Product differentiation refers to
A. a good, service, or idea consisting of a bundle of tangible and intangible attributes
that satisfies consumers’ needs.
B. the unique combination of product benefits received by targeted buyers.
C. those characteristics of a product that make it superior to competitive substitutes.
D. a marketing strategy that involves a firm using different marketing mix actions to
help consumers perceive the product as being different and better than competing
products.
E. the legal requirement that requires a specified degree of distinction between products
to ensure an organization’s intellectual property rights.
Answer:
Customer convenience is an important consideration when choosing a marketing
channel. A commonly held view among website developers is the __________ where
consumers will abandon their efforts to enter or navigate a website if download time
exceeds this amount of time.
A. one second rule
B. three second rule
C. eight second rule
D. thirty second rule
E. sixty second rule
Answer:
An approach to managing the assortment of merchandise in which a manager is
assigned the responsibility for selecting all products that consumers in a market
segment might view as substitutes for each other, with the objective of maximizing
sales and profits in the category, is referred to as __________.
A. capacity management
B. product management
C. retail inventory management
D. category management
E. automated inventory control
Answer:
Retailing is an important marketing activity. Not only do producers and consumers meet
through retailing actions, but retailing also creates __________.
A. the nation’s largest source of tax revenues
B. the largest source of charitable contributions
C. limited utilities for consumers
D. customer value
E. a sense of community
Answer:
Professionally managed and centrally coordinated marketing channels designed to
achieve channel economies and maximum marketing impact are referred to as
__________.
A. integrated marketing systems
B. horizontal marketing systems
C. vertical marketing systems
D. functional marketing systems
E. cooperative marketing systems
Answer:
The type of vertical marketing system that achieves coordination at successive stages of
production and distribution by the size and influence of one channel member rather than
through ownership is referred to as a(n) __________.
A. corporate vertical marketing system
B. integrated vertical marketing system
C. contractual vertical marketing system
D. administered vertical marketing system
E. interactive vertical marketing system
Answer:
Alka-Seltzer was originally made as a hangover remedy that cured a headache and
settled the stomach. Today, you can purchase Original Alka-Seltzer, Extra Strength
Alka-Seltzer, Alka-Seltzer Morning Relief (for morning headaches and fatigue), and
Alka-Seltzer Heartburn Relief, each of which has slightly different ingredients to solve
the problem identified in its respective brand name. To broaden the product line to
increase sales to new target market segments, the makers of Alka-Seltzer used a
__________ strategy.
A. product modification
B. market-product grid
C. diversification
D. market modification
E. product class extension
Answer:
The marketers used all of the following “ignitions” to spark interest in the Secret
deodorant brand with consumers EXCEPT:
A. print advertising.
B. public relations.
C. Facebook.
D. its website secret.com.
E. brand ambassadors.
Answer:
Figure 10-4
The consumers represented by C in Figure 10-4 above are called __________.
A. innovators
B. late majority
C. early majority
D. early adopters
E. laggards
Answer:
One advantage of using a billboard as an advertising medium is that
A. it is environmentally friendly.
B. it has universal appeal.
C. it is particularly suited to national campaigns.
D. it has good reach and frequency.
E. it is especially suited for persuasive advertisements.
Answer:
In classifying social media, media richness is __________, whereas self-disclosure is
__________.
A. the degree to which a person’s thoughts, feelings, likes, and dislikes are made public;
the degree of acoustic, visual, and personal contact between two communication
partners
B. the quality of the graphics and video on a website; the online conduct that leads to an
unfavorable impression
C. a visual measure; an emotional measure
D. the extent to which a user personalizes his/her profile page; adding contact
information (telephone, address, and e-mail) on one’s Facebook Page
E. the degree of acoustic, visual, and personal contact between two communication
partners; the degree to which a person’s thoughts, feelings, likes, and dislikes are made
public
Answer:
When a seller puts an item up for sale and would-be buyers are invited to bid in
competition with each other, it is referred to as a(n) __________.
A. reverse auction
B. traditional auction
C. bidder’s war
D. e-auction
E. Webfront auction
Answer:
The internal response that customers have to all aspects of an organization and its
offerings is referred to as __________.
A. customer experience
B. relationship marketing
C. internal customer audit
D. internal marketing
E. customer relationship management
Answer:
There are three key reasons for putting the customer into customer solutions in selling:
(1) considerable time and effort is necessary to fully understand a specific customer’s
requirements; (2) effective customer solutions are based on relationships among sellers
and buyers; and (3)
A. it is ultimately the customer who converts a lead into a sale.
B. only the customer knows how much they are will to pay for any given solution.
C. consultative selling is central to providing novel solutions for customers, thereby
creating value for them.
D. only the salesperson knows when the solution has finally been found.
E. customers are better able to articulate their problems and solutions than sellers.
Answer:
In which stage in the new-product process would a firm use both a SWOT analysis and
environmental scanning to assess its strengths and weaknesses relative to the trends it
identifies as opportunities or threats?
A. idea generation
B. screening and evaluation
C. new-product strategy development
D. business analysis
E. development
Answer:
Which of the following statements describes the major difference between a prospect
and a qualified prospect?
A. Prospects are more likely than qualified prospects to become customers.
B. During the sales presentation, prospects are more likely to raise objections than
qualified prospects.
C. There are generally more qualified prospects than prospects.
D. Qualified prospects have not only the need or desire for your product, but also the
ability and authority to purchase it.
E. A qualified prospect has purchased your product in the past and a prospect has not.
Answer:
A marketing research approach that uses a discussion leader to interview 6 to 10 past,
present, or prospective customers simultaneously is referred to as
A. a depth interview.
B. data mining.
C. a research team.
D. a focused interview.
E. a focus group.
Answer:
Which of the following statements regarding order getters is most accurate?
A. Order getting involves a high degree of creativity.
B. Order getters often replenish a retailer’s inventories.
C. Order getters handle orders obtained on inbound telemarketing.
D. Order getters typically process reorders for products already sold by the company.
E. Order getter sales calls traditionally require the lowest financial investment from the
firm.
Answer:
The Swedish manufacturer of Asko dishwashers concluded that consumers would be
willing to pay approximately $1000 for a dishwasher that was quieter than any other on
the market. Asko determined about $250 in markups would have to be given to
wholesalers and retailers, and then designed the quietest product that it could make for
$750. Asko used
A. prestige pricing.
B. price lining.
C. cost-plus pricing.
D. target pricing.
E. customary pricing.
Answer:
What is the annual market size for the products bought by or for preteens and
teenagers?
A. $12 billion
B. $26 billion
C. $104 billion
D. $208 billion
E. $547 billion
Answer:
Figure 17-2
If the salesperson’s objective is to begin converting a prospect into a customer by
creating a desire for the product or service, what is the name of this stage in the
personnel selling process?
A. approach
B. preapproach
C. presentation
D. prospecting
E. follow-up
Answer:
Figure 16-4
According to Figure 16-4 above, Facebook had about __________ visits as of
mid-2014.
A. 139 million
B. 168 million
C. 500 million
D. 1 billion
E. 2.54 billion
Answer:
Indirect exporting occurs when a firm sells its domestically produced products in a
foreign country
A. in violation of a quota.
B. without paying import tariffs.
C. without paying export duties.
D. through a joint venture.
E. through an intermediary.
Answer:
A vertical marketing system that involves a contractual relationship between a
wholesaler and small independent retailers to standardize and coordinate buying
practices, merchandising programs, and inventory management efforts is referred to as
a(n) __________.
A. service-sponsored retail franchise system
B. retailer-sponsored cooperative
C. administered vertical marketing system
D. manufacturer-sponsored retail franchise system
E. wholesaler-sponsored voluntary chain
Answer:
A learned predisposition to respond to an object or class of objects in a consistently
favorable or unfavorable way is referred to as a(n) __________.
A. attitude
B. belief
C. value
D. motivation
E. perception
Answer:
For years, when most consumers thought of cranberries, they thought of the Ocean
Spray brand. Then Northland cranberry juice came on the market, claiming that it was
superior to the Ocean Spray brand. Northland was creating __________ demand for its
cranberry products.
A. primary
B. derived
C. generic
D. selective
E. secondary
Answer:
Any activity that uses some form of electronic communication in the inventory,
exchange, advertisement, distribution, and payment of goods and services is referred to
as __________.
A. electronic commerce
B. Internet barter
C. intranet exchange
D. electronic exchange
E. extranet trade
Answer:
The purchase of bottled water is a low-involvement purchase. How can a market leader
like Perrier keep people buying its brand instead of one of the numerous other brands
displayed on retailers’ shelves?
A. avoid Perrier brand stockouts on retailers’ shelves
B. make the purchase decision a high-involvement one
C. offer coupons for Perrier bottled water
D. convince retailers to offer only Perrier water
E. denigrate its competition
Answer:
Which type of outlet is most likely in its accelerated development stage of the retail life
cycle?
A. single-price stores
B. online retailers
C. supermarkets
D. business-district retailers
E. convenience stores
Answer:
A product that is new in some way but requires no new behaviors to be learned by
consumers is a
A. continuous innovation.
B. discontinuous innovation.
C. dynamically continuous innovation.
D. product transformation.
E. concurrent innovation.
Answer:
A field of experience refers to
A. the unique set of terms, expressions, or jargon that carries a specific meaning within
a specific field (i.e. the medical profession, legal profession, etc.).
B. the designation given to different elements in the communications channel based
upon their specific area of expertise (i.e. advertising, publicity, etc.).
C. a similar understanding and knowledge between the manufacturer or service
provider and department or firm handling its IMC campaign so there is no incorrect
decoding of the sender’s message.
D. a mutually shared understanding and knowledge between the manufacturer or
service provider and department or firm handling its IMC campaign so there is no
incorrect encoding of the sender’s message.
E. a similar understanding and knowledge that the sender and receiver apply to the
message so that it can be communicated effectively during the communication process.
Answer: