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Postpurchase evaluation of a vendor and the product is necessary to:
A. determine the dues that are payable to the vendor.
B. compare the purchases of a firm with those made by competitors.
C. determine whether the vendor and the product is acceptable for future purchases.
D. know the strategic plan and the profits made by the company in a year's time.
Answer:
According to the general pricing model, in the short term, discounts and allowances
offered by manufacturers have to be larger or more frequent than initially planned
because:
A. there is an impending need to increase demand to profitable levels.
B. there is a need to prevent channel members from becoming independent
manufacturers.
C. the price structure that has been fixed cannot be reviewed at regular intervals.
D. there is only one way for money to flow out of firms through the price-product
mechanism.
Answer:
Zest Sports Inc. manufactures sports goods and recently introduced a new line of
sportswear for children between the ages of seven and ten years. The marketing team
envisions an entirely new marketing strategy to create exchange for its new line of
sportswear. This best exemplifies _____.
A. service marketing
B. product marketing
C. cause marketing
D. place marketing
Answer:
The employees of the WiseRumbles Library maintain a great relationship with their
customers. They recommend new books and magazines to customers based on
customers' tastes and preferences and the books previously borrowed by them. They
keep track of customers' birthdays and anniversaries in order to send birthday cards and
gift vouchers. This shows that employees at WiseRumbles Library are displaying
_____.
A. assurance
B. intangibility
C. uniformity
D. empathy
Answer:
_____ is a method of creating and managing the project teams, where groups in
different areas of the company simultaneously work on the project.
A. Skunkworks
B. Rugby approach
C. Idea equity
D. Out-rotation
Answer:
A group of university students are asked to fill a survey which requires them to rank
five different television advertisements on mobile software in the market in order of
their preference. The survey mentions that the parameters on which the advertisements
are to be rated include their credibility, the interest-level they generate, and their
attractiveness. The survey the students fill out is a typical example of a(n):
A. opinion test.
B. recall test.
C. awareness test.
D. recognition test.
Answer:
In the process of market segmentation, determining customer needs and wants is
immediately followed by:
A. dividing the organization's products into different product classes according to their
features for sale through a mass marketing mechanism.
B. designing the appropriate marketing mix strategies to be used for each segment.
C. delineating the firm's current situation which aids in developing marketing mixes.
D. grouping consumers on the basis of one or more similarities and treated as a
homogeneous segment of a heterogeneous total market.
Answer:
A company has developed a technologically complex traffic-management software. It is
very expensive and is being sold to be used by all the teams of an organization in
charge of managing a city's traffic. Specialized knowledge is required by all the units of
the buying organization in order to use the software optimally. The company is most
likely to use _____ in this situation.
A. missionary salespeople
B. technical sales specialists
C. cross-functional sales teams
D. hierarchical sales teams
Answer:
A drawback of using Internet surveys as a data collection method in marketing research
is that:
A. they take a long time to be executed.
B. they make real time data processing impossible.
C. they pose difficulties in generating sample frames for probability sampling.
D. they create a high degree of perceived intrusion as respondents cannot answer the
questions at their convenience.
Answer:
The major goal of most test marketing is to:
A. estimate the future sales potential of new products.
B. evaluate store layouts of a new store.
C. establish the placement of new products.
D. identify the location for a new store.
Answer:
Which of the following is an advantage for suppliers involved in sole sourcing?
A. It allows them to forecast a predictable and profitable demand.
B. It allows them to seek competitive bids for the products obtained by sole sourcing.
C. It allows them to slacken quality over time since a contract is established.
Answer:
PureFruit Inc. prices its products higher than most of its competing brands in the
packaged fruit juice industry. However, it still enjoys higher returns than its competitors
because it is the only brand that can rightfully claim the use of fresh fruits and no added
sugar. What kind of organizational strategy based on competitive advantage does
PureFruit most likely use?
A. A strategy based on market development
B. A strategy based on differentiation
C. A strategy based on cost leadership
D. A strategy based on diversification
Answer:
Healthline is a brand of incontinence products. Healthline products sell for $5 less than
their rival brand, Depends. According to Michael Porter's model, Healthline is most
likely using a _____ strategy to market its products.
A. differentiation
B. product development
C. market development
D. cost leadership
Answer:
Which of the following is generally considered to be a salesperson's best source of
prospects?
A. Referrals from advertisers
B. Referrals from satisfied customers
C. Referrals from spotters
D. Referrals from company employees
Answer:
Identify the element that refers to a consumer's perception of the importance or personal
relevance of an item.
A. Product features
B. Promotional influences
C. Product involvement
D. Product packaging
Answer:
In the context of the adopter categories of product diffusion, the biggest category of
buyers is divided into two groups called the:
A. innovators and the laggards.
B. laggards and the early adopters.
C. early majority and the late majority.
D. early majority and the innovators.
Answer:
Which of the following is true of wholesalers?
A. Owing to the distribution functions they perform, wholesalers do not need to actively
seek out producers.
B. Agents, brokers, and manufacturers' representatives are types of wholesalers that
take title to the merchandise they sell.
C. Wholesalers with track records that carry directly competing products and brands
can more easily attract manufacturers of successful products.
D. Wholesalers tend to lower costs for other channel members by assuming the risk of
managing large inventories.
Answer:
In order to compete with its counterpart, Fine Snacks, Kasey's Pretzels Corp. introduced
honey-mustard pretzels to its product line. This is an example of _____.
A. new-to-the-world products
B. new-to-the-firm products
C. additions to existing product lines
D. product repositioning
Authors C. Merle Crawford and Anthony DiBenedetto have developed a useful
definition of new products based on different product categories. Additions to existing
product lines are products that extend existing product lines to current markets. With
the introduction of a new product, namely, honey-mustard pretzels within the existing
product line of snacks, Kasey's Pretzels makes an addition to its existing product line.
Answer:
Which of the following is NOT a step in the marketing research process?
A. Preview of the research
B. Plan of the research
C. Performance of the research
D. Preparation of the research report
Answer:
In determining its mission statement, an organization must:
A. look at the business from the inside, from the point of view of the employee and the
management.
B. ensure that the name of the product or service it is producing is an essential part of
the organization's name.
C. reflect a market-driven approach by targeting a broad class of needs and segmented
target markets.
D. state the mission in terms of serving a generic group of clients or customers and
meeting generic, not specific, needs.
Answer:
A local hardware store owner is preparing an annual advertising budget for his firm.
While doing so, he considers his competitors' budgets as benchmarks and uses them to
make specific allocations to the promotion mix in his budget. He believes that other
established hardware firms in the industry know what they are doing and have goals
similar to his. Based on these factors, which of the following methods for establishing
an advertising budget is he most likely to use?
A. The all-you-can-afford approach
B. The task approach
C. The competitive parity approach
D. The research approach
Answer:
Quite often a situation or problem is recognized as needing research, yet the nature of
the problem is not clear or well defined, nor is the appropriate type of research evident.
In the context of the steps of the marketing research process, this problem immediately
lends itself to _____.
A. identifying the purpose of the research
B. conducting the research
C. preparing the research report
D. processing the research data
Answer:
Which of the following is an advantage of secondary data over primary data?
A. Secondary data is always available for strategy-specific research questions.
B. Secondary data sources are limited, making the information more valuable.
C. Secondary data is cheaper to obtain and utilize.
D. Secondary data is collected specifically for the research problem under investigation.
Answer:
Which of the following is a correct statement regarding the inseparability aspect of a
product?
A. Inseparable services can be inventoried.
B. Indirect channels of the promotion mix are more suitable to market services that are
inseparable.
C. Inseparability has an implication on issues dealing with the selection of channels of
distribution.
D. Inseparability occurs when goods and services are produced at one stage and
marketed at another stage.
Answer:
