Commercialization refers to
A. the point at which a new product has diffused throughout the marketplace.
B. the introduction of an offering to sequential geographic areas of the U.S.
C. exposing actual products to prospective consumers under realistic purchase
conditions.
D. the stage of the new-product process that positions and launches a new product in
full-scale production and sales.
E. the point where new-product concepts are transformed into prototypes.
Answer:
Customer satisfaction is an important focus for marketers because
A. marketing research is an expensive proposition; the fewer times it needs to be done,
the better off the company is.
B. the financial value of a satisfied, loyal customer over time can be significant.
C. consumers are unable to assess it by themselves.
D. attracting new customers is easier than keeping old ones.
E. a 50 percent increase in customer retention can increase a company’s profits by 5
percent.
Answer:
Which of the following laws has the purpose of protecting competition?
A. Lanham Act
B. Federal Trade Commission Act
C. Fair Trade Act
D. Unfair Practices Act
E. Robinson-Patman Act
Answer:
A framework to relate the market segments of potential buyers to products offered or
potential marketing actions by an organization is referred to as a __________.
A. payoff table
B. cross-tabulation
C. market-product grid
D. growth-share matrix
E. product differentiation table
Answer:
A good brand name should: (1) suggest the product benefits; (2) be memorable,
distinctive and positive; (3) __________; (4) have no legal or regulatory restrictions;
(5) be simple and emotional; and (6) have favorable phonetic and semantic associations
in other languages.
A. never have a humorous connotation
B. be easy to spell and pronounce
C. fit the company or product image
D. not be easily imitated
E. be patented
Answer:
Growth in the direct-selling industry is the result of two trends: (1) direct selling
retailers are expanding into markets outside the United States and (2)
A. increased gas prices and traffic congestion are causing people to want the store to
deliver the products to them.
B. the pendulum is beginning to swing back to more mothers (and fathers) staying
home during the day with children, making direct selling more convenient.
C. the purchase or lease of real estate to build an actual “brick” retail store is becoming
prohibitive.
D. graduating business students are finding it more difficult to find a traditional sales
position and like the idea of being their own bosses.
E. some consumers prefer one-on-one customer service and a social shopping
experience rather than online shopping or big discount stores.
Answer:
Social entrepreneurs like Teach for America and SightLife are usually structured as
__________ rather than business firms.
A. business agencies
B. nonprofit organizations
C. government agencies
D. cooperatives
E. social service agencies
Answer:
Data mining refers to
A. any form of electronically-generated market research.
B. the extraction of hidden predictive information from large databases to find
statistical links between consumer purchasing patterns and marketing actions.
C. a branch of marketing specializing in obtaining both objective and subjective data to
be used by other companies or organizations.
D. obtaining information about a competitor and its products for use by one’s own firm.
E. the use of information derived solely from unsolicited sources such as customer
complaints or complements.
Answer:
The personal selling process encompasses __________ distinct selling stages.
A. 3
B. 4
C. 5
D. 6
E. 7
Answer:
At which stage of the organizational buying decision process would purchasing assess
the financial status of potential suppliers?
A. problem recognition
B. information search
C. alternative evaluation
D. purchase decision
E. postpurchase behavior
Answer:
Purchasing products in large quantities and breaking them into smaller amounts desired
by customers would be an example of a __________ function performed by a channel
intermediary.
A. logistical
B. transactional
C. facilitating
D. transporting
E. risk taking
Answer:
The first objective in marketing is to discover consumers’ __________.
A. diversity of opinion to create advertising messages
B. income to determine the most lucrative price point for a product
C. lifetime value of an offering to the organization
D. characteristics that would be useful to segment markets
E. needs to create products that could satisfy them
Answer:
The __________ for American Red Cross is “to prevent and alleviate human suffering
in the face of emergencies by mobilizing the power of volunteers and the generosity of
donors.”
A. core benefit proposition
B. business definition
C. sustainability doctrine
D. mission statement
E. customer value proposition
Answer:
The 2012 __________ contains data on the number and sales of establishments in the
United States that produce a product or service based on its geography, industry sector,
and North American Industry Classification code.
A. Annual Retail Trade Survey
B. Annual Survey of Manufacturers
C. Economic Census
D. Annual Wholesale Trade Survey
E. Service Annual Survey
Answer:
In 1962, President John F. Kennedy outlined a Consumer Bill of Rights that codified the
ethics of exchange between buyers and sellers. These were the right: (1) __________;
(2) to be informed; (3) to choose; and (4) to be heard.
A. to privacy
B. to be compensated for product defects
C. to be treated with respect
D. to be treated without prejudice
E. to safety
Answer:
Customers report many benefits of direct marketing, including __________.
A. there is more privacy than in-store shopping
B. there are fewer product returns
C. there are usually better product warranties
D. there are a greater number of additional incentives from sellers to retain customer
loyalty
E. products are generally bundled with other products to offer buyers greater value
Answer:
At which stage of the organizational buying decision process would a firm use key
organizational buying criteria such as price, quality, delivery time, and technical
capability to select a supplier?
A. problem recognition
B. information search
C. purchase decision
D. purchase review
E. alternative evaluation
Answer:
Which of the following statements concerning personal observation is most accurate?
A. Personal observation is more accurate than ethnopsychic research because the
observer/analyst is able to pick up subtleties in the respondent’s body language, speech
patterns, and facial movements that are often missed by other data collection methods.
B. Personal observation is especially suited for small businesses that need the research
data but cannot afford more expensive data collection methods.
C. Personal observation is very effective since it can reveal not only what people do,
but also effectively determine why they do it.
D. Personal observation is both useful and flexible, but has reliability issues when
different observers watching the same event report different results.
E. With personal observation, different observers will reliably report the same
conclusions when watching the same event, such as people brushing their teeth.
Answer:
Doris Lewis owns Lewis Edibles, Inc., a company that makes Tongue Tinglin’ BBQ
Sauce. She wants to target local people who like the special blend of flavors found only
in North Carolina barbecue sauce. In developing a marketing strategy to sell the sauce,
Lewis decided to join Goodness Grows in North Carolina, a specialty food association
that advertises local products and distributes them to local supermarkets and gourmet
shops. Lewis has just
A. formed a market segment using critical product features.
B. formed products to be sold into groups.
C. developed a market-product grid and estimating size of markets.
D. taken a marketing action to reach a target market segment.
E. formed prospective buyers into segments.
Answer:
In the VALS framework, consumers who place importance on image – not as evidence
of power or status, but as an expression of cultivated tastes, independence, and
character – are referred to as __________.
A. Actualizers
B. Innovators
C. Achievers
D. Makers
E. Strivers
Answer:
Online content created by an individual outside of a professional organization without a
commercial market in mind is a criterion of
A. online advertisements.
B. user generated content (UGC).
C. blogs.
D. wikis.
E. YouTube.
Answer:
Advertisements basically consist of two types: __________ and __________.
A. prepurchase; postpurchase
B. promotional; reinforcement
C. promotional; informative
D. product; service
E. product; institutional
Answer:
In terms of promotion, which of the following type of product would stress price,
availability, and awareness?
A. shopping
B. convenience
C. specialty
D. unsought
E. supply
Answer:
A subsidiary, division, or unit of an organization that markets a set of related offerings
to a clearly defined group of customers is referred to as a
A. strategic business unit.
B. strategic industry level.
C. private corporation.
D. product grouping.
E. marketing department.
Answer:
Rack jobbers refer to wholesalers who
A. furnish the shelves that display merchandise in retail stores, perform all channel
functions, and sell on consignment to retailers.
B. own the merchandise they sell and have retailers store it in their warehouses.
C. own the merchandise they sell but do not physically handle, stock, or deliver it.
D. have a small warehouse from which they stock their trucks for distribution to
retailers.
E. work for several producers and carry noncompetitive, complementary merchandise
in an exclusive territory.
Answer:
In the late 1950s and 1960s, television westerns were extremely popular. These
adventure shows had settings and costumes very unlike other shows of that time
(comedy, variety, crime, etc.). Popular programs included Gunsmoke, Bonanza, Wagon
Train, and The Big Valley. When ratings declined as viewers gradually stopped
watching this TV genre, the networks no longer wanted to produce and televise such
shows. The television western as a product category had entered the __________ stage
of its product life cycle.
A. deletion
B. cancellation
C. decline
D. maturity
E. harvesting
Answer:
There are two general types of franchises:
A. product-format franchises and distribution franchises.
B. business-format franchises and manufacturing franchises.
C. venture franchises and general service franchises.
D. manufacturing franchises and venture franchises.
E. business-format franchises and product-distribution franchises.
Answer:
Which of the following statements regarding telemarketing is most accurate?
A. Shopping bots are computers that place automated or “robo” (i.e. robotic)
telemarketing calls.
B. Direct-mail is typically viewed as more efficient means of targeting consumers than
telemarketing.
C. Telemarketing has risen in popularity as a result of the National Please-Do-Call
registry legislation.
D. Consumer privacy, industry standards, and ethical guidelines have become important
issues.
E. Some firms are considering shifting their direct-mail and door-to-door budgets to
telemarketing techniques.
Answer:
Which stage in the product life cycle is characterized by a slowing of total industry
sales or product class revenue?
A. introduction
B. growth
C. maturity
D. decline
E. decelerated implementation
Answer:
Once the design of each of the promotional program elements is complete, it is
important to determine the most effective timing of their use. The __________
describes the order in which each promotional tool is introduced and the frequency of
its use during a campaign.
A. perceptual map
B. efficiency matrix
C. sensitivity analysis
D. promotion to sales ratio
E. promotion schedule
Answer:
Among order takers, __________ visit customers and replenish inventory stocks of
resellers, whereas __________ typically answer simple questions, take orders, and
complete transactions with customers.
A. inside order takers; outside order takers
B. inside order takers; outside sales clerks
C. outside order takers; inside order takers
D. salesclerks; inbound telemarketers
E. inside order clerks; outside order takers
Answer:
All of the following federal laws are designed to protect consumers EXCEPT:
A. Consumer Product Safety Act.
B. FTC Act of 1914.
C. Nutritional Labeling and Education Act.
D. Digital Millennium Copyright Act.
E. Child Protection Act.
Answer:
The three major types of vertical marketing systems are corporate, contractual, and
__________.
A. administered
B. integrated
C. cooperative
D. delegated
E. manufacturer-dominated
Answer:
A variation of off-price retailing is __________.
A. discount wholesalers
B. outlet stores
C. discount retailers
D. supercenters
E. hypermarkets
Answer: