When a firm aims to underprice competitors and win market share, it is using a(n)
________ strategy that requires relatively less marketing skills as compared to other
strategies.
A) product differentiation
B) overall cost leadership
C) focus
D) domestic customer relationship
E) price skimming
Which of the following observations is true?
A) In today’s business environment, marketers are mainly middlemen.
B) Marketing has the sole ownership of customer interactions.
C) Only when all employees realize their job is to create, serve, and satisfy customers
does the company become an effective marketer.
D) Marketers must clearly differentiate all customer-facing processes, such that every
customer receives a personalized marketing message.
E) Marketers must avoid collaborating with other organizational departments, as it blurs
functional responsibilities.
The marketing concept holds that ________.
A) a firm should find the right products for its customers, and not the right customers
for its products
B) customers who are coaxed into buying a product will most likely buy it again
C) a new product will not be successful unless it is priced, distributed, and sold properly
D) consumers and businesses, if left alone, won’t buy enough of the organization’s
products
E) a better product will by itself lead people to buy it without much effort from the
sellers
If the Ford GT is designed to accelerate to 50 miles per hour within 10 seconds, and
every Ford GT coming off the assembly line does this, the model is said to have high
________.
A) reliability
B) conformance quality
C) durability
D) compatibility
E) interoperability
Mission statements are at their best when they reflect a ________.
A) market
B) strength
C) competency
D) vision
E) value
A disadvantage of the product-management organization is that ________.
A) it marginalizes a company’s smaller brands
B) it reduces organizational responsiveness to new products in the marketplace
C) product managers generally exercise authority outside their areas of responsibility
D) it prevents product managers from gaining sufficient expertise in their product areas
E) it fails to build long-term strengths as brand managers normally manage brands for
only short periods
Before Sandra opened her florist shop she read all she could about the floral industry.
She also consulted several published research reports to understand growth patterns in
the local area with particular interest in the location of florists throughout the city. This
________ helped her to decide on the location of her store.
A) primary data
B) secondary data
C) primitive data
D) tertiary information
E) licensed information
Most large companies consist of four organizational levels: the corporate level, the
________ level, the business unit level, and the product level.
A) board of director
B) major stakeholder
C) management team
D) division
E) strategic
________ reward dealers for participating in advertising and sales support programs.
A) Functional discounts
B) Trade discounts
C) Promotional allowances
D) Rebates
E) Quantity discounts
Which of the following sales positions is most likely to have fixed compensation?
A) an FMCG salesperson selling to supermarkets
B) a salesperson who handles the industrial customers
C) an insurance agent who works part time
D) a service representative in charge of handling incoming customer queries
E) a telemarketer calling up existing customers to bring in additional sales
The predominant response function for advertising is often concave, but when it is
S-shaped, ________.
A) sales are flat, and advertising does not generate any sales impact
B) any increase in advertising spending results in a proportionally positive increase in
sales
C) any increase in advertising spending results in a proportionally negative decrease in
sales
D) some positive amount of advertising is necessary to generate any sales impact, but
sales increases eventually flatten out
E) advertising is not necessary to generate any sales impact
Which of the following can a company do to reduce defection?
A) Attract new customers to try out the company’s products.
B) Increase customer lifetime value by increasing the non-monetary costs of products.
C) Enhance the growth potential of existing customers through cross-selling and
upselling.
D) Distinguish the causes of customer attrition and identify those that can be managed
better.
E) Make low-profit customers more profitable or terminate the relationship.
The heart of the internal records system is the ________ because customers favor firms
that can promise timely delivery.
A) sales information system
B) data mining system
C) order-to-payment cycle
D) information needs probe
E) data warehouse
________ includes resistance to interference and a neurotic attitude toward money.
A) Psychological resistance
B) Logical resistance
C) Price sensitivity
D) Relationship inertia
E) Reactance
In a waterfall approach to international expansion, ________.
A) firms enter countries gradually in a sequence
B) firms enter those countries first where the demand for the product is greatest
C) countries are entered based upon the availability of government subsidies
D) firms enter those countries first where the supply of raw material is greatest
E) countries are entered based upon ease of entry
In offering a product line, companies normally develop a ________ and modules that
can be added to meet different customer requirements.
A) convenience item
B) flagship product
C) staple item
D) potential product
E) basic platform
A ________ is a set of all brand lines that a particular seller makes.
A) brand platform
B) brand image
C) co-brand
D) brand extension
E) brand mix
According to the BRANDZ model of brand strength, brand building involves people
progressing through a sequential series of steps. Which of these steps would address the
question “Do I know about this brand?”
A) relevance
B) presence
C) performance
D) advantage
E) bonding
Marketers need to identify the hierarchy of attributes that guide consumer decision
making in order to understand different competitive forces and how these various sets
get formed. This process of identifying the hierarchy is called ________.
A) market partitioning
B) brand association
C) market valuation
D) market estimation
E) market identification
Which of the following is considered to be the last step in the marketing research
process?
A) presenting findings
B) analyzing information
C) controlling the environment
D) arriving at a decision
E) drafting the report