Which of the following statements about social class is most accurate?
a. Members of the lower class have a more short-term time orientation and think in
concrete rather than abstract terms.
b. Members of the lower class are more likely to think about the future than those in the
middle or upper classes.
c. The single most important factor in determining social class is a person’s financial
worth.
d. Members of the upper class are less likely to think abstractly and more likely
concentrate on the immediate rather than long-term than the other classes.
e. Members of the middle class have little interest in improvement centers or
automobile parts stores; they are much more interested in travel and technology.
Answer:
Johnson Controls can receive an order for automobile seats from Ford and deliver the
order four hours later, beginning with raw materials and ending with delivery of the
finished seats to Ford. As used by Johnson Controls, logistics
a. creates utilities for Ford.
b. increases Ford’s inventory.
c. increases the number of steps in the value proposition.
d. includes the role of Johnson controls as a drop shipper.
e. does not influence Ford’s supply chain.
Answer:
Which of the following statements about the family life cycle is most accurate?
a. The majority of households today are composed of traditional families.
b. The family life cycle concept describes a continuum along which developing families
can be placed.
c. Young marrieds with children represent a target market for recreational travel,
automobiles, and consumer electronics.
d. Young singles are more likely to buy life insurance than any other group.
e. The most financially secure of any of the family groups is single parents with
children.
Answer:
Marginal cost refers to
a. the sum of the expenses of the firm that are stable and do not change with the
quantity of a product that is produced and sold.
b. the sum of the expenses of the firm that vary directly with the quantity of a product
that is produced and sold.
c. the total expense incurred by a firm in producing and marketing a product, which
equals the sum of fixed cost and variable cost.
d. the average amount of money received for selling one unit of a product or simply the
price of that unit.
e. the change in total cost that results from producing and marketing one additional unit
of product.
Answer:
____________ gives its outstanding salespeople some unconventional rewards that
include new pink Cadillacs and jewelry.
a. The Home Shopping Network
b. General Motors
c. Tupperware
d. World Book Encyclopedia
e. Mary Kay Cosmetics
Answer:
Describe the communications process of both traditional media and social media.
Answer:
Flexible Pricing Chart
Consider the flexible pricing chart above, which shows the results of a National Bureau
of Economic Research study of 750,000 car purchases. The data indicate that some
groups of car buyers, on average, paid roughly $105, $423, and $483 more,
respectively, for a new car in the $21,000 range than the typical purchaser. Who are the
car buyers in “B?”
a. women
b. the elderly
c. Hispanics
d. African Americans
e. Asian Anericans
Answer:
Which of the following is an example of advertising- and promotion-related legislation?
a. the Robinson-Patman Act
b. the Consumer Product Safety Act
c. the Lanham Act
d. the Federal Trade Commission Act
e. the Fair Packaging and Labeling Act
Answer:
Perception refers to
a. a person’s consistent behaviors or responses to recurring situations.
b. a learned predisposition to respond to an object or class of objects in a consistently
favorable or unfavorable way.
c. the process by which an individual selects, organizes, and interprets information to
create a meaningful picture of the world.
d. seeing or hearing messages without being aware of them.
e. those qualities that either attract or repel other members of a person’s personal, social,
or professional environment.
Answer:
During the planning phase of the promotion program, marketers focus on the “four
Ws,” which include all of the following, in question form, EXCEPT:
a. “What are (a) the promotion objectives? (b) the amounts of money that can be
budgeted for the promotion program? and (c) the kinds of copy to use?”
b. “Why is the promotion being done?”
c. “When should the promotion be run?”
d. “Who is the target audience?”
e. “Where should the promotions be run?”
Answer:
A website whose content is created and edited by the ongoing collaboration of end users
is known as a
a. wiki.
b. blog.
c. Net platform.
d. Facebook page.
e. “tweet.”
Answer:
Talbot’s sells women’s clothes. A T-shirt with the Talbot’s label costs $25. By
comparison, you can buy a T-shirt for $5 at a Family Dollar Store, but it won”t have the
Talbot’s label or quality. What kind of demand-oriented approach to pricing does
Talbot’s use?
a. experience curve pricing
b. skimming pricing
c. demand-backward pricing
d. prestige pricing
e. flexible pricing
Answer:
A publicly accessible personal journal and online forum for an individual or
organization is a __________, whereas a website whose online content is created and
edited by the ongoing collaboration of end users is a __________.
a. Internet browser; blog
b. wiki; blog
c. blog; wiki
d. Facebook; Twitter
e. Twitter; Facebook
Answer:
Small athletic shoe manufacturers such as Vans have targeted niche markets and make
shoes designed to satisfy the needs of different specific groups of customers. This
strategy is an example of
a. market segmentation.
b. mass customization.
c. customized manufacturing.
d. single chain marketing.
e. market specific selection.
Answer:
Which of the following is indicative of the purchase decision stage of the organizational
buying decision process?
a. The purchase decision is usually quick once the information search has been
completed.
b. Even after the bid is accepted, further negotiation is likely.
c. Even if several vendors make it onto the bidder’s list, ultimately only one supplier is
chosen.
d. If a supplier on the bidder’s list is not selected, it is rarely told the reason(s) why it
was rejected.
e. Once an agreement has been formally reached, neither the buyer nor the seller is
permitted to make changes to the terms of the contract.
Answer:
Loblaws, a Canadian supermarket, features fruits and vegetables piled high on tables
that have umbrellas. The idea behind this arrangement was to give Loblaws “a market
feel.” In terms of the retailing mix, this tactic is related to __________.
a. pricing
b. goods and services factor
c. communication
d. merchandise
e. location
Answer:
Suppose the following information: The cost of a full-page color ad in the U.S. national
edition of The Wall Street Journal (newspaper) is $312,286 and its U.S. audience size is
1,613,062. The cost of a full-page color ad in the U.S. national edition Sports
Illustrated (magazine) is $238,000 and has an audience size of 3,150,000. The cost of a
30-second ad on the most recent Super Bowl (television) is $3,250,000 and has an
audience size of 112,500,000. Using this information, which of the following is the
most appropriate metric to use to determine which medium would provide the most
efficient use of your limited resources?
a. reach
b. frequency
c. CPM
d. rating
e. GRP
Answer:
Which of the following is an element of company strategy, structure, and rivalry?
a. sales of companies in an industry
b. size of market
c. number of suppliers
d. intensity of competition
e. number of sophisticated consumers
Answer:
SBUs with a low share of slow-growth markets that may generate enough cash to
sustain themselves but do not hold the promise of ever becoming real winners for the
organization are referred to as __________.
a. dogs
b. cash cows
c. stars
d. question marks
e. hedgehogs
Answer:
Figure 1.
According to Figure 1. above, “D” defines what level in the hierarchy of needs?
a. self-actualization
b. personal
c. social
d. safety
e. physiological
Answer:
Today, seven of the top 10 cities are located __________.
a. along the east coast
b. near the Canadian border
c. along the west coast
d. near the Mexican border
e. within the central “fly over” region of the United States
Answer:
Which of the following statements regarding marketing failures is most accurate?
a. Marketing failures are due to a lack of a program champion who is willing to make
decisions and act on them.
b. Marketing failures are due to a lack of financial support.
c. Marketing failures are due to a lack of originality.
d. Marketing failures are due to poorly communicated plans.
e. Marketing failures are due to either a poor plan and strategy, poor implementation, or
both.
Answer:
Multiproduct branding refers to a branding strategy __________.
a. that involves giving each product a distinct name when each brand is intended for a
different market segment
b. that uses different brand names for the same product across multiple countries
c. in which a company uses one name for all its products in a product class
d. in which manufacturers produce products but sell them under the brand name of a
wholesaler or retailer
e. in which a company uses a contractual agreement to allow someone else to use its
brand name for a fee
Answer:
As in the consumer decision process, evaluation occurs in the organizational buying
decision process, but it is more formalized and often more sophisticated. All items
purchased are examined in a formal product acceptance process. The performance of
the vendor is also monitored and recorded. This evaluation occurs during the
__________ stage.
a. problem recognition
b. supplier audit
c. purchase decision
d. postpurchase behavior
e. performance review
Answer:
A need-satisfaction presentation refers to a presentation format that __________.
a. uses computer, information, communication, and Internet technologies to make the
sales presentation more effectively and efficiently
b. consists of information that must be provided in an accurate, thorough, and
step-by-step manner to inform the prospect
c. assumes that given the appropriate stimulus by a salesperson, the prospect will buy
d. emphasizes probing and listening by the salesperson to identify the needs and
interests of prospective buyers
e. builds ties to customers based on a salesperson’s attention and commitment to
customer needs
Answer:
What percentage of adults is considered to be opinion leaders?
a. 1 percent
b. 5 percent
c. 10 percent
d. 25 percent
e. It depends upon the type of product.
Answer:
A measure of the quantitative value or trend of a marketing activity or result is referred
to as
a. trend analysis.
b. a marketing measurement.
c. a marketing dashboard.
d. a marketing metric.
e. value analysis.
Answer:
Virtually every occupation that involves customer contact has an element of personal
selling in it. The Bureau of Labor Statistics reports that almost __________ people are
employed in sales positions in the U.S.
a. 5 million
b. 10 million
c. 14 million
d. 18 million
e. 24 million
Answer:
Figure 1.A
Figure 1.A above shows that when the price moves from $2.00 to $1. per unit along the
demand curve D1, the quantity demanded
a. increases from 3.0 to 4.5 million units per year.
b. decreases from 4.5 to 3.0 million units per year.
c. stays the same.
d. increases from 3.0 to 7.5 million units per year.
e. decreases from 7.5 to 3.0 million units per year.
Answer:
Figure 1.
In the breakdown for the NAICS code based on Figure 1. above, “D” represents the
a. two-digit industry sector code
b. three-digit industry subsector code
c. four-digit industry group code
d. five-digit industry code
e. six-digit U.S. national industry code
Answer:
Which of the following statements demonstrate the formation of a segment based on
household size?
a. Campbell’s makes a spicier nacho cheese sauce for its distributors in Texas than it
does in Maine.
b. GE built a downsized microwave oven to hang under kitchen cabinets.
c. Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners.
d. A fast food hamburger restaurant is only open for breakfast on weekdays and
Saturdays but not Sundays.
e. A gourmet grocer advertises its services on a small-audience classical music station
even though there is a much larger-audience rock station in the area.
Answer:
Generation Y is sometimes referred to as
a. echo-boomers.
b. baby boomers.
c. baby busters.
d. millennials.
e. Generation Zers.
Answer:
The relatively homogenous group of prospective buyers that results from the market
segmentation process is referred to as a(n) __________.
a. market segment
b. target market
c. customer base
d. ultimate consumer
e. preferred customer
Answer:
Figure 1.
A firm following a differentiation focus strategy shown in Figure 1. above would be
found in
a. “A”
b. “B”
c. “C”
d. “D”
e. both “B” and “D”
Answer:
The two most common pricing alternatives for products in the introduction stage of the
product life cycle are __________ and __________.
a. skimming pricing; penetration pricing
b. price lining; product line pricing
c. markdown pricing; quantity discount pricing
d. skimming pricing; bundle pricing
e. penetration pricing; experience curve pricing
Answer: