Generally, firms entering foreign markets begin with
A. less risky strategies first.
B. direct investment.
C. importing.
D. decentralized production.
E. the riskiest, but most profitable endeavor.
Answer:
In many cases, pioneers lose their market lead and initial market share to imitators who
A. capitalize on the pioneers’ weaknesses.
B. create similar products with reduced value to consumers.
C. utilize alpha-beta testing.
D. ignore patents and copyrights.
E. target late maturity consumers.
Answer:
Developing pricing strategies for __________ is one of the most challenging tasks a
manager can undertake.
A. cost-based pricing
B. seasonal rebate items
C. new products
D. zone pricing products
E. quantity discounts
Answer:
Henriette offers financial counseling and management on a fee-only basis. She has
found that different customers are willing to pay different rates for her services. This
shows that her pricing decisions should depend primarily on
A. choosing an average price that she will charge all her clients.
B. changes in technology allowing consumers to manage their own affairs.
C. how different customers perceive the value of her services.
D. changes in the economy.
E. how much her competitors charge for similar services.
Answer:
To determine how attractive a particular market is using the BCG portfolio analysis,
__________ is(are) established as the vertical axis.
A. competitive intensity
B. sales dollars
C. market size
D. market growth rate
E. market profit potential
Answer:
In the selling process, the saying “It ain’t over till it’s over” refers to the __________
stage of the process.
A. generating and qualifying leads
B. preapproach
C. sales presentation
D. closing the sale
E. follow-up
Answer:
Independent Publisher’s Group is a distributor of books for small publishers. It doesn’t
have its own sales force, but uses ________ on a contract basis to sell its product on
commission.
A. order takers
B. order getters
C. sales support personnel
D. in-house telemarketers
E. independent agents
Answer:
The __________ stage of the selling process offers a prime opportunity for salespeople
to solidify customer relationships through great service quality.
A. generating and qualifying leads
B. follow-up
C. sales presentation
D. closing the sale
E. preapproach
Answer:
For a major university, undergraduate studies, graduate studies, and professional
programs would be __________ within the university’s product mix.
A. brand associations
B. family brands
C. co-brands
D. product lines
E. private-label brands
Answer:
What is the focus of a firm that develops a relational orientation with its customers?
A. relating product knowledge to customer’s interests
B. gaining profit from each customer transaction
C. generating profits quickly before customers shop elsewhere
D. working with competitors to simplify product offerings for customers
E. gaining lifetime profitability from customer relationships
Answer:
Generational cohorts are groups of people of the same generation who have similar
__________ because they have shared experiences and are in the same stage of life.
A. regional cultures
B. inflationary expectations
C. political affiliations
D. purchase behaviors
E. cultural values
Answer:
Each time a politician or celebrity writes a book, bookstores can expect at least some
customers to want the book, but whether or not it will become a best seller is less
certain. The bookstore’s primary inventory management challenge is
A. how to get the author to sign copies of the book.
B. whether to price the books in the distribution center or at the retail store.
C. which other books to promote along with this book.
D. whether or not to display the book at the checkout counter.
E. having enough books to satisfy customer demands versus the cost of having the
inventory.
Answer:
All of the following are primary needs that apps meet except
A. the need to find “me time.”
B. the need to socialize.
C. the need to shop.
D. the need to share.
E. the need to discover.
Answer:
When you register your telephone number with the National Do Not Call Registry, you
are responding to a need for
A. privacy.
B. enhanced information flow.
C. lower phone bills.
D. marketing contact.
E. tactical communication skills.
Answer:
Internet sites, physical stores, and kiosks are most closely associated with which
element of the marketing mix?
A. place
B. price
C. product
D. promotion
E. proximity
Answer:
Derek just posted an entry in his blog talking about how happy he is with his new
GoPro camera. In the blog he also posted videos that he took with the camera. As a
customer of the product, which facet of the 4E framework for social media is Derek
most exhibiting?
A. engagement
B. energizing
C. excitement
D. experiencing
E. educating
Answer:
After major hurricanes like Katrina, many ethical home repair and building supply
businesses continue to charge pre-hurricane prices to their customers, even though due
to the huge increase in demand they could charge much more. These firms probably
recognize that
A. they can make more money from government contracts than from sales to customers.
B. a transactional orientation is the key to long-term profitability.
C. none of their competitors would be raising prices.
D. lifetime profitability of relationships matters more than profits from a particular
transaction.
E. if they raised prices they would be in violation of Commerce Department
regulations.
Answer:
For B2B salespeople, usually the easiest sale is a(n) __________ situation.
A. adapted buy
B. new buy
C. modified rebuy
D. straight rebuy
E. generic buy
Answer:
The product life cycle is theoretically __________ with regard to sales and profits.
A. U shaped
B. Y shaped
C. bell shaped
D. circular
E. flat lined
Answer:
Dopson’s Hardware was in bad financial shape. It owed so much money that vendors
put the store on a cash-only delivery basis. As a result, the store had a dwindling
inventory of goods to sell. Whenever a customer asked about an unavailable item, the
owner directed the sales staff to say that it was on backorder and would be in stock next
week. When the customer returned, the item was still unavailable. The owner’s policy
created a(n) __________ gap.
A. knowledge
B. empowerment
C. communication
D. standards
E. tangibility
Answer:
The Clayton Act and the Robinson-Patman Act forbid certain types of
A. price discrimination.
B. bait-and-switch pricing.
C. predatory pricing.
D. everyday low pricing strategies.
E. loss leader pricing.
Answer:
Informative advertising is used to
A. prompt repurchase of a product.
B. create and build brand awareness.
C. trigger an emotional response.
D. gather information about consumers.
E. convince consumers to take action.
Answer:
Marketers spend millions of dollars annually trying to create or reinforce brand loyalty.
Brand loyalty changes the demand curve for the firm’s products by
A. reducing the price elasticity of demand.
B. making demand more oligopolistic and less monopolistic.
C. increasing the income effect.
D. reducing fixed costs and increasing the gray marketing effect.
E. shifting the market from a monopoly to pure competition.
Answer:
Zappos.com constantly reminds customers of recently viewed items and informs them
when stock is low in an effort to entice the customer to make a purchase. Zappos is
trying to improve its
A. conversion rate.
B. collection ratio.
C. consumer index.
D. customer total.
E. culture quotient.
Answer:
Cultural nuances, subcultures, and consumers’ different views of their roles in different
countries can make __________ complicated.
A. purchasing power parity
B. segmentation, targeting, and positioning
C. trading bloc coordination
D. exchange control planning
E. reducing trade surpluses
Answer:
Karen has identified four potential market segments for her Rent-A-Chef home meal
catering service. She will now evaluate whether or not each segment is attractive
relative to all of the following except
A. substantial.
B. responsive.
C. profitable.
D. reachable.
E. realistic.
Answer:
Amber has developed a line of organic lotions and handmade soaps with unique,
herb-based scents and a touch of bee balm. She plans to sell these products to the
wealthy residents of a nearby resort town. Which level of distribution intensity is
probably best for this product?
A. intensive
B. exclusive
C. selective
D. collective
E. variable
Answer:
Before approaching a potentially major B2B customer, a salesperson will usually
A. conduct an initial sales presentation to lower-level personnel.
B. estimate the potential commission associated with making the sale.
C. try to find out everything possible about the firm and its needs.
D. ask competitors what they know about the prospect.
E. assess the corporate climate.
Answer:
Salesforce.com specializes in helping firms engage with their customers in social
media. One service that Salesforce.com offers is the analysis of blog posts, Facebook
comments, and Twitter feeds to uncover insights about customer attitudes and
preferences. This is an example of sentiment analysis.
Answer:
Hospitals, schools, and religious organizations are examples of __________ buyers.
A. manufacturing
B. retail
C. institutional
D. factory agent
E. reseller
Answer:
During the __________ phase of the strategic marketing planning process, marketers
utilize systems to check whether each potential ethical issue raised in earlier phases was
addressed.
A. implementation
B. control
C. planning
D. assessment
E. social responsibility
Answer: