Intro to Marketing Final UNCO

Which of the following is an example of a horizontal conflict in a distribution channel?

A Ford car dealer complaining that another Ford dealer is underpricing the same models

You and your coworker have been tasked with employing crowdsourcing to generate ideas for developing a menu with seasonal ingredients at the restaurant where you work at. Your coworker looks confused and instead of asking your supervisor he turns to you and whispers "crowd what?". Which of the following would be an appropriate example of crowdsourcing to share with your coworker?

A company creates a forum where anyone can contribute new product ideas

Which of the following is an example of a firm utilizing public relations as a promotion tool?

A firm providing interesting information about a product to the news media

Which of the following is most likely true of a global firm?

A global firm manufactures and markets goods wherever it can do the best job.

________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.

Advertising

You've just hired a new product planner to help you in the design and launch of the second generation of e-bikes that you engineered a few weeks ago. During your first meeting, your product planner argues that aside from the actual product, you must also build a(n) ________ product around the core benefit of the e-bike by offering additional consumer services and benefits.

Augmented

________ consists of a segment of vulnerable consumers that are often underserved by companies due to their perceived poverty constraints.

Bottom of the economic pyramid

In 2018, Wendy's aired a Super Bowl ad calling out McDonald's for using frozen ingredients and urging consumers to "skip the hamburgers at the frozen arches". What type of advertising is this an example of?

Comparative

Your company is working on developing a new app that allows users to accurately track their sleep patterns and predict energy levels throughout the day based on this information. You've so far developed 3 different versions of the app. Your team is now getting ready to physically present your app versions to various groups of target consumers to see how they will respond. According to the new product development process, which stage are you and your team in?

Concept Testing

Promoting the use of sustainable ingredients, recycling and reducing solid wastes, and managing energy consumption are related to the consumer's right to ________.

Consume now in a way that will preserve the world for future generations

You've been tasked with identifying what is the maximum price that your company can charge for ergonomic pens while still generating demand. Which of the following elements would help you determine this amount?

Consumer Perceptions of Value

Every time a search is made using keywords related to construction, search engines display text-based advertisements and links to Regan Builders, a construction firm. The marketing tool used by Regan Builders is best referred to as a ________.

Contextual Advertisment

Which of the following is a type of joint venture?

Contract manufacturing

You have been running your business for five years now, and although you have done financially well in the last three years you and your team have faced several moral dilemmas in your marketing operations. The decision-making process during these times has been unclear and left most of the team uncomfortable with the results more than once. As you reflect on what the next five years of your business will look like, you decide to focus on this specific area and plan on creating a set of guidelines that will help everyone in your company navigate morally gray situations in your marketing operations. In other words, you plan on writing a _________.

Corporate marketing ethics policy

Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using a ________ approach to price the new moisturizer.

Cost-plus

Which of the following is the primary purpose of branded community websites?

Creating customer engagement

Jeremy Clarkson, a marketing critic, is concerned about the pervasiveness of marketing. He points to advertising messages everywhere, from websites and e-mails to unwanted direct mail and catalogs to television commercials and product tie-ins to billboards and store signs. From the description given, it can be concluded that Jeremy is concerned about ________.

Culutural Pollution

When Blockbuster's rentals dropped to almost zero for several years due to increased competition and technological advances, its product in terms of the services it provided was more than likely in the ________ stage of the product life cycle.

Decline

Which of the following is a function of an integrated marketing communications system?

Delivering a clear, consistent, and compelling message on the product to each brand contact

Your mom has been wanting to launch a line of faux leather-bound journals for quite a while now. She is currently in the product design stage, and as she thinks about how her journals will be disposed of, she is actively considering how materials from her products could be recovered, reused, recycled, or biodegraded to minimize her impact on the environment. She is engaging in __________.

Design for environment

Mary Kay Cosmetics and Amway sell their products through home and office sales parties, online websites, and social media. Both companies use a(n) ________ channel to distribute their offerings.

Direct

________ marketing involve engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.

Direct and Digital

________ is an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's current and future living environment.

Environmentalism

A company that makes marketing decisions by considering consumers' wants and long-run interests, the company's requirements, and society's long-run interests is practicing consumer-oriented marketing.

False

Competitive pricing is a variation of break-even pricing.

False

Consumers' needs and wants are almost the same all over the world, so the best strategy for firms is to standardize all elements of their marketing mix to achieve economies of scale.

False

Ray-Ban pays Ferrari's Formula 1 team for space on their racing cars, drivers' uniforms, and other media involving the F1 team. This is an example of good print advertising.

False

When economic conditions are not favorable, companies must always lower their prices.

False

You and your team have been analyzing distribution data from your company and you've realized that there are constant bottlenecks at one specific point of the distribution. You suggest you add an intermediary to help alleviate that bottleneck, but the team leader shuts down the idea arguing that introducing intermediaries into a distribution chain increases the number of direct channel transactions between a manufacturer and its customers. This statement is:

False

Customers at Carat, a premium jewelry store, are encouraged to make an appointment before a visit so that a customer service representative is assigned to them. These representatives help every customer make a purchase that meets his or her needs and budget after considering numerous options. The different styles and special features of the jewelry are explained to each customer to aid the purchase decision. In this case, Carat is an example of a(n) ________.

Full-service retailer

Which types of stores are characterized by specialty goods for which customers need assistance and higher operating costs that are passed along to customers as higher prices?

Full-service stores

Insurance and real estate are industries that are often criticized for using _______ tactics.

High-pressure selling

According to our textbook, low-income areas have 30 percent fewer supermarkets than affluent areas. As a result, many low-income consumers find themselves ________.

In food deserts

A country's ________ shapes its product and service needs, income levels, and employment levels.

Industrial structure

When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________.

Inelastic

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

Inseparability

Your brother launched his own landscaping company, and because he knows you're studying marketing, he's asked you for advice on how to best promote his new business. You strongly encourage him to use the same logo and colors in every type of communication channel he plans to use (including his online ads, business cards, printed ads, etc.). Which of the following techniques did you recommend your brother use to promote his business?

Integrated Marketing Communications

It is common that a multinational company eventually creates ________ or subsidiaries to handle all of its international activity.

International divisions

At which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

Introduction

Which of the following is true of a vertical marketing system?

It has one channel member owning all the other channel members or has contracts with all other channel members.

Lemony Inc. sells its popular bottled lemonade—the company's only product—in various geographic locations through tie-ups and agreements with retailers. Each location is represented by two salespersons, one of whom serves current customers while the other finds new ones. Which of the following sales force structures has most likely been combined to form the complex sales force structure at Lemony Inc.?

Market and Territorial

The first Target store opened in 1962. Its initial strategy was to set prices low to attract many buyers quickly and win a large market share. This is referred to as ________.

Market-Penetration Strategy

Which of the following statements would be a reason to NOT use viral marketing?

Marketers have little control over who receives a viral message.

Compared to standardized global marketing, adapted global marketing ________.

Modifies marketing strategies to meet local needs

The shoe industry has many sellers (e.g., Nike, Vans, Crocs, etc.) and many buyers that will make purchases over a big range of prices. What kind of market does this describe?

Monopolistic Competition

In the early 2010s, Walmart planned to expand into India's retail market by opening their stores via direct investment. However, they were forced to find other ways to enter the Indian market opening due to obstacles put in place by the host nation to protect its mom-and-pop retailers. What is this an example of?

Nontariff Trade Barriers

You just bought a regional commercial airline that operates with a fleet of 5 planes. Because you are still relatively new, your flights usually take off at 60% capacity. Unlike tangible products, the seats that are unoccupied on each flight cannot be stored to be used or sold on a later flight. What service characteristic does this example fall under?

Perishability

Which of the following types of promotion tools requires a considerable degree of personal interaction with a customer?

Personal Selling

Your company is approaching the end the current quarter and your team is well below meeting its quarterly sales quota, to speed up sales for this quarter and start building customer relationships for the following quarter, your supervisor asks you to make individual presentations to potential customers. Which of the following tools best describes this situation?

Personal Selling

Veggie Delight, a leading manufacturer of frozen vegetarian burgers, has recently entered the Middle East markets. Based on its research, consumers in the Middle East prefer spicier burgers than those in the United States and other countries. So the company alters the ingredients in its burgers to meet local preferences. In this scenario, Veggie Delight is using a(n) ________ strategy to market its product.

Product Adaptation

You are getting ready to launch your new line of sustainable shoes and are trying to determine your price ranges. For this, you want to determine your price floor lower limit. Which of the following factors allows you to set this limit?

Product Costs

________ involves minimizing pollution from production and all environmental impacts throughout the full life cycle of goods.

Product stewardship

Gore-Tex produces a waterproof fabric that many shoes and apparel companies use for their products. Rather than promoting their own products, on their website, Gore-Tex promotes the products of the brands that use their fabric. Which of the following strategies is this an example of?

Pull

You are conducting research on consumers' access to nutritious food in urban areas for a class. Through your findings, you notice that consumers who live in zip codes with significantly lower annual income must travel twice as much to access healthier options compared to consumers living in zip codes with relatively higher annual income. Moreover, the average amount spent on groceries for the former group is almost 15% higher compared to the latter group even when buying the same items. These are consequences of large retailers engaging in ___________.

Redlining

Which of the following concepts refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use?

Retailing

You've just started your own dog training services business, to encourage sales, you've offered one free week of training with the purchase of three weeks for the first three months of operations. Which promotion mix element did you employ?

Sales Promotion

You've opened a new coffee shop near campus and while there aren't direct competitors nearby, you are not seeing a lot of traffic due to low awareness. To boost sales, you decide to offer a 50% off coupon to customers who post about your business on social media. Which element of the promotion mix did you use?

Sales Promotion

Which of the following concepts emphasizes salespeople's customer-relationship-building abilities?

Salesperson-owned loyalty

You've been discussing with your friend the various types of products you have been learning about in your marketing class. When discussing pure tangible goods, your friend is confused and asks you to give him an example. Which of the following would be the most appropriate example of a 'pure tangible good'?

Shampoo

Which of the following types of products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style?

Shopping

Susan has been redecorating her new condo for a year. She is carefully selecting every item. Susan finds an oriental rug that matches her color scheme and décor perfectly and purchases it immediately without engaging in comparison shopping. This is an example of a(n) ________.

Specialty Product

________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable

Radox, a luxury watch brand, identifies a market segment that is willing to pay premium prices for its watches, and Radox managers select an ideal selling price. Managers then determine the costs to create watches that meet the ideal selling price. The company's pricing approach is referred to as ________.

Target Costing

Which of the following concepts refers to a tax on an imported product designed to raise revenue or protect domestic firms?

Tariff

You've recently started selling your super famous vegan coconut cookies and have been employing direct marketing, this means that you have been selling your product through ________.

The Company website

Comparative advertising is a type of persuasive advertising.

True

Corporate marketing ethics policies should most likely address distributor relations, advertising standards, customer service, pricing product development, and general ethical standards.

True

Creating truly sustainable marketing systems requires that organizations, consumers, public policymakers, and other stakeholders work together to ensure socially and environmentally responsible marketing practices.

True

Digital marketing through online, mobile, and social media provides a sense of brand engagement and community.

True

Omni-channel retailing aims to create a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.

True

Standardization produces many benefits-lower advertising costs, greater global advertising coordination, and a more consistent worldwide image.

True

The aim of advertainment is to make ads and brand content so entertaining or so useful that people want to watch them.

True

When adapting its marketing strategy to better serve international markets, a company may incur additional costs, and economies of scale might be difficult to achieve.

True

You and your business partner are getting ready to launch a new product, a solar energy harvesting windowpane that replaces regular glass windowpanes and allows households to harvest solar energy through previously unutilized surfaces. You understand this is a big purchase for any household and consumers might be very skeptical of this new technology, you know that communicating your product's value through promotion is critical for consumer adoption. As you plan your promotional mix and analyze the pros and cons of various tools, your business partner suggests you employ a salesforce to introduce this product to the market given that personal selling can be very effective in complex selling situations. This suggestion is:

True

You're discussing the evolution of promotional marketing tools with your classmate, who argues that digital marketing tools have allowed marketers to build increasing engagement with consumers compared to more traditional tools. This statement is:

True

Your friend Bob just opened a new restaurant selling burgers. The restaurant seems to be doing well as you always see a lot of traffic, but Bob complains that business is bad and he's barely able to make rent on his place. You had suspected that Bob's prices were too low (which could contribute to all that traffic!), so you ask him if he's able to cover production costs with what he is charging per burger. He replies that he knows how much he spends per month on rent, promotion, and payroll but he's never calculated the cost per item. You decide to help him, and start making a list of what he needs to produce each burger: buns, meat, lettuce, onions, tomatoes, pickles, fries, etc. Because all these costs change based on the number of burgers Bob makes, these are called ___________ costs.

Variable

Which of the following systems is made of producers, wholesalers, and retailers acting as a unified system but can be dominated by any of the interdependent members?

Vertical marketing system

The _________ regulates unfair or deceptive advertising practices.

Wheeler-Lea Act

________ includes all the activities involved in selling goods and services to those buying them for resale or business use.

Wholesaling