Marketing plays a central role in creating, communicating, delivering, and exchanging
offerings that have value.
Firms and brands that continually attempt to operate in the high-price/low-benefits
environment do not survive over the long run as customer trust is damaged.
The value chain portrays a mixture of primary and support activities utilized by an
organization to design, produce, market, deliver, and support its products.
Marketing is relevant only to people in the organization that work directly in the
marketing department.
There is one universal promotional appeal that works on every target market.
An online focus group is an appropriate alternative to a traditional focus group format,
and it offers distinct advantages in terms of convenience and cost-efficiency.
Doubtful positioning occurs when frequent changes and contradictory messages
confuse consumers regarding the positioning of the brand.
Customers do not appreciate or expect customization of their Web site experience.
Using the Internet to find secondary data requires careful screening to verify the
validity of the data and the credibility of the source.
The ________ strategy is used for profit maximization.
A.Penetration pricing
B.Price skimming
C.Target return on investment (ROI)
D.Competitor based pricing
E.Value pricing
A target return on investment (ROI) pricing strategy is used for profit maximization.
Here, a bottom-line profit is established first and then pricing is set to achieve the
target.
Developing database management skills to manage customer databases is a selling
activity related to:
A.Non-technology information management
B.Information management through technology
C.Using technology to build customer relationships
D.Non-technology selling
E.Non-technology communication
Developing database management skills to manage customer databases is a selling
activity related to information management through technology.
The concept of value chain was created by ___________.
A.Fred Wiersema
B.Michael Porter
C.Jim Collins
D.Peter Drucker
E.Ingor Ansoff
Michael Porter introduced the concept of value chain in his book Competitive
Advantage.
In order to gather _________, the sales manager at XYZ Company collects, analyzes,
and stores data from the macro environment on a continuous basis.
A.Sales data
B.Target market information
C.Marketing intelligence
D.External resources
E.Internal projections
Staying connected to the business environment is no longer optional, and as a result,
most companies engage in collecting, analyzing, and storing data from the macro
environment on a continuous basis known as marketing intelligence.
When a product is wrong _________.
A.No amount of marketing communications will make it successful
B.Consumers will still buy it if marketed correctly
C.It is hard to charge a low enough price to earn acceptable profits
D.All members of the company have to work extra hard
E.Charging a higher price will mask the shortcomings
When a product is wrong, no amount of marketing communications, no degree of
logistical expertise or pricing sophistication will make it successful.
Six times a year, Patrick and Sally send out 15 million catalogs that showcase a wide
variety of Irish products. They hire a call center to take orders and another company to
actually warehouse and fulfill the orders. All of the information systems are linked to
provide real time data to all users. Patrick and Sally are in the stage of CRM that is like
market research in the form of a continuous dialogue with customers, facilitated by the
effective use of CRM tools. They are in the ______ phase of the CRM process.
A.Data mining
B.Knowledge discovery
C.Marketing planning
D.Customer interaction
E.Analysis and refinement
Analysis and refinement phase is used for organizational learning. In this phase,
continuous adjustments made to the firm’s overall customer initiatives should result in
more efficient investment of resources and increasing ROCI.
Channel intermediaries enhance utilities by providing a wide array of specific functions
including _______________.
A.Physical distribution functions
B.Transaction and communication functions
C.Facilitating functions
D.A & B
E.A, B & C
Channel intermediaries enhance utilities by providing a wide array of specific functions
including physical distribution functions, transaction and communication functions, and
facilitating functions.
In a push strategy _______________________.
A.The focus is on end users
B.Members of the channel are targeted for promotion
C.Advertising is of extreme importance
D.End users drive the distribution of the new product
E.Couponing to customers is a key strategy
In a push strategy, the focus is on the channel of distribution and in getting the offering
into the channel. Members of the channel are targeted for promotion and are depended
on to then push the offering into the hands of end users.
Once a sale is made and the product delivered in the B2B market, the buyer _____.
A.Evaluates the product and supplier in a post purchase process
B.Considers the sale complete
C.Looks for rapid installation of the product
D.Uses pert charts to evaluate time efficiencies
E.None of the above
Once the buyers start using the product, they assess product performance and the
seller’s response to any problems or issues. The post-purchase evaluation helps
customers make better purchase decisions in the future.
With reference to the VALS¢ framework, _________ favor stylish products that
emulate the purchases of people with greater material wealth.
A.Strivers
B.Survivors
C.Believers
D.Achievers
E.Thinkers
Strivers are trendy and fun loving. They have little discretionary income and tend to
have narrow interests. They favor stylish products that emulate the purchases of people
with greater material wealth.
The fastest growing segment of the U.S. population since 1970 has been the
_____________ age group.
A.Birth -18
B.65- 85
C.21-34
D.45-64
E.25-44
The fastest growing segment of the U.S. population since 1970 has been the 25-44 age
group as per U.S. Census Bureau data.
Creating, communicating, delivering, and exchanging offerings that have value may be
thought of as ___________________.
A.The marketing mix or 4 Ps
B.The firm’s strategic plan
C.Sales orientation
D.Production orientation
E.Exchange
Marketers have traditionally defined product, price, place, and promotion as the 4 Ps.
The next purchase decision of the customer is based to a large extent on the customer’s
experience with the product and the company. Thus, one of the most critical aspects in
the selling process is not what happens before the purchase decision but what happens
after, that is, in the _____stage.
A.Follow-up
B.Prospecting
C.Sales presentation
D.Pricing
E.Closing
One of the most critical aspects in the selling process is not what happens before the
purchase decision but what happens after-the follow-up. Salespeople often rely on
support people inside the company to help in post-sales service. The next purchase
decision is based to a large extent on the customer’s experience with the product and the
company.
_______________________ are the two major types of advertising.
A.Inform and persuade
B.Product and price
C.Institutional and product
D.Humor and fantasy
E.Moral and product
There are two major types of advertising: institutional advertising and product
advertising.
Since they conduct so much research on a continuous basis, McDonald’s decided it
would be economical to create a(n) __________ marketing research group.
A.External
B.Internal
C.Freelance
D.Designer
E.Covert
McDonald’s has an internal market research group. Companies that conduct a lot of
market research sometimes create internal research groups.
The sole proprietor of Sam’s Swings is interested in gaining a better understanding of
his current customers in terms of certain demographic and lifestyle characteristics so he
may better serve their needs. He decides that conducting ______ research will give him
the information he needs.
A.Causal
B.Descriptive
C.Random
D.Academic
E.Exploratory
Descriptive research seeks to describe or explain some phenomenon and it can be used
to identify the characteristics of the target market. It is ideal here because the proprietor
is interested in understanding demographic and lifestyle characteristics of his
customers.
Dave is a close-up magician who is famous for his card tricks. He creates and sells
DVDs of his magic tricks. Lately he has been having trouble getting the DVDs
produced in a timely manner. The problem occurs in the ____________ activity of the
value chain.
A.Inbound logistics
B.Operations
C.Outbound logistics
D.Marketing and sales
E.Service
Operations is a primary activity in the value chain where raw materials are converted
into final products.
Total number of calls, number of planned calls, days worked, total expenses, and letters
to prospects are all examples of which measure of a salesperson’s performance?
A.Subjective measures
B.Non financial incentives
C.Intrinsic rewards
D.Input measures
E.Output measures
Input measures focus on the efforts of salespeople during the sales process. Examples
include total number of calls, number of planned calls, days worked, total expenses, and
letters to prospects.
Firms that have high levels of customer information security and handle the information
responsibly also _______________.
A.Find it easier to attract new customers
B.Retain current customers
C.Use it as a competitive advantage
D.B and C
E.All of the above
High levels of customer information security and responsible handling of the
information ensures that the customers trust the company and this leads to strong
relationship between the firm and its customers.
Jane is evaluating Central America as a possible new market for the OTC
(over-the-counter) pharmaceutical line she manages. What are some of the barriers the
company may face in reaching segments there?
What is a heterogeneous market? What is a homogeneous market? Give an example of
each.
The employees in the bookkeeping department at XYZ Corp. don’t like dealing with
customers. Most often customers call only to complain about their bills or the Accounts
Receivable clerk has to call to customers to remind them that accounts are past due.
Now the marketing department is spearheading a drive to implement a CRM system. As
the marketing manager, what can you say to the bookkeeping folks to get their buy-in
for the system?
Should every company develop and serve a tertiary target market?
Define target marketing. Which segments should the firm select?
Maslow’s theory of motivation is the most popular human motivational theory. Explain
the theory and its marketing implications.
Compare product lines and product mixes. Give examples of each.
Why were fair trade laws created? Who were they intended to protect?
Supply chains work most efficiently and effectively when producing small volumes of
products and moving them through the distribution system in small amounts.
FALSE
Supply chains work most efficiently and effectively when producing large (and
Emily, a tenacious entrepreneur, has grown her closet organizer company to $20 million
in sales and has 65 employees. She has directed the firm’s marketing since its inception
and believes she instinctively knows which marketing efforts will bring success. Her
new assistant Heather, who just completed a Marketing Management course, wants to
find a way to measure results. What should Heather say to Emily to convince her that
this is necessary?