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An organization's mission statement must be _____ to be able to provide direction and
guidelines to management when they are choosing between alternative courses of
action.
A. challenging
B. broad
C. generic
D. specific
Answer:
Which of the following is the final step of the research process?
A. Processing of research data
B. Data structuring and analysis
C. Preparation of the research report
D. Performance of the research
Answer:
Which of the following is a type of software required by marketing information
systems?
A. A word processing system
B. A database management system
C. A transaction processing system
D. A learning management system
Answer:
In the market segmentation process, delineation of a firm's current situation is followed
by the determination of:
A. consumer needs and wants.
B. marketing mix strategies.
C. product positioning strategies.
D. relevant dimensions for market segmentation.
Answer:
With regard to the internal factors that can either facilitate or impede a company's
efforts to undertake a global approach to marketing strategies, _____ refers to the ease
of installing a centralized global authority and the absence of rifts between present
domestic and international divisions or operating units.
A. structure
B. culture
C. heuristics
D. mnemonics
Answer:
Kenny and Tessa are planning to go on a vacation. They learn that Dreamz Travel, a
travel agency, is offering a special package that includes travel, lodging, and
entertainment at a much lower price than the couple would have to pay for all of them
separately. Which of the following pricing strategies is Dreamz Travel using in this
scenario?
A. Price skimming
B. Odd-even pricing
C. Reference rate pricing
D. Bundle pricing
Answer:
Which of the following objectives seeks to increase a product's short-term cash flow
without concern for the long-run impact?
A. Hold share
B. Harvest
C. Divest
D. Build share
Answer:
Adrian is served an exotic meal while traveling on Valatia Airlines. Adrian is pleasantly
surprised by the quality of the meal and is a very happy customer when he completes
his flight that offers exquisite customer service. This is aided by the fact that he is
offered a special rebate on his next flight with Valatia Airlines This is an example of
a(n):
A. purely tangible service.
B. purely intangible service.
C. goods-service continuum.
D. inseparable service.
Answer:
Which of the following best defines tangible products?
A. They refer to those goods that cannot be perceived by touch.
B. They refer to the physical entities or services that are offered to a buyer.
C. They refer to goods that cannot be resold by the buyer.
D. They refer to the essential benefits a buyer expects to receive from a service.
Answer:
_____ are used in organizational markets when there is a large number of buyers but
each purchases a small amount of a product.
A. Brokers
B. Distributors
C. Agents
D. Retailers
Answer:
Which of the following observations is true of the build share objective for a strategic
business unit (SBU)?
A. It sacrifices immediate earnings to improve market share and is the appropriate
strategy for question marks.
B. It increases a product's short-term cash flow without concern for the long-run impact.
C. It involves selling or divesting the SBU because better investment opportunities exist
elsewhere.
D. It is very appropriate for dogs and those question marks the firm cannot afford to
finance for growth.
Build share objective sacrifices immediate earnings to improve market share. This
strategy is appropriate for question marks which have a low market share in a rapidly
growing market.
Answer:
In a client relationship:
A. the relationships are typically not of an ongoing nature.
B. the buyer is typically an agent of a third party or association.
C. the buyer views the seller as someone who has knowledge that has value.
D. the seller abides by the advice offered by the buyer.
Answer:
For any advertised product, it can be assumed that a point is eventually reached at
which additional advertising produces little or no additional sales. This is proof that
advertising is:
A. subject to the law of diminishing returns.
B. governed by the law of accelerating change.
C. non-measurable in the context of sales numbers and figures.
D. subject to the law of increasing returns.
Answer:
Which of the following explains the reason why defining what constitutes good service
quality is difficult?
A. Services are not labor intensive.
B. Services are examined objectively.
C. Service quality is measured against performance.
D. Service quality is measured against standards.
Answer:
Lumber, coal, and iron ore are examples of _____.
A. consumables
B. convenience goods
C. raw materials
D. specialty goods
Answer:
One of the limitations of franchising is that it:
A. provides less opportunities for additional profits through supplies sold to franchisees.
B. depends heavily on franchisees for financial success without full control of them.
C. requires many company managers and employees, thus increasing costs.
D. prevents expansion requiring more capital resulting in slower market penetration.
Answer:
One disadvantage of projective techniques as a data collection method is that:
A. they are highly threatening to respondents for sensitive topics.
B. they cannot be used for word association tests of new brand names.
C. they do not enable the identification of important motives underlying consumer
choices.
D. they require trained and experienced interviewers as sensitive data may be elicited.
Answer:
As Ted strolls through the city mall, a market researcher stops him and asks him to list
the brands of candy bars that come to his mind in the first 30 seconds. Ted is then given
a few advertising slogans and is asked to match them to their respective candy-bar
brands. In this scenario, the market researcher is most probably conducting a(n) _____.
A. opinion test
B. theater test
C. awareness test
D. attitude test
Answer:
As opposed to services as a term, which of the following is a typical example of a
service product?
A. Warranty on a laptop
B. An educational loan
C. Guarantee on a television
D. Giftwrapping supplies
Answer:
The removal of tariffs on the import of Canadian lumber will adversely affect the U.S.
lumber industry because Canada is able to produce lumber much more inexpensively
than the U.S. This tariff removal is an example of how the _____ environment can
affect businesses.
A. cooperative
B. functional
C. social
D. legal
Answer:
Which of the following methods of determining advertising expenditure establishes the
advertising budget as a predetermined share of profits or financial resources?
A. The per-unit expenditure
B. The all-you-can-afford approach
C. The competitive parity approach
D. The research approach
Answer:
Soffia Inc. manufactures a moisturizing soap with anti-ultraviolet properties, which is
sold under the brand name DewMist. The company also manufactures Safechoice, a
non-abrasive, antibacterial brand of soap, which is a different brand. Which of the
following strategies has Soffia used in this scenario?
A. Multibranding strategy
B. Dual branding strategy
C. Cobranding strategy
D. Family branding strategy
Answer:
Which of the following observations is true of price elasticity?
A. Price elasticity is only affected by demographic factors, not psychological factors.
B. Price elasticity is a measure of consumers' price sensitivity.
C. The estimation of price elasticity from historical data is an expensive approach and is
not limited to the consideration of price changes.
D. Crude estimates of price elasticity are not useful to pricing decisions.
Answer:
Which of the following is an activity performed by sellers and others that accompany
the sale of a product and that aid in its exchange or its utilization?
A. Securing a bank loan
B. Offering a home security plan
C. Seeking a health insurance cover
D. Availing warranty on computer equipment
Answer:
The ad for Concordia kitchen cabinets states, "For an exceptional look in cabinetry that
you won't find anywhere else, buy Concordia cabinets." This is an example of
positioning:
A. based on superiority to competitive products.
B. in terms of superior product users.
C. based on being a cost-leader in the market.
D. in terms of where consumers live and shop.
Answer:
