The Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as
gifts for almost every occasion imaginable. The Love Bandit Bear is one bear it
designed for people to give to each other on Valentine’s Day. The Love Bandit Bear is
an example of a
A. product item.
B. product mix.
C. product class.
D. product form.
E. product line.
Answer:
Pinterest is:
A. a video-sharing website in which users can upload, view, and comment on videos.
B. a virtual bulletin board and content-sharing social network that allows people to
share images of their favorite things by creating customized, themed “boards” to
categorize their images and then sharing them with other members of the community.
C. a website where users create a personal profile, add other users as friends, and
exchange comments, photos, videos, and “likes” with them.
D. a business-oriented website that lets users post their professional profiles to connect
to a network of businesspeople.
E. a website that enables users to send and receive messages up to 140 characters long.
Answer:
A demand curve refers to a graph that relates
A. the quantity sold and price, which shows the maximum number of units that will be
sold at a given price.
B. the quantity sold and price, which shows the minimum number of units that must be
sold to break even.
C. the quantity sold and price, which shows the minimum number of units that must be
sold in order to make a profit.
D. total production costs to various price points in order to determine how many units
must be sold in order to realize a predetermined profit.
E. primary demand to selective demand.
Answer:
VALS Framework
VALS creates profiles of people based on their primary motivation and resources. In the
VALS framework above, C refers to
A. Ideals.
B. Achievement.
C. Self-Expression.
D. Survivors.
E. Innovators.
Answer:
Place or distribution is a major factor in developing a service marketing strategy
because of the __________ of services.
A. inventory
B. inseparability
C. inconsistency
D. intangibility
E. information
Answer:
Which of the following statements regarding pricing constraints is most accurate?
A. When a product is in the introductory stage of the product life cycle, there is very
little latitude in setting the initial price since consumers still don’t know what the
product can really do.
B. A company has more latitude in setting an initial price if the product is in the
introductory stage of its life cycle.
C. The greater the number of products in a company’s product line, the less the product
features of similar products can affect price.
D. The newest addition to a company’s product line should always have the highest
price in order to maintain the value of existing brands.
E. To avoid cannibalization, the newest product addition to a company’s product line
should never have a price lower than the other offerings in the line.
Answer:
There are seven commonly used organizational buying criteria. One of them is
__________.
A. flexibility
B. ability to meet the quality specifications required for the item
C. adherence to government regulation
D. senior management directives
E. consumer demand
Answer:
Predatory pricing is
A. most effective in the growth stage of the product life cycle.
B. a popular technique preferred by online businesses.
C. illegal but often difficult to prosecute.
D. most effective in business-to-business marketing.
E. one of the most widely used pricing practices for professional marketers.
Answer:
Which of the following is a criterion used for selecting a target market?
A. similarity of needs of potential buyers within a segment
B. difference of needs of sellers between segments
C. feasibility of a marketing action to reach a segment
D. market size
E. simplicity and cost of assigning potential buyers to segments
Answer:
Brand equity provides a financial advantage for a brand’s owner because successful,
established brand names have an economic value in the sense that they are __________.
A. tangible assets
B. intangible assets
C. durable goods
D. nondurable goods
E. intangible equity
Answer:
A sales representative for a pharmaceutical company visits the doctor’s office, hoping to
explain a new drug to the doctor. However, the office receptionist explains that the
doctor is with patients and will not be able to see the sales rep. The receptionist is acting
as a(n) __________.
A. user
B. influencer
C. buyer
D. decider
E. gatekeeper
Answer:
Children’s accessory and toy store Red Carpet Baby! uses U.S. Census Bureau
information to determine the number of families with children under age 5 for each
state in its market area. Data obtained from this source are called __________.
A. proprietary data
B. primary data
C. secondary data
D. observational data
E. experimental data
Answer:
The representations of ideas and concepts to which different cultures often attach
different meanings are referred to as
A. universal symbols.
B. cultural symbols.
C. symbolic concepts.
D. ideological representations.
E. cultural representations.
Answer:
In marketing channels for business products, an intermediary that performs a variety of
marketing channel functions including selling, stocking, delivering a full product
assortment, and financing is referred to as a(n) __________.
A. agent
B. industrial distributor
C. wholesaler
D. retailer
E. channel captain
Answer:
According to the textbook, Target has been successful by offering consumers the best
A. experience.
B. products/services.
C. customer service.
D. availability.
E. price.
Answer:
The three commonly used terms to describe levels of service are
A. self-service, limited-service, and full-service.
B. retailer-service, sales-service, and customer-service.
C. self-service, automated-service, and online-service.
D. limited-service, full-service, and automated-service.
E. wholesaler-service, retailer-service, and customer-service.
Answer:
NetJets is a company that offers 1/16 or more ownership in a jet plane for a price
beginning at $325,000. It gives purchasers privacy, convenience, and flexibility as well
as saves them time since the plane is available within four hours unless it’s booked by
one of the other shareholders. This is most likely an example of
A. a medium-involvement purchase that involves limited problem solving.
B. a high-involvement purchase that involves routine problem solving.
C. a high-involvement purchase that involves extended problem solving.
D. a low-involvement purchase that involves limited problem solving.
E. a low-involvement purchase that involves extended problem solving.
Answer:
Figure 14-1
Figure 14-1 above depicts the communication process, which consists of ten key
elements (Boxes A through J). The position labeled E is referred to as __________.
A. the source
B. the message
C. the fields of experience
D. feedback
E. the receiver
Answer:
Which of the following firms has made the wisest wholesaler choice for its product?
A. Sam’s Coal Country uses a drop shipper for its coal.
B. Amy’s Amazing Appetizers uses a rack jobber for its frozen apricot aperitifs.
C. Hannah’s Hardware uses a rack jobber for its hinges.
D. Shayna’s Superior Supplies uses a desk jobber for its staplers.
E. Nova’s Novelties uses a truck jobber for its never-needs-a-battery night lights.
Answer:
A recent Disney Online M.O.M. (Mom on a Mission) study found that today’s mother
__________.
A. finds the Internet more of a distraction, interrupting time that she could spend with
her family
B. is primarily a ‘surfer” of the Internet, going online without a specific task or goal in
mind
C. spends an average of almost 7 hours online per week
D. spends most of her time online between the hours of 6:00 p.m. and 11:00 p.m.
E. uses the Internet as the primary source of information about her children’s health
Answer:
According to Tracee Larocca, brand creative director at Taco Bell, the restaurant chain
recognized a cultural shift from food as fuel’ to _________.
A. food as expression of style’
B. food as attitude change tool’
C. food as experience’
D. food as personal philosophy’
E. food as health’
Answer:
Which of the following statements about comparative advertising is most accurate?
A. Comparative advertisements increase the perceived quality of the advertiser’s brand.
B. Comparative advertisements now constitute over 90% of all television ads.
C. Comparative advertisements attract less consumer attention in the advertiser’s brand.
D. Comparative advertisements have been banned by the Federal Trade Commission.
E. Comparative advertisements can, and often do, cause more harm than good.
Answer:
A conspiracy among firms to set prices for a product is referred to as
A. price discrimination.
B. price fixing.
C. predatory pricing.
D. tying arrangements.
E. exclusive dealing.
Answer:
The business-oriented website that lets users post their profiles and connect to a
network of businesspeople is
A. LinkedIn.
B. YouTube.
C. Twitter.
D. Facebook.
E. Friendster.
Answer:
Figure 2-7
Consider Figure 2-7 above. A Florida-based flashlight company has been extremely
successful due in part to the number of hurricanes in Florida that result in power
outages. The firm is thinking of expanding its product offerings to include other
emergency supplies such as generators and survival kits (consisting of food bars, a
water filtration system, first aid supplies, etc.). Before going ahead with this decision,
there were several factors that had to be taken into consideration: (1) The firm has a
great reputation with its flashlights and does not want to ruin it. (2) Its physical plant
could be refitted relatively easily to make small generators, but it would be rather
costly. (3) It would have to rely on another firm to manufacture and package the
survival kits. (4) Although there are nine named hurricanes anticipated for the
upcoming year, no one really can predict what will happen. The company’s reputation
would fall in which quadrant(s) of the SWOT analysis grid?
A. A
B. B
C. C
D. D
E. Both A and C
Answer:
The quantity at which total revenue and total cost are equal is referred to as (the)
A. tipping point.
B. profitability point.
C. incremental return on investment.
D. break-even point.
E. zero margin.
Answer:
The ratio of sales revenue of the firm to the total sales revenue of all firms in the
industry, including the firm itself, is referred to as [a]
A. sales proportionality.
B. marketing metric.
C. industry potential.
D. contribution margin.
E. market share.
Answer:
Lever Europe, a division of Unilever, markets its Snuggle fabric softener in the United
States. But in 10 European countries, it uses seven brand names, including
Kuschelweich in German, Coccolino in Italy, and Mimosin in France. These products
also have different packages, different advertising programs, and occasionally different
formulas. From this information, we can assume that Lever Europe uses a(n)
__________ marketing strategy.
A. ethnocentric
B. transnational
C. global
D. international
E. multidomestic
Answer:
The goals to be achieved by a firm’s marketing strategy determine whether its supply
chain needs to be more __________ in meeting customer requirements.
A. cost effective
B. broadly expanded
C. responsive or efficient
D. centrally located
E. geographically distributed
Answer:
The key steps of planning, implementation, and evaluation are part of (the)
A. gap analysis.
B. strategic marketing process.
C. situational analysis.
D. synergy analysis.
E. diversification analysis.
Answer:
If Ben & Jerry’s starts selling Bonnaroo Buzz Fair Trade-sourced super premium ice
cream in Brazil for the first time, it will be using a __________ strategy.
A. product development
B. market development
C. diversification
D. market saturation
E. market penetration
Answer:
Explain the global impact of retailing.
Answer:
Name the five situational influences that affect the consumer purchase decision process.
Answer:
What is cooperative advertising?
Answer:
The principal ways to collect new or primary data for a marketing study are by
watching people and by asking them questions. Give two examples of each method.
Answer:
What is an organization’s mission? What are some elements of a well-written mission
statement?
Answer:
Explain the difference between dumping and parallel importing.
Answer:
How would the following environmental trends influence the success of a manufacturer
of high definition televisions (HDTVs): (1) growing number of older Americans; (2)
population shifts to remote suburbs and small towns; (3) increase in per capita income
and standard of living; and (4) increased use of various types of communication
technology?
Answer:
Figure 4-2
Identify and briefly describe each of the three factors identified in Figure 4-2 above that
influence one’s personal moral philosophy and ethical behavior.
Answer:
What are the utilities created by marketing intermediaries? Describe each one.
Answer:
Define derived demand and provide an example NOT included in the text.
Answer:
What are the marketing mix elements that comprise a cohesive marketing program?
Answer:
Explain the differences in promotion between convenience, shopping, specialty, and
unsought products.
Answer:
Explain the difference between breadth of line and depth of line. Be sure to include the
definition of scrambled merchandising in your explanation.
Answer:
What is a buying center? In what type of business would a buying center most likely be
found?
Answer:
What is the difference between a semantic differential scale and a Likert scale?
Answer: