Exporting is often the first step into international marketing.
Answer:
Implementation means putting the marketing plan into operation.
Answer:
Storing allows producers and intermediaries to keep stocks at convenient locations,
ready to meet customers’ needs.
Answer:
Raw materials are short-lived capital items.
Answer:
Team selling might involve a technical specialist, an order getter, and a customer
service rep all working together on a specific account.
Answer:
A major advantage of dealer brands is that the intermediary usually earns a better
margin than the intermediary would earn with manufacturer brands.
Answer:
The most trusted sources of Promotion are forms of sales promotion, not publicity or
advertising.
Answer:
A customer’s effort to keep a salesperson from completing a sales presentation is called
a “close.”
Answer:
The group of people to whom an individual looks when forming attitudes about a
particular topic is his reference group for that topic.
Answer:
A marketing plan usually spells out the time schedule for a marketing strategy as well
as the time-related details.
Answer:
Online auctions (on the Internet) are becoming very popular as a way to determine how
much customers are willing to pay for a product.
Answer:
“Psychological pricing” involves setting prices which end in certain numbers, while
“odd-even pricing” is setting prices which have special appeal to target customers.
Answer:
Personal selling is likely to be an effective method of promotion for reaching the
opinion leaders in the early adopter group.
Answer:
Corporate chains are taking a smaller percentage of retail sales now that consumers are
demanding lower prices.
Answer:
Manufacturers’ agents sell related products for several competing manufacturers.
Answer:
Leader pricing is normally used with products for which consumers do have a specific
reference price.
Answer:
Firms that embrace the marketing concept seek ways to build a profitable long-term
relationship with each customer.
Answer:
Business and organizational customers are selective buyers who buy for the sole
purpose of resale.
Answer:
In the U.S., big warehouse clubs have taken much of the cash-and-carry wholesalers
business.
Answer:
Direct-to-customer channels are rarely used in business markets because they are much
more expensive and less efficient than using intermediaries.
Answer:
The “universal functions of marketing” consist only of buying, selling, transporting, and
storing.
Answer:
A large chain like Kohl’s uses its website to supplement the product assortment in its
brick-and-mortar stores.
Answer:
If the cost of production per unit goes down as the quantity produced increases, small
producers can be at a great cost disadvantage.
Answer:
Product means the need-satisfying offering of a firm.
Answer:
ISO 9000 is only relevant to international suppliers.
Answer:
Marketers should be aware of federal legislation, as well as state and local laws, when
planning marketing strategy.
Answer:
Environmental problems pose a major hazard to society and they are a particular threat
to many firms working in the environmental engineering and management industry.
Answer:
A service mark is the same as a trademark, except that it refers to a service offering.
Answer:
The terms mass marketing and mass marketers mean the same thing.
Answer:
A channel captain helps direct the activities of a whole channel and tries to avoid or
solve channel conflicts.
Answer:
Positioning analysis may lead a firm to segmenting, rather than combining.
Answer:
When customers have to pay the bill themselves, they are likely to be more price
sensitive.
Answer:
General merchandise wholesalers handle a wide variety of nonperishable itemsand
usually serve many different kinds of retail stores.
Answer:
Manufacturers usually operate sales branches in areas where sales potential is very
lowbecause intermediaries are not interested in serving such markets.
Answer:
In marketing, it is the manager’s viewpoint that matters, not the customer’s.
Answer:
Furniture stores spend a higher percentage of their sales on advertising than do grocery
stores.
Answer:
A widespread shift to mass customization has not occurred because firms found that
A. production costs were still high.
B. the Internet offered a low-cost way to get a lot of orders.
C. mass production is always better.
D. economies of scale provides a better alternative.
E. technology introduces a new set of problems.
Answer:
Mass-merchandisers:
A. face a bright future and increasing profitsbecause of decreasing competition.
B. usually operate with low margins on individual items.
C. operate on the “buy low, sell high” philosophy.
D. try to reduce costs by reducing inventory turnover.
E. None of these alternatives is correct for mass-merchandisers.
Answer:
A __________ is a written statement of what a salesperson is expected to do.
A. Covering letter
B. Job description
C. Terms of employment
D. Conditions of service
E. Disclaimer
Answer:
A ______________ is a word, letter, or group of words or letters.
A. UPC
B. FTC
C. trademark
D. SIC
E. brand name
Answer:
In the traditional communication model, the source can receive immediate feedback as
the result of _______________.
A. Sales promotion
B. Mass selling
C. Advertising
D. Personal selling
E. Publicity
Answer:
Mercedes, the European luxury car maker, does not mention price in its magazine
advertising. Instead, the ad copy focuses on the quality and performance of the
Mercedes product line. What pricing objective is Mercedes pursuing?
A. Sales-oriented
B. Price flexibility
C. Nonprice competition
D. Introductory price deal
E. Bundling
Answer:
According to the text, to recruit, motivate, and keep good salespeople, a firm has to
A. provide encouragement by giving trophies and certificates.
B. give public recognition.
C. develop an effective compensation plan.
D. offer a promotion.
E. reinvent its marketing strategies.
Answer:
When you are “in the market” for a new car, and are considering different brands to
purchase, what type of market is involved?
A. Product-market
B. Qualifying market
C. Generic market
D. Determining market
Answer:
Marketing cost analysis can:
A. Determine if a change in the marketing mix will improve profit.
B. Assign costs to product lines and customers.
C. Prepare a profit and loss statement for each customer.
D. Show which customers contribute the most to the firm’s profitability.
E. All of these.
Answer:
Billy Longstreet had just bought a new car and was a bit uncertain about whether or not
he had done the right thing in buying it. Two days after he purchased it, he decided to
take it back to the dealer so that the dealer could install some additional optional
equipment. When Billy went to the dealership to pick up the car after the installation,
the salesman who sold Billy the car said, “You know, in the last two hours three
different customers told me how much they liked the looks of your new car. One of
them even wanted to know if it was for sale!” This attempt by the salesman to confirm
the wisdom of Billy’s purchase decision seems to be aimed at reducing:
A. post-purchase regret.
B. reference group influence.
C. adoption jitters.
D. stimulus-response reaction.
E. dissonance.
Answer:
“Discrepancies of assortment” means:
A. some producers can produce more products than others.
B. some consumers buy more products than others.
C. consumers want more output than producers can make.
D. there are more producers than wholesalers.
E. the difference between the product lines the typical producer makes and the
assortment wanted by final consumers or users.
Answer:
A product strategy decision includes all of the following except:
A. Benefits.
B. Exposure.
C. Features.
D. Quality.
E. Warranty.
Answer:
Which of the following is NOT one of the “universal functions of marketing”?
A. Production
B. Standardization
C. Financing
D. Buying
E. Transporting
Answer:
Today, when a buyer can’t specify all of the details of what it will need in the future, the
relationship with a supplier is most likely to involve:
A. an auction.
B. a procurement hub.
C. negotiated contracts.
D. competitive bids.
E. All of these are likely to be involved.
Answer:
Which of the following buying methods would a purchasing manager be most likely to
use on the Internet?
A. Inspection
B. Negotiated contract
C. Purchasing specifications
D. Complex buying behavior
Answer:
A customer service rep’s main job is to:
A. take orders.
B. find a remedy when something goes wrong with a firm’s marketing mix after a
purchase.
C. get new orders.
D. set up retail displays for retail customers.
E. listen to customer complaints.
Answer:
When Nintendo sets a relatively low price on its game units to stimulate more demand
for its game cartridges, it is using
A. complementary product pricing.
B. product-bundle pricing.
C. price lining.
D. bait pricing.
E. cost plus pricing.
Answer:
The ____ approach shows operating managers and salespeople what they’ve actually
contributed to covering general overhead and profit.
A. net margin
B. full-cost
C. marketing overhead
D. contribution margin
E. net profit
Answer:
Once a suppler relationship has been established, purchases of the ‘straight rebuy”
variety will most likely be transacted by:
A. a meeting with all buying center members.
B. a meeting with top executives only.
C. personal e-mails to the purchasing manager.
D. e-commerce computer systems.
E. phone.
Answer:
Ford Motor Co. “loaned” new Fiestas to social trendsetters who drove the cars as part of
their Meals on Wheels responsibilities. When Ford asked them to write about their
driving experiences on Facebook and Twitter, it was emphasizing which aspect of the
4Ps?
A. Product
B. Place
C. Price
D. Promotion
Answer:
The “rule for maximizing profit” is that a producer should set a price such that:
A. the difference between marginal revenue and marginal cost is the greatest.
B. marginal revenue is at a maximum.
C. average cost is at a minimum.
D. marginal profit is maximized.
E. marginal cost is just less than or equal to marginal revenue.
Answer:
A detailed customer database, containing past purchases and other segmenting
information, is used to focus marketing efforts on individual customers in a:
A. Clustering management system.
B. Product positioning matrix.
C. Product differentiation matrix.
D. Diversification management system.
E. Customer relationship management system.
Answer:
At Toyota, its Lexus designers attempt to make improvements to the car’s design each
year, even if those changes are minor ones. This process is an example of:
A. continuous improvement.
B. concept testing.
C. product liability.
D. empowerment.
E. market testing.
Answer:
Some sporting goods manufacturers do not make a “full line” of equipment. So the
Sports World retail chain carefully selects the brands of several manufacturers to sell.
This regrouping activity is called:
A. accumulating.
B. assorting.
C. retailing.
D. bulk-breaking.
E. sorting.
Answer:
Dolly Westin calls on the many gift shops in Savannah and sells a variety of unique
decorative glass items, wind chimes, and picture frames produced by the companies
that she represents. The store owners can order from Dolly rather than from the three
different producers she represents. Apparently, Dolly is a
A. selling agent.
B. rack jobber.
C. drop-shipper.
D. broker.
E. manufacturers’ agent.
Answer:
Each of the following has contributed to the success of Payless ShoeSource EXCEPT:
A. Styles for men, women, and children.
B. A very broad product line.
C. Local advertising emphasizing value.
D. Customer experience is self-service.
E. Newspaper ads promoting low prices.
Answer:
In the market introduction stage of the product life cycle
A. sales are the highest.
B. most companies experience losses.
C. industry profits rise.
D. industry sales level off.
E. total industry profit is highest.
Answer:
Societies need a macro-marketing system
A. to help match supply and demand.
B. to create a gap between producers and consumers.
C. to accomplish an organization’s objectives only.
D. to identify collaborators.
E. to reduce the need for intermediaries.
Answer:
______________ segmenting dimensions help decide whether a person might be a
potential customerbut not which specific products or brands that person might buy.
A. Determining
B. Qualifying
C. Operational
D. Customer-related
E. Situation-related
Answer:
Wendy’s was one of the first fast-food restaurants to offer a “dollar menu” on some of
its food items. What pricing policy was Wendy’s pursuing?
A. Skimming price
B. Quantity discount
C. Noncumulative quantity discount
D. Value pricing
E. Cumulative quantity discount
Answer:
______________ means potential customers remember a particular brand.
A. Brand preference
B. Brand nonrecognition
C. Brand insistence
D. Brand recognition
E. Brand rejection
Answer:
“Product” is concerned with:
A. services.
B. developing products which will satisfy some customers’ needs.
C. designing, packaging, and branding new products.
D. physical goods.
E. All of these might be involved with Product.
Answer:
The Pure Food and Drug Act:
A. was the first consumer protection law.
B. was passed by Congress in 1906.
C. shifted the focus from “let the buyer beware.”
D. bans the shipment of unsanitary products.
E. All of these are correct.
Answer: