After Hal Li purchased and installed a wood-burning stove to heat his home, the stove
caught fire and damaged much of the house. He believes the stove had inadequate
insulation. Hence, Li should voice his concerns to the Federal Trade Commission.
a. True
b. False
Answer:
Denthrill Inc., a company that manufactures toothpaste, conducts a survey to find out
the most important factor that consumers look for while buying toothpaste. Through the
survey, it is found that consumers are most particular about the flavor of the toothpaste.
Taking this into consideration, Denthrill Inc. introduces a variety of flavored toothpaste
in the market. Which of the following has the company used to satisfy its target market?
a. Consumer behavior
b. International marketing
c. Economic factors
d. Global adaptation
Answer:
A market-oriented organization recognizes that different customer groups want different
features or benefits.
a. True
b. False
Answer:
Which of the following is true of postconventional morality?
a. At this level, people are concerned about how they see and judge themselves over the
long run.
b. At this level, the focus is on societal norms and people worry about how society
might see them.
c. At this level, people are more self-centered, calculating, and even selfish.
d. At this level, people typically focus only on adhering to legal standards.
Answer:
Which of the following is an advantage of supply chain management to companies?
a. Reduced operational flexibility
b. Improved customer service
c. Reduced interactions between companies and their suppliers
d. Increased ability to perform in isolation
Answer:
Companies can effectively market to teens by:
a. making products that are complex to use.
b. distributing products online rather than in stores.
c. using radio as the primary promotional tool.
d. using interactive contests and voting challenges.
Answer:
_____ costs do not change as output is increased or decreased.
a. Marginal
b. Variable
c. Fixed
d. Total
Answer:
Which of the following is a difference between an attribute and a benefit of a product?
a. An attribute is what consumers achieve by using a product, while a benefit is a
characteristic of a product.
b. An attribute is a temporary part of a product, while a benefit is always associated
with a product.
c. An attribute is bought by consumers, while a benefit is not bought by consumers.
d. An attribute is a feature of a product, while a benefit is what consumers receive by
using a product.
Answer:
A blog is a publicly accessible Web page that functions as an interactive journal, where
readers can post comments on the author’s entries.
a. True
b. False
Answer:
Strategic retailing goals typically focus on increasing costs of goods sold.
a. True
b. False
Answer:
Business gift giving is considered as the most unacceptable business practice in China.
a. True
b. False
Answer:
99-Center Inc. is a retail store where all its merchandise ispriced at 99 cents. This
retailer uses a _____.
a. single-price tactic
b. flexible pricing tactic
c. price lining tactic
d. price bundlingtactic
Answer:
Businesses contract outside providers to perform services such as janitorial, advertising,
legal, and so on. when it costs less than hiring an employee to perform the particular
task.
a. True
b. False
Answer:
The customer relationship management (CRM) technique that focuses on thanking
customers for their business to a company exemplifies the trend of _____.
a. time savings
b. personalization
c. technology
d. loyalty
Answer:
A company’s _____ includes all of the companies involved in all of the upstream and
downstream flows of products, services, finances, and information, from initial
suppliers to the ultimate consumer.
a. assembly line
b. supply chain
c. service mix
d. marketing channel
Answer:
Jessica is twenty-nine years old and spends more time on Facebook than reading
magazines. Despite her inclination toward social networking sites, she continues to
listen to the radio or read magazines at times. Jessica is most likely to be a:
a. tween.
b. Millenial.
c. Gen Zer.
d. baby boomer.
Answer:
No large companies have used cause-related marketing so far.
a. True
b. False
Answer:
Which of the following statement is true about the price component of a marketing
mix?
a. It is the quickest element to change.
b. It is the least important of the four Ps.
c. It is the starting point of the marketing mix.
d. It is decided independently of the external environment of the business.
Answer:
Predatory pricing is the practice of charging a very high price for a product with the
intent of increasing competition.
a. True
b. False
Answer:
Which of the following is a similarity between in-home personal interviews and
executive interviews?
a. Both have the benefit of actual or promised anonymity for respondents.
b. Both tend to be very expensive.
c. Both require computer-assisted interviewing.
d. Both are similar in that they save time.
Answer:
Which of the following statements is true in the context of ethnic markets in the United
States?
a. Asian American buying power has decreased significantly.
b. African American buyers are on average older than all other ethnic groups.
c. More than half of Hispanic Americans are of Mexican descent.
d. Asian Americans have the lowest education levels among all other ethnic groups.
Answer:
Promotion is one of the components that form a marketing mix.
a. True
b. False
Answer:
In the growth stage of the product life cycle, sales typically grow at an increasing rate,
many competitors enter the market, and large companies may start to acquire
pioneering firms.
a. True
b. False
Answer:
Which of the following is true of the development stage of a new-product development
process?
a. It sets several tasks in motion, such as building inventories and advertising to
potential customers.
b. It evaluates a new-product idea usually before any prototype has been created.
c. It estimates the demand, cost, sales, and profitability of a product for the first time.
d. It examines the feasibility of manufacturing a product at an acceptable cost.
Answer:
A sales manager at Guilden Corporation, a manufacturer of consumer durable goods,
has instructed his new salesperson, Rita, to sell five flat screen televisions per week. In
addition to this, she is also expected to identify ten potential customers. These
instructions given to Rita are referred to as _____.
a. referrals
b. sales leads
c. quotas
d. touch points
Answer:
A _____ sample is a sample in which every element in the population has a known
statistical likelihood of being selected.
a. quota
b. probability
c. judgment
d. convenience
Answer:
A person who believes that it is critical for marketing managers to have a thorough
knowledge of consumer behavior is likely to agree that:
a. consumers’ product and service preferences are constant and unchanging.
b. a proper marketing mix for a market can be achieved by understanding consumers’
desires.
c. consumer decision making always occurs in a step-by-step sequence.
d. the level of consumer involvement while buying a product has little impact on the
final purchase decision.
Answer:
Brasco Motor Company produces a wide range of vehicles such as passenger cars,
commercial trucks, specialty vehicles, performance vehicles, and race cars. Each type
of car has a separate and distinct customer base. Given this information, Brasco Motor
Company has divided its customer base by using the strategy of _____.
a. perceptual mapping
b. positioning
c. cannibalization
d. market segmentation
Answer:
Which of the following acts prohibits a firm from selling to two or more different
buyers, within a reasonably short time, commodities (not services) of like grade and
quality at different prices where the result would be to substantially lessen competition?
a. The Federal Trade Commission Act
b. The Food and Drug Administration Act
c. The Sherman Act
d. The Robinson-Patman Act
Answer:
The management of a firm has utmost control over the competitive environment
confronting it.
a. True
b. False
Answer:
Shopping bots theoretically give pricing power to:
a. consumers.
b. wholesalers.
c. retailers.
d. agents.
Answer:
Vimonland Theme Park sells the necessary rights to an investment company to run a
Vimonland theme park in a foreign country. The investment company gains most of the
profits from the enterprise while paying Vimonland Theme Park a percentage as
royalties. This is an example of _____.
a. licensing
b. contract manufacturing
c. exporting
d. importing
Answer:
The product preferences of Hispanics in the United States may be similar to the overall
culture, but the community may have its own values and beliefs which may differ. This
may result in considerable variation in how and where these people buy goods and
services. Which of the following is most likely the reason for such variations?
a. Consumer involvement
b. Cultural differences
c. Cognitive dissonance
d. Gender demographics
Answer:
Which of the following statements is true about the sustainability theory of social
responsibility?
a. It states that corporations should only focus on increasing shareholder wealth.
b. It exclusively focuses on the corporations’ duty to protect the environment.
c. It states that focusing on the world’s social and responsible problems will help
corporations outperform their peers.
d. It states that corporations should think about social responsibility only after they
establish themselves and achieve profitability.
Answer:
The greater the likelihood that an action will result in a harmful outcome, the more
likely that marketers will recognize a problem as unethical.
a. True
b. False
Answer:
__________refers to communication by marketers that informs, persuades, and reminds
potential buyers of a product in order to influence an opinion or elicit a response.
Answer:
When consumer demand is sensitive to price changes,__________occurs.
Answer:
A(n)__________is the combination of advertising, personal selling, sales promotion,
social media, and public relations that are used to reach the target market and fulfill an
organization’s overall goals.
Answer:
How do manufacturers benefit from prestige pricing?
Answer:
Brasco Motor Company produces a wide range of vehicles such as passenger cars,
commercial trucks, specialty vehicles, performance vehicles, and race cars. Each type
of car has a separate and distinct customer base. Given this information, Brasco Motor
Company has divided its customer base by using the strategy of__________.
Answer:
__________are the first 2.5 percent of all those who first adopt a new product.
Answer:
Discuss the characteristics that are typical of an Asian American market?
Answer:
Martha visits a departmental store and learns that a box of exotic candles would cost her
ten percent more than what she had paid for it six months ago. In this scenario, Martha
has to pay more as a result of__________.
Answer:
Content marketing is extremely important for businesses that want to deliver valuable
content for their customers. Provide arguments to justify this statement.
Answer:
Libra Electronic Inc. has launched a new range of light-weight vacuum cleaners with
enhanced features. Before developing the product, Libra Electronic conducted a
thorough study about customer requirements. The company also studied the quality of
its competitors’ vacuum cleaners. Based on insights about customer wants and
competitor strengths and weaknesses, Libra Electronic has designed vacuum cleaners
that can be clearly distinguished from other brands. Libra Electronic most likely has
a__________orientation.
Answer:
Business Essentials is a support group that consists mostly of young women who offer
tips on budgeting and debt relief. Their goal is to help women break financial ceilings.
Business Essentials is providing a(n)__________that is helpful to women who want to
be financially savvy.
Answer:
Serena wants to buy a pair of sunglasses. She decides to buy it from Seekart, an online
retail store. Seekart uses an automated system to process its customers’ purchases and
sends the information to the manufacturer’s warehouse, which directly ships the
required products to the customers. This system employed by Seekart is called
a(n)__________.
Answer:
__________is a fast-growing way to conduct global business in which all or part of the
payment for goods or services is in the form of other goods and services.
Answer:
How is a sales promotion cheaper and easier to measure than advertising? Explain using
an example.
Answer:
Kay and Jenny’s, a restaurant, has implemented a new system that identifies and gathers
information about its regular customers. It rewards the regular customers by giving
them gift coupons and cash prizes. This is most likely an example of
a(n)__________system.
Answer:
Distinguish between owned media and earned media with examples.
Answer:
__________consists of all marketing activities that stimulate consumer purchasing,
such as coupons, contests, free samples, and trade shows.
Answer:
When Lofonift Inc. introduced its flagship product, an MP3 player, it captured the MP3
player market by offering its product at the lowest price in the market. This forced
many of its competitors out of business. In this scenario, Lofonift Inc. most likely
indulged in__________.
Answer:
__________data is defined as data that has been previously collected for any purpose
other than the one at hand.
Answer: