Exam 2

​___________________ are the two ways firms can obtain new products. A.Acquisitions and new product development B.Acquisitions and external research and development C.New product development and existing product modification D.Mergers and acquisitions E.New product development and external research and development

A.Acquisitions and new product development

Which of the following statements about the​ omni-channel buyer is NOT​ correct? A. They readily research products and prices​ online, shopping digitally from​ home, from​ work, in​ stores, or anywhere in between. B. ​Omni-channel buying calls for​ omni-channel retailing. C. They shift easily across online and​ in-store channels throughout the buying process. D. ​Omni-channel buyers do not need the​ bricks-and-mortar environment in which to shop. E. They will cause a massive shift in how store retailers operate.

D. ​Omni-channel buyers do not need the​ bricks-and-mortar environment in which to shop.

In​ general, sales promotion campaigns should​ ______________________. A. only be offered to consumers B. be used without additional advertising support C. offer buyers​ long-term incentives to purchase a good or service D. only be used on social media E. be customer relationship building

E. be customer relationship building

The​ fastest-growing sales trend is the explosion in​ ________, which is using​ online, mobile, and social media in selling. A. social media selling B. mobile selling C. ​e-commerce D. online sellingcE. social selling

E. social selling

Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market​ share? A. ​Captive-product pricing B. ​Market-penetration pricing C. ​By-product pricing D. ​Market-skimming pricing E. ​Optional-product pricing

B. ​Market-penetration pricing

External sources for new product ideas include​ _________. A. ​competitors, customers, and​ R&D B. ​competitors, distributors and​ suppliers, and hackathons C. ​competitors, distributors and​ suppliers, and customers D. ​customers, crowdsourcing, and intrapreneurial programs E. ​R&D, employees, and intrapreneurial programs

C. ​competitors, distributors and​ suppliers, and customers

Retailers must decide on three major product​ variables: product​ assortment, services​ mix, and​ _________. A. promotion B. price C. segmentation and targeting D. store atmosphere E. location

D. store atmosphere

Of product and services​ assortment, price,​ promotion, and​ place, which plays one of the most important roles in aligning target markets and​ positioning? A. Promotion B. Product assortment C. Services assortment D. Price E. Place

E. Place

To successfully implement a​ market-skimming strategy for a new​ product, which of the following conditions needs to be​ present? A. The quality level of the product does not match the higher price. B. Competitors are not able to enter the market quickly and undercut the high price. C. The company objective is to initially gain a large market share. D. Buyers are not willing to pay the higher price. E. The company objective is to attract a large number of buyers quickly

B. Competitors are not able to enter the market quickly and undercut the high price.

Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management? A. Introduction B. Maturity C. Product development D. Growth E. Decline

B. Maturity

Which of the following correctly describes​ omni-channel retailing? A. Developing close partnerships between wholesalers and retailers B. Setting up franchises in different locations with seamless delivery of integrated services C. Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping D. Selling products online environments E. Allowing one supplier to sell to multiple retailers through multiple channels

C. Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping

​_______ of the​ product's value set the ceiling on​ pricing, while​ _______ set the floor. A. ​Costs; customer-value perceptions B. Variable​ costs; fixed costs C. Customer​ perceptions; costs D. Fixed​ costs; customer-value perceptions E. Variable​ costs; customer-value perceptions

C. Customer​ perceptions; costs

A company may use the promotion​ mix, also called its marketing communications​ mix, to​ ______________________. A. create customer​ value, engage​ customers, and build customer relationships B. engage​ customers, maintain customer​ relationships, and build customer relationships C. engage​ customers, persuasively communicate customer​ value, and build customer relationships D. engage customers and sell goods and services E. persuasively communicate customer​ value, engage​ customers, and sell goods and services

C. engage​ customers, persuasively communicate customer​ value, and build customer relationships

After sales promotion campaign objectives are​ set, the next steps are​ ________, and then​ __________________________. A. selecting the sales promotion​ tools; developing the sales promotion program B. selecting​ tools; setting a budget C. selecting​ tools; developing and implementing the sales promotion program D. selecting​ tools; deploying social media E. developing the sales promotion​ program; setting a budget

C. selecting​ tools; developing and implementing the sales promotion program

Guided by​ ___________________, retailers must decide on a retail marketing mixlong dash—product and services​ assortment, price,​ promotion, and place. A. strong positioning and products and services assortment B. strong targeting and differentiation C. strong targeting and positioning D. strong positioning and differentiation E. strong differentiation and pricing

C. strong targeting and positioning

Which of the following statements about personal selling is​ correct? A. The sales force should work separately from other marketing functions. B. Personal selling is a fairly new profession. C. Salespeople​ sell; they do not have a role in creating value for the customer. D. Many customers are unable to distinguish the salesperson from the company. E. The role of personal selling is very consistent from company to company.

D. Many customers are unable to distinguish the salesperson from the company.

How do companies apply pricing strategies to accommodate differences in customer segments and​ situations? A. They focus on segmented pricing strategies. B. They use accommodations such as preferred pricing strategies. C. They use selective promotional pricing strategies. D. They apply a variety of price adjustment strategies. E. They create price allowance pricing strategies.

D. They apply a variety of price adjustment strategies.

Strong relationships with the salesperson will result in​ ________. A. strong relationships with the​ company's products B. increased revenue and repeat business C. repeat business D. strong relationships with the company and its products E. increased revenue

D. strong relationships with the company and its products

Major advertising involve decisions about​ ________________________. A. the​ objectives, the​ budget, the​ message, the​ media, and the return on investment B. the​ objectives, the​ budget, the​ message, the social​ media, and the evaluation of results C. the​ objectives, the​ budget, the​ message, the​ media, and the analytics D. the​ objectives, the​ budget, the​ message, the​ media, and the evaluation of results E. the​ objectives, the​ budget, the​ positioning, the​ media, and the evaluation of results

D. the​ objectives, the​ budget, the​ message, the​ media, and the evaluation of results

​______ means integrating all available shopping channels and devices into a seamless customer shopping experience. A. Wholesaling B. Shopper marketing C. Retailing D. Green retailing E. ​Omni-channel retailing

E. ​Omni-channel retailing

A new product may fail for many reasons. Which of the following is NOT one of​ them? A.Poor product positioning B.Poor product design C.Poor marketing research D.Overestimated market size E.Rapid market acceptance

E.Rapid market acceptance

A​ salesperson's role as​ a(n) ________ demands creative​ selling, social​ selling, and relationship building. A. PR specialist B. order taker C. order getter D. sales manager E. broker

C. order getter

For​ services, there is a form of​ captive-product pricing known as​ _____ pricing. A. ​optional-product B. product line C. ​two-part D. product bundle E. ​by-product

C. ​two-part

The only reason for a wholesaler to exist is to​ ___________________ by increasing the efficiency and effectiveness of the entire marketing channel. A. eliminate marketing costs B. lower logistical costs C. facilitate distribution D. replace a sales team E. add value

E. add value

Which of the following statements is correct regarding marketing communications​ today? A. Advertisers are now able to engage smaller customer segments with more​ personalized, interactive content. B. Marketers are reversing a trend toward digital media. C. Digital and social media have given birth to a more​ targeted, more​ social, but less engaging marketing communications. D. Advertisers are adopting less fragmented media and promotion mixes to reach their diverse markets. E. Most marketers do not use integrated marketing communications tools or planning.

A. Advertisers are now able to engage smaller customer segments with more​ personalized, interactive content.

Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and​ customers? A. Warehousing B. Risk bearing C. Buying and assortment building D. Transportation E. Financing

A. Warehousing

Which of the following statements about public relations is​ correct? A. Public relations is not used to engage consumers. B. The impact of public relations on public awareness comes at a much higher cost than advertising. C. The lines between advertising and public relations are becoming more blurred. D. It is difficult to integrate public relations into social media. E. Public relations is used only to promote products.

C. The lines between advertising and public relations are becoming more blurred.

Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product​ ideas? A.Distributors B.Competitors C.Suppliers D.Customers E.R&D

E.R&D

New digital and social media have given birth to a​ _________________________. A. more​ targeted, social, and engaging marketing communications model B. more​ targeted, social, and less engaging marketing communications model C. less​ targeted, social, and engaging marketing communications model D. more​ targeted, social, and engaging marketing model E. less targeted and engaging communications model

A. more​ targeted, social, and engaging marketing communications model

Personal selling involves a​ multiple-step process. The first step is​ ______________ and the last step is​ _______________________. A. prospecting and​ qualifying; follow-up B. ​approach; follow-up C. presentation and​ demonstration; closing D. ​approach; closing E. ​preapproach; handling objections

A. prospecting and​ qualifying; follow-up

A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the company​ using? A. ​Market-skimming pricing B. ​Captive-product pricing C. Product bundle pricing D. Product line pricing E. ​Market-penetration pricing

A. ​Market-skimming pricing

​Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is​ _________ to find and grow new products. A. ​customer-driven B. ​employee-driven C. profitable D. ​cost-effective E. ​competitor-driven

A. ​customer-driven

The need for​ omni-channel retailing is a result of​ _______. A. ​omni-channel buying B. megaretailers C. category killers D. retail convergence E. green retailing

A. ​omni-channel buying

Closing a sale with a particular customer is a​ short-term ________​ orientation, but the selling process must also take a​ ________ orientation and look at the long term. A. ​transactional; relationship B. ​transactional; profit C. ​relationship; transactional D. ​profit; relationship E. ​company; relationship

A. ​transactional; relationship

What are three major factors changing the face of​ today's marketing​ communications? A. Changes in​ consumers, changes in​ businesses, and sweeping changes in digital technologies B. Changes in​ consumers, changes in marketing​ strategies, and sweeping changes in digital technologies C. Changes in the business​ environment, changes in global​ competition, and changes in marketing strategies D. Changes in​ consumers, changes in marketing​ strategies, and sweeping changes in social media E. Changes in​ consumers, changes in​ businesses, and changes in marketing strategies

B. Changes in​ consumers, changes in marketing​ strategies, and sweeping changes in digital technologies

Attracting and holding customers presents great challenges and decision points for retailers. Of the​ following, which is NOT one of the areas in which they face major​ decisions? A. Decisions regarding segmentation B. Social media and visibility decisions C. Retail marketing mix decisions D. Store differentiation and positioning decisions E. Decisions about targeting

B. Social media and visibility decisions

All products have a life cycle. The sales of a typical product follow​ __________________, which is made up of five stages. A. a​ V-shaped curve B. an​ S-shaped curve C. a spiral curve D. a​ bell-shaped curve E. an inverted​ V-shaped curve

B. an​ S-shaped curve

Marketers can apply the​ ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different​ life-cycle stages. A. strategic planning process B. product​ life-cycle concept C. marketing concept D. marketing planning process E. product development process

B. product​ life-cycle concept

The performance difference between an average salesperson and a top salesperson can be substantial.​ Therefore, at the heart of any successful sales force operation is the​ ______ of good salespeople. A. training B. recruitment and selection C. evaluation D. motivation E. compensation

B. recruitment and selection

As with the other promotion​ tools, in considering when and how to use product public​ relations, the best thing management should do is​ ______________________. A. set PR​ objectives, choose the PR messages and​ vehicles, implement the PR​ plan, and evaluate the results in terms of return on investment B. set PR​ objectives, choose the PR messages and​ vehicles, implement the PR​ plan, and evaluate the results C. set PR​ objectives, choose the PR​ messages, implement the PR​ plan, and evaluate the results D. choose the PR messages and​ vehicles, plan​ media, implement the PR​ plan, and evaluate the results E. set PR​ objectives, choose the PR vehicles and social​ media, implement the PR​ plan, and evaluate the results

B. set PR​ objectives, choose the PR messages and​ vehicles, implement the PR​ plan, and evaluate the results

International marketers and advertisers face challenges not encountered domestically. The most basic issue concerns​ ____________. A. the difficulties in obtaining appropriate media outlets in multiple country markets B. the amount of adaptation required for the unique characteristics of various country markets C. differences in languages and religious practices in multiple country markets D. lack of infrastructure and technology required for social or digital advertising E. government regulation and censorship in select country markets

B. the amount of adaptation required for the unique characteristics of various country markets

Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company​ charges? A. Revenue projections B. Market conditions C. Costs D. Customers E. Competitors

C. Costs

Public relations involves building good relations with the​ company's various publics. What are all of the functions it​ includes? A. Press​ agency, product​ publicity, government​ relations, public​ affairs, lobbying, investor​ relations, and development B. Press​ agency, product​ publicity, lobbying, investor​ relations, and development C. Press​ agency, product​ publicity, public​ affairs, lobbying, investor​ relations, and development D. Product​ publicity, public​ affairs, lobbying, investor​ relations, and development E. Press​ agency, product​ publicity, crisis​ management, public​ affairs, lobbying, investor​ relations, and development

C. Press​ agency, product​ publicity, public​ affairs, lobbying, investor​ relations, and development

Firms seeking immediate response from targeted individual consumers and consumer communities use​ ______________________ marketing tools to engage consumers and cultivate relationships with them. A. ​advertising, sales​ promotion, and public relations B. direct marketing C. direct and digital D. advertising and sales promotion E. personal​ selling, advertising, and sales promotion

C. direct and digital

In pricing innovative new​ products, a company can use​ ________ by initially setting high prices to maximize the amount of revenue from a sufficient number of buyers willing to pay the higher price. A. profitability pricing B. discount pricing C. ​market-skimming pricing D. ​cost-plus pricing E. ​market-penetration pricing

C. ​market-skimming pricing

Four sales force structures that companies use in sales force design are​ _______________. A. ​geographic, territorial,​ product, and customer B. ​territorial, international,​ product, and service C. ​territorial, product,​ customer, and complex D. ​simple, complex,​ inside, and outside E. ​inside, outside,​ individual, and team based

C. ​territorial, product,​ customer, and complex

New product development consists of eight sequential steps. Which step reduces the number of ideas based on the​ company's criteria? A. Business analysis B. Ideation C. Concept testing D. Idea screening E. Product concept development

D. Idea screening

Because​ today's consumers shift seamlessly across​ channels, many online​ retailers, including​ Amazon, are moving​ _______. A. toward a global presence B. into offering groceries C. away from an online presence D. into the physical world E. into the virtual worl

D. into the physical world

Another price adjustment strategy is​ ______________ pricing, where the company sells a product at two or more prices to accommodate different​ customers, product​ forms, locations, or times. A. geographical B. psychological C. promotional D. segmented E. dynamic

D. segmented

The first part of a marketing strategy statement describes the​ ________ of a new product. A. marketing mix strategy B. planned price C. marketing budget D. target market E. profit goals

D. target market

What are the four important decisions made when developing an advertising​ program? List them in order. A. Setting​ objectives, setting the​ budget, developing message​ strategy, and determining media timing B. Developing message​ strategy, developing message​ execution, selecting​ media, and determining media timing C. Setting​ objectives, setting the​ budget, determining the impact on sales and​ profits, and determining the return on investment D. Setting the​ budget, setting​ objectives, developing​ strategy, and evaluating effectiveness E. Setting​ objectives, setting the​ budget, developing​ strategy, and evaluating effectiveness

E. Setting​ objectives, setting the​ budget, developing​ strategy, and evaluating effectiveness

Retail stores come in all shapes and​ sizes, and new retail types keep emerging. Store retailers can be classified by​ ______________. A. ​self-service and​ full-service stores B. ​full-service, specialty, and discount stores C. specialty​ stores, department​ stores, and service businesses D. ​full-price, discount, and​ off-price retailers E. amount of​ service, product line​ sold, relative​ prices, and how they are organized

E. amount of​ service, product line​ sold, relative​ prices, and how they are organized

In the new product development​ process, ideas that pass the idea screening step continue through​ ________. Strong concepts proceed to​ ________. A. product concept​ development; business analysis B. marketing strategy​ development; product concept development C. marketing strategy​ development; business analysis D. product concept​ development; marketing strategy development E. product concept​ development; product development

D. product concept​ development; marketing strategy development