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Merging two or more submarkets into one larger target market as a basis for one
strategy is known as the ____ target market approach.
A. particular
B. multiple
C. combined
D. compound
E. blended
Answer:
Which of the following is a sales-oriented pricing objective?
A. Meet competition
B. Market share growth
C. Profit maximization
D. Target return
E. Nonprice competition
Answer:
The text's "Toddler University" example shows that:
A. no mass market exists for general-purpose baby shoes.
B. the needs of a target market determine the nature of the appropriate marketing mix.
C. a small producer can't compete effectively against large competitors.
D. no target market exists for high-quality baby shoes.
E. All of these are
Answer:
The buying function of marketing involves
A. risk-taking.
B. promoting the product.
C. looking for and evaluating goods and services.
D. the use of personal selling.
E. sorting products according to size and quality.
Answer:
One of the major disadvantages of the focus group interview approach is that
A. ideas generated by the group can't be tested later with other research.
B. it is difficult to measure the results objectively.
C. it is difficult to get in-depth information about the research topic.
D. there is no interviewer, so the research questions may not be answered.
E. once the interview is over there is no way for a marketing manager who was not
there to evaluate what went on.
Answer:
A rack jobber is an example of
A. limited-function merchant wholesaler.
B. service merchant wholesaler.
C. agent wholesaler.
D. producer.
E. personal shopper.
Answer:
With the ___________ approach, the sales rep begins by making some general benefit
statements to get the customer's attention and interest.
A. Prepared sales
B. Fixed sales
C. Selling formula
D. Consultative selling
E. Differentiated value
Answer:
Which of the following statements is True?
A. Divorced families usually have more discretionary income than traditional families.
B. Singles and young couples are less willing to try new products than are older
couples.
C. Empty nesters are frequently big spenders.
D. Buying responsibility and influence vary little from one family to another.
E. None of these statements is True.
Answer:
_____ means giving employees the authority to correct a problem without first
checking with management.
A. Responsibility adjustment
B. Empowerment
C. Training
D. Induction
E. Benchmarking
Answer:
To choose the best advertising medium, you have to:
A. decide what target market(s) should be reached.
B. decide on promotion objectives.
C. know the cost of alternative media.
D. decide what must be said.
E. all of these alternatives are correct.
Answer:
Use this information for question that refer to the Wire Products Inc. (WPI) case.
Rob Rose sat back to review the portfolio of products his company, Wire Products Inc.
(WPI), has in its product line. The company specializes in making various products for
consumer and industrial uses from hard laminated wire-coated with special paints.
1) WPI's "Wire Closet" products have been on the market for 10 years. Consumers
install the wire shelves and closet rods themselves. The market leader, Closetmaid, has
been selling similar products for more than 20 years, but so far the sales volume and
profits for the market continue to grow. Recently, several new competitors have come
into the market.
2) Three months ago, WPI entered the lawn and garden market with folding fences
made with laminated wire and branded as "Wire Fold-Fence." Previously, WPI had
never made fences or been a player in the lawn and garden market-although other
companies have been making products in this market for years. However, Rob Rose has
discovered that recent sales of wire garden fencing have leveled off and profits are
declining overall. Still, WPI thinks it has some cost advantages and can grow its own
sales and profits in this market.
3) WPI has just developed "Oil Wire," a new concept for the environmental cleanup
market. Oil Wire is coated with a special material that cleans up oil spills. There has
never been a product like this and WPI wants to quickly get the word out about its
benefits. The product is now being rolled out in selective markets.
4) Another business product is "Wire Locker" used for secure storage by gymnasiums
or companies. This style of locker has now gone out of fashion and most customers are
finding better materials to use for lockers. Aggressive selling has helped Wire Locker's
sales stay flat, but the total market for wire style lockers is only half of what it was 10
years ago.
5) WPI's "Wire Window" product is used as a security product to protect glass
windows. It sells to homeowners and retailers looking for additional safety. WPI's sales
of this product have dropped in recent years because competitors have introduced
maintenance-free products. However, the overall market for this type of product
continues to show good growth.
6) WPI is running concept tests of a new wire car-top carrier called "Wire Car Top."
There are other car-top carrier products on the market, but WPI plans to include options
in its carrier that will make it easier to load bikes, skis, and suitcases. "Wire Car Top" is
also very easy to put on and take off of the car because of its light weight and
ease-of-use features. The concept tests are helping WPI analysts develop rough
estimates of costs, sales, and profits.
7) Another new product idea, tentatively called "Wire Tent," is being considered. It
would use laminated wires to create a portable tent frame. This product is currently
being evaluated to determine its fit with the company's objectives and external market
trends.
Rob is thinking about the product life cycle, where each product fits, and what he
should be doing as part of his marketing plan for each of these products.
Is it a good idea for a company like WPI to have several product managers?
A. No, because the company has several different product categories.
B. Yes, because the company would want to eliminate the job of advertising manager.
C. Yes, because the company has several different product categories.
D. No, because the company would need someone to give direction to the advertising
manager.
Answer:
In conditions of monopolistic competition, marketing:
A. may result in lower consumer prices in the long run.
B. may contribute to higher profits for successful firms.
C. may spur economic growth.
D. may cut unemployment.
E. All of these alternatives are correct.
Answer:
When a firm's president appears in TV testimonial ads to assure customers, employees,
and stockholders that the firm is making a fast recovery from some problem, this is:
A. institutional advertising.
B. reminder advertising.
C. competitive advertising.
D. comparative advertising.
E. pioneering advertising.
Answer:
Which of the following wholesalers own (take title to) the products they sell?
A. Selling agents
B. Combination export managers
C. Brokers
D. Manufacturers' agents
E. None of these wholesalers owns the products they sell.
Answer:
Henry has classified the following items under variable costs. Which item has he
classified incorrectly?
A. Expenses for parts
B. Wages
C. Outgoing freight
D. Property taxes
E. Packaging material expense
Answer:
Which variation of personal interview surveys helps reduce the cost of locating
consumer respondents?
A. Pull interviews
B. Mall intercept interviews
C. Push interviews
D. Perception interviews
Answer:
A 'supercenter":
A. tries to provide all of a customer's routine needs-at a low price.
B. probably would not affect nearby supermarkets.
C. is just another name for a mass-merchandiser.
D. is a large department store which uses supermarket methods.
E. None of these alternatives is true for a supercenter.
Answer:
When considering the advertising medium of magazines, which of the following
advantages and disadvantages apply?
A. Very targeted, good detail, good "pass along," but inflexible and long lead times.
B. Flexible, timely, local market, but may be expensive, have short life, and no "pass
along."
C. Flexible, repeat exposure, inexpensive, but "mass market" and very short exposure.
D. Selected audience, flexible, can be personalized, but relatively expensive per contact
and hard to retain attention.
E. Demonstrations, good attention, and wide reach, but expensive in total, has a lot of
clutter, and not always selective audience.
Answer:
When developing a good promotion blend, a marketing manager should:
A. be more concerned with persuading the target customers than informing or
reminding.
B. determine who the firm is trying to influence.
C. realize that the right blend depends more on what customers expect than on what the
firm wants to accomplish.
D. realize that promotion to final consumers is usually based on "pulling."
E. None of these alternatives is true.
Answer:
Trademarks
A. can be legally protected in the U.S. under the Lanham Act.
B. cannot be registered with a government agency in the U.S.
C. are legally protected in the United States, but not in any other countries.
D. and trademark infringement are aggressively policed by a special agency of the U.S.
Government.
E. None of these alternatives is correct.
Answer:
A producer of plastic water bottles that can be attached to bikes gives retailers a 3
percent price reduction to advertise its products locally. This is an example of:
A. value pricing.
B. push money.
C. everyday low pricing.
D. an advertising allowance.
E. a cash discount.
Answer:
The Sherman Act is primarily designed to:
A. prevent monopolies or conspiracies in restraint of trade.
B. stop the flow of foreign products into the United States.
C. prevent unfair or deceptive acts or practices in commerce.
D. reduce price discrimination by manufacturers.
E. eliminate deceptive selling practices.
Answer:
In a recent Nielsen online survey of over 28,000 Internet consumers from 56 countries,
what percentage of respondents said they trusted recommendations from people they
knew?
A. 50 percent
B. 60 percent
C. 70 percent
D. 80 percent
E. 90 percent
Answer:
Product life cycles refer to the life of:
A. a firm's individual product.
B. a product idea.
C. a firm's brand.
D. a fashion.
E. any or all of these is correct.
Answer:
Just-in-time (JIT) delivery:
A. Increases physical distribution costs for business customers.
B. Requires that a supplier be able to respond to the customer's production schedule.
C. Usually does not require e-commerce order systems and computer networks.
D. Means that deliveries are larger and less frequent.
E. Shifts greater responsibility for physical distribution activities from the supplier to
the business customer.
Answer:
Which of the following statements accurately describes the collaboration between
marketing managers and market researchers?
A. Marketers explain real marketing problems and request information from
researchers; Researchers conduct tests that provide information to marketers.
B. Marketers conduct tests; Researchers turn data into useful information.
C. Marketers submit bids; Researchers evaluate bids.
D. Marketers gather data from secondary sources; Researchers input data into data
warehouses for computer processing.
E. Marketers conduct tests; Researchers identify marketing problems.
Answer:
When the manager of a RadioShack electronics store decides to accept American
Express credit cards from its customers, this is a decision about:
A. Product
B. Place
C. Promotion
D. Price
Answer:
Use this information for question that refer to the Wire Products Inc. (WPI) case.
Rob Rose sat back to review the portfolio of products his company, Wire Products Inc.
(WPI), has in its product line. The company specializes in making various products for
consumer and industrial uses from hard laminated wire-coated with special paints.
1) WPI's "Wire Closet" products have been on the market for 10 years. Consumers
install the wire shelves and closet rods themselves. The market leader, Closetmaid, has
been selling similar products for more than 20 years, but so far the sales volume and
profits for the market continue to grow. Recently, several new competitors have come
into the market.
2) Three months ago, WPI entered the lawn and garden market with folding fences
made with laminated wire and branded as "Wire Fold-Fence." Previously, WPI had
never made fences or been a player in the lawn and garden market-although other
companies have been making products in this market for years. However, Rob Rose has
discovered that recent sales of wire garden fencing have leveled off and profits are
declining overall. Still, WPI thinks it has some cost advantages and can grow its own
sales and profits in this market.
3) WPI has just developed "Oil Wire," a new concept for the environmental cleanup
market. Oil Wire is coated with a special material that cleans up oil spills. There has
never been a product like this and WPI wants to quickly get the word out about its
benefits. The product is now being rolled out in selective markets.
4) Another business product is "Wire Locker" used for secure storage by gymnasiums
or companies. This style of locker has now gone out of fashion and most customers are
finding better materials to use for lockers. Aggressive selling has helped Wire Locker's
sales stay flat, but the total market for wire style lockers is only half of what it was 10
years ago.
5) WPI's "Wire Window" product is used as a security product to protect glass
windows. It sells to homeowners and retailers looking for additional safety. WPI's sales
of this product have dropped in recent years because competitors have introduced
maintenance-free products. However, the overall market for this type of product
continues to show good growth.
6) WPI is running concept tests of a new wire car-top carrier called "Wire Car Top."
There are other car-top carrier products on the market, but WPI plans to include options
in its carrier that will make it easier to load bikes, skis, and suitcases. "Wire Car Top" is
also very easy to put on and take off of the car because of its light weight and
ease-of-use features. The concept tests are helping WPI analysts develop rough
estimates of costs, sales, and profits.
7) Another new product idea, tentatively called "Wire Tent," is being considered. It
would use laminated wires to create a portable tent frame. This product is currently
being evaluated to determine its fit with the company's objectives and external market
trends.
Rob is thinking about the product life cycle, where each product fits, and what he
should be doing as part of his marketing plan for each of these products.
In which stage of the product life cycle is "Oil Wire"?
A. Market introduction
B. Sales decline
C. Market growth
D. Market maturity
E. Market development
Answer:
The regrouping activity which involves collecting products from many small producers
so that the products can be handled more economically further along in the channel is
called:
A. sorting.
B. wholesaling.
C. accumulating.
D. assorting.
E. bulk-breaking.
Answer:
During the ______________ era, concern about increased competition lead firms to
focus on selling to attract customers.
A. sales
B. simple trade
C. marketing department
D. production
E. marketing company
Answer:
A good "channel captain" knows that:
A. direct-to-customer channels usually cost less and perform more efficiently than
indirect channels.
B. marketing functions can be shifted and shared within a channel-but they cannot be
completely eliminated.
C. a traditional channel system works best.
D. some marketing functions can usually be completely eliminated by using short
channels instead of long channels.
E. None of these alternatives is correct.
Answer:
