Business Test #3

The _____ is a business philosophy that makes customer satisfaction—now and in the future—the central focus of the entire organization.

Marketing Concept

Monitoring and predicting consumer behavior is an objective of _____.

Marketing Research

Gracie is a branch manager in a software company. Her work in the company is to coordinate teams and special projects with her peers from other departments. In the management hierarchy, Gracie is a _____ manager

Middle

_____ involves hiring independent contractors to sell products to their personal network of friends and colleagues and to recruit new salespeople in return for a percentage of their commissions.

Multilevel Marketing

Which of the following is a feature of the introduction stage of a product life cycle?

Nonexistent Profits

In the context of management planning, _____ refers to very specific, short-term planning that applies tactical plans to daily, weekly, and monthly functions.

Operational Planning

Brody Dominic is a famous movie actor and the brand ambassador for his clothing company, Dominikent. Consumers tend to like the collection at Dominikent mainly because Dominic is a style icon himself. Which of the following marketing strategies does this scenario best illustrate?

People marketing

Which of the following is a feature of the growth stage of a product life cycle?

Rising sales

Glubert Corp., an adhesive manufacturing company, makes a deal with an insurance company to provide its employees with life insurances that come with low monthly premiums. In the context of Maslow's hierarchy of needs theory, the company is fulfilling the _____ needs of its employees.

Safety

Austere Realty, a real estate company, ensures that its web page always shows up high among the list of results whenever a user looks for information related to property and housing on the Internet. In this scenario, Austere Realty is actively engaged in _____.

Search Engine Optimization

In the context of distribution strategies, _____ means placing your products only with preferred retailers.

Selective Distribution

Rancone Technologies, a laptop manufacturer, released a new laptop model priced at $800 to attract customers who could afford to pay the high price. After a few months, it introduced low-priced versions of the same laptop to attract new buyers. By doing so, it maximized profitability by targeting different segments of the market. In this scenario, Rancone Technologies has used the _____ strategy.

Skimming Pricing

_____ demands that marketers actively contribute to the needs of the broader community

Social responsibility

In the context of consumer product categories, most people perceive _____ as being so important that they are unwilling to accept substitutes.

Specialty Products

In the context of management planning, _____ refers to high-level, long-term planning that establishes a vision for the company, defines long-term objectives and priorities, determines broad action steps, and allocates resources.

Strategic Planning

In the context of management planning, _____ refers to specific, short-term planning that applies strategic plans to specific functional areas.

Tactical Planning

The _____ of a firm includes managers who set the overall direction of the firm, articulating a vision, establishing priorities, and allocating time, money, and other resources.

Top Management

Most car dealers allow test-driving of the cars they sell to increase the _____ of their product.

Trialability

is the ability of goods and services to satisfy consumer wants

Utility

Dividing potential customers into groups of similar people is known as _____.

market Segmentation

In the context of marketers selling their products, _____ means encouraging consumers to buy through different venues.

multichannel retailing

In the context of the factors of job enrichment, _____ means that workers receive clear, frequent information about their performance.

Feedback

In the context of break even analysis, _____ remain constant regardless of how many products are sold.

Fixed Costs

Which of the following is a characteristic of a well-chosen target market?

Good accessibility

Blue Line Eateries is a large-scale grocery store. The store offers steep discounts only on packaged corn flour and whole wheat cereals, and it sells the rest of the products at their respective maximum retail prices. The company chooses a different set of products every month and offers discounts only on that set of products. In the context of pricing strategies, it is evident that Blue Line Eateries has adopted the strategy of _____.

High/Low Pricing

Which of the following is the first stage in the standard model of the new product development process?

Idea Generation

_____ involves placing a producer's products in as many stores as possible.

Intensive Distribution

In the context of marketing research data, an example of primary data is _____.

A Focus Group

The physical good or delivered service that provides a core benefit is called the _____.

Actual Product

Plezion Movie Palace, a film theater in Germany, gives all its customers miniatures of the main character of the latest superhero film that is being exhibited. The miniature props given by Plezion Movie Palace to its customers are examples of _____.

Augmented

A fast-food restaurant serves the student community within a university campus. The restaurant newly introduces pocket-friendly combo meals in its menu. The meals become so popular that the rest of the items on the menu are rarely ordered. Which of the following is being exemplified in this scenario?

Cannibalization

Donton Inc. dominates its market section by offering a wide range of office supplies that includes printers, furniture, and cleaning supplies to final consumers. It is evident that Donton Inc. is a _____.

Category Killer

Allied Corp. is redesigning its path through which its products reach its consumers. The path involves producers, wholesalers, retailers, and customers. In the given scenario, it can be said that Allied Corp. is redesigning its _____.

Channel of Distribution

The _____ stage of the new product development process entails introducing the product to the general market.

Commercialization

In the context of management skills, _____ refer to the ability of managers to grasp a big-picture view of the overall organization and the relationship between its various parts.

Conceptual Skills

Bancroft & Morrison Inc., as an organization, believes that it should always be prepared for the future. Thus, while planning the budget each year, the senior management of the company leaves aside a portion of the company's earnings to be used in case the company deviates from its core plans or any unexpected events occur. In this scenario, the senior management of Bancroft & Morrison Inc. is engaged in

Contingency Planning

Glinda goes to the supermarket for her monthly grocery shopping. As she waits in the line at the cash register, she sees her favorite kiwi-flavored candies on a stand and puts some into her shopping cart. In the context of product classifications, the candies purchased by Glinda are _____.

Convenience Products

_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.

Customer relationship management

_____ are brand-new ideas that radically change how people live

Discontinuous innovations

Ziffcorp, a laptop manufacturing company, is working on a strategy to deliver its laptops to the students of a university before their new term begins. It is evident that Ziffcorp is working on its _____.

Distribution strategy

_____ is the process of continually collecting information from the external marketing surroundings.

Environmental scanning

Which of the following pricing strategies is also known as sustained discount pricing?

Everyday-low Pricing

In the context of a SWOT analysis (strengths, weaknesses, opportunities, and threats), which of the following is an example of a potential internal weakness?

Inadequate financial resources

One of the benefits of licensing is:

Instant name recognition

Gas stations and fast food that often cluster conveniently at the bottom of freeway ramps are examples of:

Place Utility

Jackson runs a chain of small retail stores called Wandmin that sells bottled water, fresh juices, desserts, and some snacks. All outlets of Wandmin are either in the middle of or at the end of walking trails in Jackson's hilly hometown, where several tourists go hiking. In the context of marketing, which of following utilities does Wandmin most likely provide?

Place Utility

In the context of the marketing mix, the _____ of a product includes all of the ways that marketers communicate about the product.

Promotion Strategy

_____ refers to dividing the market based on consumer attitudes, interests, values, and lifestyles.

Psychographic segmentation

Neone is an energy drink manufacturer. The marketing strategies of Neone are focused on males who are in the age group of 16 to 25 years and who enjoy sports and other outdoor activities. The company advertises its products at skateboard parks, basketball venues, and ski resorts. The customer group that Neone focuses on is called its _____.

Target Market

Jeffery is the owner of a departmental store. He feels that his employees are lazy, greatly dislike work, and will do everything they can to avoid it. Therefore, he thinks that coercing them is the best way to make them work. In this scenario, Jeffery's views are consistent with the assumptions of

Theory X

Which of the following utilities satisfies wants by providing goods and services at a convenient period for customers?

Time Utility

In the context of market segmentation, a well-chosen target market should have _____.

an appropriate size

A slight modification of an existing product is called a _____.

continuous innovation

In _____, marketers determine prices based on what consumers are willing to pay and then subtract their desired margins to yield target costs.

demand-based pricing

The goal of the _____ of a product is to deliver the product to the right people, in the right quantities, at the right time, in the right place.

distribution strategy

Eula, a company that manufactures soda, offers its latest products at very low prices. Eula's strategy is based on the assumption that more customers will be willing to buy its products if they are offered at lower prices. Eula has adopted this strategy to attract a larger customer base and increase its sales volume even though it will only gain a small profit on each individual sale. In this scenario, Eula has implemented the _____ strategy.

penetration pricing

According to Maslow's hierarchy of needs theory, social need refers to:

the need to feel connected to others.

Spade Archer buys surgical knives, scissors, forceps, needle holders, and retractors from a surgical equipment manufacturer and sells them to local hospitals. In this scenario, Spade Archer is a _____.

wholesaler