In an e-marketplace, an online auction in which a buyer communicates a need for a
product or service and would-be suppliers are invited to bid in competition with each
other is referred to as a
a. vertical auction.
b. reverse auction.
c. horizontal auction.
d. traditional auction.
e. reciprocal auction.
Answer:
Which of the following statements regarding stakeholders is most accurate?
a. Employees are typically not classified as a stakeholder group.
b. There are only three types of external stakeholderscustomers, suppliers, and
distributors.
c. All stakeholders are internal to the organization.
d. Stakeholders are in some way affected by how well a company performs.
e. Stakeholders are impacted by, but have no real impact on, how well a company
performs.
Answer:
The highest inventory carrying costs would most likely be for which of the following
services?
a. real estate agencies
b. dry cleaners
c. auto repair centers
d. amusement parks
e. hospitals
Answer:
If Jane Westerlund, owner of a retail frame store, raises the average price of a framed
picture to $80 and the cost of goods sold is $36, what is the percentage markup on cost?
a. 36 percent
b. 55 percent
c. 64 percent
d. 100 percent
e. 182 percent
Answer:
Which of the following is an example of nonstore retailing?
a. hypermarkets
b. supercenters
c. shopping centers
d. vending machines
e. general merchandise stores
Answer:
A community shopping center refers to a
a. suburban mall containing up to 100 stores that draws customer from a 5-to 10-mile
radius.
b. cluster of stores in a downtown area.
c. cluster of stores that serves people who are within a five- to ten-minute drive.
d. collection of category killers usually located outside a major amusement park or
attraction.
e. retail location that typically has one primary store (usually a department store branch)
with 20 to 40 smaller outlets serving a population of consumers who are within a 10- to
20-minute drive.
Answer:
What stage of the product life cycle is a period when little money is spent in the
promotional mix?
a. decline
b. maturity
c. growth
d. introduction
e. incubation
Answer:
Because Marla is so strongly committed to a fat-free diet, she did not see a recent report
by the New England Journal of Medicine that suggested that some fat in our diet is
healthy. The report was contained in an article of the newspaper that Marla reads daily,
but the reason Marla did not see it is most likely the result of
a. selective retention.
b. selective comprehension.
c. selective exposure.
d. selective perception.
e. stimulus discrimination.
Answer:
In the future, 3M will make use of __________ to attract new customers.
a. product extensions
b. social responsibility
c. social entrepreneurship
d. graduate students to design new products
e. cause marketing by “going green”
Answer:
Step 1 in the strategic marketing process involves __________.
a. establishing the budget
b. developing the marketing program
c. setting goals
d. auditing the marketing plan
e. conducting a situation (SWOT) analysis
Answer:
The factors that drive competition include
a. monopolistic competition, cross-market competition, entry, and the bargaining power
of buyers and suppliers.
b. cross-market competition, entry, the bargaining power of buyers and suppliers, and
substitution possibilities.
c. monopolistic competition, cross-market competition, bargaining power of buyers and
suppliers, existing rivalries.
d. entry, the bargaining power of buyers and suppliers, existing rivalries, and
substitution possibilities.
e. cross-market competition, entry, bargaining power of buyers and suppliers, and
federal regulation.
Answer:
Bots refer to
a. Web pages that serve as publicly accessible personal journals for individuals or
organizations.
b. computer files that a marketer can download onto the computer or mobile phone of
an online shopper who visits the marketer’s website.
c. electronic shopping agents that comb websites to compare prices and product or
service features.
d. filters that reduce the number of unsolicited intrusions into an individual’s e-mail
account.
e. interactive Internet-enabled systems that allow individual customers to design their
own products and services.
Answer:
Figure 1.
Quadrant “A” in Figure 1. above represents a(n) __________ in a SWOT analysis.
a. Threat
b. Weakness
c. Strength
d. Opportunity
e. Market segment
Answer:
Texas-based Whole Foods supermarkets target people who want to eat healthy. The
stores use placards throughout, which tell shoppers about the farmers who grew and
harvested the various products sold. This use of signage to provide consumer
information is a part of which element of the retailing mix?
a. communication
b. pricing
c. merchandise
d. goods and services factor
e. location
Answer:
When Procter & Gamble bought the Old Spice brand in 1990, it planned to transform
the old, stagnating brand into a men’s “personal-care powerhouse.” The ads that P&G
developed shed the older-man image and now appeal to the 18 to 34 age group. In terms
of the communication process, P&G had to __________ its idea to create the message
shown to the new target market.
a. respond
b. discuss
c. decode
d. encode
e. feedback
Answer:
The general concept of the Mountain Dew Dewmocracy campaigns is to:
a. reduce advertising costs.
b. attract serious athletes.
c. use Mountain Dew’s expertise with traditional media.
d. reposition Mountain Dew as an energy drink.
e. harness the passion of Mountain Dew’s loyal customers.
Answer:
Candy bars should most likely be sold using which type of target market coverage?
a. exclusive distribution
b. direct distribution
c. intensive distribution
d. dual distribution
e. selective distribution
Answer:
GI Design is a small studio that designs and builds items such as fountains and
tabletops made from copper. Greg, the owner, had a problem of how to increase sales
and profits, so he developed a research plan to determine what landscape architects and
interior designers wanted in copper furnishings and dcor and the appropriate price for
these items. He decided to interview representative designers as part of his approach.
Greg was engaged in __________, the third step of the five-step marketing research
approach.
a. collecting relevant information
b. developing the research plan
c. solving the problem
d. developing findings and recommendations
e. taking marketing actions
Answer:
Since ___________ is regulated by the state or federal government, marketing plays a
relatively small role in this setting.
a. pure competition
b. a pure monopoly
c. an oligopoly
d. monopolistic competition
e. a megopoly
Answer:
The M&Ms ad shown above is an example of which type of advertising?
a. reminder
b. competitive
c. pioneering
d. institutional
e. differentiation
Answer:
If General Motors (GM) purchases Borg-Warner transmissions, and Borg-Warner buys
trucks and cars from GM, they would be demonstrating which type of buyer-seller
interaction?
a. exclusive dealing
b. supply partnerships
c. tying arrangements
d. noncompetitive bidding
e. reciprocity
Answer:
Support products are items used to assist in producing other goods and services. These
include installations, supplies, accessory equipment, and __________.
a. complementary products
b. materials
c. industrial services
d. derived products
e. components
Answer:
Which of the following is a competition-oriented approach to pricing?
a. skimming pricing
b. target pricing
c. loss-leader pricing
d. target return-on-sales pricing
e. standard markup pricing
Answer:
Research that involves trying to find the frequency that something occurs or the extent
of a relationship between two factors is referred to as
a. virtual research.
b. interactive research.
c. causal research.
d. descriptive research.
e. exploratory research.
Answer:
In marketspace, buzz refers to __________.
a. instant messaging
b. twittering or tweeting
c. word-of-mouth behavior
d. firm-based viral marketing
e. negative or deceptive online ads
Answer:
Which of the following products mentioned in Chapter 1 of the textbook failed in the
marketplace?
a. Terrafugia Transition
b. Pepsi Max
c. Hot Pockets Snackers
d. 3M Post-it Flag+ Highlighter
e. Dr. Care toothpaste
Answer:
A relationship that exists when a buyer and its supplier adopt mutually beneficial
objectives, policies, and procedures for the purpose of lowering the cost or increasing
the value of products and services delivered to the ultimate customer is referred to as a
__________.
a. supply partnership
b. supplier development agreement
c. reciprocal arrangement
d. shareholder relationship
e. strategic alliance
Answer:
Figure 1.
According to Figure 1. above, column “C” would represent what type of product?
a. shopping
b. convenience
c. specialty
d. prestige
e. unsought
Answer:
Back in July 2009, Matt Kistler, a senior vice-president at Walmart, claimed the
company was making progress on achieving three major goals: (1) to be supplied by
100% renewable energy; (2) to create zero-waste; and (3) to increase the sale of
renewably-produced products. Walmart is focusing on
a. practicing ecological procurement.
b. complying with government regulations.
c. engaging in cause marketing.
d. using sustainable procurement.
e. meeting ISO 9000 standards.
Answer:
Before opening six Torrid plus-size-only retail stores that cater to women aged 15-30, a
great deal of information was gathered from a sample of women to determine what
types of items should be carried, the image of the store, its advertising, etc. Which of
the following is an example of an open-ended question that might have been asked in
the survey?
a. “Do you wear a dress larger than size 12?”
b. “How old are you?”
c. “Would you shop at a store that only sold plus-size clothing?”
d. “Why do you wear that particular fashion style?”
e. “Do you think the stores should use bright- or subtle-colored fixtures?”
Answer:
While many commercials that use humorous appeals gain the attention of the audience,
they
a. are effective across cultures when used in a global campaign.
b. contain no information to help consumers.
c. do not appeal to either men or women.
d. wear out quickly, boring the consumer.
e. don”t appeal to the Generation Y target audience.
Answer:
Which of the following is the best example of a nondurable good?
a. automobile
b. iPod
c. baseball
d. gasoline
e. shoes
Answer:
The number of people who have “opted in” to a brand’s messages through a social
media platform at a given time are referred to as
a. followers.
b. visitors.
c. lookers.
d. fans.
e. likers.
Answer:
Figure 1.
Figure 1. above is drawn to show that variable costs are smaller than fixed costs when
the firm sells
a. 400 pictures.
b. 900 pictures.
c. 1,000 pictures.
d. 1,200 pictures.
e. There is not enough information to determine this.
Answer: