Lost-horse forecasting involves
a. admitting that the actions you have taken in the past have failed and removing those
and similar actions from you list of alternatives.
b. starting with the last known value of the item being forecast, listing the factors that
could affect the forecast, assessing whether they have a positive or negative impact, and
making the final forecast.
c. making decisions without any intervening steps.
d. following a prescribed set of “directives” established before the research was even
begun.
e. selecting the forecasting alternative that would allow a firm to survive financially
even if the forecasts were totally incorrect.
Answer:
In the past several decades, attitudes of both men and women have changed. Increased
participation in __________ has eliminated one of the most visible inequalities in
opportunities for women.
a. organized sports
b. graduate business (MBA) programs
c. fashion design programs
d. financial/investment banking jobs
e. medical professions
Answer:
Which of the following statements describes a major drawback associated with a
canned sales presentation?
a. A canned sales presentation provides too little information to prospects.
b. A canned sales presentation is difficult for inexperienced salespeople to use.
c. A canned sales presentation allows little room for customer feedback.
d. A canned sales presentation is too expensive and time consuming.
e. A canned sales presentation lacks consistency.
Answer:
Popularity created by consumer word of mouth is called __________.
a. hype
b. buzz
c. propaganda
d. socialization
e. buildup
Answer:
The price for Nintendo’s Wii video game console was likely insufficient to cover its
fixed and variable costs. However, the price of its video games was set high enough to
cover the video game console loss and deliver a handsome profit for the entire Nintendo
product line. This example illustrates Nintendo’s use of
a. bundle pricing.
b. product-line pricing.
c. price lining.
d. customary pricing.
e. loss-leader pricing.
Answer:
Mail order selling, catalog sales, and telemarketing are all examples of
a. direct marketing channels.
b. indirect marketing channels.
c. multimarketing channels.
d. virtual marketing channels.
e. personal selling.
Answer:
The prominent global market-entry strategy among small-and medium-sized companies
is
a. exporting.
b. franchising.
c. licensing.
d. joint venture.
e. direct investment.
Answer:
In the feedback loop, feedback refers to
a. the sender’s interpretation of the response that indicates whether the message was
decoded and understood as intended.
b. the impact the message had on the receiver’s knowledge, attitude, or behaviors during
the communications process.
c. a mutually shared understanding and knowledge the sender and receiver apply to a
message so that it can be communicated effectively during the communication process a
message loop.
d. any unsolicited response from consumers or potential consumers regarding a
company’s message.
e. extraneous factors that can work against effective communication by distorting a
message or the feedback received.
Answer:
Surveys, testing of marketing campaigns, sneak previews, and tracking studies are all
examples of market research techniques. Collectively, they are used in the movie
industry to
a. estimate a production company’s potential market share.
b. identify prospective nominees for industry awards such as the Oscars.
c. create an advance market for the movie’s DVD release regardless of whether it is
successful in its theater release or not.
d. identify possible story lines and/or plots for future movie ventures.
e. reduce uncertainty and improve marketing decisions.
Answer:
Consumers who do not want to receive telephone calls related to company sales efforts
can
a. purchase telephones that block unwanted calls.
b. place their telephone numbers on the National Do-Not-Call Registry.
c. request phone numbers that begin with the area code 555 that automatically block
telemarketing solicitors.
d. request phone numbers that begin with the area code 888 that automatically block
telemarketing solicitors.
e. use an unlisted telephone number.
Answer:
Which of the following statements best illustrates geographic segmentation?
a. GE built a downsized microwave oven to hang under kitchen cabinets.
b. Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners.
c. In China, KFC sells a spicier chicken the farther away its restaurants are from the
coastal areas.
d. A fast food hamburger restaurant is only open for breakfast on weekdays and
Saturdays but not Sundays.
e. A gourmet grocer advertises its services on a small-audience classical music station
even though there is a much larger-audience rock station in the area.
Answer:
The __________ arrangement between Ericsson, a Swedish telecommunications firm,
and CGCT, a French switch maker, enabled them together to beat out AT&T for a $100
million French contract.
a. franchising
b. licensing
c. joint venture
d. direct investment
e. exporting
Answer:
Price lining is considered to be a __________ approach to pricing.
a. cost-oriented
b. demand-oriented
c. profit-oriented
d. competition-oriented
e. service-oriented
Answer:
Which of the following statements reflects Michael Porter’s theory regarding national
competitive advantage?
a. Clusters of strong suppliers can interfere with entry into a global market.
b. A firm that succeeds in global markets has often left a domestic market because it
was too competitive.
c. A country’s natural resources, education, and infrastructure can represent obstacles
that are often difficult to overcome.
d. Conditions such as the number and sophistication of domestic customers can affect
demand for an industry’s product.
e. A nation’s domestic workforce is more motivated to work for foreign corporations
than its own.
Answer:
The three primary types of product advertisements are pioneering, competitive, and
__________.
a. informational
b. industrial
c. reminder
d. persuasive
e. subliminal
Answer:
All of the following are product modification strategies EXCEPT __________.
a. product bundling
b. improving a product’s quality
c. changing a product’s appearance
d. creating a new use situation
e. altering a product’s performance
Answer:
Standards for registration and certification of a manufacturer’s quality management and
quality assurance system are referred to as__________ standards.
a. UN 2012
b. NAICS
c. NAFTA
d. ISO 9000
e. ISO 14000
Answer:
At the __________ of the consumer purchase decision process, a consumer compares
the product with his or her expectations and is either satisfied or dissatisfied.
a. problem recognition stage
b. information search stage
c. alternative evaluation stage
d. purchase decision stage
e. postpurchase stage
Answer:
An all electric-powered automobile is in which stage of its product life cycle?
a. growth
b. maturity
c. introduction
d. decline
e. accelerated development
Answer:
Markdowns can be used to
a. increase competition with other retailers in the immediate vicinity.
b. placate dissatisfied customers.
c. enhance customer perceptions of product quality.
d. increase demand for complementary products.
e. create a sense of urgency amongst repeat buyers.
Answer:
Nescaf coffee is marketed using different coffee blends and promotional campaigns to
match consumer preferences in different countries. For example Nescaf generally
emphasizes the taste, aroma, and warmth of shared moments in its advertising around
the world. However in Thailand Nescaf is advertised as a way to relax from the
pressures of daily life. Nescaf is using which type of product strategy?
a. product extension
b. product customization
c. product adaptation
d. dual adaptation
e. dual integration
Answer:
The tasks involved in managing personal selling include the following: setting
objectives; organizing the salesforce; recruiting, selecting, training, and compensating
salespeople; and __________.
a. identifying potential target markets
b. evaluating the performance of individual salespeople
c. using salesforce input to make product modifications
d. maintaining open communications between sales representatives and all other
stakeholders
e. designing new promotional campaigns for the purpose of generating new sales
Answer:
An inventor for 3M, David Windorski questioned dozens of students about how they
study. They told him
a. to make new products that have higher quality.
b. that the average backpack was already too heavy.
c. that it would be reasonable to put Post-itFlags together with a highlighter.
d. to determine the ratio of 3M products to study aid products of other competitors.
e. that highlighters and Post-itNotes should not be combined.
Answer:
All of the following are behaviorally-related sales objectives EXCEPT _____.
a. communication skills
b. customer service satisfaction ratings
c. number of new customers
d. selling skills
e. product knowledge
Answer:
Which statement best describes the most significant difference between a business firm
and a nonprofit organization?
a. Business firms operate with larger budgets than nonprofits.
b. Nonprofit organizations do not carry on economic activities while business firms do.
c. Nonprofit organizations are concerned with social issues and business firms are not.
d. Both serve customers, but business firms seek a profit while nonprofit organizations
do not.
e. Nonprofit organizations are publicly owned and business firms are privately owned.
Answer:
All of the following are true about the length of product life cycles EXCEPT
__________.
a. the length of service life cycles is typically longer than those for products
b. there is no set time that a product takes to move through its life cycle
c. technological change shortens product life cycles as new products replace existing
ones
d. the use of mass media tends to shorten product life cycles
e. consumer products have shorter life cycles than business products
Answer:
All of the following are idea generation methods EXCEPT:
a. a mail survey
b. trend hunting
c. a focus group
d. a depth interview
e. an individual interview
Answer:
In the VALS framework, each consumer segment exhibits unique media preferences.
Which segment is the heaviest reader of Reader’s Digest?
a. Strivers
b. Believers
c. Experiencers
d. Survivors
e. Makers
Answer:
Organizational buying criteria serve the same purpose as __________ criteria used by
consumers.
a. consideration
b. evaluative
c. decision
d. alternative
e. prepurchase
Answer:
Which of the following is a cost-oriented approach to pricing?
a. cost-plus pricing
b. skimming pricing
c. prestige pricing
d. loss-leader pricing
e. bundle pricing
Answer:
Five influences can have an impact on a consumer’s purchase decision process, which
are purchase task, social surroundings, physical surroundings, temporal effects, and
antecedent states. These are referred to as
a. marketing mix influences.
b. situational influences.
c. psychological influences.
d. sociocultural influences.
e. evaluative criteria.
Answer:
1&1 Ad
What type of product advertisement is the 1&1 ad shown above?
a. reminder
b. pioneering
c. reinforcement
d. comparative
e. advocacy
Answer:
Figure 1.
Which of the following tasks shown in Figure 1. above must be done sequentially?
a. 1 and 2
b. 2 and 3
c. 3 and 4
d. 5 and 7
e. 6 and 7
Answer: