The process where all the involved areasR&D, marketing, engineering, production, and
even supplierswork together rather than sequentially during a product’s development is
called _____.
a. simultaneous product development
b. test marketing
c. simulated market testing
d. choice modelling
Answer:
A difference between informational labeling and persuasive labeling is that
informational labeling:
a. focuses on a promotional theme or logo rather than consumer information.
b. increases a consumer’s cognitive dissonance after the purchase.
c. helps a consumer make proper product selections.
d. gives the impression of environmental friendliness to a product.
Answer:
By far, the largest social network for gaming is:
a. Twitter.
b. LinkedIn.
c. SnapChat.
d. Facebook.
Answer:
Pierre’s Ice Cream Company produces ultra-rich ice cream, which it sells in Cleveland,
Ohio, and other neighboring places. Last year, its actual return on investment exceeded
its target return on investment (ROI) for that fiscal year. The following results were
found on its financial statements: Gross revenues: $250,000 Total assets: $500,000
Gross profits: $100,000 Total liabilities: $200,000 Net profits after tax: $ 50,000
Owner’s equity: $300,000 What was the actual ROI for Pierre’s Ice Cream Company?
a. 6.67 percent
b. 10 percent
c. 22 percent
d. 28 percent
Answer:
One of the implications of social media for marketers is that they must realize that they
often do not control the content on social media sites.
a. True
b. False
Answer:
The promotion component of the marketing mix involves:
a. pricing strategies.
b. personal selling.
c. product packaging.
d. manufacturing strategies.
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.
a. Promotional implementation
b. Media mix
c. Media planning
d. Market segmentation
Answer:
A disadvantage of newspaper advertising is that it has _____.
a. low geographic selectivity and flexibility
b. limited color capabilities
c. low individual market coverage
d. high lead time
Answer:
Which role of marketing research helps address “what if” questions?
a. Predictive
b. Diagnostic
c. Prescriptive
d. Descriptive
Answer:
A manufacturer using the _____ promotional strategy focuses its promotional efforts on
end consumers.
a. reinforcement
b. personal selling
c. push
d. pull
Answer:
A _____ is a situation requiring the purchase of a product for the first time.
a. modified rebuy
b. derived demand
c. joint demand
d. new buy
Answer:
Which of these statements is true about customer relationship management?
a. It involves linking all processes of the company from its customers through its
suppliers.
b. It tries to convince potential customers to buy, even if the seller knows that the
customer and product are mismatched.
c. It is used more by sales-oriented firms than market-oriented firms.
d. It is most extensively used by production-oriented firms.
Answer:
_____ are goods, such as portable tools and office equipment, which are less expensive
and shorter-lived than installations.
a. Component parts
b. Processed materials
c. Raw materials
d. Accessory equipment
Answer:
Which of the following is true of satisficers?
a. They are customers that are generally found in the consumer market.
b. They consider numerous suppliers and study all proposals carefully before selecting
one.
c. They place orders with the first supplier that fulfills their requirements.
d. They contact both familiar and unfamiliar suppliers when they need to purchase a
product.
Answer:
Which of the following statements is true about the pyramid model of corporate social
responsibility?
a. It states that philanthropy should be the most important function of a corporation.
b. It states that the economic responsibility of a corporation provides the foundation for
its other responsibilities.
c. It states that governments and nonprofit organizations and not corporations should
carry out social responsibility functions.
d. It states that social responsibility efforts should be focused on the external and not the
internal stakeholders of a corporation.
Answer:
Firms seeking to enter into foreign trade can succeed even if they do not adhere to the
principles of the marketing mix.
a. True
b. False
Answer:
In revenue-orientated pricing, prices vary with different market segments’ ability to pay.
a. True
b. False
Answer:
NutriPro has many business divisions. One of its business divisions has a large
customer base for its breakfast cereal in Oriel. NutriPro’s other business division sells
cookies in Lanslot. NutriPro has now introduced its cookies in Oriel. To ensure good
sales, the company is also offering discounts. Which of the following strategies is
illustrated in this scenario?
a. Restraint of trade
b. Self-dealing
c. Market penetration
d. Divestment
Answer:
The price component of a marketing mix is:
a. a competitive weapon for companies.
b. decided after the promotion strategies are finalized.
c. the starting point of the marketing mix.
d. the least flexible element of the marketing mix.
Answer:
A shopping bot is a private electronic network that links a company with its suppliers
and customers.
a. True
b. False
Answer:
The _____ is a government body that has the power to prescribe mandatory safety
standards for almost all products used by customers.
a. Health and Welfare Agency
b. Consumer Product Safety Commission
c. Environmental Safety Administration
d. Product Quality Commission
Answer:
Through the use of computer-generated shipping notices, AllCare Hardware
successfully removes unnecessary costs in its supply chain. According to its vice
president of inventory for the retailer, “Information that had to be gathered through
three or four phone calls before is now just one click away.” This is an example of the
use of _____.
a. measurement and feedback integration
b. conglomerate integration
c. customer integration
d. technology and planning integration
Answer:
When compared to other forms of promotion, personal selling:
a. becomes more important as the number of potential customers increases.
b. tends to be more effective in selling frequently purchased products.
c. gives more freedom for the sales message to be customized according to the interests
of the prospective customers.
d. provides better prospects for the sale of simple, low-involvement products that
require little thought before purchase.
Answer:
Crowdsourcing describes:
a. how the input of many people can be leveraged to make decisions that used to be
based on the input of only a few people.
b. how the level of buzz created for a product can be used as a measurable parameter
for determining the product’s effectiveness.
c. the methods in which a consumer should use a product or service.
d. the need for consumers to buy a product and their willingness to buy it.
Answer:
Which of the following is a difference between online retailing and the click-and-collect
process?
a. Online retailing resells pre-owned items bought back from customers, while the
click-and-collect process sells only new items.
b. Online retailing does not allow customers to provide themselves with products
without the intervention of a service employee, while the click-and-collect process
allows customers to provide themselves with products.
c. Online retailing ensures greater speed of delivery, while the click-and-collect process
takes longer to deliver a product.
d. Online retailing enables customers to have items directly delivered to their doors;
whereas in the click-and-collect process, customers travel to a physical store location to
take delivery of the merchandise.
Answer:
Serious or emotional advertisements are largely used to change people’s deeply rooted
values and attitudes.
a. True
b. False
Answer:
Which of the following statements is true about Asian Americans?
a. They are the fastest growing population among minority groups.
b. They are the least educated amongst all ethnic minority groups.
c. They have the least spending power among all ethnic groups.
d. They seldom retain their core Asian values.
Answer:
Strategic planning:
a. should be an annual exercise.
b. should not be influenced by managerial intuition.
c. should be done independently by company shareholders.
d. should be based on creativity.
Answer:
TruColor Printers Inc. has purchased a sophisticated printing press for $1 million.
Which of the following is most likely to be true about the printing press?
a. It will be depreciated over its useful life.
b. It will be charged as an expense in the year it is bought.
c. It will more likely be short-lived.
d. It will retain its identity in the final product.
Answer:
At a price of $2,000, the demand for Ranger 60 mountain bikes from Cloyd’s Inc. is
300, but only 191 bikes are being made. At a price of $2,300, the demand for the bikes
is 250, and exactly 250 bikes are being made. If Cloyd’ssells each one of the bikes at a
price lower than $2,300, _____.
a. a shortage of bikes will be created
b. the number of bikes being made will increase drastically
c. an inelastic demand for the bikes will be created
d. the demand and supply for the bike will attain equilibrium
Answer:
David and Kathy like to take their young son, Chaz, to Moe’s Southwestern Grill for
lunch after church every Sunday. While they like to eat at Moe’s at any time, Sunday is
particularly good because it is “kids eat free” day at the restaurant. Until Moe’s began
this attractive offer, Sundays were very slow. Now it is one of the busiest days of the
week for the restaurant. This strategy was a way to contend with the service
characteristic of:
a. variability.
b. perishability.
c. intangibility.
d. inseparability.
Answer:
The fishing lures produced by Fun Lite Corporation are unique in that they are
handcrafted. Advertising by the company emphasizes the point that how its lures, unlike
others, are all handcrafted. This feature is the company’s:
a. publicity objective.
b. marketing differentiator.
c. competitive advantage.
d. one-to-one marketing advantage.
Answer:
Which of the following statements is true about stars in the portfolio matrix?
a. They have low growth potential and small market shares.
b. They require minimal funding.
c. They have low market shares in high-growth industries.
d. They are fast growing market leaders.
Answer: