Salespeople consistently report that price is the most common customer apprehension.
Firms should not be concerned that satisfied customers will switch to another brand.
It is possible today to calculate the total financial return for each customer that we
expected to be earned over the length of the customer relationship.
Starbucks is known to have shops located across the street from each other. It appears
that the coffee shop chain is offering place utility.
STP stands for segmentation, targeting, and positioning.
The consumer buying process takes longer and generally involves more people than the
B2B buying process.
Salespeople and the personal selling function are the single most effective approach for
establishing and enhancing the personal relationship between company and customer.
Little m marketing refers to tactics and programs the firm uses to reach its
stakeholders.
The percent-of-sales method is the most popular approach for marketing plan budgeting
but is constraining because sales are driving budget dollars rather than marketing
investment leading to sales opportunities.
Licensing joins two or more well-known brands in a common product or takes two
brands and markets them in partnership.
One reason for developing ________ is that the firm must be nimble in responding to
bad publicity resulting from product tampering or failure, ethical or legal misconduct of
an officer, or some other aspect of operation that garners bad press.
A. Mission statements
B. Forecasting
C. Press releases
D. Contingency plans
E. Alternative company names
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
___________________ is the most popular approach to promotion budgeting.
A. Objective-and-task method
B. Percent-of-sales method
C. Desire and action method
D. Comparative parity method
E. All-you-can-afford method
Geographic segmentation is a useful but ________
A. Necessary criterion in all segmentation schemes
B. Insufficient criterion in and of itself
C. Overlooked method by many marketers
D. Unnecessary method in P2P marketing
E. All of these
Samsung Electronics sold more televisions than any other company in 2012 with sales
of 47 million and a worldwide market share of 27 percent. Samsung is engaged in
__________________.
A. Global marketing
B. No direct foreign marketing
C. Global partnerships
D. Foreign marketing
E. International marketing
____________ consists of vertically aligned networks behaving and performing as a
unified system.
A. Insourcing
B. Vertical marketing system (VMS)
C. Corporate VMS
D. Contractual VMS
E. Administered VMS
In 2012, product endorsements earned a professional golfer $78 million, a top football
quarterback $49 million, and a pro basketball player $62 million. This illustrates why
many people think of marketing as primarily about ______________.
A. Adding costs to products
B. Overstating claims
C. Advertising
D. Pushy salespeople
E. Celebrities sponsoring the best products
Marketing tactics such as designing the elements of the marketing mix are reflected in
the ___________ change driver impacting the future of marketing.
A. Shift to product glut and customer shortage
B. Shift in power from marketer to customer
C. Shift in generational values and preferences
D. A shift to distinguishing Marketing (Big M) from marketing (little m)
E. Shift to justifying the relevance and payback of the marketing investment
Bella Luna is a specialty baby furniture store. Most of the items in the store are
designer, and, therefore, tend to be more expensive than other baby furniture. Recently
Bella Luna started to put the manufacturers’ suggested retail price next to the price it
charges to show the savings. Bella Luna is using ___________________.
A. Product line pricing
B. Captive pricing
C. Price bundling
D. Reference pricing
E. Prestige pricing
According to Peter Drucker, the father of modern management, the business enterprise
has only two functions: ______ and _____.
A. Sales; service
B. New product development; sales
C. Marketing; innovation
D. Management; marketing
E. Sales; innovation
Gatekeepers are important in the B2B buying process because ____________.
A. They limit the number of vendors in a given buying process
B. Engineering and quality control create product specifications that block vendors
C. They control access to key people
D. All of these
E. None of these
When using _______________ a bottom line profit is established first and then pricing
is set to achieve the target.
A. Penetration pricing
B. Price skimming
C. Target ROI
D. Competitor-based pricing
E. Value pricing
Blogs and company bulletin boards encourage a sense of _____ that enhances the
customer’s company and product experience.
A. Customization
B. Connection
C. Community
D. Commerce
E. Context