A good, service, or idea consisting of a bundle of tangible and intangible attributes that
satisfies consumers’ needs and is received in exchange for money or something else of
value is known as a(n)
A. utility.
B. item.
C. service.
D. marketing program.
E. product.
Answer:
Franchising refers to
A. a contractual agreement between multiple retailers sharing the same business
mission to operate with a consistent business model to not only achieve enhanced
buying power but also increase customer loyalty.
B. a contractual arrangement between a parent company and an individual or firm that
allows the latter to operate a certain type of business under an established name and
according to specific rules.
C. purchasing the name, branding, and raw materials from one organization and
transferring it to another.
D. a practice whereby one firm’s marketing channel is used to sell another firm’s
product.
E. selling an idea to a larger company and letting it do all the manufacturing,
distribution, and marketing.
Answer:
The term that pertains to the income, expenditures, and resources that affect the cost of
running a business or household is referred to as(the) __________.
A. banking
B. economy
C. finances
D. budgeting
E. money management
Answer:
Warranties, money-back guarantees, extensive usage instructions, demonstrations, and
free samples are all ways in which companies __________.
A. lose money during the introductory stage of a product’s life cycle
B. convince laggards to try a new product
C. recoup research and development costs
D. influence the product life cycle of fashion products
E. attempt to overcome barriers to adoption
Answer:
A marketing __________ is defined as the means by which a marketing goal is to be
achieved, usually characterized by a specified target market and a marketing program to
reach it.
A. plan
B. tactic
C. strategy
D. concept
E. action
Answer:
An iMac personal computer from Apple can be classified according to all of the
following categories EXCEPT:
A. a business product.
B. a nondurable good.
C. a B2B product.
D. a durable good.
E. a consumer product.
Answer:
Advertising and promotion costs tend to be higher with a __________ strategy because
the company must generate awareness among consumers and retailers for each new
brand name without the benefit of any previous impressions.
A. co-branding
B. private branding
C. multibranding
D. multiproduct branding
E. mixed branding
Answer:
The J.D. Power & Associates and other market research firms recruit groups of
consumers for __________, each of whom are paid to record all of their purchases on a
regular basis. Businesses pay firms like J.D. Power for their reports that answer the
question, “How many times did our customers buy our products this year compared to
last year?”
A. focus groups
B. experiments
C. syndicated panels
D. syndicated data mining
E. mall intercept interviews
Answer:
Yield management pricing refers to
A. controlling the production of products based upon seasonal demand.
B. deliberately selling a product below its customary price, not to increase sales, but to
attract customers’ attention in hopes that they will buy other products as well.
C. charging the same prices during different times of the day or days of the week to
reflect variations in supply for the service.
D. offering significant price discounts to wholesalers who agree to purchase products in
advance for a period of a year or more at a time.
E. charging different prices to maximize revenue for a set amount of capacity at any
given time.
Answer:
In a(n) __________ economy, the cost to produce and buy products and services
escalates as prices increase.
A. inflationary
B. expansionary
C. deflationary
D. recessionary
E. depressive
Answer:
In choosing the appropriate marketing channel, a firm should consider the interests that
buyers might want fulfilled. These interests fall into four broad categories: (1)
__________; (2) convenience; (3) variety; and (4) pre- or postsale services.
A. profitability
B. information
C. quality
D. brand name recognition
E. availability
Answer:
Selling agents refer to agents who
A. furnish the racks or shelves that display merchandise in retail stores, perform all
channel functions, and sell on consignment to retailers.
B. represent a single producer and are responsible for the entire marketing function of
that producer.
C. work for several producers and carry noncompetitive, complementary merchandise
in an exclusive territory.
D. take title to merchandise but sell only to buyers who call on them, pay cash for
merchandise, and furnish their own transportation for the merchandise.
E. sell primarily large bulky products.
Answer:
The proliferation of extra characteristics in a product that overwhelms many consumers
with mind-boggling complexity is referred to as
A. feature overkill.
B. product line extension.
C. feature bloat.
D. sensory overload.
E. product differentiation.
Answer:
Organizational strategies vary in two ways, depending on
A. the strategy’s level in the organization and the offerings an organization provides to
its customers.
B. the corporate level and the SBU level in the organization.
C. whether an offering is a product or a service.
D. whether they are mission statements or core values.
E. the organizational culture and its core values.
Answer:
When a representative for Pampered Chef cooking utensils invites friends to her home
and spends 30 minutes demonstrating the superiority of the Pampered Chef products,
she is engaging in __________.
A. missionary sales
B. sales promotion
C. public relations
D. personal selling
E. a public service announcement
Answer:
Seven Cycles’ business model includes the Internet, which enables customers to
collaborate on the bike design using the company’s __________ fitting system that
considers the rider’s size, aspirations, and riding habits.
A. Rider Kit
B. Cyclo Kit
C. Custom Kit
D. Proviso Kit
E. Seven Fit
Answer:
In the hierarchy of effects, evaluation refers to
A. the consumer’s ability to recognize and remember the product or brand name.
B. the consumer’s appraisal of the product or brand on important attributes.
C. an increase in the consumer’s desire to learn about some of the features of the
product or brand.
D. a favorable experience on the first trial, resulting in the consumer’s repeated
purchase and use of the product or brand.
E. the consumer’s first actual purchase and use of the product or brand.
Answer:
Trek uses several organizational buying criteria to evaluate potential suppliers. These
include all of the following EXCEPT:
A. price.
B. environmental impact.
C. warranties and claim policies.
D. quality.
E. delivery capabilities.
Answer:
Google’s first search engine was called __________.
A. Pack Rat
B. Back Rub
C. Rub Down
D. Black Eye
E. Googolplex
Answer:
The key objective of competitive advertising is to
A. tell people what a product is, what it can do, and where it can be found.
B. show one brand’s strengths relative to those of competitors.
C. reinforce previous knowledge of a product.
D. promote the advantages of one product class over another.
E. persuade the target market to select the firm’s brand rather than that of a competitor.
Answer:
The services market sells diverse services such as legal advice, auto repair, and dry
cleaning. Along with __________, insurance, and real estate businesses, transportation,
communication and public utility firms, and not for profits, these firms represent about
75 percent of all industrial firms.
A. finance
B. wholesalers
C. retailers
D. government units
E. educational institutions
Answer:
The Lanham Act cannot protect the rights to a trademark if
A. the company is accused of violating the Sherman Antitrust Act.
B. the product patent is less than 17 years old.
C. the word, name, or symbol has become generic.
D. the statute of limitations has run out.
E. the government refuses to enforce violations.
Answer:
Figure 11-6
Figure 11-6 above depicts a __________.
A. Gantt chart
B. demand curve
C. break-even chart
D. ROI analysis
E. cross-tabulation
Answer:
Figure 17-2
The sales process at Xerox typically follows the six stages of the personal selling
process. During the third stage, a Xerox sales representative approaches the prospect
and suggests __________.
A. several product alternatives
B. several solutions to perceived problems the salesforce has identified
C. different pricing options
D. a meeting and presentation
E. a visit to corporate headquarters for a complete tour of the facilities
Answer:
To encourage buyers to stock inventory earlier than their normal demand would require,
manufacturers often use
A. noncumulative discounts.
B. cumulative discounts.
C. seasonal discounts.
D. trade discounts.
E. functional discounts.
Answer:
In the Maslow hierarchy of needs, those needs which are basic to survival and which
must be satisfied first are referred to as
A. physiological needs.
B. safety needs.
C. social needs.
D. personal needs.
E. self-actualization needs.
Answer:
All of the following people are part of the Trek buying center EXCEPT:
A. Trek executives.
B. production workers.
C. representatives from research and development.
D. quality control employees.
E. a purchasing manager.
Answer:
The family life cycle concept refers to
A. the distinct phases a family progresses through from the birth of children to when the
children leave home, each phase bringing with it identifiable purchasing behaviors.
B. the distinct phases a family progresses through from the birth of children to
retirement, each phase bringing with it identifiable purchasing behaviors.
C. the distinct phases a blended family progresses through from marriage to separation,
divorce, and remarriage, each phase bringing with it identifiable purchasing behaviors.
D. the distinct phases a family progresses through from formation to retirement, each
phase bringing with it identifiable purchasing behaviors.
E. the intergenerational purchasing habits and product preferences that are passed down
from one generation to the next.
Answer:
“Have you been to a dentist within the past 6 months? ___ Yes ___ No?” is an example
of which type of question?
A. Likert scale
B. semantic differential
C. dichotomous
D. open-ended
E. evaluative
Answer:
Direct investment in international marketing refers to
A. offering the right to a trademark, patent, trade secret, or similarly valued items of
intellectual property in return for a royalty or fee.
B. contracting with a foreign firm to manufacture products according to certain
specifications.
C. a national market-entry strategy that entails a foreign company and a local firm
investing together to create a local business.
D. having a company handle its own exports directly, without intermediaries.
E. a global market-entry strategy that entails a domestic firm actually investing in and
owning a foreign subsidiary or division.
Answer:
Total cost refers to
A. the sum of the expenses of the firm that are stable and do not change with the
quantity of a product that is produced and sold.
B. the change in expenses that results from producing and marketing one additional unit
of a product.
C. the average amount of money received for selling one unit of a product or simply the
price of that unit.
D. the sum of the expenses of the firm that vary directly with the quantity of a product
that is produced and sold.
E. the total expense incurred by a firm in producing and marketing a product, which
equals the sum of fixed cost and variable cost.
Answer:
Michelin’s __________ can be summed up as “providing safety-conscious parents
greater security in tires at a premium price.”
A. customer value proposition
B. protocol
C. mission statement
D. core values
E. marketing program
Answer:
Apple, a multimarket, multiproduct firm, manufactures and markets iMacs, iPods,
iPhones, and iPads as a portfolio of businesses. At what organizational level does Apple
set the strategic direction for these businesses to create customer value?
Answer:
Explain the differences between independent e-marketplaces and private exchanges.
Answer:
Give at least one argument for and one argument against protectionism.
Answer:
How does packaging provides communication, functional, and perceptual benefits for
manufacturers, retailers, and consumers?
Answer:
Define a currency exchange rate and discuss its importance to global companies.
Answer:
What are some of the methods marketers use to conduct research and solve marketing
problems? Include at least one specific print source.
Answer:
Compare continuous, dynamically continuous, and discontinuous innovations. Provide
the marketing strategy and an example of each.
Answer:
List the four store locations or settings. How has the location of stores changed over the
years?
Answer:
What is the difference between a patent and a copyright? Digital technology has
required what additional recent legislation?
Answer:
What is a marketing channel? Define each of the four types of marketing channels.
Answer:
Most advertising messages are made up of both informational and persuasional
elements. These two elements can be combined in the form of an appeal to provide a
basic reason for the consumer to act. Briefly describe the three appeals.
Answer:
Describe the retail life cycle.
Answer:
What six criteria are mentioned most often in selecting a good brand name? Give an
example of a brand name that illustrates each criterion.
Answer:
What are the market entry strategy options available to a company seeking to enter the
global marketplace? How do they relate to each other in terms of profit potential, risk,
financial commitment required, and marketing control?
Answer:
Identify and describe the five roles an individual can play in a buying center.
Answer:
Figure 3-1
Using Figure 3-1 above, identify and explain the five environmental forces (A, B, C, D,
and E) that affect an organization.
Answer:
List the five environmental forces that have an impact on an organization as well as its
suppliers and customers. Provide examples of factors that might be examined as part of
environmental scanning for each of these forces.
Answer:
What is the role of a brand manager in advertising on social media like Facebook?
Answer:
Differentiate among full-service advertising agencies, limited-service advertising
agencies, and in-house agencies as to the services provided.
Answer:
The shape of a Coca-Cola bottle is quite distinctive. Specifically, what packaging
benefit does this firm use?
Answer: