Mission statements should ________ and be defined in terms of ________.
A) be technology oriented; meeting the self-actualization needs of customers
B) be product oriented; satisfying the esteem needs of customers
C) embody the company’s short-term plans; current opportunities
D) be market oriented; satisfying basic customer needs
E) address sales and profits; the net return on investments
Answer:
Stahl Inc. has 1,000 A-level accounts, each requiring 30 calls per year, and 3,000
B-level accounts, each requiring 10 calls per year. If each salesperson at Stahl Inc. can
make 1,500 sales calls per year, how many salespeople would be needed to meet the
total workload?
A) 25
B) 35
C) 40
D) 45
E) 60
Answer:
________ occurs when a seller states price savings that are not actually available to
consumers.
A) Comparative pricing
B) Scanner fraud
C) Deceptive pricing
D) Market skimming
E) Price collusion
Answer:
________ are society’s relatively permanent and ordered divisions whose members
share similar values, interests, and behaviors.
A) Social classes
B) Societal norms
C) Reference groups
D) Universal cultures
E) Social networks
Answer:
Suppose Amazon.com has offered you free shipping on your next purchase of more
than $35. This offer is an example of ________.
A) sales promotion
B) personal selling
C) a public relations strategy
D) horizontal diversification
E) a pull strategy
Answer:
Soon-Yi Park’s chain of travel agencies has identified the lesbian, gay, bisexual, and
transgender community as a growing market that spends an increasing percentage of its
income on travel. Which of the following would be the LEAST effective component of
a marketing plan for Soon-Yi to take advantage of this opportunity?
A) develop a presence on LGBT-oriented social networking sites
B) position his agency as focused on specialized experiences
C) implement a mass marketing campaign
D) place specially-targeted ads in gay-themed publications
E) advertise on LOGO, the cable television network aimed at gays and lesbians and
their friends and family
Answer:
Keeping the brand in a customer’s mind during off-seasons is most likely a goal of
________ advertising.
A) reminder
B) attack
C) informative
D) covert
E) competitive
Answer:
Nike produces shoes out of “environmentally preferred materials,” recycles old
sneakers, and educates young people about conserving, reusing, and recycling. Nike is
practicing ________.
A) new clean technology
B) product stewardship
C) pollution prevention
D) sustainability vision
E) design for environment
Answer:
Why are customers often considered the most important sources of new product ideas?
A) Customers are close to the market and can pass along information about problems
and new product possibilities.
B) The company can analyze customer questions and complaints to find new products
that better solve consumer problems.
C) Customers buy competing new products, take them apart to see how they work,
analyze sales, and then decide to purchase.
D) Customers review the sales, costs, and profit projections for a new product to find
out whether the product satisfies the company’s objectives.
E) Customers estimate the minimum and maximum sales to assess the range of risk.
Answer:
In-store demonstrations, displays, sales, and loyalty programs are examples of
________.
A) direct marketing
B) sales promotion
C) public relations
D) personal selling
E) affinity marketing
Answer:
Companies with lower costs ________.
A) specialize in selling products with value-added features
B) usually market products with inferior quality, thereby justifying the low selling price
C) can set lower prices that result in smaller margins but greater sales and profits
D) tend to overprice products owing to their monopolistic advantage
E) usually set higher prices that result in higher margins
Answer:
Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people
who love to hunt, hike, and ride bikes. The company’s long-term plans include the
development of lenses that, in addition to protecting users from UV rays, would help
reduce lens spotting through effective water-sheeting methods. This new feature would
be valuable to people who fish. Given the rising popularity of recreational fishing in the
United States, Omega products clearly have a huge market potential. In terms of a
SWOT analysis, Omega has recognized a market ________.
A) weakness
B) strength
C) threat
D) opportunity
E) challenge
Answer:
Lovelies is the leading workout and fitness center for women. The regional chain of
gyms has traditionally catered to women age 40 and older who are interested in strength
and cardiovascular training. Lovelies has recently begun promotions to bring younger
women into its gyms. This is an example of how the market leader ________.
A) competes with mature products
B) changes its product line
C) develops new rules
D) develops new users
E) increases competition
Answer:
The perceived value of different product offers can be reasonably assessed by
________.
A) conducting a SWOT analysis
B) preparing demand curves
C) conducting surveys and experiments
D) collecting data about competitors’ offers
E) setting a benchmark for product quality
Answer:
Which of the following is one of the four major communication functions?
A) coordination
B) distribution
C) noise
D) response
E) preference
Answer:
Facebook and Second Life are both examples of ________.
A) brand alliances
B) opinion leaders
C) social networks
D) early adopters
E) market mavens
Answer:
Under ________, buyers share sales and inventory information directly with key
suppliers who monitor and replenish the buyer’s stock automatically as needed.
A) supplier selection
B) proposal solicitation
C) general need specification
D) vendor-managed inventory
E) procurement
Answer:
Which of the following is a positive aspect of a competitor-centered company?
A) It carries out its own customer relationship strategy.
B) It bases its own moves on competitors’ moves.
C) It searches out competitors’ weaknesses.
D) It concentrates its resources on delivering superior value to target customers.
E) It ends up seeking innovative ways to create more value for customers.
Answer:
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.
Answer:
Which of the following wholesaler’s channel functions is exemplified by buying in
carload lots and then dividing these lots into small quantities?
A) warehousing
B) transportation
C) risk bearing
D) bulk breaking
E) selling and promoting
Answer:
Which of the following groups influences the company’s ability to obtain funds?
A) financial publics
B) local publics
C) general publics
D) citizen-action publics
E) internal publics
Answer:
Which of the following is NOT a major logistics function?
A) inventory management
B) product designing
C) warehousing
D) transportation
E) packaging
Answer:
The National Pork Board developed “Pork. The Other White Meat” campaign. The
campaign provided nutritional information and pork recipes in an attempt to encourage
people to view pork as a tasty alternative to poultry and fish. Which of the following
functions was the goal of this public relations campaign?
A) influencing government regulations on pork
B) gaining financial support for pork producers
C) creating newsworthy information about pork
D) maintaining relationships with pork producers
E) rebuilding consumer interest in pork
Answer:
As small companies achieve success, they inevitably move toward more ________
marketing. They adopt more-developed marketing tools and adhere to them closely.
A) ambush
B) formulated
C) entrepreneurial
D) intrepreneurial
E) multi-level
Answer:
Cellpoint uses two-part pricing for its long-distance call charges. Because this is a
service, the price is broken into a fixed fee plus a(n) ________ usage rate.
A) fixed
B) variable
C) standard
D) market
E) optional
Answer:
Consumers are less likely to use price to judge the quality of a product when they
________.
A) have never tried the product before
B) have little knowledge of the brand
C) have experience with the product
D) are shopping for luxury items
E) cannot physically examine the product
Answer:
Which type of retailer is most likely to require its employees to focus most on assisting
customers as they shop?
A) self-service retailer
B) full-service retailer
C) off-price retailer
D) limited-service retailer
E) convenience retailer
Answer:
An attractive product idea must be developed into a ________.
A) concept alternative
B) product concept
C) brand personality
D) brand placement
E) product strategy
Answer:
In recent years, service differentiation among retailers has ________.
A) increased at a steady rate
B) decreased
C) stayed the same
D) increased exponentially
E) tripled
Answer:
If demand changes greatly with a small change in price, the demand is ________.
A) variable
B) inelastic
C) derived
D) elastic
E) negative
Answer:
Happy Pet is a large pet food company that has convinced the retailers and the
wholesalers of the New England area to resell its products. Happy Pet promises to
reimburse the advertising costs to its retailers and wholesalers for advertising its
products. This is an example of a ________.
A) trade promotion
B) point-of-purchase promotion
C) sweepstake
D) price pack
E) advertising specialty
Answer:
________ VMS is a vertical marketing system that coordinates successive stages of
production and distribution through the size and power of one of the parties.
A) Contingent
B) Administered
C) Corporate
D) Contractual
E) Aligned
Answer:
Why do ad expenditures remain high in the growth stage of the PLC?
Answer:
What is a product?
Answer:
How do consumers perceive products?
Answer:
Name and describe the principal decisions companies make regarding their individual
products and services.
Answer:
Explain how Whole Foods is able to compete against Walmart.
Answer:
What is the difference between core beliefs and secondary beliefs? Give an example of
each.
Answer:
Discuss the advantages of using the services of an advertising agency.
Answer:
Explain how the growth of digital technology has transformed the way in which
companies conduct business today.
Answer:
Discuss why a company really needs and benefits from competitors.
Answer:
Define market penetration.
Answer:
Identify the major advantage of the following forms of digital and social media
marketing: Web sites, viral marketing, e-mail, blogs, social media, and mobile ads and
apps.
Answer:
Compare and contrast the four competitive positions that are often used to describe
market structures.
Answer:
Explain the major benefits of direct marketing for customers and for sellers.
Answer:
How does marketing through online social networks differ from more traditional
marketing?
Answer:
Give two examples of products for which captive product pricing might be used.
Answer:
Explain the controversy surrounding cause-related marketing.
Answer: