Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Nintendo, producer of the Wii video game console, might define its competitors as
other makers of physically interactive video games. But from a(n) ________ point of
view, it would include all firms making physically interactive recreational products.
A) industry
B) market
C) segment
D) niche
E) interdependent
Answer:
In 1994, ________ established a free trade zone among the United States, Canada, and
Mexico.
A) GATT
B) the WTO
C) NAFTA
D) the EU
E) CAFTA
Answer:
Which of the following is true with regard to pure competition?
A) Under pure competition, no single buyer or seller has much effect on the going
market price.
B) In a purely competitive market, marketing research is of utmost importance.
C) In a purely competitive market, product development is the focus of most firms.
D) Under pure competition, the market consists of many buyers and sellers who trade
over a range of prices rather than a single market price.
E) Under pure competition, the market consists of only a few large sellers.
Answer:
A segment is less attractive if it ________.
A) is difficult for new entrants to enter
B) is substantial
C) is actionable
D) already contains many strong and aggressive competitors
E) contains weak suppliers
Answer:
To carefully integrate and coordinate the company's many communications channels to
deliver a clear, consistent, and compelling message about the organization and its
products, some companies appoint a(n) ________.
A) idea champion
B) marketing communications director
C) sales representative
D) business analyst
E) media planner
Answer:
Companies facing the challenge of setting prices for the first time can choose between
two broad strategies: market-penetration pricing and ________ pricing.
A) comparative
B) competitive
C) market-skimming
D) market-segmentation
E) cost-plus
Answer:
________ involves first identifying and assessing competitors and then selecting which
competitors to attack or avoid.
A) Competitor analysis
B) Self-competition
C) Blue ocean strategy
D) Quantitative analysis
E) Perfect competition
Answer:
________ involves gathering primary data by asking people questions about their
knowledge, attitudes, preferences, or buying behavior. It is the most widely used
method for primary data collection.
A) Experimental research
B) Causal research
C) Ethnographic research
D) Survey research
E) Exploratory research
Answer:
In a(n) ________, leadership is assumed not through common ownership or contractual
ties but through the size and power of one or a few dominant channel members.
A) horizontal marketing system
B) administered VMS
C) corporate VMS
D) contractual VMS
E) conventional VMS
Answer:
A company's close competitors are ________.
A) considered "bad" competitors
B) a serious threat and hence, must be attacked rather than ignored
C) those that most resemble the company's operations
D) typically ignored as they seldom pose any threat
E) the sole focus of successful companies
Answer:
A shoe manufacturing company uses ads featuring the members of a country music
band with the hope that the band's fans will see them wearing the company's shoes and
hence purchase the same brand of shoes. The shoe company believes that the band
portrays the image of a ________ to the band's fans.
A) membership group
B) reference group
C) status symbol
D) subculture
E) lifestyle
Answer:
Describe the factors that might draw a company into the international arena.
Answer:
Which of the following statements is true of social classes?
A) Social classes are society's temporary divisions.
B) Members of a social class have unique and distinct values, interests, and behaviors.
C) People within a social class tend to exhibit similar buying behavior.
D) Income is the single factor that determines social class.
E) Social classes universally exhibit identical product and brand preferences.
Answer:
In its advertisements, Timex promotes its affordable and sturdy watches. Fossil
emphasizes style and fashion in its advertisements, and Rolex stresses luxury and
status. These are all examples of ________ appeals.
A) rational
B) reminder
C) believable
D) entertainment
E) distinctive
Answer:
FedEx offers its customers fast and reliable package delivery. When FedEx customers
weigh these benefits against the monetary cost of using FedEx along with other costs of
using the service, they are acting upon ________.
A) brand loyalty
B) customer equity
C) customer-perceived value
D) customer lifetime value
E) a societal marketing campaign
Answer:
A cell phone manufacturing firm produced 1,000 cell phones a day but believed that it
could reasonably step up production to 2,000 cell phones a day. Consequently, it built a
larger plant and installed efficient machinery and work arrangements to realize the
projected output. Which of the following can most likely be inferred from this
information?
A) The unit cost of producing 2,000 cell phones per day would be twice that of the unit
cost of producing 1,000 units per day.
B) A production plant with the capacity of producing 5,000 cell phones a day would be
most efficient.
C) The unit cost of producing 2,000 cell phones per day would be lower than the unit
cost of producing 1,000 units per day.
D) A 2,000-capacity production plant would be less efficient because of increasing
diseconomies of scale.
E) The fixed costs of the firm are more likely to increase with the increase in output.
Answer:
Which of the following is a geographical pricing strategy?
A) basing-point pricing
B) segmented pricing
C) dynamic pricing
D) Internet pricing
E) location-based pricing
Answer:
FencePro, a local company, has developed an entirely new mounting system for chain
link fences. After acquiring a distributor, FencePro now has the ability to market its
products nationwide. FencePro is most likely following a ________ strategy.
A) market penetration
B) market development
C) downsizing
D) product adaptation
E) product development
Answer:
________ consumers are one of the fastest-growing U.S. population subsegments and
are expected to surge to nearly one third of the total U.S. population by 2060.
A) African American
B) Hispanic American
C) Asian American
D) Baby Boomer
E) Millennial
Answer:
Refer to the scenario below to answer the following question(s).
Casey Brickly opened The Landing, a convenience store on the north shore of Witmer
Lake, in 1962. With a sandwich counter on one side and a bait shop and grocery on the
other, The Landing was an immediate hit with weekend lake visitors and local residents
alike. In the summer, boaters parked at the piers and bought all their fishing needs, such
as rods and reels, bait, snacks, and soft drinks at The Landing. Even during the winter
months, snowmobilers and ice fishermen were lured to The Landing for snacks and hot
coffee or hot chocolate.
As time passed, the business changed and grew tremendously. What was formerly a
weekend tourist area gradually became a full-fledged residential area. Many of the
houses, which were built as cottages in the 1950s and 1960s, were remodeled into
residential homes. By the end of the 1970s, the days of small motorboats and 10
mile-per-hour speed limits were gone; skiing and fast speedboats became the rage.
Through it all, The Landing continued to attract flocks of patrons.
In the 1980s, however, Casey started to realize that the grocery area in The Landing
could not compete with larger local retailers. He eventually enlarged the sandwich
counter, transforming the bait shop and grocery into a restaurant with a full menu
typical of any diner. "Getting rid of the bait shop was hard to do," Casey admitted. "I
still had a summer crowd that relied on us for their fishing needs, but we couldn't
survive a whole year on four months of profit."
In the early 2000s, the atmosphere of Witmer Lake and the neighboring lakes became
upscale. "I could see that people were spending more on their speed boats than what
they had originally paid for their cottages!" Casey exclaimed. Many of the cottages
were inherited by children and grandchildren of the original owners. Once again, the
scene started to change as many of the lake houses were used only as weekend lake
homes. Unlike the previous generation, a vast number of the current owners could
afford to live closer to their jobs while maintaining lake homes. "At this point, business
wasn't growing," Casey said.
As local competition continued to increase, Casey converted the diner of The Landing
into a bar with a lounge area. "The change might have been too drastic," Casey said,
"but it was the only way we could maintain a strong, year-round business in spite of the
population shifts and competitive forces."
Which of the following is the macroenvironmental force that benefitted The Landing
the most?
A) the legal environment
B) the natural environment
C) the economic environment
D) the political environment
E) the technological environment
Answer:
Which of the following statements is true about creating customer loyalty and
retention?
A) Losing a customer means losing the entire stream of purchases that the customer
would make over a lifetime of patronage.
B) Customer delight creates a rational preference and not an emotional relationship
with the brand.
C) The aim of customer relationship management is to focus solely on customer delight.
D) Losing a customer hardly makes a difference to a company's sales.
E) The aim of customer relationship management is to focus solely on customer
satisfaction.
Answer:
Which of the following is true of the BCG matrix approach?
A) It is inexpensive to implement.
B) It does not have any limitations.
C) It considers market growth rate to be a measure of market attractiveness.
D) It describes consumer motivations and needs.
E) It does not consider relative market share to be a measure of company strength in the
market.
Answer:
Donna wants to buy a new coat. During the ________ stage of the buyer decision
process she will ask her friends to recommend stores that sell good quality winterwear
clothing. She will also go through newspapers and magazines to look out for offers and
sales on coats.
A) product evaluation
B) alternative evaluation
C) need recognition
D) information search
E) purchase decision
Answer:
TerraPass is a company that offers consumers the opportunity to buy carbon offsets,
which are contributions to projects that combat global warming by reducing carbon
emissions. TerraPass offers contribution packages for driving, flying, and home energy
use. Through TerraPass, consumers can pay some of the ________ costs of their private
goods and services.
A) promotional
B) safety
C) health
D) distribution
E) social
Answer:
In a(n) ________ economy, fast growth in manufacturing results in rapid overall
economic growth.
A) industrial
B) industrializing
C) materials exporting
D) subsistence
E) agrarian
Answer:
Lubricants, coal, paper, and pencils are examples of ________.
A) operating supplies
B) capital items
C) raw materials
D) specialty products
E) installations
Answer:
________ involves planning, implementing, and controlling the physical flow of goods,
services, and related information from points of origin to points of consumption to meet
customer requirements at a profit.
A) Advertising
B) Product positioning
C) Mass customization
D) Marketing logistics
E) Branding
Answer:
Which of the following is LEAST likely a characteristic of business-to-business
e-procurement?
A) greater access to new suppliers
B) lower purchasing costs
C) quick order processing and delivery
D) an increase in the derived demand
E) less paperwork
Answer:
In the aftermath of the Great Recession of 2008 to 2009, consumers ________.
A) have become more value conscious
B) have become less value conscious
C) exhibit great interest in prestige pricing
D) show no interest in price cutting
E) rarely endorse value-for-money deals
Answer:
Which of the following is NOT a market-oriented business definition?
A) "We empower customers to realize their dreams."
B) "We make high-quality consumer food products."
C) "We sell success and status."
D) "We create the Hilton experience."
E) "We bring innovation to every home."
Answer:
Briefly explain why the European Union could be considered a threat to U.S. marketers
that want to do business in Europe.
Answer:
What are the components of a company's marketing mix?
Answer:
Discuss the steps in analyzing competitors.
Answer:
In terms of ethnic and racial makeup, why is the United States today more accurately
characterized as a 'salad bowl" than a "melting pot"?
Answer:
Why is reach an important measure for a marketer?
Answer:
Cultural factors exert a broad and deep influence on consumer behavior. The marketer
needs to understand the role played by the buyer's culture, subculture, and social class.
Distinguish between culture, subculture, and social class.
Answer:
Briefly explain the societal marketing concept. Give an example of an organization that
has effectively used the societal marketing concept.
Answer:
Identify the three major ways a company can manage its international marketing.
Answer:
What is SWOT analysis?
Answer:
Explain how marketers and marketing critics disagree about the psychological value of
advertising.
Answer:
Explain the advantages of systems selling.
Answer:
In reacting to the marketing environment, what strategies do firms adopt in order to
shift from a reactive to a more proactive stance?
Answer:
Identify the major sources of external new product ideas and explain why these sources
offer advantages over internal sources.
Answer:
Compare the consumerism and environmentalism movements.
Answer:
Distinguish between an outside sales force and an inside sales force.
Answer:
Describe the principal functions of packaging.
Answer:
How does branding help buyers?
Answer:
When is it advisable to predominantly use sales promotions in a promotion mix?
Answer:
How do interpersonal factors influence the business buying process?
Answer:
Marketing managers need a deep understanding of a given competitor's mentality if
they want to anticipate how the competitor will act or react. Discuss the different ways
competitors act or react. Why do they do so? Use examples to support your thoughts.
Answer:
