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Explain how the United States Postal Service has "competitor myopia."
Answer:
A(n) ________ economy is rich in one or more natural resources but poor in other ways
and much of its revenue comes from exporting its natural resources.
A) industrial
B) industrializing
C) raw material exporting
D) subsistence
E) agrarian
Answer:
Which of the following statements is most likely true of market follower strategies?
A) Market followers have the resources to expand the market by developing new users,
new uses, and more usage of its products.
B) Market followers must expand internationally first to ensure distribution
effectiveness, cost savings, and quality control.
C) Market followers should conduct indirect attacks on competitor's weaknesses to gain
market share quickly and inexpensively.
D) Market followers benefit from pursuing subsegments of target markets due to their
limited
resources.
E) Market followers must keep manufacturing costs and prices low or product quality
and services high.
Answer:
Some firms define their purpose in narrow product terms. Others that define their
purpose in broad social terms follow ________.
A) societal marketing
B) sense-of-mission marketing
C) consumer-oriented marketing
D) customer-value marketing
E) consumerism
Answer:
The innovation management system approach yields two favorable outcomes: it helps
create an innovation-oriented company culture, and it ________.
A) clearly assigns responsibility for the process to a single department
B) yields a larger number of new product ideas
C) guarantees successful products
D) frees up senior management time
E) requires less budget support
Answer:
The decision process by which business buyers determine which products and services
their organizations need to purchase and then find, evaluate, and choose among
alternative suppliers and brands is known as ________.
A) situational analysis
B) business buying process
C) business diversification
D) business process automation
E) lateral expansion
Answer:
By showing buyers a better way to make an object, outside sellers can ________ .
A) turn straight rebuy situations into modified rebuy situations
B) reduce delivery times and save money
C) provide incentives for larger orders
D) turn straight rebuy situations into new task situations
E) discourage straight rebuys
Answer:
Companies can legitimately charge a higher price if ________.
A) consumers perceive that the company's product offers greater value
B) the demand for products manufactured by a firm is highly elastic
C) the cost of advertising is minimal
D) derived demand remains constant
E) consumers de-emphasize quality
Answer:
Marketers describe the way a consumer processes information to arrive at brand choices
as ________.
A) alternative evaluation
B) information search
C) impulse buying
D) consumer capitalism
E) cognitive dissonance
Answer:
When critics argue that insurance, real estate, and used cars are sold, not bought, they
are accusing marketers of ________.
A) deceptive promotions
B) excessive markups
C) high-pressure selling
D) shoddy products
E) excessive materialism
Answer:
________ involves thinking ahead in the design stage to create products that are easier
to reuse, recycle, or recover.
A) DSS
B) DFE
C) Sustainability vision
D) New clean technology
E) Pollution prevention
Answer:
Steelz Inc. has designed a process that manufactures an improved version of steel more
efficiently, which will save the firm both money and resources. In considering the
launch of this new steel in the market, the firm must first decide on ________.
A) timing
B) location
C) organizational structure
D) test marketing
E) product mix
Answer:
A company that makes products that give high immediate satisfaction but may hurt
consumers in the long run makes ________ products.
A) deficient
B) pleasing
C) salutary
D) desirable
E) threatening
Answer:
Fire Up makes fireproof clothing material and it licenses select stores around the world
to use its material to make finished products with the Fire Up logo. Which of the
following type of franchising is evident here?
A) manufacturer-sponsored retailer franchise system
B) manufacturer-sponsored wholesaler franchise system
C) service-firm-sponsored retailer franchise system
D) service-firm-sponsored equity strategic alliance
E) manufacturer-and-service-sponsored joint venture
Answer:
Fosters and Mason House, two major coffee brands, competed neck and neck based on
their product attributes and price promotions. They were soon blindsided by the arrival
of Starcoffeez, which focused more on the coffee experience rather than the coffee. This
resulted in major losses for the two companies. This is an example of ________.
A) self-competition
B) competitor myopia
C) competitor backlinking
D) marketing myopia
E) perfect competition
Answer:
Which consumer promotion tool requires the consumer to provide a proof of purchase
to the manufacturer?
A) price packs
B) coupons
C) samples
D) rebates
E) displays
Answer:
Refer to the scenario below to answer the following question(s).
John Mayes opened Sparkle Janitorial in 2005. John began his business by acquiring
two contracts for office cleaning services from two local manufacturing facilities. For
two years, John and his wife, Barb, performed the cleaning services alone. After
acquiring three additional cleaning contracts in 2007, John hired two employees. "Up to
that point, we had room to grow but we really had no advertising plan," John stated.
"We were relying mostly on word-of-mouth."
By 2010, Barb hired another two full-time employees to begin Sparkle's new endeavor:
carpet cleaning in homes and offices. "Competition was getting tough for both of our
services at that point," Barb added. "We ran a local radio spot three times each week.
Then we had an advertiser print coupons on placemats. That gave us a little more
exposure."
John and Barb Mayes admit that they did not realize the value of a sound promotional
plan earlier. "We wish we would have put together something catchy with a jingle long
before now," they said.
When starting their business, John and Barb would most likely have benefitted from
understanding ________.
A) social media
B) buzz marketing
C) public relations campaigns
D) network television advertising
E) integrated marketing communications
Answer:
________ occurs when product or service producers cut out intermediaries and go
directly to final buyers or when radically new types of channel intermediaries displace
traditional ones.
A) Extensive distribution
B) Multichannelization
C) Disintermediation
D) Inclusive distribution
E) Cross merchandising
Answer:
Which of the following is part of an internal green marketing program?
A) design for environment practices
B) cradle-to-cradle practices
C) biodegradable packaging
D) product stewardship
E) new clean technology
Answer:
Trendy Teens manufactures fashionable clothing and accessories for the tween and teen
female markets. New merchandise with a very different look is rolled out each season
and heavily promoted as the "must-have" style in a variety of media. This information
indicates that Trendy Teens is most likely to be criticized for ________.
A) deceptive promotions
B) shoddy products
C) high-pressure selling
D) poor service to disadvantaged consumers
E) perceived obsolescence
Answer:
You own a neighborhood grocery store and would like to have non-food items
delivered, priced, displayed and inventoried by a wholesaler. You do not want to
purchase title to the goods. Which type of wholesaler best fits your needs?
A) cash-and-carry wholesaler
B) rack jobber
C) drop shipper
D) mail-order wholesaler
E) agents and brokers
Answer:
Refer to the scenario below to answer the following question(s).
Ruben Delgado was making wooden pens and pencils, which had unique engravings, as
a hobby until Simon Yoder recognized Ruben's talent. Simon immediately ordered 250
pens and pencils of various styles to be displayed in his shop's showcase. Within three
months, the wooden pencils were a hit with all students! Ruben Delgado had never
thought of marketing his talent, but Simon's enthusiasm and the recent sales were
enough to change his mind.
With limited resources, Ruben contacted three additional specialty shops within 100
miles that were situated near schools. He explained his manufacturing processes and
engraving options to each. All three shop owners placed a trial order. Within two
months, just prior to the holiday season, each shop owner placed an additional order.
Ruben was ecstatic! "I figured business would slow down after that," Ruben stated, "but
in February I was contacted by Elmore Distributors. At that point, I had to make a huge
decision about how far I wanted to go with this business."
Elmore Distributors provides products for school fundraisers in a seven-state area.
Ruben was offered a two-year contract and immediate inclusion in Elmore's
promotional flyer. Ruben Delgado accepted the offer and, along with it, the
responsibility to produce thousands of wooden pens and pencils. "I had to get a grip on
the magnitude of this project," Ruben added. He decided to place his major focus on the
large contract with Elmore. However, to avoid placing his total emphasis with one
customer, Ruben continued nurturing his four previously established accounts without
targeting any additional customers.
"At this point, I had set up an assembly line in a rented building," Ruben explained. "I
had to hire three full-time employees to work the line while I managed the customer
orders and purchased materials." Ruben paused. "But I can't take the Elmore project for
granted. It might not always be there. I'll have to have a good alternate plan if that day
comes."
In marketing his wooden pens and pencils to specialty-shop customers, Ruben was most
likely using ________ marketing.
A) mass
B) trigger-based
C) concentrated
D) segmented
E) individual
Answer:
What is the LEAST relevant question to ask when assessing a firm's main competitor?
A) What are the competitor's objectives?
B) What is the competitor's strategy?
C) What are the competitor's strengths?
D) What are the competitor's locations?
E) What are the competitor's weaknesses?
Answer:
A company's total marketing communications mix consists of a special blend of
advertising, sales promotion, public relations, personal selling, and direct-marketing
tools that the company uses to communicate customer value and build customer
relationships. Which of the following terms best describes this set of communications
tools?
A) the product mix
B) product line filling
C) the promotion mix
D) the price mix
E) horizontal diversification
Answer:
A charitable trust's appeal which states, "While you are trying to figure out what to get
the man who has everything, don't forget the man who has nothing" is an example of
a(n) ________ appeal.
A) structural
B) awareness
C) rational
D) moral
E) standard
Answer:
As a consequence of the green movement, many companies are developing strategies
and practices that support ________.
A) government intervention
B) environmental sustainability
C) deregulation
D) mass marketing
E) rapid exploitation of natural resources
Answer:
________ weakens a given promotion's ability to trigger an immediate purchase.
A) A customer-oriented promotion mix
B) Promotion clutter
C) Puffery
D) Local marketing
E) Niche marketing
Answer:
The movie industry in a country is controlled by six large studios that receive 90
percent of the annual revenues from movies. This is an example of a(n) ________.
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) pure monopoly
E) government monopoly
Answer:
More and more, companies are shifting their brand management focus from brand
profitability toward ________.
A) technology management
B) product management
C) customer management
D) functional management
E) geographic management
Answer:
Which of the following is an example of cultural pollution?
A) gasoline shortages
B) congestion tolls
C) street signs in cities
D) overpasses in suburban areas
E) billboards marring beautiful scenery
Answer:
________ consists of creating something new to meet the needs of consumers in a
given country.
A) Communication adaptation
B) Joint venturing
C) Product invention
D) Straight product extension
E) Product adaptation
Answer:
Shifting away from mass marketing, marketers are developing ________ which are
designed to build closer relationships with customers in more narrowly defined
micromarkets.
A) focused marketing programs
B) horizontal diversification programs
C) backward integration strategies
D) new pull strategies
E) new push strategies
Answer:
A firm often enters international marketing by simply shipping its goods out of the
country. If its international sales expand, the company often organizes a(n) ________.
A) indirect exporting venture
B) joint ownership
C) export department
D) international division
E) standardized global marketing strategy
Answer:
Which of the following is a significant challenge presented by the product life cycle?
A) increased expenses
B) increased competition
C) new product development
D) evaluation of results
E) recognizing the stages as a product goes through them
Answer:
