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When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer:
Malcolm Sanders, a graduate student from Boston, makes customized snowboards for
local snowboarding enthusiasts. The demand for snowboards peaks during the winter
months, a busy time for Malcolm. He advertises more aggressively and sells most of his
snowboards around this time. Which market segmentation approach does Malcolm
most likely use?
A) gender segmentation
B) psychographic segmentation
C) occasion segmentation
D) geographic segmentation
E) age and life-cycle segmentation
Answer:
Which stage in the PLC normally lasts longest and poses strong challenges to marketing
managers?
A) growth
B) decline
C) maturity
D) introduction
E) adoption
Answer:
The Sherman, Clayton, and Robinson-Patman Acts are all federal laws that were
enacted to curb the formation of ________.
A) monopolies
B) global partnerships
C) competitive markets
D) internal markets
E) intrastate partnerships
Answer:
Companies emphasizing pollution prevention have responded with ________.
A) superficial green marketing activities
B) internal beyond greening programs
C) external green marketing activities
D) external beyond greening activities
E) internal green marketing programs
Answer:
Product planners need to consider products and services on three levels. At the second
level, product planners must ________.
A) offer additional product support and after-sale services
B) identify the core customer value that consumers seek from the product
C) turn the core benefit into an actual product
D) find out how they can create the most satisfying brand experience
E) define the problem-solving benefits or services that consumers seek
Answer:
The AIDA model identifies the characteristics of an effective ________.
A) advertising budget
B) channel of communication
C) marketing message
D) marketing mix
E) marketing response
Answer:
According to the five-step model of the marketing process, which of the following is
the final step in creating value for customers?
A) designing a customer-driven marketing strategy
B) understanding the marketplace and customer needs
C) constructing an integrated marketing program that delivers superior value
D) building profitable relationships and creating customer delight
E) capturing value from customers to create profit and customer equity
Answer:
Symbols such as the McDonald's golden arches, the colorful Google logo, the Nike
swoosh, or Apple's "bite mark" logo provide strong company or brand recognition and
are indicative of ________ differentiation.
A) people
B) image
C) channel
D) services
E) product
Answer:
As production workers become better organized and more familiar with equipment, the
average cost per unit tends to decrease with the ________.
A) increase in the diseconomies of scale
B) accumulated production experience
C) decrease in the economies of scale
D) increase in derived demand
E) increase in primary demand
Answer:
While comparing hotel rates on Google's search engine, Brenda came across text-based
ads and links alongside the search results. This form of advertising is known as
________.
A) contextual advertising
B) rich media ads
C) content sponsorship
D) catalog advertising
E) social media advertising
Answer:
Which of the following is LEAST relevant when a firm evaluates different market
segments?
A) segment size and growth
B) company resources
C) segment structural attractiveness
D) core competencies of competitors
E) company objectives
Answer:
Which of the following is true with regard to personal selling?
A) Personal selling entails personal presentations by a firm's sales force for the purpose
of making sales and building customer relationships.
B) Personal selling involves making personal requests to potential buyers to enter into
short-term business relationships with firms.
C) Personal selling distances the buyer from the seller and does not focus on building
enduring relationships.
D) An outside sales force is not involved in personal selling.
E) Personal selling is a relatively new profession.
Answer:
Once managers of The Grecian Urn have decided on their product concept and
marketing strategy, they can evaluate the business attractiveness of the proposal in the
________ stage of the new product development process.
A) business transformation
B) test marketing
C) business analysis
D) business process reengineering
E) concept testing
Answer:
A company selling child-care products ran a television ad depicting women as being
primarily responsible for childcare. Many women viewers considered this regressive,
alleging that the ad failed to recognize the much more diversified role of women in
today's world. This is an example of ________.
A) cause marketing
B) stereotyping
C) niche marketing
D) scapegoating
E) positioning
Answer:
One of the message structure issues that a marketer must handle is whether to
________.
A) draw a conclusion or not
B) make a moral appeal or not
C) use the pull strategy or push strategy
D) diversify vertically or horizontally
E) use mass marketing or niche marketing
Answer:
Different soft drinks target different personalities. This is an example of ________
segmentation.
A) psychographic
B) demographic
C) occasion
D) life-cycle
E) benefits
Answer:
Which of the following is an objective of persuasive advertising?
A) communicate customer value
B) correct false impressions
C) describe available services and support
D) keep the brand in a customer's mind during off-seasons
E) change customer perceptions of product value
Answer:
Midnight Magic, a perfume manufacturing company, plans to release a new fragrance
during the holiday season at $99 per bottle. The company intends to bring the price
down to $49 within six months of its release to attract buyers who couldn't afford the
initial price. Which of the following pricing strategies is Midnight Magic using?
A) market-penetration pricing
B) market-skimming pricing
C) competitive pricing
D) cost-plus pricing
E) product-line pricing
Answer:
When customers don't know what they want or don't even know what's possible, the
most effective marketing strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) ambush
E) affinity
Answer:
Which of the following is true of ethnographic research?
A) It is a type of experimental research that involves evaluating group responses.
B) It involves sending observers to watch and interact with consumers in their natural
environments.
C) It is a traditional quantitative research approach.
D) Information used in this mode of research is mainly derived from secondary data
sources.
E) It is a form of survey research.
Answer:
Refer to the scenario below to answer the following question(s).
Ruben Delgado built his enterprise on the faithful patronage of four specialty shops and
a large contract from Elmore Distributors. But after two years, the maker of novelty
pens and pencils had to rethink his strategy when his contract with Elmore ended.
Ruben built a company reputation on the manufacturing and distribution of a variety of
wooden writing utensils with customized engravings. Specialty shops loved to display
the products in their fancy, lighted showcases, but such specialty shops alone were not
profitable. Ruben Delgado established a brand name, known merely as Delgado, and
decided to expand on it.
Ruben extended his writing utensil lines to include quills, felt-tip pens, and
multiple-cartridge pens that write in different colors. He even added a line of various
grades of personalized stationery and business cards. Perhaps Ruben's biggest added
touch, however, was the addition of two salespeople who would work to explain the
diverse array of products offered by Delgado, as well as nurture existing accounts.
"We make an excellent product," Ruben Delgado stated, "and we honor a good
guarantee on everything we sell. But let's face itwe face hundreds of competitors! We
need Delgado representatives out there to help prospects understand what they should
demand in something as simple as a writing tool." The Delgado brand was
fast-becoming synonymous with top-notch customer service. Part of the purchase
package brought personal visits from the Delgado representative, before the purchase
and long after.
An easier, more comfortable, more stylish transfer of thought onto paper refers to the
________ of Ruben's offerings.
A) tangible element
B) core customer value
C) actual product
D) augmented product
E) service variability
Answer:
Benchmarking has become a powerful tool for increasing a company's ________.
A) product mix
B) mass appeal
C) employee training services
D) distribution channels
E) competitiveness
Answer:
Which of the following is true about using air carriers as a transportation mode when
shipping products?
A) Air carriers are the most cost-effective way to ship non-perishable goods over short
distances.
B) Air carriers are the slowest and least reliable modes of transport.
C) Air carriers provide in-transit services such as the processing of goods en route.
D) Air carriers are ideal when time is short and speed is needed.
E) Air carriers are a specialized means of shipping chemicals from sources to markets.
Answer:
A manufacturer has fixed costs of $100,000, a variable cost of $10 per unit of output,
and break-even volume of 50,000 units. What should the manufacturer's unit cost be in
order to break even?
A) $10
B) $12
C) $14
D) $16
E) $20
Answer:
Jean Malone, a market researcher, recently found that most people in Bradburg County
purchase automobiles with predominantly functional designs and prefer darker colors.
Which of the following marketing strategies should Jean most likely recommend to an
automobile dealer interested in opening a dealership in Bradburg County?
A) one-to-one marketing
B) undifferentiated marketing
C) segmented marketing
D) individual marketing
E) direct marketing
Answer:
The owners of a manufacturing firm in Ohio have developed a core network of
suppliers to ensure an uninterrupted supply of products. This is an example of
________.
A) capability management
B) a supply bottleneck
C) asset management
D) backsourcing
E) supplier development
Answer:
Which of the following appeals is based on the idea that consumers often feel before
they think?
A) emotional appeal
B) rational appeal
C) structural appeal
D) standardized appeal
E) integrated appeal
Answer:
Which of the following methods is used by companies to set their advertising budgets
based on the industry average?
A) percentage-of-sales method
B) affordable method
C) competitive-parity method
D) objective-and-task method
E) regression method
Answer:
Which of the following statements is most likely true of public relations?
A) It requires participating companies to pay for media space or time.
B) It can have the same impact on public awareness as advertising at much lower costs.
C) It is always handled by a third-party agency hired by the firm.
D) It forms a huge portion of the overall marketing budget of most large firms.
E) It plays an insignificant role in brand building with the increasing popularity of
advertising.
Answer:
Which of the following is most likely a risk associated with experience-curve pricing?
A) High-volume production facilities are unable to meet demand.
B) New technology often leads to productivity problems.
C) Demand for the product fluctuates unpredictably.
D) Consumers tend to prefer new brands over established ones.
E) Aggressive pricing often gives a product a cheap image.
Answer:
Refer to the scenario below to answer the following question(s).
Alden Manufacturing produces small kitchen appliancesblenders, hand mixers, and
electric skilletsunder the brand name First Generation. Alden attempts to target
newlyweds and first-time home buyers with this brand.
Considering that most young households have limited financial resources, Alden
attempts to engage in target costing. "In doing this," says Milt Alden, the co-founder of
Alden Electronics, "we have better control over keeping price right in line with
customers."
Alden manufactures a three-speed blender, its top seller, along with a five-speed
blender. The hand mixers are manufactured in two variantsa small handheld mixer with
two rotating beaters and another that comes with an optional stand and an attached
mixing bowl. Alden's temperature-controlled skillets are manufactured in a single style
with three color options.
"Our product offerings are narrower," Milt Alden added, "but our line workers know
each product like the back of their hands. This allows us to produce superior products
while holding our prices low.
Milt Alden says that his line workers "know each product like the back of their hands,"
and that this knowledge helps the company keep its prices low. This indicates that
Alden Manufacturing most likely benefits from the ________.
A) cost-plus pricing
B) value-added pricing
C) experience curve
D) inelastic demand in the market
E) derived demand in the market
Answer:
Springfield, a convenience store, has recently begun to redesign and restock its stores to
offer a more upscale environment with products such as house wines and fresh foods.
This information indicates that Springfield has most likely changed its ________.
A) positioning
B) price strategy
C) service level
D) corporate identity
E) organizational structure
Answer:
