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Danko International is a multinational company that targets the BRIC countries (Brazil,
Russia, India, and China) because they're fast-growing developing economies and use
________ to segment its world markets.
A) political factors
B) legal factors
C) personality factors
D) economic factors
E) cultural factors
Answer:
________ is the act of obtaining a desired object from someone by offering something
in return.
A) Targeting
B) Segmentation
C) Differentiation
D) Exchange
E) Positioning
Answer:
Which of the following would most likely use informal research methods to obtain
marketing insights?
A) multinational firms
B) pharmaceutical firms
C) brick-and-mortar companies
D) not-for-profit organizations
E) family-owned businesses
Answer:
Ford Motor Company issuing a recall that requires customers to schedule appointments
with car dealerships to repair faulty igniters would have the greatest impact on the
________ component of its marketing mix.
A) promotion
B) price
C) product
D) packaging
E) place
Answer:
________ products give both high immediate satisfaction and high long-run benefits.
A) Deficient
B) Pleasing
C) Desirable
D) Salutary
E) Threatening
Answer:
Luccia's is a restaurant based in Illinois that exclusively sells Italian food. Luccia's sells
the rights to its recipes to a British firm, Clover Trading, which then opens an outlet in
London under the Luccia's brand name. Which kind of channel arrangement does
Luccia's most likely have with Clover Trading?
A) a horizontal marketing system
B) a direct marketing system
C) an administered vertical marketing system
D) a contractual vertical marketing system
E) a corporate vertical marketing system
Answer:
Explain market offerings and marketing myopia.
Answer:
According to the five-step model of the marketing process, the first step in marketing is
________.
A) capturing value from customers to create profits and customer equity
B) constructing an integrated marketing program that delivers superior value
C) engaging customers, building profitable relationships, and creating customer delight
D) understanding the marketplace and customer needs and wants
E) designing a customer-driven marketing strategy
Answer:
Marketers are said to suffer from marketing myopia when they ignore underlying
consumer needs and focus excessively on ________.
A) consumers' brand experiences
B) competitors' threats
C) consumers' existing wants
D) competitors' strengths
E) consumers' future demands
Answer:
Service variability means that ________.
A) the evaluation of services is subjective and changes from customer to customer
B) service quality depends on when, where, and how they are provided
C) services cannot be stored for later sale or use
D) services cannot be seen, tasted, felt, heard, or smelled before they are bought
E) services can be separated from their providers
Answer:
The relationship between the price charged for a product and the resulting demand level
can be shown in a(n) ________.
A) demand curve
B) supply curve
C) elastic demand slope
D) break-even chart
E) inelastic demand slope
Answer:
In addition to joint ownership ventures in China, Intel has made substantial outlays in
its own manufacturing and research facilities there. This is an example of ________.
A) exporting
B) direct investment
C) licensing
D) indirect exporting
E) management contracting
Answer:
________ are everywhere these days, from self-service hotel and airline check-in
devices to in-store ordering devices that let you order merchandise not carried in the
store.
A) Infomercials
B) Viral videos
C) Kiosks
D) Podcasts
E) Catalogs
Answer:
In which of the following cases is crowdsourcing used for new product development?
A) A company creates a forum where anyone can contribute new product ideas.
B) A company hires a marketing agency to generate new product ideas.
C) A company reviews the sales, costs, and profit projections of an existing product.
D) A company depends on its R&D department to come up with new ideas.
E) A company partners with a design agency to create a few prototypes.
Answer:
Trendy Appliances has introduced a new product, Minute Yogurt, into the yogurt maker
appliance market. Minute Yogurt differs from competitive offerings because it takes a
minute to blend and a minute to clean. Which type of advertising would be best for
promoting Minute Yogurt?
A) informative advertising
B) reminder advertising
C) classified advertising
D) comparative advertising
E) personalized advertising
Answer:
________ is an organized movement of concerned citizens, businesses, and government
agencies designed to protect and improve people's current and future living
environment.
A) Socialism
B) Consumerism
C) Environmentalism
D) Consumption
E) Reduction
Answer:
Port Orleans Shipping markets different services to the tourism, defense, and trade
segments. The firm designs separate offers for each segment based on their needs. This
approach is called ________ marketing.
A) concentrated
B) differentiated
C) individual
D) mass
E) local
Answer:
Marque, a high-end maker of designer watches, has started making inexpensive watches
to take advantage of enormous growth rates in low-end market segments. Marque is
most likely engaging in ________.
A) franchising
B) line filling
C) two-way stretching
D) upward stretching
E) downward stretching
Answer:
Safari Unlimited recently conducted national research to generate ideas for a new line
of fatigues geared to women. The company uncovered a number of ideas about clothing
and accessory preferences as well as important benefits such as built-in sunblock and
durability. The Safari Unlimited product development team will most likely use
________ next to arrive at a realistic number of products for the new fatigues line.
A) crowdsourcing
B) idea screening
C) concept testing
D) concept development
E) business analysis
Answer:
Compared with undifferentiated marketing, differentiated marketing is more likely to
lead to ________.
A) reduced sales in each market segment
B) weaker product position in each market segment
C) higher costs of doing business
D) redundancy in product design across market segments
E) smaller market share in the industry
Answer:
Both market penetration strategies and market development strategies primarily involve
________.
A) selling a company's current products
B) modifying the company's product line
C) selling in new as well as existing markets
D) developing a new product
E) leaving the current market
Answer:
More than 80 percent of McDonald's restaurants worldwide are owned and operated by
franchisees. This illustrates a(n) ________ marketing system.
A) corporate vertical
B) horizontal
C) contractual vertical
D) administered vertical
E) direct
Answer:
Zappos recognizes the importance of the buyer-seller interaction. They only hire people
with an innate "passion to serve" and they go through four weeks of customer loyalty
training. This is referred to as ________ marketing.
A) horizontal
B) interactive
C) advocacy
D) social
E) internal
Answer:
Which statement is most likely true about idea generation in the new product
development process?
A) Idea generation is most effective when it occurs after idea screening.
B) Most companies set a limit for the number of ideas generated to simplify the
process.
C) Intrapreneurial programs enable customers to contribute to the idea generation
process.
D) Idea generation is usually followed by procedures that reduce the total number of
ideas.
E) A company can either develop ideas through internal or external sources but not
through both.
Answer:
Which of the following is true of a vertical marketing system?
A) It is formed when two or more companies at one level join together to follow a new
marketing opportunity.
B) It is formed when a single firm sets up two or more marketing channels to reach one
or more customer segments.
C) It does not give overall power to any one member in the channel.
D) It has each channel member acting as a separate business unit trying to maximize its
own profits.
E) It has one channel member owning all the other channel members or has contracts
with all other channel members.
Answer:
The full positioning of a brand is referred to as the ________.
A) differentiated strategy
B) concentrated strategy
C) unique selling proposition
D) value proposition
E) undifferentiated strategy
Answer:
Salespeople need to know how to ________ leads, that is identifying good leads and
screening out poor ones, at the beginning of the selling process.
A) approach
B) qualify
C) consolidate
D) generate
E) manage
Answer:
Marketing the same product to a huge customer base without any customization is
referred to as ________.
A) mass marketing
B) differentiated marketing
C) niche marketing
D) local marketing
E) individual marketing
Answer:
Which of the following is most likely a true statement about services?
A) Services can be stored for later sale or use.
B) Service quality is not dependent on the provider.
C) Services can be easily separated from their providers.
D) Service industries vary greatly.
E) Demand fluctuation has little to no impact on service providers.
Answer:
The Bread Company promotes its brand in new international markets by providing
rights to local bakeries and bistros to use its recipes and brand name. In this case, The
Bread Company's market-entry strategy is referred to as ________.
A) licensing
B) exporting
C) joint ownership
D) contract manufacturing
E) management contracting
Answer:
Clorox sells five major product lines including cleaning, household, lifestyle,
professional, and international. Together the product lines make up Clorox's ________.
A) product length
B) product mix
C) product depth
D) product consistency
E) product assemblage
Answer:
The two dimensions the BCG approach uses to evaluate and manage SBUs are
________.
A) market growth rate and relative market share
B) market growth rate and market penetration
C) market growth rate and market development
D) relative market share and product development
E) relative market share and market penetration
Answer:
For over 10 years, Erudite, a publishing and educational company that produces college
textbooks, has been selling its books online through studysmart.com, a popular online
retailer that sells textbooks published by different companies. Recently, Erudite stopped
selling its books through studysmart.com and set up its own Web site to sell its books.
This change in channel organization is called ________.
A) disintermediation
B) intensive distribution
C) brokering
D) franchising
E) selective distribution
Answer:
Sleek Designs Inc. is producing its first eReader. The company is striving to overcome
some of the issues communicated by customers about competitive products including
screen glare and product bulkiness. Sleek Designs Inc. is using a ________ approach in
their new product development process.
A) customer-centered
B) team-based
C) sequential
D) supply/demand
E) systematic
Answer:
