__________demand.
Answer:
Cuisine Royale, a restaurant chain, has introduced many Asian and Mexican dishes in
the menu. This was done because the top management had recognized that the number
of their customers from minority groups was increasing. This scenario illustrates
how__________factors influence marketing decisions.
Answer:
A(n)__________designates the channel to be used, the specific vehicles, and the
insertion dates of advertising.
Answer:
__________is the series of decisions advertisers make regarding the selection and use
of media, allowing the marketer to optimally and cost-effectively communicate the
message to the target audience.
Answer:
The__________of a service most clearly reveals the relationship between its target
market strategy and its distribution strategy.
Answer:
A sales manager at Guilden Corporation, a manufacturer of consumer durable goods,
has instructed his new salesperson, Rita, to sell five flat screen televisions per week. In
addition to this, she is also expected to identify ten potential customers. These
instructions given to Rita are referred to as__________.
Answer:
__________labeling is designed to help consumers make proper product selections and
lower their cognitive dissonance after the purchase.
Answer:
What are the two types of buying decisions? Which buying decision calls attention to a
brand by the most effective promotion?
Answer:
__________is a price tactic that requires a buyer to absorb the freight costs of a product
from the shipping point.
Answer:
What is customer value? What are the six ways marketers can make sure customers
perceive their companies/products as sources of value?
Answer:
The__________is a trade agreement that has dramatically lowered trade barriers
worldwide and also created the World Trade Organization.
Answer:
When Jerry took delivery of his brand new Karuaf automobile, he was filled with
pleasure and excitement as Karuaf is a very expensive brand. This is an example of
the__________effect associated with the price-quality relationship.
Answer:
A distinguishing feature of the product/service differentiation competitive advantage
is__________.
Answer:
The primary reason large U.S. companies send U.S. jobs abroad is because labor costs
are higher in the United States. Such companies are said to be engaging in__________.
Answer:
Discuss how strategic planning can be made effective.
Answer:
__________is an orderly series of stages in which consumers’ attitudes and behavioral
tendencies evolve through maturity, experience, and changing income and status.
Answer:
Mandy’s Printing Inc. manufactures and sells photocopiers, printers, and scanners to
various offices. This is an example of__________.
Answer:
How does marketing strategy vary according to the level of involvement associated
with a product?
Answer:
What are supplies? Explain with examples.
Answer: