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After establishing a listening platform, an organization should:
a. develop a list of objectives for its social media team to accomplish
b. attempt to develop a unique social media platform to generate buzz about the brand
c. identify potential consumers
d. decide which tools and platforms to use as part of its social media strategy
e. implement measurement tools to determine the benefits of social media
Answer:
The marketing concept involves:
a. focusing on customers' wants and needs so that the organization can distinguish its
product (or products) from competitors' products
b. satisfying management's needs and wants with the idea of maximizing profits in the
short run
c. selling as much product as possible under the assumption people will buy more goods
and services if aggressive selling techniques are used
d. selling as much as possible under the assumption consumers will buy more at lower
prices
e. focusing on production in order to increase product quality and lower prices
Answer:
TurkeyHuntingEquipment
Around the beginning of fall each year, about 2.7 million turkey hunters all over the
United States start looking at catalogs for the perfect item to guarantee that this year
they will kill a wild turkey, the most elusive game bird in North America. The devoted
turkey stalker can stock up on everything from camouflaged turkey hunting socks,
turkey license plate holders, vests with huge pockets for toting dead birds, and hunting
videos to turkey decoys, turkey earrings, and turkey callers. Neil Cost is considered the
best manufacturer of turkey callers in the world. It is his only product, and each is
highly prized by turkey hunters. It is not unusual for a turkey hunter to pay $5,000 for
one of Cost's callers.
Refer to Turkey Hunting Equipment. What kind of strategy does Cost use to select his
target market?
a. Concentrated targeting
b. Multisegment
c. Mass marketing
d. Undifferentiated
e. Repositioned
Answer:
Procter & Gamble markets six different brands of laundry detergent, each targeting a
different market segment. This is an example of concentrated targeting.
a. True
b. False
Answer:
Channel conflict that occurs between different levels in a marketing channel is referred
to as:
a. horizontal conflict
b. primary conflict
c. vertical conflict
d. secondary conflict
e. parallel conflict
Answer:
After Ruth and Mike had paid in advance for their week's stay at a Vermont Inn, Ruth
felt that they might have chosen poorly and that they were committing themselves to
stay at a place they might hate. Then Ruth got a letter from the Inn's owner stating that
she was looking forward to their visit and asking what they most enjoyed for breakfast.
The hospitality of the letter dealt with Ruth's cognitive dissonance by:
a. cross-selling.
b. disintermediation.
c. spamming and flaming.
d. implementing a penetration strategy.
e. reinforcing her purchase decision.
Answer:
All of the following statements about recruiting and training the sales force is true
EXCEPT:
a. Training should not be limited to just the new sales force members.
b. One of the most important traits to look for in a sales job candidate is ego strength.
c. Sales training should begin after a brief orientation.
d. Aggressiveness is an important trait to look for when recruiting salespeople.
e. Salespeople are typically trained to be negotiators.
Answer:
At an accounting firm, the secretary orders printer cartridges, cases of paper, paper
clips, and other small items. These items would be classified as:
a. replacement parts.
b. provisions.
c. OEM parts.
d. accessory equipment.
e. supplies.
Answer:
Which of the following is the BEST example of accessory equipment?
a. A parking lot
b. A store display rack
c. Accounting services
d. A river barge
e. Light bulbs
Answer:
Tools for the public relations manager include all of the following EXCEPT:
a. press relations.
b. product publicity.
c. lobbying.
d. sales promotions.
e. corporate communication.
Answer:
____determine what sales volume must be reached before the company's total revenue
equals total costs and no profits are earned.
a. Marginal revenue estimates
b. Price equilibrium analyses
c. Break-even analyses
d. Average total cost (ATC) figures
e. Marginal costs of goods sold
Answer:
Auto repair, manicures, and landscaping are all services that are produced and
consumed at the same time. All of these services exhibit the service characteristic of:
a. inseparability.
b. intangibility.
c. heterogeneity.
d. perishability.
e. variability.
Answer:
DeltaFaucet Company
Masco is the name of a well-recognized company in the construction industry. It
produces cabinetry, furniture, lighting, and plumbing fixtures for the upper-end
homeowner and builder. One of the divisions of Masco is the Delta Faucet Company,
which is the leader in the faucet industry. Delta was founded in 1955. Over the decades,
it has developed a legacy based on well-crafted, high-quality products. Since the 1970s,
Delta has focused its energies on building loyalty with the builder marketplace.
Research in 2002 showed that while builders respected the Delta faucet for its quality,
durability, and dependability, household consumers were not enamored with Delta
products. Due to the number of new magazines and television programs devoted to
home style, homeowners wanted faucets that were chic and stylish. This was not the
image of the Delta faucet. To change its image, Delta began a marketing program in
which it committed itself to developing new products to appeal to homeowners. It
adopted a new slogan"""Beautifully Engineered."
Refer to Delta Faucet Company. The reputation the Delta faucet has for its quality,
durability, and dependability among builders is an example of a(n):
a. tactical threat
b. competitive advantage
c. experience curve
d. economy of scale
e. market differentiator
Answer:
The quantity of a product that will be sold in the market at various prices for a specified
period is called:
a. market share.
b. demand.
c. supply.
d. value.
e. revenue.
Answer:
Price is defined as the value of a good or service as measured by a certain dollar
amount.
a. True
b. False
Answer:
____ embrace products relatively early in the product life cycle, are likely to be
community oriented, and often are opinion leaders themselves.
a. Early adopters
b. Innovators
c. Early majority
d. Late majority
e. Laggards
Answer:
ThinkGeek is an online retailer that caters to computer enthusiasts and other "geeky"
social groups. Their merchandise includes clothing, electronic and scientific gadgets,
unusual computer peripherals, office toys, pet toys, child toys, and caffeinated drinks
and candy. ThinkGeek runs a points-for-reward system called Geek Points, under which
customers can earn rewards for buying more products. This is an example of
segmentation by:
a. demographic.
b. benefit.
c. aggregate.
d. economics.
e. usage rate.
Answer:
Increasingly well informed customers have shifted the power from manufacturers and
retailers to consumers.
a. True
b. False
Answer:
Which of the following is an example of postpurchase communication?
a. An airline hires an actor to film a series of humorous commercials touting the
airline's service.
b. An insurance company designs a new "umbrella" logo to indicate that its customers
are wellprotected by coverage.
c. A fast-food restaurant issues standardized uniforms for all its employees.
d. A hotel sends an email survey to a Henri a week after his stay, asking him to
comment on the quality of the service he received.
e. An income tax preparer offers a 20% discount for any customers who use the service
in January.
Answer:
Buyers in the business market tend to _____ than buyers in the consumer market.
a. use reciprocity less
b. purchase in much smaller quantities
c. buy more products that have a reduced probability of being affected by derived
demand
d. generate more stable demand trends
e. be much more geographically concentrated
Answer:
Sales departments have traditionally been organized by all of the following EXCEPT:
a. geographic region
b. product line
c. competition
d. marketing function
e. industry
Answer:
A product's positioning could be based on product users.
a. True
b. False
Answer:
SmellyFruit
At first glance, there is little to like about the durian. The durian is a fruit popular in
Thailand that is spiky outside and stinky on the inside. When confronted with the durian
for the first time, the WallStreetJournalrecently reported that westerners often describe
its distinctive sulphurous smell with words like stinkysocksand manure. However, the
durian is so popular in Thailand that one variety of the durian fruit, called the Kan Yao,
has been selling for as high as $200. Even at that price, supply of the Kan Yao cannot
keep up with demand. There are approximately 30 varieties of the durian grown in
Thailand, with the most plentiful selling in the $15 range. The yellow flesh of the
durian, the part you eat, has very powerful smell but possesses a sweet, nutty taste that
Thais cannot seem to get enough of at any price.
Refer to Smelly Fruit. Suppose that a Thai farmer sells ten Kan Yao durians in the
marketplace at the going rate of $200 each. If it cost a Thai farmer $125 to produce and
market the Kan Yao durian that she has sold, the difference between these two numbers
($75), times the number sold (ten), represents the farmer's:
a. ROI
b. revenue
c. profit
d. returns
e. COGS
Answer:
A ______ is a situation requiring the purchase of a product for the first time.
a. straight rebuy
b. value buy
c. modified rebuy
d. new buy
e. make-or-buy
Answer:
The goal of the Central America Free Trade Agreement is to:
a. create free trade agreements between the United States and other industrialized
nations.
b. eliminate all protectionism.
c. raise prosperity levels in all industrializing nations.
d. establish a free trade agreement between the United States and certain Latin
American countries.
e. make sure all nations achieve the economic and technological development of a
takeover economy or better.
Answer:
DrugMarketing
Pharmaceutical companies spent $4.4 billion on prescription drug advertising in 2008,
mostly on television and in magazines. While the Internet is becoming a more
prominent medium to reach consumers and is the primary source used to seek health
information, these companies spent less than $130 million on Web marketing. One
reason is that there are no guidelines, which makes these heavily regulated marketers
uneasy. For example, television commercials for prescription drugs must include
disclosures regarding the major side effects if the brand name is mentioned in the ad.
The Food and Drug Administration (FDA) claims that existing regulations address
many of the Internet advertising issues, but other aspects of Web marketing, such as
social networking and search marketing, must be reviewed. That's why the FDA
hearings on this issue were attended by pharmaceutical giants and Web companies like
Google, Yahoo, and WebMD Health.
Refer to Drug Marketing. If a drug manufacturer claims that its manufacturing
processes are environmentally friendly in its advertising, this is an example of:
a. sustenance marketing
b. green marketing
c. philanthropy
d. deontological marketing
e. clean marketing
Answer:
Interface
Interface, a manufacturer of floor covering products, has recently entered into an
agreement with Cargill, Inc. and Dow Chemical Company to develop a carpet
manufactured from corn fiber rather than the traditional nylon. Interface hopes to
develop a biodegradable carpet tile that will be sold to the public at prices only slightly
higher than nylon carpet tiles. Interface's CEO has repeatedly said the mission of his
company is to look for manufacturing materials that are renewable and not petroleum
dependent.
Refer to Interface. Which of the following is the BEST example of a
nonmarketing-controlled information source for floor tiling?
a. A store display showing the various colors of tiles available
b. An ad in BetterHomes&Gardensfor floor tiles
c. A salesperson at a store that specializes in floor coverings
d. A brochure explaining why the corn-based floor tiles are superior to nylon ones
e. A discussion with coworkers about the best floor tiles to buy
Answer:
Jim's Bike Shop sells bicycles for the serious racer to the casual cyclist. Jim's also sells
biking gear and clothing.
Jim is the sole owner of the store, so in terms of ownership, his store would be
classified as a(n):
a. independent retailer.
b. freestanding store.
c. franchise.
d. chain store.
e. common retailer.
Answer:
The marketing concept stresses that the social and economic justification for an
organization's existence is the satisfaction of customer needs and wants while:
a. producing a good or service at the lowest possible cost
b. improving the general standard of living
c. constantly increasing sales volumes
d. applying scientific management techniques to improve efficiency
e. simultaneously meeting organization objectives
Answer:
RugRatReaders
Greg Martin has developed his own line of children's books. The books are written for
children ages 3 to 6 and are produced using cotton fiber as pages, rendering them
"nearly" indestructible. This unique feature makes Martin's books superior to the
competition. His products are called RugRatReaders. Martin has decided to advertise
the books to his target market (women with children ages 3 to 6) via radio. He does not
have a formal advertising budget, but he will spend whatever money he has in the bank
after producing the books each month. His message will focus on the product and its
unique features. Martin has been having problems getting retailers to stock his new
product. It is Martin's hope that consumers will go to their local bookstores and ask for
the RugRatReaders.
Refer to RugRatReaders. The promotional campaign Martin is utilizing is designed to
accomplish which basic promotional task?
a. Rewarding
b. Persuading
c. Informing
d. Influencing
e. Reminding
Answer:
With relationship selling, the objective is to build long-term branded relationships with
customers, not just to sell products.
a. True
b. False
Answer:
A marketing method that tracks interaction with customers to optimize customer
satisfaction and long-term company profits is referred to as:
a. 80/20 marketing
b. interpersonal marketing
c. zoned marketing
d. customer relationship management
e. individual marketing
Answer:
Salt is an important ingredient in many soups produced by Campbell's. If the price of
salt rises, Campbell's will not likely reduce the amount of salt it purchases from salt
suppliers, because salt is such a crucial ingredient. Therefore, you know the demand for
salt is:
a. resistant.
b. inelastic.
c. derived.
d. elastic.
e. bundled.
Answer:
While most marketing to Generation Y tries so hard to be hip that it borders on parody,
Vans has kept the decades- old brand real and vital for Gen Yers. Marketing programs
the footwear manufacturer uses to reach Gen Yers include the Vans Skate Parks, which
operate in malls around the country; the wildly successful Vans Warped Tour for
alternative music; and the Vans Triple Crown, the brand's answer to the X Games. The
segmentation plan used by Vans relies heavily on ______ segmentation.
a. ethnicity
b. income
c. age
d. gender
e. occupation
Answer:
Specialty Blades designs precision cutting devices for varied applications. On one
recent project, they worked closely with a medical device company, developing a
combination scalpel and stapler that slices tissue very neatly close to the staples, which
results in less traumatic procedures and quicker patient recoveries. This is an example
of which of the eight critical processes performed by supply chain managers?
a. Supplier relationship management
b. Customer service management
c. Product development and commercialization
d. Order fulfillment
e. Demand management
Answer:
