When you view a selection at Amazon.com and see “Customers who bought this (item)
also bought.”, you are seeing the application of __________.
A. real-time e-commerce
B. connectivity
C. interactive marketing
D. personalization
E. collaborative filtering
Answer:
Which of the following is a characteristic of the growth stage of the product life cycle?
A. advertising emphasis switches to selective demand
B. a growing proportion of trial purchases come from brand loyal users
C. product features remain unchanged
D. profit margins increase as sales increase
E. the product is sold in a narrowly selected number of retail outlets
Answer:
Which type of outlet is most likely in its decline stage of the retail life cycle?
A. single-price stores
B. value-retail centers
C. online retailers
D. general stores
E. convenience stores
Answer:
Copyrights, trademarks, and patents are viewed as intellectual property. In the U.S.,
unauthorized use, reproduction, or distribution of intellectual property is illegal. Yet in
China, copying enjoys a long tradition and does not carry a stigma. For example,
copying a masterpiece was historically considered an art form in its own right. The
difference between the countries shows that __________ affect(s) the perception of
ethical behavior held in each.
A. business culture
B. industry practices
C. corporate culture
D. corporate expectations
E. societal culture and norms
Answer:
When a telemarketer calls to sell a consumer life insurance, the last questions asked is
what category does the person’s household income falls into (less than $50,000;
$50,000 to $99,999; and $100,000 and over). When the telemarketer asks about
household income, this indicates the use of which type of consumer variable the firm is
using to segment its market?
A. usage
B. behavior
C. demographic
D. buying situation
E. psychographic
Answer:
Imagine you have overheard the owner of a medium-sized manufacturing company
saying, “We had a good year, and I think next year will be even better. I’m going to raise
this year’s promotion budget 4.5 percent based on the increase of last year’s gross dollar
sales. That will let me do more advertising than the 3.5 percent I budgeted last year.”
From this information, the manufacturer is using __________ budgeting.
A. percentage of sales
B. competitive parity
C. all-you-can-afford
D. objective and task
E. linear forecast
Answer:
Each cell of the complete market-product grid shows the __________.
A. relative market share
B. estimated market size
C. investment required to reach the market
D. market growth rate
E. estimated profit
Answer:
Blogs and wikis differ in that a blog is a diary that shows a __________, while a wiki
shows the end result as a __________.
A. complete thought process; fragmented group of ideas
B. sequential journey; single entry
C. single entry; sequential journey
D. personal side of the user; formal presentation
E. long narrative; block of text
Answer:
Figure 5-6B
Which type of auction does Figure 5-6B above represent?
A. traditional auction
B. vertical auction
C. reverse auction
D. horizontal auction
E. reciprocal auction
Answer:
Dominos Pizza Box Photo
Suppose you want a snack after taking this exam – a Pan Pizza from Dominos, which is
located across the street from your College of Business classroom. Unfortunately, you
forgot your wallet in the haste of getting to class on time to take the test. Therefore, you
have no means to pay for the pizza. Which of the following reasons explain why
marketing fails to occur here between you and Dominos?
A. There are not two or more parties with unsatisfied needs.
B. The ability to satisfy a need is missing.
C. A desire to satisfy a need is missing.
D. No assessments of consumer wants and needs have been made.
E. There is no way for the parties involved to communicate.
Answer:
An example of a marketer-dominated source of information consulted during an
external search would include
A. advertising.
B. personal experience.
C. Consumer Reports magazine.
D. consumer programs on talk radio stations.
E. friends and relatives.
Answer:
The primary reason companies have placed an emphasis on buying from minority- and
women-owned suppliers and vendors is because
A. new federal government regulations require it.
B. they can help a firm meet or exceed its objectives in sales, profits, or customer
satisfaction.
C. it is the socially responsible thing to do.
D. it can attract new target markets.
E. these companies will work harder for less money.
Answer:
If General Motors (GM) purchases Borg-Warner transmissions, and Borg-Warner buys
trucks and cars from GM, they would be demonstrating which type of buyer-seller
interaction?
A. exclusive dealing
B. supply partnerships
C. tying arrangements
D. noncompetitive bidding
E. reciprocity
Answer:
Another term for gross margin is __________.
A. original markup
B. markdown
C. return on sales
D. discounted price
E. maintained markup
Answer:
Which of the following is an important aspect of product life cycles?
A. the shape of the sales curves.
B. the rate at which consumers use word of mouth.
C. environmental change.
D. competitors’ products.
E. segmentation strategy.
Answer:
CarMax dealers have adopted a “no-hassle, no-haggle” sales policy that eliminates the
need for negotiating. Instead, all customers are offered the same price. Test drives,
financing, trade-ins, and leasing are all offered to encourage customers to purchase a
car. Which utility does CarMax best provide?
A. product
B. form
C. convenience
D. service
E. possession
Answer:
The third step in segmenting and targeting markets that link customer needs to
marketing actions is to __________.
A. group potential buyers into segments
B. group products to be sold into categories
C. select target markets
D. develop a market-product grid and estimate size of markets
E. take marketing actions to reach target markets
Answer:
Which of the following is a product modification strategy?
A. creating new advertising for a product
B. improving a product’s quality
C. finding a new target market for a product
D. creating a new use situation for a product
E. altering a product’s distribution
Answer:
Direct exporting refers to
A. offering the right to a trademark, patent, trade secret, or similarly valued items of
intellectual property in return for a royalty or fee.
B. contracting with a foreign firm to manufacture products according to certain
specifications.
C. when a foreign country and a local firm invest together to create a local business.
D. using additional parties when a firm sells its domestically produced goods in another
country.
E. when a firm sells its domestically produced goods in a foreign country without
intermediaries.
Answer:
In the Maslow hierarchy of needs, water, food, and oxygen would be considered
__________ needs.
A. psychological
B. safety
C. social
D. personal
E. physiological
Answer:
Figure 12-9
Figure 12-9 above indicates that supply chain managers must balance total logistics cost
factors against customer service factors. The four customer service factors (W, X, Y,
and Z) include all of the following EXCEPT:
A. communication.
B. dependability.
C. convenience.
D. return products handling.
E. time.
Answer:
A nonpersonal, indirectly paid presentation of an organization, product, or service that
can take the form of a news story, editorial, or product announcement is referred to as
(a) __________.
A. direct sales
B. publicity
C. direct marketing
D. public service announcement
E. personal selling
Answer:
X-1 uses all of the following sources to generate new-product ideas EXCEPT:
A. co-workers
B. Team X-1
C. employees
D. retail buyers
E. R&D lab IDEO
Answer:
Which of the following statements regarding an organization’s strategic business unit
level is most accurate?
A. The strategic business unit level is the level that works most directly with an
organization’s targeted customers.
B. The overall strategy for the organization is directed at the strategic business unit
level.
C. In the most complex organizations, the corporate level and the strategic business unit
level may merge.
D. More end-user analysis is provided at the strategic business unit level than at the
functional level.
E. The strategic direction is more specific at the strategic business unit level than at the
corporate level.
Answer:
Figure 9-2
According to Figure 9-2 above, column D would represent which type of product?
A. shopping
B. convenience
C. specialty
D. prestige
E. unsought
Answer:
The __________ of a product is what customers are generally willing to pay, and is
sometimes used as a benchmark for pricing.
A. customary price
B. asking price
C. target price
D. discount price
E. market price
Answer:
LEGO MINDSTORMS Photo
Consider the LEGO MINDSTORMS photo above. LEGO designers created
MINDSTORMS kits to appeal to middle-school students, among others. When
attempting to choose between potential designs, what was the measure of success for
use by LEGO in this instance?
A. age
B. gender
C. assembly time
D. cost
E. advertising
Answer:
JCPenney looks at several capabilities when selecting a paper supplier. These
organizational buying criteria include on-time delivery, the availability, quality and
quantity of selected grades of paper, forestry management and sustainable practices, and
price. This examination would be done during the __________ stage of the
organizational buying decision process.
A. procurement analysis
B. break-even analysis
C. purchase decision
D. information search
E. alternative evaluation
Answer:
Jason graduated from law school and took his mom to dinner after the ceremony. At the
restaurant, the server filled their water glasses, checked on their table, and took care of
their requests. Jason noted that the last time he was at this same restaurant, the
experience was much worse. This scenario illustrates the ___________ of services.
A. impressionability
B. intangibility
C. inseparability
D. uniqueness of the service
E. inconsistency
Answer:
The largest numbers of product adopters with respect to the diffusion of innovation are
found among __________.
A. innovators and laggards
B. early majority and late majority
C. late majority and laggards
D. innovators and early majority
E. innovators and early adopters
Answer:
The selling of brand name merchandise at lower than regular prices is referred to as
__________.
A. discount pricing
B. everyday low pricing
C. markdown pricing
D. off-price retailing
E. loss-leader pricing
Answer: