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Which of the following would be considered an upstream partner in a company's supply
chain?
A) a firm that resells a finished product and shares the net sales with the producer
B) a firm that provides technical expertise in the production of a product
C) a firm that markets a product to consumers through social media
D) a firm that buys products at wholesale cost from the company
E) a firm that exclusively markets a product to other businesses
Answer:
Which generational group is characterized as the most educated and the least
materialistic?
A) baby boomer
B) Generation X
C) Millennial
D) Generation Z
E) Lost Generation
Answer:
The National Tree Company offers resellers half-price reductions on artificial Christmas
trees if they purchase them in July. This is an example of a ________.
A) functional discount
B) seasonal discount
C) promotional allowance
D) trade-in allowance
E) quantity discount
Answer:
The third part of a marketing strategy statement describes the ________ of a new
product.
A) sales, market share, and profit goals
B) distribution and pricing
C) marketing budget
D) planned value proposition
E) target market and sales goals
Answer:
How do firms that use captive-product pricing make up for the low prices of their main
products?
A) They reduce the cost of the captive products.
B) They provide the captive products as freebies.
C) They set high markups on the captive products.
D) They increase the price of the main products.
E) They offer the captive products and main products together at a reasonable price.
Answer:
Lilly's, a furniture retailer, sells low-end furniture and accent pieces that are targeted
toward lower-income consumer groups. Lilly's most likely segments the consumer
market based on ________ variables.
A) demographic
B) psychographic
C) universal
D) geographic
E) behavioral
Answer:
The fastest-growing sales trend is ________ that involves the use of online, mobile, and
social media to engage customers, build stronger customer relationships, and augment
sales performance.
A) personal selling
B) online selling
C) social selling
D) teleselling
E) videoconferencing
Answer:
Which of the following are examples of internal publics of a company?
A) newspapers, magazines, television stations, blogs, and other Internet media
B) governmental departments and agencies that regulate businesses
C) neighborhood residents and community organizations
D) the managers, board of directors, and workers of the company
E) the general public that is directly affected by the company
Answer:
The McDonald's corporate brand name and golden arches can be classified as ________
that may potentially stimulate an individual's attention and decision about whether or
not to dine at the restaurant.
A) cues
B) drives
C) motives
D) needs
E) attitudes
Answer:
A company that sells personal care products sends a trained observer to watch potential
buyers in their natural environments. This is an example of ________ research.
A) quantitative
B) online
C) ethnographic
D) experimental
E) archival
Answer:
The responsibility for setting a company's mission, objectives, broad strategies, and
policies primarily lies with its ________.
A) finance department
B) research department
C) top management
D) marketing managers
E) human resource managers
Answer:
Which of the following statements is true in the context of the BCG growth-share
matrix?
A) Stars often need heavy investment to finance their rapid growth in a market.
B) The positions of SBUs in the growth-share matrix rarely change over time.
C) The income from one SBU cannot be used to support other business units.
D) Dogs promise to be large sources of cash.
E) Cash cows typically turn into stars.
Answer:
Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors
by employing strategic recruitment practices. It also conducts highly specialized
training programs for its employees. In this case, Argonaut has focused on gaining a
strong competitive advantage through ________ differentiation.
A) image
B) people
C) services
D) product
E) channel
Answer:
A convenience store ________.
A) markets to segments comprised mostly of white-collar workers
B) stocks narrow product lines that have wide, deep assortments
C) carries a limited line of high-turnover goods for consumer self-service
D) involves high operation costs due to full-service customer assistance
E) is a multi-channel food and discount retailer that targets niche markets
Answer:
Food Galore is a regional chain of supermarkets in the Midwest. The primary role of the
staff is to restock shelves and operate cash registers. Customers locate, compare, and
select their groceries and other sundry items. Food Galore is most likely a ________.
A) self-service retailer
B) category killer
C) full-service retailer
D) supermarket
E) pop-up store
Answer:
Which of the following is most likely true about direct and digital marketing?
A) They make it increasingly difficult for sellers to adjust their prices.
B) They provide sellers a high-cost alternative for reaching their markets.
C) They have become less dependent on social media and the Internet.
D) They provide buyers with anytime, anywhere access to products.
E) They reduce the number of interaction options between buyers and sellers.
Answer:
Appliances Galore is continually updating its line of refrigerators to reflect market
trends and customer needs. Although the product class is in the maturity stage of the
product life cycle, they maintain healthy sales of their line of refrigerators by
continually ________.
A) concept testing
B) modifying the marketing mix
C) rebranding
D) modifying the product
E) modifying the market
Answer:
The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the
last two months. The manager decides to conduct marketing research to identify
potential causes for the drop in sales. Which of the following should the manager do
first?
A) develop a research plan
B) determine a research approach
C) define the problem and objectives
D) select a research agency to collect data
E) conduct exploratory and descriptive research
Answer:
Monfax Corporation insures manufacturers, distributors, and consumers against the loss
or damage of goods during transportation after a purchase or sale. In this case, Monfax
is an example of a ________.
A) wholesaler
B) retailer
C) financial intermediary
D) physical distribution firm
E) marketing service agency
Answer:
Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn
season target their consumers primarily through ________ segmentation.
A) psychographic
B) demographic
C) income
D) occasion
E) age and life-cycle
Answer:
According to the text, the most logical budget-setting method in advertising is the
________ method.
A) adaptive-control
B) objective-and-task
C) competitive-parity
D) affordable
E) percentage-of-sales
Answer:
Under a ________ product development approach, one company department works to
complete its stage of the product development process before passing the new product
along to the next department and stage.
A) cross-sectional
B) simultaneous
C) sequential
D) team-based
E) systematic
Answer:
________ are the form human needs take as they are shaped by culture and individual
personality.
A) Wants
B) Necessities
C) Services
D) Benefits
E) Risks
Answer:
A consumer advocacy group challenges a firm's decision to build a new warehouse in a
small community. The advocacy group is an example of a ________ public.
A) financial
B) government
C) media
D) local
E) citizen-action
Answer:
In which stage of the product life cycle will promotional expenditures be significantly
high in an attempt to create consumer awareness of a product and its features?
A) product development
B) introduction
C) growth
D) maturity
E) adoption
Answer:
EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers
to pay in advance for coffee and snacks. This effort by EcoBean management is most
likely an example of ________.
A) market development
B) product development
C) diversification
D) market penetration
E) product adaptation
Answer:
In a global value delivery network, the first link, ________, moves company products
from points of production to the borders of countries within which they are sold.
A) distribution centers
B) wholesalers
C) channels within nations
D) retailers
E) channels between nations
Answer:
Which of the following is an advantage of primary data?
A) They are less expensive to obtain than secondary data.
B) They can be obtained more quickly than secondary data.
C) They can be accessed from existing information.
D) They are more relevant than secondary data.
E) They are more reflective of past problems.
Answer:
Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord
and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to
purchase the Honda based on her intuition. Which of the following situations would
most likely cause Alice to experience postpurchase dissonance?
A) The price of the Honda Accord increases by a huge margin.
B) The price of the Toyota Camry falls due to an increase in demand.
C) The Honda Accord meets all her expectations and satisfies her needs.
D) The Toyota Camry experiences technical failures that lead to a recall.
E) The maintenance costs of the Honda Accord decrease significantly over time.
Answer:
Which of the following is an industrial product categorized under supplies and
services?
A) coal
B) wheat
C) lumber
D) elevator
E) generator
Answer:
The European Commission recently accused Google of abusing its Web-search
dominance, harming both competitors and consumers in European Union markets. The
Commission also began investigating antitrust issues related to Google's Android
mobile operating system. This is an example of ________.
A) planned obsolescence
B) excessive materialism
C) predatory competition
D) acquisition
E) redlining
Answer:
Under ________, a customer shares real-time data on sales and current inventory levels
with a supplier, and the supplier then takes full responsibility for managing inventories
and deliveries.
A) periodic inventory systems
B) vendor-managed inventory systems
C) selective-trading inventory systems
D) manual inventory replenishment systems
E) customer-managed inventory systems
Answer:
Grace and her fianc visit several furniture stores in and around their hometown of
Milwaukee. They use their smartphones to capture information about manufacturers
and pricing, and ultimately decide to purchase their favorite items online. This is
referred to as ________.
A) warehousing
B) wholesaling
C) retailing
D) franchising
E) showrooming
Answer:
Which of the following is a drawback of management contracting?
A) It prevents a company from setting up its own operations for a period of time.
B) It is a high-risk method of getting into a foreign market.
C) It yields income to the contracting firm only much later in the process.
D) It does not provide the option of buying shares in the managed company later on.
E) It requires a domestic firm to export its products to a foreign company.
Answer:
________ marketing calls for socially and environmentally responsible actions that
meet the present needs of consumers and businesses while also preserving or enhancing
the ability of future generations to meet their needs.
A) Sustainable
B) Customer driving
C) Mass
D) Customer-driven
E) Differential
Answer:
