Which of the following statements about world trade flows is most accurate?
a. The EU (European Union) is the world leader in terms of GDP (gross domestic
product).
b. The relative position of the United States as a supplier to the world has increased
despite an absolute growth in exports.
c. The United States’ role as a marketplace for the world has increased, especially for
automobiles, oil, textiles, and consumer electronics.
d. The United States’ relative role as an exporter has decreased in the area of aerospace
during the past five years.
e. The United States’ relative role as an exporter changed dramatically when it became a
service-oriented economy.
Answer:
Figure 1.
Figure 1. above represents the six steps in setting price. Which letter represents the step
where a firm would assess the constraints on the demand for the product class and
brand?
a. “A”
b. “B”
c. “C”
d. “D”
e. “E”
Answer:
All of the following reasons explain the change in adult coffee consumption between
1962 and 2010 EXCEPT:
a. many coffee marketers increased the distribution of their coffees in supermarkets
and/or other retail outlets.
b. many coffee marketers added new coffee flavors and seasonal blends.
c. there was an increase in coffee consumption among those who are 18 to 24 years old.
d. there was a shift in demand from coffee to other competing beverages such as tea,
soft drinks, juices, and bottled water.
e. there was an increase in away-from-home consumption due to an increase in
consumers’ discretionary incomes.
Answer:
Promotion represents the fourth element in the marketing mix. The promotional element
consists of communication tools, including advertising, public relations, sales
promotion, direct marketing, and __________.
a. people
b. merchandising
c. social media
d. personal selling
e. branding
Answer:
LED (light-emitting diode) light bulbs, which have been available for only a few years
in low lighting levels (lumens), are now coming to the marketplace in a 100 watt, 7500
lumen equivalent. They are designed to replace incandescent and even compact
fluorescent light bulbs, in part because of a federal law that phases out incandescent
light bulbs in favor of more energy efficient ones. LED bulbs, which today can cost
over $50 for a 100-watt bulb, will last up to 20 years. In what stage of the product life
cycle is this product?
a. growth stage
b. decline stage
c. accelerated development stage
d. maturity stage
e. introduction stage
Answer:
When Sears places a multiple-page booklet in the local newspaper about its President’s
Day sale, it is using which element of the promotional mix?
a. advertising
b. sales promotion
c. publicity
d. personal selling
e. direct marketing
Answer:
Geographical Pricing Map C
Suppose a firm selects its plant in St. Louis as the location from where it will ship its
products to all of the identified cities shown in Geographical Pricing Map C above. The
MSRP of the product is $100 but the firm adds a freight surcharge to cover
transportation/freight. This surcharge will vary according to the distance between the
origin of the shipmentin this case St. Louisand the destination or customer’s location. In
this pricing method, what is St. Louis called?
a. basing point
b. FOB origin point
c. multiple-zone location
d. FOB freight location
e. FOB destination point
Answer:
The term __________ is defined as the relatively permanent, homogeneous divisions in
a society into which people sharing similar values, interests, and behavior can be
grouped.
a. socioeconomic stratum
b. seller segmentation
c. social class
d. value and lifestyle group
e. cultural cluster
Answer:
In the film Runaway Bride, Julia Roberts boarded a FedEx truck. Another actor gave
voice to FedEx’s service guarantee, saying she will arrive “by 10 a.m. the next business
day.” This is an example of _________.
a. product placement
b. product continuity
c. a deal
d. subliminal advertising
e. reverse product placement
Answer:
Advertisements designed to build goodwill or an image for an organization rather than
promote a specific product or service are referred to as __________ advertisements.
a. product
b. public service
c. institutional
d. reminder
e. repositioning
Answer:
Publix Supermarkets and The Little Clinic signed an exclusive agreement, placing small
walk-in health clinics inside selected stores. Publix customers can have simple medical
needs addressed in a convenient and familiar environment seven days a week and pick
up their prescriptions from the pharmacy without leaving the store. This is an example
of
a. supplier management.
b. customer valuation.
c. societal marketing.
d. market aggregation.
e. relationship marketing.
Answer:
The online consumer lifestyle segment called “click-and-mortar”
a. are women who browse retailer websites but do their actual purchasing at traditional
retail stores.
b. rarely spend money online and use the Internet only as an information source.
c. regularly visit their favorite bookmarked websites and spend the most money online.
d. regard the Internet as a convenient tool for buying music, books, and computer
software.
e. consist of young, affluent single consumers who spend more time online than any
other segment.
Answer:
ISO stands for
a. International Service Organizations.
b. Integrated Standards Organization.
c. International Standards Organization.
d. International Sustainable Offerings.
e. Integrated Solutions Organization.
Answer:
Marketing Research Method Photo B
Consider the Marketing Research Method Photo B above. What type of primary
research method is MOST LIKELY being used by the researcher?
a. individual interview
b. ethnographic research
c. a focus group
d. observation
e. data mining
Answer:
A visitor to proflowers.com can select and buy beautiful cut flower arrangements to be
sent anywhere in the U.S. This is an example of a __________ website.
a. portal
b. promotional
c. transactional
d. multichannel
e. direct sales
Answer:
The advantage of a product sales organization is that __________.
a. salespeople can develop expertise with technical characteristics, applications, and
selling methods associated with a particular product or family of products
b. the number of salespersons in the salesforce can be reduced
c. there is a lower cost for sales calls since this method is chosen for products that
inherently have little or no product variation
d. it significantly minimizes travel time, expenses, and duplication of selling effort from
one territory to another
e. fewer sales managers are required since the salesforce is paid strictly on commission
Answer:
At which stage of the organizational buying decision process would a firm clarify its
organizational buying criteria and select a supplier?
a. problem recognition
b. information search
c. purchase decision
d. purchase review
e. alternative evaluation
Answer:
Trade among nations or regions depends on political stability. In recent times, billions
of dollars have been lost in __________ and __________ as a result of internal political
strife, terrorism, and war.
a. Russia; Poland
b. France; Spain
c. China; Japan
d. the Middle East; Africa
e. Germany; the United Kingdom
Answer:
Figure 1.
Figure 1. above shows the three types of special adjustments to list or quoted price. “C”
represents
a. demand-oriented price adjustments.
b. allowances.
c. discounts.
d. customary pricing adjustments.
e. geographical adjustments.
Answer:
Relationship marketing refers to
a. the selection and the assignment of a firm’s personnel for a specific product or
product line to a group of current or prospective customers.
b. the belief that it is easier and less expensive to find new customers than to retain old
ones.
c. the linking of the organization to its individual customers, employees, suppliers, and
other partners for their mutual long-term benefits.
d. the process of identifying prospective buyers, understanding them intimately, and
developing favorable long-term perceptions of the organization and its offerings so that
buyers will choose them in the marketplace.
e. exclusive legally binding contractual agreements between retailers and customers in
order to create enhanced value for each party.
Answer:
Companies that contract with a foreign firm to manufacture products according to
stated specifications are using
a. direct exporting.
b. indirect exporting.
c. joint ventures.
d. contract manufacturing.
e. contract assembly.
Answer:
Graham-Field Health Products makes hospital beds and wheelchairs from the
component parts and materials it buys. It sells these manufactured products to hospitals,
nursing homes, and retailers of health care products. Graham-Field Health Products
operates in a(n) __________ market.
a. consumer
b. government
c. service
d. industrial
e. reseller
Answer:
During a recessionary period, which of the following is expected?
a. The use of credit would decline.
b. Consumer spending would increase.
c. Taxes would increase nationally.
d. Property values would jump dramatically.
e. Consumers would use the majority of their discretionary income on entertainment.
Answer:
A trade promotion that involves paying retailers for financing costs or financial losses
associated with consumer sales promotions is referred to as a __________.
a. finance allowance
b. promotional allowance
c. merchandise allowance
d. case allowance
e. failure fee
Answer:
A pricing method where a supplier is reimbursed for all costs, regardless of what they
may be, and is allowed a fixed fee as profit that is independent of the final cost of the
project is referred to as
a. target return on investment pricing.
b. cost-plus percentage-of-cost pricing.
c. target return on sales pricing.
d. experience curve pricing.
e. cost-plus fixed-fee pricing.
Answer:
Today’s visionary organization uses three key elements: (1) __________; (2) set a
direction; and (3) formulate strategies.
a. set financial goals
b. specify its foundation
c. establish detailed marketing tactics
d. assign job responsibilities
e. establish an organizational chart
Answer:
Communications that take the form of electronic junk mail or unsolicited e-mail are
referred to as
a. trash mail.
b. outlaw mail.
c. Web waste.
d. spam.
e. viral marketing.
Answer:
__________ comprise the highest percentage of firms in industrial markets.
a. Manufacturing firms
b. Construction firms
c. Agricultural firms
d. Mining companies
e. Service companies
Answer:
The process of developing automatic responses to a situation built up through repeated
exposure to it is referred to as ___________.
a. perceptual learning
b. retentive learning
c. functional learning
d. motivated learning
e. behavioral learning
Answer:
Figure 1.
Figure above 1. outlines the distribution channels through which a product
manufactured in one country must travel to reach its destination in another country.
Channels of distribution in global marketing are often long and complex. “A” represents
the __________ and “B” identifies the __________.
a. seller; final consumer
b. seller; seller’s international marketing headquarters
c. seller international marketing headquarters; channels between nations
d. channels between nations; channels within foreign nations
e. channels within foreign nations; final consumer
Answer:
A salesperson at Toshiba America Medical Systems uses a laptop computer with built-in
DVD capabilities to provide interactive presentations for their computerized
tomography (CT) and magnetic resonance imaging (MRI) scanners. With it, the
customer sees elaborate three-dimensional animations, high-resolution scans, and video
clips of the company’s products in operation as well as narrated testimonials from
satisfied customers. Such technological capabilities have made it effective both for sales
presentations and for training salespeople. This is an example of the use of
___________.
a. specialized order takers
b. sales management principles
c. customer relationship management
d. salesforce technology
e. account management policies
Answer:
Supply chain and logistics managers play a large part in the manufacture of
automobiles. It is estimated that logistics costs account for __________ percent of the
retail price of a typical new car.
a. 25 to 30
b. 40 to 45
c. 50 to 60
d. 60 to 70
e. over 70
Answer:
A one-price policy refers to
a. setting different prices for products and services depending on individual buyers and
purchase situations.
b. setting the price of a line of products at a number of different specific pricing points.
c. setting prices for all items in a product line to cover the total cost and produce a profit
for the complete line, not necessarily for each item.
d. adding a fixed percentage to the cost of all items in a specific product class.
e. setting one price for all buyers of a product or service.
Answer: