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If a 1 percent decrease in price results in less than a 1 percent increase in the quantity
demanded, demand is
A. cross-price elastic.
B. price inelastic.
C. price elastic.
D. status quo elastic.
E. derived demand inelastic.
Answer:
The government has enacted laws that promote both fair trade and competition by
prohibiting the formation of monopolies or alliances that would damage a competitive
marketplace, fostering fair pricing practices for all suppliers and consumers. These
actions are part of the ________ environment of business.
A. communication
B. political/regulatory
C. constitutional
D. social
E. technological
Answer:
Manufacturers would prefer to produce in a country with a trade __________, because
it signals a greater opportunity to export products to more markets.
A. surplus
B. deficit
C. discrepancy
D. bonus
E. balance
Answer:
In very simple words, advertising is really about
A. improving brand image.
B. personal selling.
C. linking emotions with products.
D. getting consumers' attention.
E. being creative.
Answer:
When supply chain members view their goals and ultimate success as intricately linked,
or ________, they develop deeper long-term relationships.
A. conventional
B. vertical
C. horizontal
D. administered
E. interdependent
Answer:
According to your text, the wealthiest 1 percent of the population controls
approximately what percentage of Americans' total net worth?
A. 5.2 percent
B. 15.8 percent
C. 26.9 percent
D. 34.6 percent
E. 51.9 percent
Answer:
What is the best situation in the Circles for a Successful Value Proposition framework?
A. The firm's benefits overlap with both customer needs/wants and competitors'
benefits.
B. The firm's offering overlaps with customer needs/wants but not with competitors'
offerings.
C. The firm's offering overlaps with competitors' benefits but not with customer
needs/wants.
D. Customer needs/wants overlap with both the firm's benefits and competitors'
benefits.
E. None of the three circles overlaps.
Answer:
The sender of an integrated marketing communication
A. must work with the advertising specialists to ensure all recipients interpret the
message accurately.
B. can assess the manner in which receivers interpret the message through gross rating
points.
C. has little control over what meaning any individual receiver will take from the
message.
D. controls the meaning all receivers take from the message.
E. should attempt to control how the message is received.
Answer:
The shared meanings, beliefs, morals, values, and customs of a group of people
constitute their
A. social concerns.
B. culture.
C. demographics.
D. generational cohorts.
E. religion.
Answer:
When manufacturers try to understand what customers are looking for, they are thinking
about the _______ component of the product offer.
A. core customer value
B. associated services
C. augmented products
D. product support
E. quality level
Answer:
Which country has a large literate population which has helped it move up to become
the world's seventh largest economy?
A. Russia
B. China
C. Brazil
D. India
E. United States
Answer:
Kim is the sales representative for a major textbook publisher. When she calls on the
business faculty at General University, her first stop is to chat with Frank, the business
department secretary. From Frank, Kim learns which professors have left the university
or have newly arrived. Frank also helps Kim make appointments to see professors to
discuss textbook choices. Frank acts as the __________ in the business department
buying center.
A. buyer
B. initiator
C. influencer
D. user
E. gatekeeper
Answer:
Historically, prices were
A. the center of attention in almost all marketing strategies.
B. analyzed and changed constantly.
C. calculated to minimize contribution per unit.
D. allowed to vary seasonally as cross-shopping tendencies fluctuated.
E. rarely changed except in response to radical shifts in market conditions.
Answer:
The most common type of contractual vertical marketing system is a
A. wholesale agreement.
B. joint venture.
C. licensing arrangement.
D. partnership.
E. franchise.
Answer:
Marketers must determine the price of a product carefully, based on potential buyers'
beliefs about
A. its value.
B. the environment.
C. the cost to manufacture the product.
D. the economic outlook.
E. the product's new advertising campaign.
Answer:
While no one in the firm has discussed it, Brad notices everyone else seems to dress
more casually on Fridays during the summer. Brad is observing part of his firm's
A. organizational culture.
B. governing principles.
C. human resource policy.
D. employee obligations.
E. code of ethics.
Answer:
Which of the following actions, if it actually happened, would be the most likely to
support and enhance an operational excellence macro strategy?
A. Singapore Airlines installing more comfortable seats in the economy-class cabins of
its airplanes
B. 3M Corporation implementing new software to improve communication with its
suppliers
C. adidas inviting customer suggestions to guide the design of the next generation of
shoes
D. Nike opening hundreds of new company stores in high-traffic shopping areas
E. McDonald's lowering prices on its coffee drinks
Answer:
Which element of the marketing mix deals with supply chain management?
A. product
B. price
C. promotion
D. production
E. place
Answer:
Retailers use _______ to get rid of slow-moving or obsolete merchandise.
A. markdowns
B. slotting allowances
C. price lining
D. rebates
E. seasonal allowances
Answer:
Compared to the B2C process, the information search and alternative evaluation steps
in the B2B process are
A. decentralized.
B. less focused on customer value creation.
C. identical.
D. more formal and structured.
E. based on derived supply analysis.
Answer:
When Walmart considers reordering items for its stores, its buyers are instructed to
negotiate price concessions, quality improvements, and/or added options. In this
situation, Walmart buyers are engaged in a(n) __________ situation.
A. new buy
B. modified rebuy
C. straight rebuy
D. adapted buy
E. generic buy
Answer:
H&R is a small, local heating and air conditioning business. The area military base is a
potential source of growth, and H&R already installs and services the type of
equipment the military would require, but it is difficult to get established as a certified
government contractor. H&R is considering a ____________ growth strategy.
A. product proliferation
B. market development
C. market penetration
D. diversification
E. product development
Answer:
Brand dilution occurs when
A. customers see the "fit" between products sharing the same brand name.
B. there are too few products and product categories.
C. new brands compete with existing brands.
D. brands are overextended and customer perceptions about the core brand are
adversely affected.
E. brand names seem too old-fashioned or familiar.
Answer:
The consumer's level of involvement can lead to two types of buying decisions:
__________ and __________.
A. extended problem solving; limited problem solving
B. culturally influenced; autonomous
C. economic; social
D. physiological/safety; esteem/self-actualization
E. habitual; extended
Answer:
In a recent Gallup survey, which of the following professions was rated lowest in
ethical standards?
A. car salespeople
B. lawyers
C. members of Congress
D. newspaper reporters
E. medical doctors
Answer:
Early personal computer users remember the cumbersome, user-unfriendly DOS
system. When Apple introduced System 1 and Microsoft introduced Windows, both of
which were much easier to use, these new products diffused rapidly because of their
A. relative advantage.
B. compatibility.
C. observability.
D. associated services.
E. trialability.
Answer:
The effectiveness of an advertising campaign is assessed during the campaign by
A. pull strategies.
B. push strategies.
C. tracking.
D. flighting.
E. pretesting.
Answer:
Nordstrom, an upscale department store, has a well-known reputation for going the
extra mile to serve its customers. This reputation for excellent customer service will
most likely result in
A. product design excellence.
B. mission statement satisfaction.
C. sustainable price decreases.
D. a sustainable competitive advantage.
E. producer excellence.
Answer:
Panel data are always secondary data.
Answer:
During a SWOT analysis, a company should assess the opportunities and uncertainties
of the marketplace due to changes in several factors, given the acronym CDSTEP.
Which of the following is not one of these factors?
A. ethical
B. cultural
C. political
D. technological
E. demographic
Answer:
At the end of a brainstorming session, participants are often asked to
A. identify the worst ideas.
B. defer to management for the final decision.
C. identify which ideas each person proposed.
D. vote on the best ideas.
E. propose one more new idea each.
Answer:
Walmart is known for its efficient logistical systems. Every time consumers buy
something, that purchase is recorded and sent to company headquarters, where it is used
to generate reorders to vendors. In addition, customers' billions of purchases are
analyzed to uncover patterns of consumers' purchasing behavior. This is an example of
A. data isolation.
B. data mining.
C. secondary data collection.
D. sentiment mining.
E. qualitative research.
Answer:
Name a profession in which it might be considered unethical to market one's services.
Explain why.
Answer:
What is the fundamental purpose of marketing?
Answer:
Warren is debating between spending the money needed to hire a sales force and using
advertising and promotion to sell his products. What benefits of hiring a sales force will
Warren weigh in his decision?
Answer:
For many American consumers, the purchase of a personal computer has shifted from
an extended problem-solving decision to a limited problem-solving decision. How does
this change the way retail stores should display and sell computers?
Answer:
How can the size of a company affect the choice of marketing channels?
Answer:
Harry's Industrial Supply Company has always used cost-based pricing. Harry's
son-in-law is joining the business and recommends they change. Harry enumerates the
advantages of cost-based pricing, while his son-in-law points out the disadvantages.
What will each of them say?
Answer:
Dentists know most consumers are hesitant to use their services, in part because what
they provide can be painful or uncomfortable at best, but also because much of what
they provide is intangible. What is intangibility? How can dentists attempt to overcome
intangibility aspects of their service?
Answer:
Develop a lifestyle segmentation scheme for students at your university, and label and
describe three segments. You can think of this as developing your own version of the
VALS tool, but specifically for college students.
Answer:
Marketers believe that the decision-making process begins with a consumer's need
recognition. Not everyone agrees. How would you answer critics who believe marketers
can force people to buy things they don't want?
Answer:
Garrett was impressed with the service he received at a local wine store. He thought the
salesperson was attentive and knowledgeable. His friend, Juanita, who was with him
and is very knowledgeable about wine, thought the salesperson was pushy and not well
informed. What does this example suggest about customers' service expectations?
Answer:
Boston Consulting Group's portfolio analysis classifies a company's products or product
lines into a two-by-two matrix. What are the bases of classification and what are the
products or product lines in each of the four quadrants called? What marketing
strategies are usually considered for each of the four classifications?
Answer:
Differentiate between the four levels of competition and offer examples of each type.
Answer:
Differentiate between breadth and depth of a firm's product mix by choosing a familiar
company and explaining how its products exemplify these two concepts.
Answer:
The text states that even among English speakers, there can be significant differences in
the effectiveness of advertising campaigns. Why is this true?
Answer:
When doing marketing research, it is important to uphold strong business ethics. What
are the marketing research guidelines provided by the American Marketing
Association?
Answer:
Robert was extremely embarrassed. He was giving a presentation on the research
findings to the senior executives of the company. The CEO of the company stopped him
in the middle of the presentation and said, "This is not what I asked for or needed. This
meeting is over. Reschedule the meeting when you're prepared." What do you suppose
could have gone wrong, and what should Robert do?
Answer:
