In a marketing context, goal setting involves setting measurable __________ to be
achieved.
a. marketing metrics
b. marketing objectives
c. marketing tactics
d. marketing plans
e. protocols
Answer:
Emily had an excellent year as a saleswoman in 2011, earning $97,000. She paid
$17,000 for “necessities” such as mortgage, food, and clothing. She was given a
six-week, all expenses paid vacation by the company for her sales performance that had
a value of $9,000. Her state and federal income taxes totaled $24,000. What was her
discretionary income?
a. $41,000
b. $56,000
c. $65,000
d. $73,000
e. There is not enough data provided to calculate her discretionary income.
Answer:
FOB origin pricing refers to
a. a method of “free on board” pricing where the price the seller sets includes all
transportation costs.
b. a method of pricing where taxes and tariffs are adjusted based upon the city, state, or
country of origin of a product and not its destination.
c. a method of pricing where the price the seller quotes includes only the cost of loading
the product onto the vehicle and specifies the name of the location where the loading is
to occur (the seller’s warehouse or factory, for example) is referred to as
d. a method of pricing where taxes and tariffs are adjusted based upon the city, state, or
country destination of a product and not its place of origin.
e. the buyer’s naming the location of this loading as the seller’s factory or warehouse.
Answer:
Facebook came under fire in December 2009 when it made significant changes to the
privacy settings of users. These changes to privacy settings resulted in
a. releasing user’s personal information, such as name, picture, gender, and a list of
friends, “by default.”
b. wall posts being lost.
c. friends being lost.
d. additional privacy and security for its users who provided a detailed Facebook Page,
sent automatically to the company.
e. products being “unliked.”
Answer:
Pricing constraints are
a. the controllable elements in a firm’s marketing mix that allow it to charge the highest
price possible.
b. formulas used in establishing break-even points, price elasticity of demand, and
marginal analysis of revenues and costs.
c. factors that limit the range of prices a firm may set.
d. factors that expand the range of prices a firm may set.
e. virtual boundaries used when setting the initial price on a new product.
Answer:
Another name for freight absorption pricing is
a. FOB factory pricing.
b. FOB absorption pricing.
c. FOB with freight-allowed pricing.
d. FOB basing-point pricing.
e. FOB origin pricing.
Answer:
Competitive advantage for global firms grows out of continuous improvement,
innovation, and __________.
a. accountability
b. change
c. product quality
d. company size
e. location
Answer:
Which of the following statements about Zappos is most accurate?
a. Zappos limits its inventory to an extensive selection of high-end fashion footwear.
b. Zappos carries more than 1,000 different brands.
c. Zappos can guarantee overnight shipping to all its customers because they know
ahead of time what they will be charged for express service.
d. Zappos is so successful because it has chosen a single mission to ‘sell shoes and
nothing else.”
e. Zappos offers a 30/60/90 return policy whereby refunds are based on how long
you”ve had the shoes.
Answer:
Lindsey Smith sees her selling orientation and customer relationship philosophy as
including _____.
a. simplifying sales presentations for technical products
b. increasing the importance of the advertising element of the company’s promotion mix
c. developing a team of professionals in selling to and servicing key customers
d. creating value in customer relationships by emphasizing the company’s product
innovations, solutions, and service
e. establishing brand recognition for Molecular Imaging Products as distinct from GE
Healthcare
Answer:
Your local Hallmark retailer carries thousands of greeting cards. You can find cards for
a “twins” birthday, from my cat to yours, and many other unique occasions. This is an
example of the _________ that the Hallmark retailer carries.
a. depth of product line
b. breadth of product line
c. height of product line
d. length of product line
e. width of product line
Answer:
A paid advertisement for the Texas Department of Economic DevelopmentTourism
Division invited readers of a magazine to mail in a postage-paid reply card that was
included with the ad, visit the state’s website, or use a toll-free number to request more
information about vacation destinations in Texas. The primary purpose of this ad was
__________.
a. direct order fulfillment
b. to make a public service announcement
c. indirect order generation
d. lead generation
e. digital communication
Answer:
Efforts by manufacturers to avoid waste by decreasing the amount of packaging they
use is termed __________.
a. shrinkage
b. downsizing
c. recycling
d. postcycling
e. precycling
Answer:
ChoiceShirts is an online company that makes made-to-order T-shirts. Its online
customers can order their shirts using any downloaded photo inserted into 600
templates or even design a shirt from scratch. This is an example of
a. family branding.
b. mass customization.
c. multiple products and multiple market segments.
d. one product and multiple market segments.
e. specialty customization.
Answer:
Often new models or styles force the price of existing models to be __________.
a. marked up
b. off-priced
c. value-subtracted
d. maintained
e. marked down
Answer:
In the traditional sense, a _________ is where buyers and sellers engage in face-to-face
exchange relationships in a material environment characterized by physical facilities
and mostly tangible objects.
a. marketspace
b. power center
c. shopping mall
d. stationary store
e. marketplace
Answer:
The key to setting a final price for a product is finding an approximate price level to use
as a reasonable starting point. Four common approaches to selecting an approximate
price level are: (1) demand-oriented; (2) __________; (3) profit-oriented; and (4)
competition-oriented approaches.
a. cost-oriented
b. cause-oriented
c. revenue-oriented
d. stakeholder-oriented
e. distribution-oriented
Answer:
Within the context of a supply chain, __________ is the ability of a logistics system to
satisfy users in terms of time, dependability, communication, and convenience.
a. quick response
b. customer service
c. distribution management
d. efficient consumer response
e. lead time
Answer:
3M Products Photo
The various 3M products in the photo above can be classified as a
a. market grouping.
b. product mix.
c. product class.
d. marketing mix.
e. SKU line.
Answer:
The 15 percent of the population born between 1965 and 1976, also called the
__________, refers to Generation X.
a. Generation Y
b. baby bust
c. millennials
d. baby boomers
e. Generation Z
Answer:
Figure 1.
A firm following a cost leadership strategy shown in Figure 1. above would be found in
__________.
a. “A”
b. “B”
c. “C”
d. “D”
e. both “A” and “C”
Answer:
The terms “goal” and “objective” are often used interchangeably. However, in both
cases, which of the following statements would be most accurate?
a. Goals convert an organization’s mission and business into long- and short-term
performance targets.
b. Goals and objectives are actually the detailed day-to-day activities necessary to
implement a marketing program.
c. A company’s goals and objectives are often laudable (worthy) in intent, but unrealistic
in practice because they are never accomplished during the specified time period.
d. Goal-setting only applies to business firms; nonprofit organizations typically do not
set goals because they don”t earn a profit.
e. The terms goal and objective are NOT used interchangeably. Goals are philosophical
while objectives are performance-based.
Answer:
The BCG has given specific names and descriptions to the four resulting quadrants in
its growth-share matrix based on the amount of cash they generate for or require from
the organization. “Stars” are located in which area of the BCG growth-share matrix?
a. upper left quadrant
b. upper right quadrant
c. center quadrant
d. lower right quadrant
e. lower left quadrant
Answer:
When compared to baby boomers, members of Generation X are more likely to invest
their money in __________.
a. entertainment
b. non-durables
c. discretionary spending
d. diamonds
e. real estate
Answer:
In China, 130,000 Internet cafes serve __________ customers.
a. 163,000
b. 16,300,000
c. 163,000,000
d. 1,630,000,000
e. 16,300,000,000
Answer:
A skimming pricing policy is likely to be most effective when
a. consumers perceive one product to be similar to other products on the market.
b. a lower price will significantly lower fixed costs.
c. competitors will be attracted to the market due to the potential for high sales
revenues.
d. consumers tend to be price sensitive.
e. the high initial price will not attract competitors.
Answer:
VALS groups of consumers motivated by __________ are those who look for products
and services that demonstrate success to their peers or to a peer group they aspire to.
a. ideals
b. achievement
c. self-expression
d. rewards
e. success
Answer:
Figure 1.
A firm following a differentiation strategy shown in Figure 1. above would be found in
__________.
a. “A”
b. “B”
c. “C”
d. “D”
e. both “B” and “D”
Answer:
Components of a consumer’s income include __________.
a. inflation, recession, and depression
b. salary, wages, and commissions
c. gross, disposable, and discretionary income
d. sales taxes, income taxes, and property taxes
e. assets, liabilities, and equities
Answer:
Figure 1.
Figure 1. above shows that in 1995, CDs were in the __________ stage of the product
life cycle, while cassette tapes were in the __________ stage.
a. introduction; growth
b. growth; introduction
c. maturity; growth
d. harvest; decline
e. growth; decline
Answer:
What is the first step in choosing the right supply chain?
a. understand the supply chain
b. develop a list of qualified channel members
c. enumerate logistics specifications
d. compare multiple-channel alternatives
e. understand the customer
Answer:
Jim Smith is an avid fly fisherman who lives in Deer Key, FL. For his hobby, Jim needs
large rubber rafts, hip waders, special fishing rods, reels, line, and an assortment of
fishing tackle and lures. There are no sporting goods stores in Deer Key, so Jim orders
his fishing supplies from a L. L. Bean catalog. His supplies are generally delivered to
his home within 72 hours. Jim is using a __________ to satisfy his fishing supply
needs.
a. home delivery retailer
b. quick response retailer
c. direct-mail marketer
d. flexible response marketer
e. regional marketer
Answer:
Figure 1.
Figure 1. above represents the six steps in setting price. Which letter represents the step
where a firm would conduct a break-even analysis?
a. “A”
b. “B”
c. “C”
d. “D”
e. “E”
Answer:
Hewlett-Packard recently shifted its entire U.S. salesforce into home offices and saved
millions in staff salaries and office rent despite the expense of equipping each home
office with a notebook computer, fax/copier, mobile phone, two phone lines, and office
furniture. Such decreased selling costs are among the benefits of __________.
a. direct selling
b. inbound teleselling
c. salesforce networking
d. account management policies
e. salesforce automation
Answer:
Factors influencing personal moral philosophy and ethical behavior include
__________, business culture and industry practices, and corporate culture and
expectations.
a. religious beliefs and practices
b. societal culture and norms
c. national and regional legislation
d. universal core values
e. the universal concept of good vs. evil
Answer:
The battle for market share is usually fought directly before the __________ stage, and
some competitors drop out of the market.
a. decline
b. growth
c. maturity
d. harvest
e. introduction phase
Answer: