Using a competitive advantage strategy based on _____, a firm seeks to be unique in its
industry or market segment along particular dimensions that the customers value.
A. market penetration
B. cost leadership
C. market development
D. product differentiation
Answer:
A tangible product along with the whole cluster of services that accompany it is called
a(n) _____.
A. extended product
B. improvised product
C. meta product
D. physical product
Answer:
_____ is a paid form of nonpersonal communications that uses media such as outdoor
displays, car cards, or directories to reach out to a target audience.
A. Direct marketing
B. Advertising
C. Personal selling
D. Public relations
Answer:
Budget constraints on marketing research are most likely to lead to:
A. wrong interpretation of the research results.
B. pretest measurements of competitive brand sales.
C. incorrectly formulated sample size and design.
D. incorrect reasons regarding why the research is needed.
Answer:
Which of the following is an effort-oriented measure for evaluating salespeople?
A. Measuring distributor sales-inventory ratios
B. Calculating the number of stockouts
C. Measuring sales volume as a percentage of quota
D. Calculating the number of checks on reseller stocks
Answer:
A shoe manufacturer sells high-end designer shoes to wholesalers who, in turn, sell a
variety of shoes and other leather accessories to various retail outlets. Which of the
following channels of distribution is the shoe manufacturer using?
A. Matrix channel
B. Indirect channel
C. Peer-to-peer channel
D. Maker to user channel
Answer:
The primary reason for new product failure is the inability of the selling company to
match its offering to the _____.
A. needs of the customers
B. products offered by competitors
C. prevailing price for the product
D. market leader’s selling price
Answer:
The group or market segment that a company selects to market to is called a _____.
A. differentiated market
B. customer profile
C. target market
D. business group
Answer:
A meaningful segment is one that:
A. is large enough to offer long-run profits for the firm.
B. has a well-defined geodemographic profile.
C. can be reached and served by direct marketers in an efficient manner.
D. is driven by the desire for instant gratification.
Three important criteria on which to base segmentation strategy decisions are that a
viable segment must be measurable, meaningful, and marketable. A meaningful
segment is one that is large enough to have sufficient sales and growth potential to offer
long-run profits for the firm.
Answer:
Shanghai is a Chinese restaurant in Manhattan that recently changed its ingredients’
supplier. The owner trusted the previous supplier to deliver authentic and fresh
ingredients on short notice and completely avoided stocking up ingredients. However,
the previous supplier defaulted in terms of quality and provided adulterated ingredients.
Shanghai was concerned about losing its customers if the news of the adulterated
ingredients spread and changed its supplier after a survey of potential suppliers to retain
its credibility. Which of the following statements is true about this scenario?
A. Shanghai did not practice just-in-time inventory to avoid supply shortages.
B. Shanghai followed a new task purchase system with the previous supplier.
C. Shanghai followed a modified rebuy system in moving to its new supplier.
D. Shanghai did not consider any alternative suppliers before moving to its new
supplier.
Answer:
Marketers can create brand equity by:
A. selling the product in prestigious outlets that are exclusive.
B. ensuring ready availability of the product through retail chains.
C. collecting comparative information about competitive brands.
D. making the product available at all convenience stores.
Answer:
Which of the following statements best describes a benefit of marketing research?
A. It forecasts the future with certainty and accuracy.
B. Its results can and should be taken as the appropriate course of action.
C. It is vital for investigating the effects of various marketing strategies after they have
been implemented.
D. It negates the need for researchers to use their own knowledge and experience
because each research study includes all the factors that could influence the success of a
strategy.
Answer:
A popular television channel ropes in a celebrity to make a guest appearance in one of
the episodes of a popular talk show. The intention of this initiative is to attract new
viewers toward watching the talk show. The talk show’s producer believes that it also
helps in increasing the market share of the network that airs the show. This scenario is
an example of _____ strategy.
A. market development
B. product development
C. market saturation
D. diversification
Answer:
Identify the step in the market segmentation process that involves focusing on a
product’s superiority to competitive products based on one or more attributes.
A. Determining the consumer needs and wants
B. Deciding the segmentation strategy
C. Designing the marketing mix strategy
D. Developing the product positioning plan
Answer:
Managers should make marketing decisions in the light of their own knowledge and
experience instead of viewing research reports as the final answer to their problems
because:
A. the number of factors included in a marketing research study are not exhaustive.
B. decisions based on marketing research reports are highly risky.
C. there is no possibility that marketing research will be affected by researcher bias.
D. marketing research is not a systematic process for obtaining information.
Answer:
Identify the reason that can be attributed to the fact that straight rebuys are common
among organizations that practice just-in-time inventory.
A. Straight rebuys allow these organizations to evaluate several vendors before
selecting one that is most suitable.
B. Straight rebuys allow these organizational buyers to get substantially lower prices as
just-in-time inventory is characterized by bulk purchases.
C. Straight rebuys allow these organizations to replenish their goods without having to
hunt around for potential suppliers and solicit bids.
D. Straight rebuys reduce their dependence on suppliers by independently maintaining
reserves.
Answer:
After spending years on experimentation in developing a new MP3 player, Musique
Inc. has finally launched its new product in the market. The company has assigned its
best marketing managers to handle the launch. It has also employed an extensive
marketing campaign with advertisements on television, newspapers, and billboards. In
which of the following stages of the new product development process is Musique
currently?
A. Concept testing
B. Product development
C. Test marketing
D. Commercialization
Answer:
The use of a brand name to facilitate entry into a new market segment is called _____.
A. franchise extension
B. line extension
C. myopic marketing
D. multibranding
Answer:
Which of the following is typically true of service industries that are not subject to
obsolescence?
A. They do not utilize internal marketing techniques.
B. They take a sluggish approach to marketing.
C. They are highly creative.
D. They do not operate in markets with heavy competition.
Answer:
_____ purchase products from manufacturers and distribute them to consumers and
other organizational buyers at a profit.
A. Producers
B. Intermediaries
C. Marketers
D. State governments
Answer:
The goal of _____ is to build lasting relationships with customers.
A. scoping
B. screening
C. cold calling
D. aftermarketing
Answer: