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Entrepreneur magazine reports that ________________ remain the highest-potential
startup and growth mechanism for small-business owners, and it is an effective way to
expand a distribution channel quickly and efficiently.
A.Franchise organizations
B.Retailer cooperatives
C.Wholesaler cooperatives
D.Channel captains
E.Partner relationship management (PRM) strategies
Franchising is one of the best ways to grow quickly and efficiently.
The new product development process changed in the 1990's due to __________.
A.Increase in failure rates of new products
B.Decrease in the number of new ideas coming to market
C.Development of web-based design and research
D.Increase in the cost of taking products to market combined with high failure rates
E.Decrease in the cost of taking products to market
The change in the 1990's to the new product development cycle was due to the
increasing cost of bringing new products to market combined with high failure rates.
In order for Marketing (Big M) to succeed, it must be championed by __________.
A.The sales force
B.Top management
C.Top management and middle management
D.Frontline personnel
E.Everyone in the organization
Big M takes time, commitment, and resources. Without top management support, big M
will not be successful.
Paul needs very precise audience selection to reach his market of antique cigar ashtray
collectors. Which advertising media would be the best choice in this case?
A.Television
B.Newspaper
C.Billboard
D.Magazines
E.All of the above will work
The variety of titles in magazines make it an advertising medium that offers high
geographic, demographic, and lifestyle selectivity.
Companies that develop markets outside their home markets with extensive selling and
distribution networks, but still take a "domestic first" approach to the business are
engaged in ___________________.
A.Foreign marketing
B.International marketing
C.Global marketing
D.No direct foreign marketing
E.Global partnerships
In international marketing, management gives priority to domestic markets and the
corporate structure divides international and domestic markets.
The delivery of information relevant to meet the customer's needs is a ___________.
A.Customer database
B.Value proposition
C.FAB
D.Sales presentation
E.Transaction cost analysis
The sales presentation is the delivery of information relevant to meet the customer's
needs and is the heart of the selling process. It is the process salespeople use to
transition customers from interest in the product to purchase of the product.
Someone suffering from flu and seeking information from friends, doctors, or medical
Web sites about the best over-the-counter remedy for specific symptoms is engaged in
_______.
A.Cognitive learning
B.Brand management
C.Cognitive association
D.Operant conditioning
E.Classical conditioning
Cognitive learning involves mental processes that acquire information to work through
problems and manage life situations. Since the person seeking information wants to
solve a problem, he is engaged in cognitive learning.
_____ are product opinion leaders who seek out new products consistent with their
personal self-image.
A.Innovators
B.Early majority
C.Early adopters
D.Late majority
E.Laggards
Early adopters are product opinion leaders who seek out new products consistent with
their personal self-image. This group is not price-sensitive and is willing to pay the
price premium for a product. At the same time, early adopters demand a high level of
personalized service and product features.
Primary markets differ from secondary and tertiary markets by _______.
A.The possibility of meeting the ROI target
B.The difficulty of attacking the market
C.The consumers ability to buy multiple units
D.The advertising effort needed for the market
E.All of the above
Primary markets are expected to be the most profitable. They clearly have the best
chance of meeting ROI goals.
Data mining is a part of _________________ element of the CRM cycle.
A.Analysis and refinement
B.Supplier interface
C.Marketing planning
D.Knowledge discovery
E.Customer interaction
In the knowledge discovery phase, data gathered in the data warehouse is analyzed with
the help of data mining so as to develop customer segments.
In proposing ______________, the marketing manager usually is convinced that a
strong price-quality relationship exists for the product.
A.Penetration pricing
B.Price skimming
C.Target ROI
D.Competitor based pricing
E.Value pricing
Price skimming is generally used when a strong price-quality relationship exists. Price
skimming may be done to lend prestige to the brand.
Because he always purchased Harley-Davidson Motorcycles, Cliff does not consider
any other brands and makes quick decisions when he is making a purchase in this
product category. This is an example of the _______ benefit of brand equity for
customers.
A.Perceived Quality
B.Brand Image
C.Brand Connections
D.Perceived Bonuses
E.Brand Loyalty
Brand loyalty expedites the consumer purchase decision process and prevents
consumers from exploring other brand options. Since Cliff does not consider any other
brands and makes quick decisions in favor of Harley-Davidson, this is an example of
brand loyalty.
Krista wants to buy a new foaming soap dispenser. Currently the store is offering the
dispenser for free when she purchases the largest refill of soap. The pricing strategy
being used for the dispenser and soap is ____________________.
A.Product line pricing
B.Captive pricing
C.Price bundling
D.Reference pricing
E.Prestige pricing
Captive pricing entails gaining a commitment from a customer to a basic product or
system that requires continual purchase of peripherals to operate. Krista is experiencing
captive pricing because the refills offer the real margin to the store rather than the
dispenser.
The issue of privacy is particularly sensitive to legal and ethical issues in the
___________ market.
A.Industrial goods market
B.High technology goods
C.Consumer
D.B2B
E.Service
For a strong relationship between a firm and its customers, the customers must be
absolutely certain that the information a firm collects and stores about them will not be
used for unintended purposes.
___________occurs when a seller offers different prices to different customers without
a substantive basis, such that competition is reduced.
A.Price fixing
B.Price discrimination
C.Deceptive pricing
D.Bait & switch
E.Predatory pricing
Price discrimination exists when sales of identical goods or services are transacted at
different prices from the same provider. In general, the practice of charging different
customers different prices is called price discrimination.
