Which step in the consumer decision-making process is a result of an imbalance
between actual and desired states?
a. Evaluation of alternatives
b. Want recognition
c. Purchase
d. Need recognition
e. Postpurchase behavior
Answer:
______ is the quantity of a product that will be offered to the market at various prices
for a specified period.
a. Distribution
b. Supply
c. Price
d. Equilibrium
e. Elasticity
Answer:
_____ is the process that turns a marketing plan into action assignments and ensures
that these assignments are executed in a way that accomplishes the plan’s objectives.
a. Mechanistic control
b. Strategic analysis
c. Implementation
d. Strategic planning
e. Strategic design
Answer:
Consultative selling:
a. uses limited sales planning.
b. uses a “lone wolf” approach to selling.
c. sells advice, assistance, and counsel rather than products.
d. uses short-term follow-ups, which focus on product delivery.
e. emphasizes closing the sale during the sales presentation.
Answer:
The DAGMAR approach is one method of setting advertising objectives.
a. True
b. False
Answer:
The label on Darwin’s new blazer that reads “Will Not Shrink” is an example of a(n)
warranty.
a. descriptive
b. limited
c. implied
d. express
e. superfluous
Answer:
Alec had his gall bladder removed, but he was unconscious during the operation. In
fact, even though he has an incision, he really has no way of knowing if the service was
actually performed even after it was allegedly performed. That is because medical
services such as this exhibit _____ qualities.
a. credence
b. perishable
c. experience
d. search
e. homogeneous
Answer:
The owner of a neighborhood hardware store has decided to sell a set of three padlocks
for $5. He hopes the below-cost price for the locks will attract current and new
customers who will also buy regularly priced items. The owner is encouraging store
patronage through:
a. deceptive pricing.
b. incentive pricing.
c. pricing lining.
d. cumulative pricing.
e. leader pricing.
Answer:
Ads for Yoplait Greek Yogurt highlight that the product has twice the protein and three
times the calcium of other yogurts. This advertising highlights:
a. product attributes.
b. the creation of brand loyalty.
c. how negative consumers’ attitudes are modified.
d. product benefits.
e. loyalty rewards.
Answer:
Most demand curves slope:
a. horizontally
b. upward and to the right
c. downward and to the left
d. vertically
e. downward and to the right
Answer:
A characteristic that consumers may have difficulty assessing even after purchase
because they do not have the necessary knowledge or experience is referred to as ____
quality.
a. search
b. experience
c. credence
d. abstract
e. inert
Answer:
Apple iTunes has sold billions of downloads. Without iTunes, the demand for the Apple
iPod line of products would be small. Without the musicians, there would be no iTunes.
In this situation, a condition of _____ demand exists.
a. bundled
b. incremental
c. functional
d. developmental
e. joint
Answer:
During a recent worldwide recession when wine usage was declining, Nickel & Nickel
launched a new brand of wine, which it sold at $125 a bottle. The wine is allowed to
age three times as long as lower-priced wines, and the grapes used in the wine’s
production are handpicked. Wine lovers appreciate how both production techniques
improve wine quality. Nickel & Nickel used _____to build market share.
a. value-based pricing
b. unbundling
c. price lining
d. status quo pricing
e. leader pricing
Answer:
Which of the following would imply elastic demand?
a. Price is low relative to purchasing power
b. Nondurable product
c. Low inflation rate
d. Many substitute products
e. All of these choices
Answer:
ClaxtonFruitcakes
One common Christmas tradition in many households is the Claxton fruitcake. The
fruitcake bakery in Claxton, Georgia, makes about six million pounds of fruitcake
annually and has $12 million in sales. One fruitcake batch weighs 375 pounds. About
70 percent of that weight is fruits and nuts. A single batch is divided into 34 loaf
pans that hold 11 pounds each. Loaves are cooked for 100 minutes at 375 degrees. The
bakery can cook 6,000 pounds at a time. During the baking season (August to
December), the bakery uses a tractor-trailer load of raisins each day. The suggested
retail price of a one-pound Claxton fruitcake is $3.69.
Refer to Claxton Fruitcakes. In terms of business-to-business products, the large ovens
in which the cakes are baked are examples of:
a. component parts
b. MRO equipment
c. specialty equipment
d. processed supplies
e. major equipment
Answer:
Harold works as a new business manager for a manufacturer of marine lubricants. He
often talks to several different people before he locates someone who can give him a
purchase order or a refusal. In terms of the buying center, he has the most trouble
identifying the _____ for his services.
a. decider
b. influencer
c. purchaser
d. gatekeeper
e. user
Answer:
Revenue:
a. equals quantity sold times profit margin
b. equals price minus costs
c. equals return on investment
d. is synonymous with profit
e. equals price of goods times quantity sold
Answer:
The greater the number of different uses for a product, the more _____ demand tends to
be.
a. elastic
b. inelastic
c. unitary
d. volatile
e. stable
Answer:
When Vincent saw Mike’s new Iron Horse Yakuza Aniki mountain bike, Vincent
immediately knew he wanted to own one just like it someday. According to the AIDA
concept, Vincent entered the ____stage.
a. action
b. attention
c. liking
d. interest
e. desire
Answer:
Scott owns Buffalo Mountain Coffee in Deer Park, Ohio. He understands the need to
segment his market, and available marketing research indicates there is much demand
in the community for unique coffee drinks. However, he has few resources and cannot
engage in intensive consumer research to precisely identify a segment. Which of the
following strategies would you suggest he employ?
a. Develop an undifferentiated strategy, because it is not a large community and he
could create a single marketing mix that would serve the entire community
b. Employ a macrosegmentation strategy, because the data needed for such a strategy
are both easy to get and fit his needs exactly
c. Use a single-variable strategy, because it offers an inexpensive alternative that would
not require much experience to employ
d. Use a multiple-variable segmentation strategy, because it is easier to use than
single-variable segmentation
e. Conduct a VALS investigation of his buying market
Answer:
Yield management systems employ techniques such as discounting early purchases,
limiting early sales at these discounted prices, and overbooking capacity.
a. True
b. False
Answer:
General Mills is offering resellers a 10 percent discount on all cases of its granola bars
purchased during the month of June. General Mills is offering a:
a. trade allowance.
b. life cycle extension promotion.
c. P-O-P discount.
d. push money deal.
e. product development deal.
Answer:
It’s been a few years since odorfree paint hit the market, and a paint manufacturer
estimates the paint to be in the growth stage of its product life cycle. With all the
competition in the industry today, the manufacturer should use promotions that
persuade buyers of odor-free paint to purchase its brand over all others.
a. True
b. False
Answer:
Refer to Nestl. One new product Nestl intends to introduce includes fiber added to
chocolate. The packages will include the fact that each chocolate bar contains 5 grams
of fiber and the various health benefits of including more fiber in one’s diet. Which
form of labeling will this perform?
a. Persuasive
b. Informational
c. Regulatory
d. Competitive
e. Perceptive
Answer:
Once customer data are analyzed and transformed into usable information, the
information must be:
a. implemented.
b. evaluated.
c. leveraged.
d. stored.
e. mined.
Answer:
Cassandra, an accounting major, read an article stating that accounting graduates are
receiving the highest starting salary offers for business majors. The article also stated
that marketing majors start with lower salaries but surpass all other majors’ salaries
within ten years. A week later, Cassandra doesn”t remember reading this last part of the
article, just the first part. This is an example of:
a. selective distortion
b. selective exposure
c. intermittent reinforcement
d. selective socialization
e. selective retention
Answer:
A is the part of the brand that can be spoken.
a. brand equity
b. service mark
c. trademark
d. brand name
e. certification mark
Answer:
Gifts in Kind International is a nonprofit organization that gathers new and used
merchandise and distributes it to charities nationwide. Traditional promotional tools
may be inadequate to motivate its target markets because of:
a. nonprofit product volunteer policies
b. the absence of consumer involvement
c. lack of prices for the products
d. direct distribution
e. infrequent use of target markets
Answer:
_____ is a strategy of increasing market share for present products in existing markets.
a. Market penetration
b. Product development
c. Market development
d. Diversification
e. Product penetration
Answer:
A company has learned that members of its target market are likely to collect more
information and evaluate more brands than early adopters. They are cautious and
thoughtful and do not try the product without asking someone else. The customers’
dominant characteristic is deliberateness. In terms of the diffusion process, these
customers are most likely:
a. innovators
b. early minority
c. laggards
d. early majority
e. late majority
Answer:
Community Trust Bank’s management decided to design a new product and promotion
to appeal to small to medium-sized businesses. A researcher conducted a series of focus
groups with business owners to find out more about what they wanted in bank services.
With the focus groups, Community Trust was collecting data.
a. primary
b. ethnographic
c. consensual
d. secondary
e. collaborative
Answer:
What is marketing myopia? If a movie theater company had a myopic orientation, how
might it state its business purpose? If the movie theater company avoided a myopic
orientation, how would its business purpose change?
Answer:
What is competitive intelligence? Discuss how it is used and provide an example.
Answer:
Why is developing a global vision important for firms in the United States?
Answer:
To leverage owned media, earned media, and paid media, marketers must follow three
key guidelines. What are they?
Answer:
What are the five key issues to remember when developing distribution strategies for
service organizations?
Answer:
Name and briefly define the three categories of pricing objectives for services.
Answer:
Explain the societal marketing orientation, and give an example of a company
implementing this orientation.
Answer: