Companies in several industries have recognized the buying power of the LGBT
segment of the U.S. population and have begun explicitly targeting these consumers
with gay-specific ads and marketing efforts.
Operating control involves checking ongoing performance against the annual plan and
taking corrective action when necessary.
At the narrowest level, a company can define its competitors as other companies
offering similar products and services to the same customers at similar prices.
Supermarkets sell a limited selection of goods at deep discounts to consumers who pay
membership fees.
The relative power of buyers affects segment attractiveness.
Market segmentation is the process of seeking fewer customers and reduced demand for
profit maximization only.
PR can have a strong impact on public awareness at a much higher cost than advertising
can.
External databases are electronic collections of consumer and market information
obtained from data sources within a company’s network.
If a company has numerous and complex products, it can adopt a product sales force
structure in which the sales force specializes along product lines.
Benefit segmentation requires finding the major benefits people look for in a product
class, the kinds of people who look for each benefit, and the major brands that deliver
each benefit.
“Destroying” a close competitor can actually damage a company’s market share in the
long run.
Independent off-price retailers either are independently owned and run or are divisions
of larger retail corporations.
Sequential product development has the advantage of not only being a team-oriented
approach, but also of being faster in bringing products to market.
Which of the following terms refers to the wholesalers and retailers that form a vital
link between the firm and its customers?
A) factory-supply networks
B) downstream partners
C) resource banks
D) upstream partners
E) supply channels
Often, international researchers must collect their own primary data because ________.
A) reliable secondary data is both scarce and difficult to find
B) information from commercial online databases is unreliable
C) it is cheaper to obtain primary data than secondary data
D) it is easier to obtain primary data than secondary data
E) it is illegal in some countries to track customer data
A charitable trust’s appeal which states, “While you are trying to figure out what to get
the man who has everything, don’t forget the man who has nothing” is an example of
a(n) ________ appeal.
A) structural
B) awareness
C) rational
D) moral
E) standard
Why are historically online shops such as Zappos.com adding catalogs to their
marketing methods?
A) to meet the increased demand in print catalogs
B) to reduce the costs involved in online marketing
C) to connect with customers in hard-to-reach places
D) to drive online sales and services
E) to reduce the need for telemarketers
Johann Herr’s company has standardized the size of its paper bags so that each bag can
be used in five to seven different store departments. In the business buying process, this
approach to cost reduction most likely took place in the ________ stage.
A) problem recognition
B) general needs description
C) product specification
D) supplier search
E) proposal solicitation
________ and ________ do not take title to goods, and they perform only a few
channel functions.
A) Full-service wholesalers; limited-service wholesalers
B) Brokers; agents
C) Industrial distributors; cash-and-carry wholesalers
D) Cash-and-carry wholesalers; industrial distributors
E) Rack jobbers; off-price retailers
A product in the maturity stage will most likely require ________ advertising.
A) informative
B) comparative
C) persuasive
D) reminder
E) covert
Which of the following is a trend that depicts the increasingly nontraditional nature of
today’s American families?
A) the low percentage of working women in the workforce
B) the low percentage of married couples with children
C) the sharply declining number of dual-income families
D) the sharply declining number of stay-at-home dads
E) the decreasing reliance on convenience foods and services
Laws are passed to define and prevent unfair competition primarily because ________.
A) business executives tend to favor pure monopolies
B) businesses sometimes try to neutralize threatening firms
C) governments in free market economies tend to nationalize ailing firms
D) private lobbying hurts the interests of national and state governments
E) most multinational entities in advanced economies are averse to invest in emerging
markets
James is looking for a new suit for a job interview. He is shopping at Smith & Jones, a
well-regarded menswear store. While he looks at various styles and uses his smartphone
to scan codes, the menswear shopping app provides him with suggestions for shirts,
ties, and shoes that would complete the ensemble he needs to make a strong, positive
impact at his interview. The ability of the app to provide this information serves to
________.
A) enrich the shopping experience
B) annoy James
C) complicate the shopping experience
D) use James’ data plan
E) interrupt the shopping experience
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.
Refer to the scenario below to answer the following question.
Most people laughed when Evelyn Ringler explained her product idea: a solar-powered
vacuum cleaner. But the concept was practical and the technology used in the vacuum
was the same as that used in many electronic toys. After setting up a demonstration
booth in a mall in a Chicago suburb, Evelyn felt more assured than ever that her idea
would be a hit. Consumers seemed receptive and offered helpful pieces of advice, such
as how much they would pay for the vacuum, what colors they would prefer, and why
they would not buy the vacuum.
The vacuum itself was shaped like a small saucer, with a filter bag on top and sensory
nodes along the edges. After being charged in the sunlight, the vacuum could run for 7
hours, covering a floor area of 600 square feet. As the apparatus lightly bumped into
table legs, chairs, and so on, the sensory nodes allowed the vacuum to move around the
objects in various directions. This is the same type of technology used in the
manufacture of children’s racecars and walking dolls.
Evelyn knew that the solar-powered vacuum would be especially helpful to both elderly
consumers, who may have a more difficult time with vacuuming, and on-the-go
consumers who lead busy lives. The price would be above average but would likely be
reduced after Evelyn recouped some of her costs.
After a 500-unit production run and a substantial financial investment, Evelyn set up a
multiple-city test market, in a Chicago mall and in an appliance store in New Jersey and
several other retail stores in Florida. “It’s such a novel idea,” Evelyn added. “People will
notice it, even if they don’t buy it right away.”
Evelyn’s ________ is the practical use of solar power in a vacuum cleaner that is
designed to effortlessly vacuum clean the floors of on-the-go and elderly consumers.
A) product placement
B) product concept
C) product image
D) product idea
E) virtual product
Which term refers to prices that buyers carry in their minds and check with when they
look at a given product?
A) product line prices
B) reference prices
C) location-based prices
D) product form prices
E) time-based prices
GameStop sells only video games and systems, offering a narrow product line with a
deep assortment within that line. GameStop is a(n) ________.
A) department store
B) convenience store
C) category killer
D) specialty store
E) off-price retailer
Which of the following refers to a probability sample in which the population is divided
into mutually exclusive groups (such as blocks), and the researcher draws a sample of
the groups to interview?
A) quota sample
B) judgment sample
C) cluster sample
D) stratified random sample
E) simple random sample
Which of the following would a marketer LEAST likely do to encourage habitual
buying behavior?
A) dominate shelf space
B) run frequent reminder ads
C) keep shelves fully stocked
D) stress unique features in ads
E) offer lower prices and coupons
Independent Grocers Alliance, Do-It Best, and Western Auto are examples of
________.
A) franchise organizations
B) warehouse clubs
C) voluntary chains
D) category killers
E) wholesale clubs
How can marketers reach the Millennials effectively?
Discuss the concepts of advertainment and branded entertainment.
Explain the major benefits of direct marketing for customers and for sellers.
Discuss the four evolving company orientations. Which orientation is considered most
successful and why?
How is joint venturing more risky and complex than merely exporting?
Explain why the PLC can be applied to more than just brands.
Why do companies opt for market segmentation?