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Jason has been recently hired as a salesperson by Matrix Inc., a company selling
consumer durables. He is currently working on his first sales assignment. After
identifying a good prospect, Jason is now learning everything about his prospect via
online sources and common acquaintances. Which of the following stages of the selling
process is Jason in?
A) follow-up
B) handling objections
C) preapproach
D) presentation
E) prospecting
Answer:
In a SWOT analysis, ________ include favorable trends in the external environment.
A) strengths
B) challenges
C) weaknesses
D) opportunities
E) threats
Answer:
Which of the following is NOT an example of product-oriented mission statements?
A) "We are an online library."
B) "We run theme parks."
C) "We sell athletic shoes."
D) "We sell memorable experiences."
E) "We rent hotel rooms."
Answer:
Which of the following refers to the total combined customer lifetime value of all of the
company's current and potential customers?
A) share of customer
B) marketing mix
C) customer equity
D) target market
E) customer-perceived value
Answer:
With the recent explosion of information technologies, ________.
A) most marketing managers are overloaded with data and often overwhelmed by it
B) most marketing managers are concerned solely about the duplication of content
C) companies have ceased to feel the need for marketing information systems
D) companies have ceased to maintain internal databases
E) it has become more difficult and expensive to obtain primary data
Answer:
Critics say marketing benefits ________ more than ________.
A) consumers; manufacturers
B) industry; consumers
C) stores; manufacturers
D) exporters; importers
E) independent sellers; chain stores
Answer:
What sets the floor for product prices?
A) consumer perceptions of the product's value
B) product costs
C) competitors' strategies
D) advertising budgets
E) market competition
Answer:
Total government spending is determined by ________.
A) legal treatises
B) marketing efforts
C) elected officials
D) court rulings
E) technology needs
Answer:
Specialty stores carry ________ with ________ within them.
A) only convenience products; shallow assortments
B) narrow product lines; deep assortments
C) narrow product lines; shallow assortments
D) wide product lines; shallow assortments
E) wide product lines; deep assortments
Answer:
________ involves adding more items within the present range of the product line.
A) Market diversification
B) Brand extension
C) Product line filling
D) Upward product line stretching
E) Downward product line stretching
Answer:
Communication through a telephone call is considered a part of a(n) ________
communication channel.
A) online
B) nonverbal
C) personal
D) nonpersonal
E) unidirectional
Answer:
A(n) ________ shows how much time is spent selling, traveling, waiting, taking breaks,
and doing administrative chores by the salesperson.
A) customer relationship management tool
B) corporate social networking site
C) time-and-duty analysis tool
D) outsourcing relationship management tool
E) product lifecycle management analysis
Answer:
Product planners need to consider products and services on three levels. At the third
level, product planners must build ________.
A) an actual product
B) an augmented product
C) core customer value
D) a brand personality
E) a basic product
Answer:
Elmo Inc., a global conglomerate, designed the ElBrush, an electric toothbrush. Sensing
market demand for the electric toothbrush, Elmo started with an ideal selling price of $3
based on customer value considerations and then targeted costs to ensure that the price
was met. This exemplifies ________.
A) competition-based pricing
B) cost-plus pricing
C) target costing
D) everyday low pricing
E) high-low pricing
Answer:
What is included in the first part of a marketing strategy statement?
A) distribution strategy
B) product longevity
C) long-run sales goals
D) promotional mixes
E) target market description
Answer:
The ________ seeks to prevent unfair price discrimination by ensuring that sellers offer
the same price terms to customers at a given price level.
A) FTC's "Guides against Deceptive Pricing"
B) Robinson-Patman Act
C) Sherman Act
D) Clayton Act
E) Automobile Information Disclosure Act
Answer:
Conflict that occurs among firms at the same level of the marketing channel is known
as ________ conflict.
A) multitiered
B) horizontal
C) vertical
D) prolonged
E) financial
Answer:
________ or smart tag technology helps companies locate a product's exact position
within its supply chain.
A) RFID
B) PRM
C) VMS
D) BCODE
E) 3PL
Answer:
In the new product development process, the first idea-reducing stage is ________.
A) business analysis
B) idea generation
C) concept development
D) crowdsourcing
E) idea screening
Answer:
Which of the following terms refers to customers who make repeat purchases and tell
others about their positive experiences with a product or service?
A) barnacles
B) customer evangelists
C) butterflies
D) surrogate customers
E) market mavens
Answer:
Which of the following is an internal factor that affects pricing decisions in a company?
A) the nature of the market
B) the degree of inflation in the economy
C) the overall marketing strategy of the company
D) the forces of demand and supply in the market
E) consumers' perception of value
Answer:
Maytag's front-loading Neptune washer provides superior cleaning and energy
efficiency. The Neptune washer is an example of a ________ product.
A) deficient
B) pleasing
C) salutary
D) desirable
E) nondurable
Answer:
Minimizing pollution from production and all environmental impacts throughout the
full product life cycle is called ________.
A) aesthetic consumerism
B) sustainability vision
C) product stewardship
D) beyond greening
E) pollution prevention
Answer:
Which of the following is a risk associated with international trade?
A) technological obsolescence
B) highly unstable governments
C) market monopolization
D) lack of trade barriers
E) currency stagnation
Answer:
Luke Price, a manager in an automobile factory, wanted his subordinates to rate their
satisfaction about the new pistons that arrived last month. He asked them to rate the
product based on strength and ease of handling. Which of the following is evident here?
A) order-routine specifications
B) supplier selection
C) performance review
D) general needs description
E) proposal solicitation
Answer:
A gym equipment manufacturer encourages customers to become members of the firm's
Web site. Membership provides customers with exercise tips as well as discounts on
gym equipment and workout apparel. This is an example of ________.
A) a frequency marketing program
B) a basic customer relationship
C) a club marketing program
D) the selling concept
E) consumer-generated marketing
Answer:
Consumers who show their allegiance to brands, stores, or companies help marketers to
segment consumers by their ________.
A) user status
B) degree of loyalty
C) income
D) geographic location
E) benefit-seeking attitudes
Answer:
In a ________, new products and marketing tactics are tested online in a virtual
shopping environment.
A) controlled test market
B) simulated test market
C) standard test market
D) focus group
E) survey
Answer:
________ is very believable because news stories, features, sponsorships, and events
seem more real and believable to readers than ads do.
A) Differentiated marketing
B) Public relations
C) Direct marketing
D) Sales promotion
E) Personal selling
Answer:
Refer to the scenario below to answer the following question(s).
Kimberly's Crown sells and designs jewelry. Despite the jewelry's popularity, products
are available only through a few shopping stores across the country.
When one of the stores complains that the jewelry they're being given is inferior to the
jewelry Kimberly sells to other stores, Kimberly experiences ________ conflict.
A) horizontal
B) multitiered
C) vertical
D) intensive
E) subjective
Answer:
A(n) ________ is a descriptive thought that a person has about something.
A) lifestyle
B) motive
C) belief
D) attitude
E) cognition
Answer:
________ refers to the characteristics of a product or service that bear on its ability to
satisfy stated or implied customer needs.
A) Brand equity
B) Product quality
C) Product labeling
D) Brand image
E) Brand personality
Answer:
Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced
further for increased consumer affordability. This reflects the ________ concept.
A) product
B) production
C) selling
D) marketing
E) societal marketing
Answer:
Explain common reasons for the failure of new products. What methods can a company
adopt to improve its odds of new product success?
Answer:
How can a company benefit through a just-in-time logistics system?
Answer:
Describe and compare the four types of customers classified by their potential
profitability to an organization. Explain how an organization should manage each type
of customer.
Answer:
Explain the role of marketers in the information search step of the buyer decision
process. Give an example of how the marketer might execute this role.
Answer:
How do companies identify attractive market segments? How do they choose a target
marketing strategy?
Answer:
Briefly describe the presentation stage of the selling process.
Answer:
Casual Comfort sells its catalog items using FOB-origin pricing. Who pays the freight
charges?
Answer:
What functions do buyers serve in a buying center?
Answer:
Define customer relationship management and explain its associated tools and levels of
relationships.
Answer:
Explain why most marketers avoid deceptive practices.
Answer:
Explain the difference between a consumer product and an industrial product. Include
an example.
Answer:
What is a category killer? Provide an example and a description of a category killer.
Answer:
Define total costs.
Answer:
Why are ad expenditures high for products in the introduction stage of the PLC?
Answer:
Describe types of products that are selectively distributed and provide examples.
Answer:
Marketers can prolong the lives of many products in the maturity or decline stages of
the PLC, sometimes even moving these products back into the growth stage. How is
this undertaken?
Answer:
What is competition-based pricing?
Answer:
"Beyond the market and the economy, the company must consider several other factors
in its external environment when setting prices." Explain this statement.
Answer:
