A music school in Boyles Height, LA, specializes in teaching the guitar and the violin.
After a spurt in growth and a few successful years, the school is experiencing a
slowdown in sales and stability in its profits due to an increase in competition. The
school is in the ________ stage of its life cycle.
A) introduction
B) growth
C) decline
D) maturity
E) obsolescence
With the ________ heuristic, predictions of usage are based on quickness and ease of
use.
A) availability
B) representative
C) anchoring
D) adjustment
E) semantic
“BRICS” is an acronym for ________.
A) Brazil, Russia, India, China, and South Africa
B) Bolivia, Russia, Indonesia, China, and South Africa
C) Brazil, Russia, Indonesia, China, and South Africa
D) Bolivia, Russia, India, Canada, and South Africa
E) Bolivia, Russia, Indonesia, Canada, and South Africa
Mature and reflective people who seek durability, functionality, and value in products
are most likely to be categorized as ________ in the VALS system.
A) Innovators
B) Thinkers
C) Achievers
D) Experiencers
E) Strivers
When demand is ________, it implies that more customers would like to buy the
product than can be satisfied.
A) latent
B) irregular
C) overfull
D) full
E) negative
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 or
answer the question “Does this brand offer something better than the others?”
A) performance
B) presence
C) advantage
D) bonding
E) relevance
As a market follower, the ________ may choose to sell to different markets, but often it
grows into a future challenger.
A) imitator
B) adapter
C) cloner
D) counterfeiter
E) innovator
A product line can also be lengthened by adding more items within the present range.
There are several motives for line filling. Which of the following is one of them?
A) responding to senior management wishes
B) responding to consumer wishes
C) reaching for incremental profits
D) reaching for incremental capacity
E) responding to sales-force demands
Which of the following marketing communications tools is most influential at the
maturity stage of a product’s life cycle?
A) sales promotions
B) direct marketing
C) advertising
D) publicity
E) interactive marketing
In which of the following cases is building a database worthwhile for the company?
A) where the product is a once-in-a-lifetime purchase
B) where customers show little loyalty to a brand
C) where the company has a long relationship with its customers
D) where the unit sale is very small
E) where the cost of gathering the information is high
The United States imposed a duty of 44.99 to 47.59 percent on wind towers produced in
China and Vietnam and imported to the United States after they found evidence both
countries were selling them at below fair market value, or ________, the practice of
charging less than its costs or less than it charges at home to win a market.
A) arm’s-length pricing
B) gray marketing
C) counterfeiting
D) transfer pricing
E) dumping
A DROP-error occurs when the company accepts a bad idea.
Social media play a key role in earned media.
Volkswagen concentrates on the small-car market and Porsche on the sports car market.
These would be examples of what is called ________.
A) single-segment concentration
B) selective specialization
C) product specialization
D) market specialization
E) full market coverage
A marketing manager has planned a strategy that will require the organization to erect
outposts to protect its weak front-running brands. In this ________ defense, the
outposts will be central to the organization’s new competitive strategy.
A) position
B) flank
C) preemptive
D) counteroffensive
E) mobile
Which of the following is an example of a complementary service?
A) Big department stores usually hire extra staff to handle the rush during the holiday
season.
B) The Caesar Park Hotel generally caters to business customers during the week, but
has now decided to promote mini-vacation weekends for non-business customers as
well.
C) More paramedics are on hand to assist physicians during times when emergency
admissions are highest.
D) AXA Bank set up automated teller machines so that its customers could avoid
standing in line.
E) Chesterton College hires part-time teachers when enrollment goes up.
Competitors are most likely to react to a price change when ________.
A) the firm has a weak value proposition
B) the firm enjoys a monopoly
C) there are few competing firms
D) the product is heterogeneous
E) buyers have limited information
Cause-related marketing is part of ________.
A) sustainability
B) corporate societal marketing
C) social media
D) global marketing
E) community marketing
Share of ________ represents the proportion of company advertising of a product to all
advertising of that product.
A) wallet
B) mind
C) voice
D) market
E) cost
The market ________ has the largest market share and usually shows the way to other
firms in price changes, new-product introductions, distribution coverage, and
promotional intensity.
A) challenger
B) entrant
C) follower
D) nicher
E) leader
Marco is working on promoting his company’s Glazer brand of electronic razors.
Preliminary surveys have revealed that even though a sizable portion of the target
market has developed a liking for the product due to innovative advertising, few
customers would actually consider replacing their current razors with Glazers. How can
Marco modify the communications program to get customers to favor Glazers over
other brands?
The term sales representative covers a broad range of positions, tasks, and
responsibilities. List and briefly describe each of the positions.
Name and briefly explain three less-structured alternatives to competitive brand
positioning.
Explain the concept of derived demand.
I-ball, a cell phone manufacturer introduces a cell phone targeted at customers ages 70
and above. It has features such as loud volume, large keys, and so forth. How do you
classify this product innovation? What could be a possible disadvantage of this product?
The VALS segmentation system has evolved into an eight-part typology. List the
categories of the eight-part typology.
Reynold’s, a supermarket chain, carries the K-Nine range of dog food manufactured by
JGB. However, the chain does not interact directly with JGB, but obtains stocks from
wholesalers. It has been suggested that Reynold’s save costs by sourcing products
directly from JGB. However, Mal, the CEO of Reynold’s, insists that wholesalers are
the most hassle-free option for Reynold’s. What can Mal say to justify this?
Explain three variables a firm should consider when analyzing potential threats posed
by competitors.
When Abe goes shopping, he comes across a T-shirt that is priced at $35. Although he
wants to buy it, judging from the material used, he feels that the T-shirt should only cost
$20. What reference price is Abe using here?