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Product stewardship involves minimizing not only pollution from production and
product design but also all environmental impacts throughout the full product life cycle,
and accepting increased costs.
Answer:
Neuromarketing involves measuring brain activity to learn how consumers feel and
respond.
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Direct marketing seldom occurs on a one-to-one, interactive basis.
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The major activity in strategic planning is product innovation.
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Consumers who have no past experience with a product are more likely to judge it by
its price.
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Causal research involves sending observers to watch and interact with consumers in
their natural environments.
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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.
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Superstores are much larger than regular supermarkets and offer a large assortment of
routinely purchased food products, nonfood items, and services.
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UNASUR is the economic community of South American nations.
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Most companies use direct marketing as a supplementary channel or medium.
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In consumer-generated marketing, marketers play a bigger role in shaping consumers'
brand experiences and those of others.
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Although television advertising has high absolute costs, its cost per exposure is
relatively low.
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Producers of convenience products and common raw materials typically seek exclusive
distribution, a strategy in which they stock their products in as many outlets as possible.
Answer:
Personal interviews can be used to collect large amounts of information at a low cost
per respondent.
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The Internet is making global price differences more obvious, forcing companies
toward more standardized international pricing.
Answer:
Geographic segmentation divides the market into segments based on variables such as
age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and
generation.
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A sample is a segment of the population selected for marketing research to represent the
population as a whole.
Answer:
When a company chooses what principle to follow on issues of ethics and social
responsibility, there are two common philosophies to use as guides: let the free market
and legal system decide or let individual managers and companies choose.
Answer:
Prices have a direct impact on a firm's bottom line.
Answer:
Downstream marketing channel partners, such as wholesalers and retailers, form a vital
link between the firm and its customers.
Answer:
Marketing logistics involves planning, implementing, and controlling the physical flow
of goods, services, and related information from points of origin to points of
consumption to meet customer requirements at a profit.
Answer:
Oreos are less sweet or less bitter in certain countries. This is an example of straight
product extension.
Answer:
Benchmarking involves comparing the firm's products and processes to those of the
competitors to identify best practices to improve quality and performance.
Answer:
The main differences between business and consumer markets are in market structure
and demand, the nature of the buying unit, and the types of decisions and the decision
process involved.
Answer:
Influencers often help define specifications and also provide information for evaluating
alternatives.
Answer:
The inside sales force consists of salespeople who conduct business from their offices
via telephone, the Internet, or visits from buyers.
Answer:
The macroenvironment consists of the factors close to the company that affect its ability
to serve its customers, such as suppliers, customer markets, competitors, and publics.
Answer:
Each layer of marketing intermediaries that performs some work in bringing the
product and its ownership closer to the final buyer is a channel level.
Answer:
The starting point of understanding how consumers respond to various marketing
efforts is called the stimulus-response model of buyer behavior.
Answer:
The four marketing management functions are analysis, planning, implementation, and
control.
Answer:
Mission statements should be market oriented and defined in terms of satisfying basic
customer needs.
Answer:
An obvious disadvantage of using customer relationship management is its
ineffectiveness in pinpointing high-value customers.
Answer:
Which of the following is a component of a firm's microenvironment?
A) customer demographics
B) economic recessions
C) population shifts
D) marketing intermediaries
E) technological changes
Answer:
Secondary data consist of ________.
A) information collected for the specific purpose at hand
B) data that does not age
C) information that already exists somewhere, having been collected for another
purpose
D) information collected from conducting personal, in-depth interviews
E) data that is unreliable and unsuitable for the purpose of making marketing decisions
Answer:
Which of the following statements is true regarding today's marketing communications?
A) More marketers are shifting away from narrowly defined micromarkets and moving
toward mass marketing.
B) More customers have started relying on marketer-supplied information rather than
finding out information on their own.
C) Network television, magazines, newspapers, and other traditional mass media
continue to increase their dominance.
D) Focused marketing programs, which are designed to build closer relationships with
customers in more narrowly defined micromarkets, are no longer used by marketers.
E) Today's consumers are better informed about products and services.
Answer:
Refer to the scenario below to answer the following question(s).
The Treble Clef sells music books, musical instruments, and novelty gifts of a musical
nature. In recent years, owner Gary Zahn has served as the local representative of
several musical instrument manufacturers, providing a contact person for three local
schools. He sends a sample of a manufacturer's products to schools that request a
demonstration or presentation. "If we don't have it, we can definitely get it for you,"
Gary tells all Treble Clef visitors and customers.
Most walk-ins are particularly interested in a specific piece of sheet music from a
particular era or just browsing among the hundreds of music knick-knacks in the store.
Gary spends most of his time making presentations to beginners at the local schools and
making biweekly visits to the schools to deliver instruments, make minor repairs, or
pick up instruments to ship to the manufacturer for more complicated repairs.
After establishing a loyal customer base, Gary was convinced that a Treble Clef Web
site could benefit a variety of customers. He began with a simple Web site that provided
information about the store and the types of gifts and services available. The site
received so much response that Gary added a question-and-answer option. Questions
poured in, ranging from "Where can I get sheet music for 'Hello, Dolly'?" to "Do you
carry clarinet reeds?" to "My saxophone needs two new pads. When will you be at
Elmhurst School to repair it?" The Web site is now able to accept credit card orders, and
gifts can even be wrapped and shipped for no extra charge.
"This Web site idea was fantastic!" Gary admitted. "It allows us to be so responsive.
And our novelties sales have doubled!"
Gary wants to expand the reach of his business. An effective approach to reaching the
most likely potential customers would be ________ marketing. The message will
include a link to Treble Clef's Web Site.
A) e-mail
B) viral
C) kiosk
D) mobile
E) catalog
Answer:
________ are major exporters of manufactured goods, services, and investment funds.
A) Raw material exporting economies
B) Subsistent economies
C) Industrializing economies
D) Industrial economies
E) Emerging economies
Answer:
Alex Smith rents storage space to college students who go home for the summer but do
not want to haul all of their property home and back. The business is profitable during
the summer months, but when the storage space is unoccupied in the off-season, Alex
loses money. Which of the following characteristics of service is most likely the source
of Alex's problem?
A) intangibility
B) perishability
C) inconsistency
D) variability
E) inseparability
Answer:
A ________ generally contains between 5 and 15 stores. It is close and convenient for
consumers, usually contains a supermarket, perhaps a discount store, and several
service stores such as a dry cleaner, a drugstore, and a hardware store.
A) regional shopping center
B) community shopping center
C) neighborhood shopping center
D) warehouse club
E) factory outlet
Answer:
Mark has long supported a particular brand of footwear and has always bought that
brand. Recently, the footwear manufacturer was embroiled in a controversy for using
child labor at its manufacturing plants. Mark doubts the news reports and continues to
purchase the same brand of footwear. It is most accurate to say that Mark displays
________.
A) selective distortion
B) cognitive dissonance
C) selective retention
D) selective attention
E) consumer ethnocentrism
Answer:
Companies are doing less ________ and more ________ as a result of the explosive
developments in communication technologies to better target smaller customer
segments.
A) personal selling; digital activities
B) public relations activities; digital activities
C) digital activities; mass marketing
D) mass marketing; engagement marketing
E) viral marketing; word-of-mouth marketing
Answer:
Which of the following is true about the concentrated marketing strategy?
A) Companies that rely on a few segments for all of their business will suffer if a
segment turns sour.
B) Concentrated marketing is not profitable for most firms.
C) Niche marketing involves few risks for most firms.
D) Concentrated marketing involves going after a small share of a large market.
E) The Internet has limited the use and benefits of niche marketing.
Answer:
BRIC countries are examples of ________ economies.
A) raw material exporting
B) industrializing
C) subsistence
D) industrial
E) totalitarian
Answer:
Refer to the scenario below to answer the following question(s).
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small,
seaside motel to a thriving year-round resort in just a few years. Atop a cliff
overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during
summer, but then faced a tremendous downturn in business during winter. "But, given
the established industries in the nearby towns, very little year-round competition, and
our close proximity to Portland," Carol added, "I couldn't understand why seasonality
had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a
promotional package designed to attract business travelers year-round. Carol's plan also
involved a seasonal promotional gimmickto be implemented from early winter to late
springthat would attract the same numbers as the large summer crowd. Her idea
worked! During her second winter, Carol greeted numerous business travelersboth
satisfied repeat guests as well as new guests who had been snagged by her promotional
appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that
are a part of the local cuisine, but we'd like to expand that. We provide health club
privileges off-site, but we'd like to eventually provide our own. These are goals I hope
to achieve in a few years. Our first project, however, included a renovation of our guest
rooms and I'm quite proud of the results." Carol then added, "Actually there are so
many possibilities. With an indoor pool area, I will eventually offer weekend getaways
throughout winter."
Carol Veldt has decided to ask selected guests to participate in an extensive survey
about their experience at Seagull Terrace and about their requirements in terms of
amenities and cuisines. By implementing the suggestions she receives from guests,
Carol would be following the ________ concept.
A) production
B) product
C) selling
D) marketing
E) societal marketing
Answer:
Countries with ________ economies consist mostly of households with very low family
incomes.
A) industrial
B) industrializing
C) raw material exporting
D) emerging
E) subsistence
Answer:
A ________ documents an organization's purposewhat it wants to accomplish in the
larger environment.
A) vision statement
B) mission statement
C) business portfolio
D) value proposition
E) product strategy
Answer:
________ positioning involves providing the most upscale product or service and
charging a higher price to cover the higher costs.
A) More for the same
B) More for less
C) Same for less
D) Less for much less
E) More for more
Answer:
________ are like coupons except that the price reduction occurs after the purchase
rather than at the retail outlet.
A) Rebates
B) Promotional products
C) Premiums
D) Samples
E) Price packs
Answer:
Refer to the scenario below to answer the following question(s).
Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to
industry design changes and consumer demands, for the next financial year, six of those
stampings will require a slight change: two will have an extra hole punched through the
side, two will require an extra plating process, and two will require an additional weld
operation.
In the meantime, purchasing agent Richard Koehl has been asked to reduce the number
of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price
quotations and steel samples from his current suppliers, Richard faced a dilemma. Until
now, he had selected his suppliers based on quality and price, but the major
consideration had been the type of steel required and the specialized production
processes of his respective suppliers. Not all of Alpha's suppliers could produce the
exact grades of steel needed; some suppliers were better at producing certain types of
steel than others.
Richard contacted several employees at Alpha who had worked with the various types
of steel in the past. The quality control manager and line inspector, for example, could
help to determine which suppliers had the capabilities of producing specific types of
steel. The production control manager could provide input regarding which types of
steel worked best in which presses. The warehouse foreman gave inputs regarding how
long various types of steel could be held in inventory before rust spots began to form on
their surfaces. Each person contributed the necessary information to help Richard in
making his decision.
In this scenario, which of the following had the greatest influence on the business
buying behavior at Alpha Stampings?
A) individual preferences
B) organizational structure
C) interpersonal influences
D) technological changes
E) cultures and customs
Answer:
Which of the following is a disadvantage of a team-based approach to new product
development?
A) It takes longer for the development of a new product.
B) The development effort is not as effective because of employee inexperience.
C) It decreases the efficiency of the new product development process.
D) It results in organizational confusion and tension.
E) The process does not work with the shorter life cycles of many of today's products.
Answer:
________ are the largest group of wholesalers. They include two broad types:
full-service wholesalers and limited-service wholesalers.
A) Brokers
B) Manufacturer sellers
C) Manufacturers' agents
D) Merchant wholesalers
E) Selling agents
Answer:
When P&G developed the Mr. Clean Magic Eraser, the company needed to explain how
the product cleans grime from walls without removing paint. What type of campaign
was most likely used by P&G for the Mr. Clean Magic Eraser?
A) informative advertising
B) persuasive advertising
C) reminder advertising
D) developmental advertising
E) comparative advertising
Answer:
Refer to the scenario below to answer the following question(s).
John Mayes opened Sparkle Janitorial in 2005. John began his business by acquiring
two contracts for office cleaning services from two local manufacturing facilities. For
two years, John and his wife, Barb, performed the cleaning services alone. After
acquiring three additional cleaning contracts in 2007, John hired two employees. "Up to
that point, we had room to grow but we really had no advertising plan," John stated.
"We were relying mostly on word-of-mouth."
By 2010, Barb hired another two full-time employees to begin Sparkle's new endeavor:
carpet cleaning in homes and offices. "Competition was getting tough for both of our
services at that point," Barb added. "We ran a local radio spot three times each week.
Then we had an advertiser print coupons on placemats. That gave us a little more
exposure."
John and Barb Mayes admit that they did not realize the value of a sound promotional
plan earlier. "We wish we would have put together something catchy with a jingle long
before now," they said.
In a recent radio spot, John and Barb gave a quick explanation of Sparkle's cleaning
process and a description of the value consumers receive for their money. This is an
example of a(n) ________ appeal.
A) emotional
B) standard
C) rational
D) moral
E) social
Answer:
A number of top fashion-modeling agencies would most likely be charged with
________ for jointly determining what commissions they charge for models.
A) prestige pricing
B) competitive pricing
C) price bundling
D) dynamic pricing
E) price fixing
Answer:
Marketing is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through ________.
A) research and development
B) innovation and creativity
C) manufacturing efficiencies
D) value creation and exchange
E) sales and revenue creation
Answer:
Comparative advertising is also known as ________ advertising.
A) attack
B) institutional
C) covert
D) reminder
E) informative
Answer:
________ involves actually distinguishing the firm's market offering to create superior
customer value.
A) Mass customization
B) Differentiation
C) Market segmentation
D) Diversifying
E) Targeting
Answer:
________ involves designing and producing the container or wrapper for a product.
A) Packaging
B) Patenting
C) Servicing
D) Co-branding
E) Labeling
Answer:
________ logistics starts with the marketplace and works backward to the factory or
even to sources of supply.
A) Outbound
B) Customer-centered
C) Upstream
D) Reverse
E) Inbound
Answer:
A catalog retailer in the United States has identified African American professionals
between the ages of 35 and 45 as a group of potential customers for its products. The
retailer plans to direct its marketing efforts toward this group of consumers. Which of
the following market segmentation variables did the catalog retailer most likely use?
A) demographic
B) psychographic
C) user status
D) loyalty status
E) usage rate
Answer:
In the communication process, the more the sender's field of experience ________ that
of the receiver, the more ________ the message is likely to be.
A) varies from; distinguishable
B) overlaps with; effective
C) connects with; ineffective
D) coincides with; creative
E) departs from; direct
Answer:
Creating a brand-marketing event or serving as a sole or participating sponsor of events
created by others is known as ________.
A) point-of-purchase promotions
B) sweepstakes
C) team selling
D) event marketing
E) personal selling
Answer:
With the help of ________ systems, consumers can avoid watching ads.
A) USB
B) CCTV
C) HDMI
D) DVR
E) XBMC
Answer:
How can marketers reach the Millennials effectively?
Answer:
Briefly define the four marketing concepts.
Answer:
What are stars according to the BCG growth-share matrix?
Answer:
For what types of products might marketers use market-skimming pricing?
Answer:
What are two possible reasons that management contracting is prevalent in the hotel
industry?
Answer:
What is a value delivery network?
Answer:
Describe social selling and what changes it is bringing to the selling process.
Answer:
Marketers can obtain information from internal data and from competitive marketing
intelligence. Compare and contrast the two sources of information.
Answer:
A marketer has selected a single city in which to conduct a test market. What can be
concluded from this choice of a single-city test market?
Answer:
How is consumer-oriented marketing different from customer-value marketing?
Answer:
Discuss the different levels at which competitors can be identified.
Answer:
Describe the advantage of selecting multiple sources of supplies.
Answer:
Define price. Discuss its importance.
Answer:
Describe the major contact methods used to collect information from respondents in
market research.
Answer:
In nineteenth-century Dublin, Molly Malone sold mussels at a market while shouting to
passersby, "alive-alive-oh." Was Molly taking an outside-in or inside-out perspective?
Explain.
Answer:
A marketer's fixed costs are $400,000. The variable cost is $16 per unit, and the price of
the product is $24 per unit. If the company wants to make a profit, how many units
must it sell and at what price?
Answer:
Distinguish between business markets and consumer markets.
Answer:
What are the steps of the marketing research process? How do companies conduct
research?
Answer:
What is the most common CRM mistake?
Answer:
