Sears and Holiday Inn encountered difficult times because they did not stand out as the
lowest in cost, highest in perceived value, or best in serving some market segment. Both
companies are ________.
A) niches
B) jack-of-all-trades
C) middle-of the roaders
D) red oceans
E) laggards
Which of the following is a media measure?
A) consumer price index
B) GDP per capita
C) wholesale price index
D) click-through rate
E) human development index
Which of the following is true of Gen Xers?
A) They are considerably larger than the boomer generation.
B) They were the first to grow up in the Internet era.
C) They are less educated than the baby boomers.
D) They are more materialistic than the Millennials.
E) They rarely research a product before purchasing it.
________ means marketing a product in a foreign market without making any changes
to the product.
A) Product adaptation
B) Product invention
C) Communication adaptation
D) Straight product extension
E) Product augmentation
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to
cater to its rapidly increasing number of patrons. This exemplifies ________.
A) product differentiation
B) product development
C) diversification
D) market penetration
E) market segmentation
Pace Hardware uses Learningnow.com to improve sales force effectiveness and
facilitate sharing of expertise. It allows Pace retailers to connect with each other for
seeking managerial and marketing advice. It also allows Pace retailers to ask their
suppliers about product usage, deliveries, and warranties, and send new-product
information directly to the retailers. In this instance, Pace Hardware is facilitating
communication through ________.
A) extranet links
B) podcasts
C) search engines
D) trading exchanges
E) reverse auctions
Wholesome Soups, a maker of organic soups, is starting a new marketing campaign
emphasizing the ease of preparing and eating Wholesome Soups. Print, television, and
Internet ads feature teens enjoying Wholesome Soups in between classes and during
study breaks. Wholesome Soups’ new marketing campaign is most likely aimed at
which of the following?
A) Baby Boomers
B) the LOHAS market
C) Gen Xers
D) Millennials
E) the SOHO market
Which of the following statements best represents a contractual association between a
manufacturer, wholesaler, or service organization and independent businesspeople who
buy the right to own and operate one or more units in the system represented by the
contract?
A) corporate chain
B) franchise
C) voluntary chain
D) retailer cooperative
E) warehouse club
Setting prices below cost, threatening to cut off business with suppliers, and
discouraging the purchase of a competitor’s products are all examples of ________.
A) oligopolistic competition
B) social costs
C) predatory competition
D) acquisitions
E) cultural pollution
Which of the following is true with regard to price?
A) Historically, price has had the least perceptible impact on buyer choice.
B) Price is the least flexible element in the marketing mix.
C) Unike product features and channel commitments, prices cannot be changed quickly.
D) Price is the sum of all the values that customers give up to gain the benefits of
having a product.
E) Prices only have an indirect impact on a firm’s bottom line.
Marissa Hopkins, a hospital nurse, notices that the gurneys used in the hospital are not
durable enough. She informed the hospital authorities about Grace Care Inc., a new
company selling lightweight and durable gurneys. In this instance, Marissa played the
role of a(n) ________.
A) strategist
B) buyer
C) gatekeeper
D) influencer
E) decider
Price setting is usually determined by ________ in small companies.
A) the top managers
B) the marketing department
C) the sales department
D) divisional managers
E) product managers
In a(n) ________ situation, the buyer wants to revise product specifications, prices,
terms, or suppliers.
A) reverse auction
B) straight rebuy
C) new task
D) modified rebuy
E) absolute auction
Tomorrow’s leading companies will succeed by seeking out unoccupied positions in
uncontested market spaces. Such strategic moves, termed ________, create powerful
leaps in value for both the firm and its buyers, creating new demand for new products.
A) customer lifetime value
B) customer equity
C) value innovation
D) market segmentation
E) customer intimacy
When entering a foreign market, companies typically start with ________, working
through independent intermediaries to sell products produced in the home country.
A) direct exporting
B) embargo
C) product adaptation
D) indirect exporting
E) licensing