Type
Quiz
Book Title
Marketing 5th Edition
ISBN 13
978-0077729028

BUSMT 63374

February 5, 2017
Retailers use _____ because they believe their use will induce customers to try new
products, convert first-time users to regular users, increase purchases, and protect
market share.
A. seasonal discounts
B. coupons
C. rebates
D. cumulative quantity discounts
E. noncumulative quantity discounts
Answer:
As it pertains to the diffusion of innovation, if the __________ group is relatively small,
the number of people who ultimately adopt the innovation likely will also be small.
A. innovator
B. laggard
C. late majority
D. early majority
E. early adopter
Answer:
__________ segmentation is the most common basis of consumer market segmentation
because these segments are easy to define and usually easy to reach.
A. Geographic
B. Psychographic
C. Behavioral
D. Benefits
E. Demographic
Answer:
After conducting STP analysis for her custom auto parts store and developing strategies
for each of the four Ps, Monique now has to make _____________ decisions.
A. competitive response
B. resource allocation
C. market growth
D. product line
E. mission statement
Answer:
Which of the following best describes the direct investment global entry strategy?
A. With direct investment, a firm maintains total ownership of its plants, operation
facilities, and offices in a foreign country.
B. Direct investment occurs when a firm enters a new market by pooling its resources
with those of a local firm to form a new company in which ownership, control, and
profits are shared.
C. Direct investment refers to depositing payroll funds in a foreign bank.
D. Direct investment designates the maximum quantity of a product that may be
brought into a country during a specified time period.
E. Direct investment occurs when a producer sells its offering in a foreign market at a
price less than its production cost.
Answer:
Karen has identified four potential market segments for her Rent-A-Chef home meal
catering service. The next step is to
A. categorize each market segment by consumer demographics.
B. establish her overall objectives.
C. decide on a targeting strategy.
D. develop a positioning strategy.
E. evaluate the attractiveness of each segment.
Answer:
Often the best way to handle customers' reservations is to relax, listen, and
A. reassess your preapproach strategy.
B. consider outsourcing.
C. immediately call your sales support team.
D. ask questions to clarify the issues.
E. reevaluate your expected order.
Answer:
For brick-and-mortar retailers, when making decisions regarding place, a key ingredient
to success is
A. product placement promotion.
B. convenient locations.
C. private-label merchandise.
D. off-price placement.
E. customer relationship management.
Answer:
Abercrombie & Fitch, a clothing retailer, includes a "SHARE" link on the product
pages of its website. This link encourages an Abercrombie customer to post a link
(perhaps showing a new style of jeans) on Facebook or Twitter. Abercrombie & Fitch
hopes that the customer's friends (who are probably very much like current customers)
will click the link, visit the page, and make purchases. This is an example of a
__________ growth strategy.
A. product proliferation
B. market development
C. market penetration
D. diversification
E. product development
Answer:
One example of a customer loyalty program is
A. a "frequent diner" card at a restaurant, offering a free appetizer for every $100 in
food purchases.
B. a quantity discount offered for large purchases at an office supply store.
C. seasonal sales on top-selling items.
D. an "everyday low price" policy on all products at a grocery store.
E. an extensive customer service training program for new employees at a hair salon.
Answer:
Many small businesses whose competitors are national franchises advertise "we are
locally owned" or "we have been here since 1951." This is part of these firms'
A. business mission.
B. market segmentation strategy.
C. positioning strategy.
D. customer excellence strategy.
E. target market.
Answer:
Which of the following is currently a negative factor for foreign investment in Russia?
A. The Russian population is poorly educated.
B. Russian consumers have little interest in online shopping.
C. Russia is known for corruption, creating ethical dilemmas for firms.
D. Russian consumer markets are saturated, offering few opportunities for goods from
U.S. companies to sell well.
E. Few Russians have access to the Internet due to heavy regulation.
Answer:
________ is the cost to the customers or the fee the bank charges those customers for
borrowing money.
A. Interest
B. A service charge
C. A tax
D. A tariff
E. A user fee
Answer:
Marco tried a new fruit-flavored beverage and thought it was awful. He was especially
disappointed because he had liked the dried fruit snacks marketed under the same brand
name. Now he wasn't sure he even wanted to buy the snacks he had liked before. This
highlights a problem in branding known as
A. brand dilution.
B. comingled brands.
C. undifferentiated brands.
D. approximated brands.
E. unlicensed brands.
Answer:
For a price skimming strategy to work, the product or service must
A. be bundled with products or services already available on the market.
B. be similar to what consumers are already comfortable with.
C. have wide market appeal.
D. have low production costs.
E. offer consumers some new benefit currently unavailable in alternative products.
Answer:
The most common measure of market potential of an economy is a country's
A. GNI.
B. GDP.
C. PPP.
D. CPI.
E. APR.
Answer:
If a market penetration pricing strategy results in lower per-unit cost, competitors might
be discouraged from entering the market because
A. selective consumer demand will increase gross profit margins.
B. a high/low cost-based pricing strategy will not work.
C. they would likely need to quickly produce a large volume in order to compete.
D. profits would increase too rapidly.
E. they would be able to advertise only to the same target market as the firm that
introduced the original product.
Answer:
Which of these is not one of the main components of a value proposition?
A. the target market
B. the name of the product or brand being offered
C. the product/service category or concept being offered
D. the price of the product or service being offered
E. the unique point of difference or benefits offered
Answer:
When Brandon decided he needed a new car, he immediately called his old college
roommate, who owns a BMW dealership, to ask questions about options and financing.
Brandon was searching for information from
A. an external source.
B. an internal locus of control.
C. a reference source.
D. an internal source.
E. a situational factor group.
Answer:
Which of the following does your text suggest as the reason different people have
different ethical standards?
A. Some people focus only on their own personal goals.
B. Ethical standards depend on what level of the organization one works at.
C. Each individual is a product of his or her culture, upbringing, and other influences.
D. Ethical behavior is directly linked to the amount of money one makes.
E. It is not clear why different people have different ethical standards.
Answer:
Joe is reviewing secondary data his company collected about seasonal variations in
consumer spending because he is thinking about developing a new product line. The
advantages of using these data include
A. they are new and can be used to project overall demand.
B. they can be quickly accessed at a relatively low cost.
C. they are historical data that can be used to accurately predict future trends.
D. they have been collected specifically for the purpose Joe is using it for.
E. their high cost can be justified by the results.
Answer:
One key feature of the value of a strong brand is that
A. it can protect the firm from competition.
B. it no longer needs to be supported by advertising and promotion.
C. if it becomes a generic name, the brand is worth even more.
D. it cannot be successfully imitated by a retailer's own brand.
E. competitors will typically abandon a sector altogether rather than compete.
Answer:
At one point in the evolution of marketing, the United States entered a buyer's market
and the customer became king. Which era is being described?
A. market-oriented
B. sales-oriented
C. production-oriented
D. value-based marketing
E. economics-oriented
Answer:
________ must always be aligned with other elements of a retailer's strategy in order to
accurately define the value of the product and a retailer's image.
A. Mobile commerce
B. Transportation
C. Distribution
D. Price
E. Labeling
Answer:
Which of the following is not an advantage of using a distribution center?
A. More accurate sales forecasts are possible.
B. Retailers need to keep less merchandise in the store as inventory if the stores get
frequent deliveries.
C. It is easier to avoid running out of stock or having too much stock.
D. Use of a distribution center saves money since the storage space at a distribution
center is generally less expensive than that of a store.
E. Customers know they are dealing with a more sophisticated and financially well-off
operation if the firm uses a distribution center.
Answer:
When Creative Pen Company designed a new pen that was particularly comfortable to
use, it wanted to literally get the pen in the hands of as many consumers as possible.
Creative Pen will probably choose __________ distribution for its new product.
A. intensive
B. exclusive
C. selective
D. collective
E. variable
Answer:
In questionnaire design, a question such as "Marketing is the best part of the business
program, isn't it?"
A. is a question that respondents cannot easily or accurately answer.
B. is a question that respondents are reluctant to answer because the information is
sensitive.
C. leads respondents to a particular response.
D. asks two questions at once.
E. is complex and something respondents may be unfamiliar with.
Answer:
The first step in the process of creating a social media campaign is to
A. develop a budget.
B. identify the target audience.
C. set goals.
D. design the elements of the campaign.
E. monitor the program.
Answer:
After installing a(n) _______ in its JIT system, Chocolate Tree (a retail chocolate store)
was able to reduce lead time for merchandise orders.
A. supply chain
B. distribution center
C. quick change directory
D. electronic data interchange system
E. checking system
Answer:
Price is the _____________ a consumer is willing to make to acquire a specific product
or service.
A. amount of money
B. overall sacrifice
C. fixed cost
D. target return
E. substitution
Answer:
Where Caroline grew up, everyone knew everyone else, no one locked their doors, and
a person's word could be trusted. When she went to work in another part of the country,
she was surprised by how few people had similar values and beliefs. Caroline had to
adjust to __________ differences.
A. reference group
B. situational
C. cognitive
D. cultural
E. evoked
Answer:
Value-based pricing can be difficult to implement because
A. the way consumers perceive value constantly changes.
B. this method requires all costs be identified and calculated on a per-unit basis.
C. value depends on variable costs and not fixed costs.
D. everyday low pricing has neutralized the impact of price on consumers' purchase
decisions.
E. it is difficult to determine how competitors will price their products.
Answer:
__________ are customers who modify existing products according to their own ideas
to suit their specific needs.
A. Early adopters
B. Market testers
C. Lead users
D. Reverse engineers
E. Concept testers
Answer:
During the __________ era, firms had excess capacity and used personal selling and
advertising to generate customers.
A. production-oriented
B. sales-oriented
C. market-oriented
D. value-based marketing
E. retailing-oriented
Answer:
Most automobile manufacturers appear to use price lining. What is price lining and how
does it relate to value-based pricing for automobile manufacturers?
Answer:
What is relationship selling?
Answer:
What evaluative criteria would consumers be likely to use in choosing a family
physician?
Answer:
What is co-branding? Provide an example of co-branding.
Answer:
What is the difference between an order getter and an order taker?
Answer:
If your manager asked you to review invoice data for the last six months to look for any
trends or changes, what kind of marketing research activity would you be engaged in?
List and fully define the process.
Answer:
Joe's Deli is trying to compete with the local Subway store. When Subway offers lower
prices on certain sandwiches during its "customer appreciation month," Joe's Deli
reduces the price of its similar subs in order to compete. What pricing orientation is
being utilized by Joe's Deli?
Answer:
When developing a positioning strategy, marketers may choose to position their
offerings against the offerings of competitors. If you were to do so, what would you
expect your competitors to do?
Answer:
Name one technological advance that has impacted how consumers research and buy
products. Give an example from your own experience.
Answer:
There is an old advertising adage "I know I'm wasting half of my advertising budget. I
just don't know which half." What is the lagged effect? How does it contribute to the
dilemma of attempting to determine which advertising has an impact and which
doesn't?
Answer:
In-depth interviews are expensive and time-consuming. Why do marketing researchers
sometimes use in-depth interviews in spite of these disadvantages?
Answer:
Explain the difference between an indirect and a direct marketing channel.
Answer:
Which of the segmentation attractiveness criteria is assumed by the statement, "Build it,
and they will come"?
Answer:
What is the difference between data and information?
Answer:
What is a unique selling proposition (USP)? Propose one for your university.
Answer:
Wilbur sells homemade hot dogs from his stand next to campus. Students flock to his
stand to buy his hot dogs, but rarely anything else. What type of pricing strategy could
Wilbur use to improve his sales? Create an example.
Answer:
Name the various social trends that impact marketing, and give one example that
demonstrates how each one influences marketing practices.
Answer:
Compared to the Internet channel, what are the main benefits provided by physical
stores?
Answer:
Related Book
book

Marketing 5th Edition

ISBN13: 978-0077729028

ISBN10: 0077729021

Authors: Dhruv Grewal

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