Marketing 5-9
Which of the following is NOT one of the typical advantages of e-procurement systems? A. Eliminating paperwork B. Finding better supplier resources C. Allowing buyers to focus on more strategic issues D. Improving customer-supplier relationships E. Reducing time between order and delivery
D
When effective programs can be designed for attracting and serving market segments, these segments are ________. A. measurable B. substantial C. differentiable D. accessible E. actionable
E
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
At which step does a company perform a review of the sales, cost, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?
business analysis
Industrial products are those purchased for further processing or for use in conducting a business, which include materials and parts, ________, and supplies and services.
capital items
market penetration pricing
setting a low price for a new product in order to attract a large number of buyers and a large market share
Break-even pricing (target return pricing)
setting price to break even on the costs of making and marketing a product, or setting price to make a target return
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process? A. Supplier search B. Problem recognition C. General need description D. Supplier selection E. Proposal solicitation
B
Behavorial Segmentation
Dividing a market based on some observable actions or attributes by prospective customers, such as where they buy, what benefits they seek, how frequently they buy and why they buy.
Which type of business buying situation offers marketers not only the greatest opportunity, but also the greatest challenge? A. A buying center purchase B. A new task situation C. A modified rebuy D. A request for proposal E. A straight rebuy
B
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services? A. Branding, pricing, advertising, distribution, and product support services B. Product attributes, branding, packaging, labeling, and product support services C. Product attributes, pricing, advertising, distribution, and promotion D. Product attributes, branding, quality level, pricing, and distribution E. Quality level, pricing, advertising, distribution, and promotion
B. Product attributes, branding, packaging, labeling, and product support services
Which of the following is an important trend in the natural environment of which marketers should be aware?
Shortages of raw materials
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas?
R&D
A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From fans' viewpoint, the housewives reality show is a ______________. A. reference group B. late-majority adopter C. family group D. membership group E. lagging adopter
A
Which of the following is NOT among the major factors influencing consumer buying behavior? A. Commercial B. Personal C. Psychological D. Social E. Cultural
A
__________________ determines whether the buyer is satisfied or dissatisfied with a purchase. A. The relationship between the consumer's expectations and the product's perceived performance B. The relationship between the price of the product and the level of customer service provided C. The relationship between the price of the product and the product's perceived performance D. The relationship between the consumer's expectations and how others evaluate the product E. The relationship between the consumer's expectations and where the product was purchased
A
_________ refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing. A. Buzz marketing B. Total market strategy C. Guerilla marketing D. Viral marketing E. Cause marketing
B
______________________ is part of a company's decision on how it will create market offerings to deliver superior customer value. A. Market targeting B. Mass marketing C. Differentiation D. Undifferentiated marketing E. Market segmentation
D
What are the two keys to building lasting customer relationships?
Superior customer value and satisfaction
positioning statement
a statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference)
Discount and allowance pricing
reducing prices to reward customer responses such as paying early or promoting the product
monopolistic competition
the market consists of many buyers and sellers trading over a range of prices rather than a single market price (restaurants)
benefit segmentation
the process of grouping customers into market segments according to the benefits they seek from the product
The major functions of marketing logistics are
warehousing, inventory management, transportation, and logistics information management
individual marketing
tailoring products and marketing programs to the needs and preferences of individual customers
A company rarely gets 100 percent of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ___________.
Share of customer
local marketing
tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores
Companies must make important decisions about their individual products and services. Individual product decisions involve ________________ and product support services. A. product attributes, product line decisions, branding, labeling B. product attributes, branding, packaging, labeling C. product mix, branding, packaging, labeling D. product characteristics, branding, packaging, and labeling E. product colors, branding, packaging, labeling
B. product attributes, branding, packaging, labeling
Services are characterized by four key aspects, with each posing problems and marketing requirements. The four key aspects are ________________________. A. tangible, inseparable, variable, and perishable B. intangible, inseparable, variable, and perishable C. intangible, inseparable, variable, and imperishable D. intangible, separable, variable, and perishable E. tangible, separable, invariable, and imperishable
B. intangible, inseparable, variable, and perishable
One important consideration in using a differentiated targeting strategy is that _______. A. the demand for customized products is decreasing B. serving one or a few smaller segments can limit sales C. it can increase costs D. it is easier for the company because it only needs to manage one market offering E. focusing on what is common in consumers can potentially appeal to the largest number of buyers
C
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________. A. withdrawing from online social networks B. identifying and targeting late adopters C. pushing one-way commercials at customers D. generating person-to-person brand conversations E. developing print and radio advertisements
D
Which of the following correctly defines the consumer market? A. Retailers who sell goods and services to consumers B. Individuals who spend more than $1,000 a year on purchases C. Any business that sells goods and services to other businesses D. Individuals and households that buy goods and services for personal consumption E. Manufacturers, retailers, and consumers
D
Consumer products are products and services bought by final consumers for personal consumption. Consumer products include _______________ and unsought products. A. convenience, shopping, optional B. convenience, shopping, seasonal C. shopping, specialty, sought products D. convenience, shopping, specialty E. luxury, specialty, and unsought products
D. convenience, shopping, specialty
When making a purchase, the buyer goes through a decision process consisting of all of the following: ________. A. need recognition, information search, evaluation of alternatives, purchase decision, and product evaluation B. need recognition, product search, evaluation of alternatives, purchase decision, and post-purchase behavior C. want recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior D. need recognition, information search, product selection, purchase decision, and post-purchase behavior E. need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior
E
____________ is the digital version of word-of-mouth marketing and the type of marketing in which marketers usually have little control over where messages end up.
vital marketing
A company's pricing strategy is affected by internal factors such as
overall marketing strategy, objectives, marketing mix, and other organizational considerations
Major variables used to segment consumer markets include which of the following? A. Geographic, demographic, psychographic, and behavioral B. Geographic, demographic, psychographic, and psychological C. Income, age, geographic, and lifestyle D. Income, gender, age, and ethnicity E. Ethnicity, geographic, gender, and income
A
Which of the following statements is true regarding channel organization?
Channel members are dependent on each other for the overall success of the channel
Industrial products are those purchased for further processing or for use in conducting a business, which include materials and parts, ________, and supplies and services. A. supplies and services for consumer markets B. line item products selling under $25,000 C. capital items D. raw materials E. supplies and services for other businesses
C. capital items
At what levels do marketers make product and service decisions ________? A. product development, individual product, product line, and product mix decisions B. primarily individual product and product mix decisions C. individual product, product line, and product mix decisions D. individual product, product line extensions, and product mix decisions E. primarily individual product and product line decisions
C. individual product, product line, and product mix decisions
What are the two broad classifications of products?
Consumer products and industrial products
Which of the following is included in a broad definition of marketing?
Creating customer value, building customer relationships, and engaging customers
Which of the following is NOT one of the components of a company's microenvironment?
Cultural forces
Many companies are now developing ________ programs to generate new product ideas.
crowdsourcing or open-innovation
The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the _____________.
cultural environment
Age and life-cycle segmentation
dividing a market into different age and life-cycle groups
Gender segmentation
dividing a market into different segments based on gender
large companies
divisional or product managers
A product line is a group of products that are related in function, customer-purchase needs, or distribution channels. Managers need to analyze their product lines periodically to assess ________.
each item's sales and profits and understand how each item contributes to the line's overall performance
Perceived Value
how much a customer is willing to pay for a product or service
opinion leaders
individuals who exert direct or indirect social influence over others
At what levels do marketers make product and service decisions ________?
individual product, product line, and product mix decisions
Which of the following would be an appropriate strategy in the maturity stage of the product life cycle?
Modify the market, product offering, and marketing mix.
Of the following, which is the core element of our free-market economy?
Price competition
Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility?
Product differentiation and positioning
straight rebuy
a business buying situation in which the buyer routinely reorders something without any modifications
pure competition
a term that describes a market that has a broad range of competitors who are selling the same products.
All products have a lifecycle. The sales of a typical product follow ____________, which is made up of five stages
an S - shaped curve
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages.
an S-shaped curve
Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the service?
brand equity
The brand's positioning must be continuously communicated to consumers. Although advertising can help, brands are not maintained by advertising but by customers' ________.
brand experiences
Changes in the ___________ have focused greater emphasis on ethics and socially responsible actions.
political and social environment
The most powerful area companies need to make decisions about their brands is brand _______, which builds around strong consumer beliefs and values.
positioning
Market-skimming pricing
setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales
Market Segmentation
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
___________ permits companies to tailor offers And content needs an interest of carefully define segments, which in turn helps develop long lasting customer relationships as well as resulting in immediate responses.
Direct marketing
How do companies apply pricing strategies to accommodate differences in customer segments and situations?
They apply a variety of price adjustment strategies
To design a winning marketing strategy, what are the two important questions a marketing manager must answer?
What customers will we serve? How can we serve these customers best?
new task
a business buying situation in which the buyer purchases a product or service for the first time
The first part of a marketing strategy statement describes the ________ of a new product.
target market
According to the text, ________ are perhaps the most dramatic forces affecting today's marketing strategies.
technological forces
Which of the following is the correct definitions of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
The product development process starts with ________. Next comes ________, which reduces the number of ideas based on the company's own criteria.
idea generation; idea screening
Buyers who face a new task-buying situation usually go through ________. A. the mandatory stages as well as performance review B. all of the eight stages, including performance review C. only the critical stages (product specification, proposal solicitation, supplier selection, and performance review) D. only the mandatory stages of product specification, proposal solicitation, and supplier selection E. only the problem and supplier selection stages
B
All product lines and items offered to customers by a particular seller make up the product mix. The mix can be described by four dimensions, which are the tools for developing the company's ________ strategy. A. product B. channel and distribution C. revenue and growth D. marketing E. sales
A. product
Which of the following statements is true regarding the marketing of services?
For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?
Idea screening
marketers must consider external considerations in establishing pricing. Which of the following represents those external considerations?
The nature of the market and demand and other environmental factors
international pricing
adjusting prices for international markets
Business markets differ in many ways from consumer markets. The main differences are in ________, __________, and __________. A. market structure and demand, the viability of the buying unit, and the decision process B. market structure and demand, the nature of the buying unit, and the types of decisions and the decision process C. market structure, types of decisions, and consumer buying preferences D. market demand, the nature of the buying unit, and the decision process E. market structure and demand, the nature of the buying unit, and purchasing cycles
B
Which of the following enhances how marketers learn about and interact with customers?
Big data and marketing analytics
Companies have to think carefully when considering price changes. They must consider which of the following?
Buyer and competitor reactions
Occupation, age, and lifestyle are _________ factors that influence consumer buyer behavior. A. social B. psychological C. personal D. social class E. cultural
C
Once a company has decided which segments to enter, it must decide on its ________ strategy. A. advertising and sales promotion B. sales and marketing C. positioning and differentiation D. channel and distribution E. financial and revenue
C
Advances in information technology have dramatically affected the B-to-B buying process. Online purchasing, often called _______, has grown rapidly in recent years. A. B-to-B procurement B. e-purchasing C. e-commerce D. online procurement E. e-procurement
E
Marketers must consider external considerations in establishing pricing. Which of the following represents those external considerations?
The nature of the market and demand and other environmental factors
Which of the following statements regarding the marketing of international products and services is correct?
because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Inelastic demand
demand hardly changes with a small change in price (necessities)
External factors
-Market and demand -Economy -Impact on other parties in its environment
When Microsoft or Apple sell software as a package, it is engaging in what type of pricing?
product bundle pricing
The totality of a company's product lines and items offered to a customer is known as its _______.
product mix
E-procurement
purchasing through electronic connections between buyers and sellers - usually online
Good-value pricing
right combination of quality and good service at a fair price
Which of the following is correct regarding most firms direct marketing efforts?
traditional tools are still heavily used and very important
Subculture
A group of people with shared value systems based on common life experiences and situations
pure monolopy
single source for a product, no real competition
cost-based pricing
Based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk
The differentiation and positioning task consists of three steps: identifying ________ that create competitive advantage, choosing ________ on which to build a position, and selecting an overall positioning strategy. A. products or services; features and benefits B. a set of possible differentiations; product features and benefits C. a set of possible differentiations; advantages D. positioning statements; advantages E. a set of products; advantages
C
competition-based pricing
setting prices based on competitors' strategies, prices, costs, and market offerings
Small companies
top management
Firms with limited resources often target a market niche that is either ignored or unimportant to larger firms. This represents a(n) _______ strategy. A. concentrated marketing B. undifferentiated marketing C. mass marketing D. differentiated marketing E. micromarketing
A
concentrated marketing
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Culture
Beliefs, customs, and traditions of a specific group of people.
___________________ consists of many different people who play multiple roles in the buying process. A. Buying actors B. The buying nucleus C. The buying center D. Buying agents E. The purchasing team
C
What are the two broad classifications of products? A. Necessity products and luxury products B. Consumer products and household products C. Consumer products and industrial products D. Grocery products and luxury products E. Consumer products and business products
C. Consumer products and industrial products
The major product line decision involves the line's ______, or the number of items in the product line. A. scope B. mix C. length D. depth E. portfolio
C. length
Companies must periodically audit their brands'________, which might turn up brands that need more support, brands that need to be dropped, or brands that must be rebranded or repositioned because of changing customer preferences or new competitors A. strengths, weaknesses, opportunities, and threats B. weaknesses and threats C. strengths and weaknesses D. strengths and opportunities E. strengths and threats
C. strengths and weaknesses
Which of the following correctly defines the consumer market? A. Manufacturers, retailers, and consumers B. Any business that sells goods and services to consumers C. Individuals who spend more than $1,000 a year on purchases D. Retailers who sell goods and services to consumers E. Individuals and households that buy goods and services for personal consumption
E
______________________ determines if a buyer is satisfied or dissatisfied with a purchase. A. The number of alternatives considered in the purchase decision B. The amount of information gathered in the decision-making process C. Whether or not the buyer experiences cognitive dissonance D. How others feel about the purchase E. The relationship between the consumer's expectations and the product's perceived performance
E
Which of the following statements is true regarding the marketing of services? A. Buyer-seller interaction during the service encounter has little impact on service quality. B. Customer-facing employees are not important in the marketing of services. C. Service providers do not need to differentiate their offerings. D. Service providers do need to use segmentation and target marketing. E. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
E. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
The brand's positioning must be continuously communicated to consumers. Although advertising can help, brands are not maintained by advertising but by customers' ________. A. brand preferences B. long-term purchases of the brand C. attitudes toward the brand D. reactions to the brand E. brand experiences
E. brand experiences
Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share?
Market-penetration pricing
A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which of the following new product pricing strategy is the company using?
Market-skimming pricing
Which of the following statements regarding traditional direct marketing forms is correct?
Marketers use both outbound and inbound telemarketing
Which stage of the product life cycle normally last longer than the previous stages and poses strong challenges to marketing management?
Maturity
Of the following, which is NOT one of the product-mix pricing situations? - Product bundle pricing - Captive-product pricing - Penetration pricing - Optional-product pricing - Product line pricing
Penetration pricing
When Microsoft or Apple sells software as a package, it is engaging in what type of pricing?
Product bundle pricing
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services?
Product attributes, branding, packaging, labeling, and product support services
modified rebuy
a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
social class
a group of people with similar backgrounds, incomes, and ways of living
oligopolistic competition
a market that is dominated by only a few large firms (auto industry)
undifferentiated marketing
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
differentiated marketing
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
psychological pricing
adjusting prices for psychological effect
when companies treat customers fairly and make certain they understand pricing and pricing terms, this leads to _________.
building strong and lasting customer relationships
Companies have to think carefully when considering price changes. They must consider which of the following?
buyer and competitor reactions
system selling
buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
marketers use three major pricing strategies:
customer value-based pricing, cost based pricing, and competition based pricing
Marketers use three major pricing strategies:
customer value-based pricing, cost-based pricing, and competition-based pricing
elastic demand
demand changes greatly with a small change in price (luxury items)
psychographic segmentation
dividing a market into different segments based on social class, lifestyle, or personality characteristics
occasion segmentation
dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
According to the text, what is one of the biggest advantages of social media?
engagement and social sharing capabilities
The stages of the product life cycle are ______________________________.
product development, introduction, growth, maturity, and decline
product position
the way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products
One concern about the expanding use of e-procurement for B-to-B purchasing is that ________. A. it can erode decades-old customer-supplier relationships B. it takes more time than traditional purchasing methods C. very few buyers know how to use the technology D. it is more costly than traditional purchasing methods E. online information can contain viruses
A
What are the four steps to designing marketing channels in the correct order?
Analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating the alternatives
Which of the following needs in Maslow's hierarchy is generally satisfied first? A. Self-actualization needs B. Physiological needs C. Social needs D. Esteem needs E. Safety needs
B
The distinction between a consumer product and an industrial product is based on the ________ for which the product is purchased. A. customer B. industry C. purpose .D. market E. segment
C. purpose
Services marketing strategy calls not only for external marketing but also for internal marketing to motivate ________ and interactive marketing to create service delivery skills among ________. A. customer support staff; service providers B. employees; supply chain members C. sales teams; service providers D. employees; customers E. employees; service providers
C. sales teams; service providers
Services are characterized by four key aspects: ______________________. A. services are inexpensive, easy to find, intangible, and variable. B. services are intangible, variable, perishable, and inexpensive. C. services are intangible, inseparable, variable, and perishable. D. services are intangible, perishable, consistent, and inseparable. E. services are intangible, inexpensive, easy to find, and automated.
C. services are intangible, inseparable, variable, and perishable.
We define the ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption. A. buying B. adoption C. purchase D. decision E. evaluation
D
Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
Which of the following consists of factors affecting buying power and patterns?
The economic environment
_______ are the main forms of direct and digital marketing.
Traditional direct marketing tools and new digital marketing
In the new product development process, ideas that pass the idea screening step continue through ________. Strong concepts proceed to ________.
product concept development; marketing strategy development
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.
product life-cycle concept
Services marketing strategy calls not only for external marketing but also for internal marketing to motivate ________ and interactive marketing to create service delivery skills among ________.
employees; service providers
The four major brand strategy decisions involve brand ________.
positioning, name selection, sponsorship, and development
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price? A. supplier search B. product specification C. supplier selection D. general need description E. proposal solicitation
D
What are perceptual positioning maps used for? A. To compare a company's profitability with the profitability of competitors B. To find where to best position a product on a store shelf C. To show consumer perceptions of different brands on important buying dimensions D. To show consumer perceptions of an individual brand on important buying dimensions E. To implement a particular positioning strategy
C
In the broadest sense, a new product marketer must research _____________________ when developing a new product and a marketing program. A. characteristics related to pricing acceptability B. characteristics of international markets C. attitudes of consumers toward packaging D. various domestic promotional challenges E. characteristics influencing the rate of adoption
E
buying center
all the individuals and units that play a role in the purchase decision-making process
Value-added pricing
differentiates your products by adding features or services that your competitors don't have and that customers will pay more for
promotional pricing
temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales
Companies must manage the ________, which often includes many different buying decisions in various stages of the buying decision process. A. overall customer relationship B. supply chain management process C. marketing process D. proposal and solicitation process E. sales process
A
In which step of the buying decision process is the final order with the chosen supplier developed? A. Order-routine specification B. Supplier selection C. Proposal solicitation D. General need description E. Product specification
A
People can be classified into the adopter categories, with each category having different values and rates of adoption. The adopter categories include ________, ________, __________, _________, and __________. A. innovators, early adopters, early mainstream adopters, late mainstream adopters, and lagging adopters B. innovators, early adopters, avoiders, mainstream adopters, and late adopters C. innovators, early adopters, mainstream adopters, mid-stage adopters, and lagging adopters D. pioneers, early mainstream adopters, late mainstream adopters, avoiders, and lagging adopters E. innovators, pioneers, early mainstream adopters, late mainstream adopters, and lagging adopters
A
What are the five characteristics that are especially important in influencing an innovation's rate of adoption? A. Relative advantage, complexity, compatibility, divisibility, and communicability B. Relative advantage, complexity, compatibility, availability, and promotion C. Price, features, complexity, relative advantage, and promotion D. Product, price, place, promotion, and relative advantage E. Product, price, place, promotion, and packaging
A
What is the mistaken assumption that business-to-business companies often make about digital and social media? A. That digital and social media are useful primarily to consumer products and services companies B. That digital and social media are only effective with large expenditures C. That digital and social media choices are confined to Twitter and Facebook D. That digital and social media require teams of specialists E. That digital and social media yield little except for brand awareness
A
In building brands, companies need to make decisions about four key powerful areas which include ________________________________. A. brand positioning, brand name selection, brand sponsorship, and brand development B. brand extension selection, brand name selection, brand sponsorship, and brand development C. brand name selection, brand logos, brand sponsorship, and brand development D. brand name selection, brand positioning, brand advertising, and brand sponsorship E. brand positioning, brand name selection, advertising sponsorship, and brand development
A. brand positioning, brand name selection, brand sponsorship, and brand development
Companies need to consider many factors when choosing a market-targeting strategy. However, which targeting strategy is best depends on company resources, product variability, product life-cycle stage, as well as ________________________. A. distribution characteristics and competitive marketing strategies B. market variability and competitive marketing strategies C. sustainability strategies and market variability D. product development strategies and competitive marketing strategies E. market variability and sales strategies
B
Once market segments have been selected, the company then must decide on _____________________________. A. target market strategies B. differentiation and positioning strategy C. positioning map D. unique value proposition E. mission and vision
B
Once segments have been identified, market ________ evaluates each segment's attractiveness and selects one or more to serve. A. segmentation B. targeting C. micromarketing D. positioning E. differentiation
B
Technology advances have made B-to-B online purchasing possible. This is called ________. A. web-based submissions of proposals B. e-procurement C. e-shipping options D. automated requests for proposals E. online bidding
B
What are the eight steps in the business buying decision process, in the correct sequence? A. Problem recognition, general need description, product specification, supplier search, supplier selection, proposal solicitation, order-routine specification, and performance review B. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review C. Performance review, problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, and order-routine specification D. Problem recognition, general need description, product specification, supplier selection, supplier search, proposal solicitation, order-routine specification, and performance review E. General need description, problem recognition, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
B
Which of the following statements regarding the business market is correct? A. In the business market buying process, buyers and sellers are less dependent on each other than in the consumer market. B. Many sets of business purchases are made for one set of consumer purchases. C. The business market has more buyers than the consumer market. D. Business buying decisions are less complex than consumer buying decisions. E. The business market is not as large as the consumer market in terms of dollars spent and items purchased.
B
A product line is a group of products that are related in function, customer-purchase needs, or distribution channels. Managers need to analyze their product lines periodically to assess ________. A. how each item contributes to the line's monthly performance B. each item's sales and profits and understand how each item contributes to the line's overall performance C. customer-purchase needs or distribution channels D. sales and profits as well as distribution channels E. customer-purchase needs including sales and profits
B. each item's sales and profits and understand how each item contributes to the line's overall performance
At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?
Business analysis
In which targeting strategy does a firm go after a large share of one or a few smaller segments? A. Differentiated marketing B. Undifferentiated marketing C. Concentrated marketing D. Mass marketing E. Micromarketing
C
To determine which market segments to target and serve, the company first evaluates each segment's ________. A. size and growth characteristics and structural attractiveness B. size and growth characteristics C. size and growth characteristics, structural attractiveness, and compatibility with company objectives and resources D. size and growth characteristics and compatibility with company objectives and resources E. compatibility with company objectives and resources
C
To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors? A. Evaluation of each segment's size characteristics B. Evaluation of each segment's structural attractiveness C. Compatibility with company mission and vision D. Evaluation of each segment's growth characteristics E. Compatibility with company objectives and resources.
C
What is market segmentation? A. Evaluating each market segment's attractiveness and selecting one or more market segments to enter B. Marketing to a mass market of homogenous buyers C. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes D. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers E. Differentiating the firm's market offering to create superior customer value
C
Which of the following statements regarding the business market is correct? A. Demand in the business market is more elastic than demand in the consumer market. B. The business market has more businesses than the consumer market. C. Many sets of business purchases are made for one set of consumer purchases. D. Business buying decisions are less complex than consumer buying decisions. E. The business market is not as large as the consumer market in terms of dollars spent and items purchased.
C
Which of the following is the correct definition of a product? A. A product is a tangible good that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. B. A product is a tangible good or a service that can be offered to a market for attention, acquisition, use, or consumption that does not satisfy a want or need. C. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. D. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need. E. A product is anything that can be offered to a market for consumption that does not satisfy a want or need.
C. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Broadly defined, a product is anything that can be offered to a market for ___________ or consumption that might satisfy a want or need. Products include physical objects but also services, events, persons, places, organizations, ideas, or mixtures of these entities. A. requisition, use, attention B. rent, acquisition, use C. attention, acquisition, use D. acquisition, trial, attention E. use, purchase, acquisition
C. attention, acquisition, use
Which of the following correctly describes the classifications into which products and services fall?
Consumer products and industrial products
Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process? A. Making a purchase B. Gathering information C. Recognizing a need D. Post-purchase behavior E. Evaluation of alternatives
D
Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following, which is NOT one of those key questions? A. What evaluation criteria does each decision participant use? B. Who are the major buying center participants? C. What major influences impact the buying center decision? D. Is price a major factor or is the buying center price sensitive? E. In what decisions do they exercise influence and to what degree?
D
The business buyer decision process itself can be quite involved, with several basic stages. The process begins with ______________ and concludes with _______________. A. proposal solicitation; supplier selection B. general need description; supplier selection C. supplier search; performance review D. problem recognition; performance review E. product specification; routine specification
D
The buying center and the buying decision process are influenced by ________, __________, and __________ factors, as well as _____________ factors. A. internal organizational, interpersonal, and individual factors, as well as economic environmental factors B. internal organizational, interpersonal, and internal factors, as well as individual factors C. internal organizational, internal environmental, and external environmental factors, as well as individual factors D. internal organizational, interpersonal, and individual factors, as well as external environmental factors E. interpersonal, community, and individual factors, as well as external environmental factors
D
The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally ________ the buyer, but personal sources ________ products for the buyer. A. inform; differentiate B. mislead; legitimatize or evaluate C. stimulate; legitimatize or evaluate D. inform; legitimatize or evaluate E. create value for; evaluate
D
What is the nature of demand in business markets? A. Business market demand is independent of consumer market demand. B. Demand in business markets fluctuates less than in consumer markets. C. Demand in business markets does not fluctuate. D. Demand in business markets is derived demand. E. Demand in business markets is elastic.
D
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers? A. Complexity B. Divisibility C. Communicability D. Compatibility E. Relative advantage
D
________________ is one problem with business-to-business e-procurement. A. Increased paperwork requirements B. Increased time between order and delivery C. Increased transaction costs D. Suppliers being pitted against one another E. Reduced purchasing efficiency
D
Companies can do e-procurement in several ways, including _______, ________, ________, and __________. A. personal sales calls, paper-based transactions, telephone cold calls, and trade shows B. personal sales calls, trading exchanges, company buying sites, and extranet links C. reverse auctions, brick-and-mortar stores, company buying sites, and extranet links D. reverse auctions, trading exchanges, company buying sites, and free 800 support lines E. reverse auctions, trading exchanges, company buying sites, and extranet links
E
The full positioning of a brand is called the brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned. A. overall brand strategy B. differentiation statement C. positioning statement D. benefit proposition E. value proposition
E
The ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit. A. retailer B. reseller C. industrial D. consumer E. business
E
What are the five stages of the consumer adoption process, in the correct sequence? A. Awareness, trial, evaluation, interest, and adoption B. Awareness, trial, interest, evaluation, and adoption C. Awareness, interest, trial, evaluation, and adoption D. Awareness, evaluation, interest, trial, and adoption E. Awareness, interest, evaluation, trial, and adoption
E
What are the four major steps in designing a customer value-driven marketing strategy, in the correct sequence? A. Market segmentation, market targeting, positioning, and differentiation B. Positioning, market segmentation, market targeting, and differentiation C. Market segmentation, differentiation, market targeting, and positioning D. Market targeting, market segmentation, differentiation, and positioning E. Market segmentation, market targeting, differentiation, and positioning
E
What is the first step of the buyer decision process? A. Alternative evaluation B. Information search C. Post-purchase behavior D. Purchase decision E. Need recognition
E
Good service companies understand the service profit chain, which links ________. A. service firm profits with customer satisfaction B. product profits with employee and customer satisfaction C. service firm profits with employee satisfaction D. product profits with employee, vendor, and customer satisfaction E. service firm profits with employee and customer satisfaction
E. service firm profits with employee and customer satisfaction
What are the four choices a company has for developing brands?
Line extensions, brand extensions, multibrands, and new brands
Which of the following correctly identifies the five core customer and marketplace concepts?
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Internal factors
Overall marketing strategy, objectives, and mix, organizational considerations
Which of the following statements is true regarding the selection of qualified channel members?
Producers very in their ability to attract qualified marketing intermediaries
Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions?
Product attributes, branding, packaging, labeling, and product support services
Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better educated and more white collar population, and increasing diversity?
The demographic environment
Social responsibility includes public policy issues and regulations involving _________________, and product warranties.
acquiring or dropping products, patent protection, product quality and safety
Differentiation
actually differentiating the market offering to create superior customer value
Because markets and consumers worldwide differ widely, companies usually respond to these differences by ________.
adapting their product offerings
Cost-plus pricing (markup pricing)
adding a standard markup to the cost of the product
dynamic pricing
adjusting prices continually to meet the characteristics and needs of individual customers and situations
geographical pricing
adjusting prices to account for the geographic location of customers
segmented pricing
adjusting prices to allow for differences in customers, products, or locations
Consumer Market
all the individuals and households that buy or acquire goods and services for personal consumption
Broadly defined, a product is anything that can be offered to a market for ___________ or consumption that might satisfy a want or need. Products include physical objects but also services, events, persons, places, organizations, ideas, or mixtures of these entities.
attention, acquisition, use
When marketers create services marketing strategy, they understand they must execute on external marketing but also develop _____________.
internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers
According to the text, what is perhaps the toughest public policy issue now confronting the direct marketing industry?
invasion of privacy
The major product line decision involves the line's ______, or the number of items in the product line.
length
intermediaries are used by most producers to bring products to market. These intermediaries are known as __________.
marketing channels
Which form of direct and digital marketing do companies use to engage customers anywhere, anytime during the buying and relationship building processes?
mobile marketing
by-product pricing
pricing low-value by-products to get rid of or make money on them
optional-product pricing
pricing optional or accessory products sold with the main product
captive-product pricing
pricing products that must be used with the main product
To be more socially responsible, some companies are appointing _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
product stewards
Companies must make important decisions about their individual products and services. Individual product decisions involve ________________ and product support services.
product attributes, branding, packaging, labeling
The distinction between a consumer product and an industrial product is based on the ________ for which the product is purchased.
purpose
When Dr. Lawncare developed his revolutionary new weed killer, he expected that, during the introductory stage of the product life cycle, ___________.
sales would be slow and with negative or low profits
geographic segmentation
segmenting markets by region of a country or the world, market size, market density, or climate
Which of the following is a benefit of direct and digital marketing for buyers?
sense of brand engagement and community
which of the following is true regarding new types of channel organizations?
they provide stronger leadership and improve performance
The first step of the marketing process is to ___________________.
understand the marketplace, which includes customer needs and wants
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.
customer-driven
Which of the five characteristics identified has an inverse relationship with an innovation's rate of adoption, meaning as this characteristic increases, the rate of adoption is slower? A. Complexity B. Communicability C. Compatibility D. Divisibility E. Relative advantage
A
Market segmentation is the act of dividing a market into distinct groups of buyers who have ________ and who might require separate marketing strategies or mixes. A. needs, wants, and desires B. primarily different behaviors C. different needs, characteristics, or buying power D. different needs, characteristics, or behaviors E. different needs, characteristics, traits, and behaviors
D
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits?
The marketing concept
influencer marketing
a series of personalized marketing techniques directed at individuals or groups who have the credibility and capability to drive positive word of mouth in a broader and salient segment of the population
In building brands, companies need to make decisions about four key powerful areas which include ________________________________.
-brand positioning -brand name selection -brand sponsorship -brand development
A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the consumer's "black box." This black box has two parts: ________ and ________. A. the buyer's characteristics and the buyer's decision process B. the buyer's actual buying power and the buyer's decision process C. the buyer's characteristics and the buyer's actual buying power D. the buyer's preferences and the buyer's actual buying power E. the buyer's preferences and the buyer's decision power
A
Which of the following is the correct definition of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
_________ refers to the set of values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. A. Personality B. Attitude C. Culture D. Learning E. Social class
C
The ________________________ is a brand's full positioning or the full mix of benefits on which the brand is positioned. A. positioning map B. brand's personality and voice C. target marketing strategy D. value proposition E. differentiation strategy
D
The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create ______________.
a smoothly integrated marketing strategy and mix
reference group
a social group that serves as a point of reference in making evaluations and decisions
The advantages of standardizing products and services for international markets include _______________, lower manufacturing costs, and lower marketing costs.
consistent global image, lower product design costs
product bundle pricing
pricing bundles of products sold together
All product lines and items offered to customers by a particular seller make up the product mix. The mix can be described by four dimensions, which are the tools for developing the company's ________ strategy.
product
Business marketers are increasingly connecting with customers online and through digital, mobile, and social media to ________, __________, __________, ___________, and maintain ongoing customer relationships. A. engage customers, share marketing information, sell products and services, provide customer support services B. engage customers, engage salespersons, share marketing information, sell products and services C. primarily sell products and services, share marketing information, provide customer support services, provide logistical information D. discourage customers from shopping at brick-and-mortar locations, share marketing information, sell products and services, provide customer support services E. primarily engage customers, share marketing information, sell products, and provide customer services
A
In addition to segmentation and targeting, there are two other major steps in designing a customer value-driven market strategy: ________ seeks to create superior customer value in the mind of the consumer, and ________ seeks to firmly place the market offering in the minds of target customers. A. Differentiation; positioning B. Positioning; segmentation C. Positioning; differentiation D. Differentiation; segmentation E. Positioning; target marketing
A
___________________ are the two ways firms can obtain new products.
Acquisitions and new product development
Although business marketers use many of the same variables to segment their markets, they also use some additional variables, such as ________, ____________. _________, and personal characteristics. A. customer operating characteristics, purchasing approaches, environmental factors B. customer operating characteristics, purchasing approaches, situational factors C. customer operating characteristics, vendor selection processes, situational factors D. customer operating characteristics, purchasing approaches, management factors E. customer operating characteristics, sales and proposal processes, situational factors
B
The four major brand strategy decisions involve brand ________. A. equity, value, name selection, and positioning B. positioning, name selection, sponsorship, and development C. equity, name selection, sponsorship, and development D. equity, identity, name selection, and logo selection E. name selection, logo selection, sponsorship, and identity
B. positioning, name selection, sponsorship, and development
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Which of the following is likely to slow the adoption of a new technology? A. Communicability B. Divisibility C. Conceptual complexity D. Compatibility E. Relative advantage
C
Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company?
Competitive forces
What are the four choices a company has for developing brands? A. Single brands, multibrands, line extensions, and licensing B. Line extensions, brand extensions, new brands, and brand phase out C. Line extensions, line supplements, new lines, and new brands D. Line extensions, brand extensions, multibrands, and new brands E. Line extensions, licensing, brand extensions, and new brands
D. Line extensions, brand extensions, multibrands, and new brands
The most powerful area companies need to make decisions about their brands is brand _______, which builds around strong consumer beliefs and values. A. sponsorship B. name selection C. development D. positioning E. persona
D. positioning
Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. These two factors are ________. A. attitudes of others and unexpected economic factors B. unexpected price adjustments or changes and unexpected competitor products C. negative product reviews and unexpected situational factors D. attitudes of others and expected situational factors E. attitudes of others and unexpected situational factors
E
Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets? A. Operating characteristics, purchasing approaches, situational factors, and pricing B. Operating characteristics, purchasing approaches, situational factors, and geographic variables C. Operating characteristics, purchasing approaches, situational factors, and demographics Your answer is not correct. D. Operating characteristics, purchasing approaches, situational factors, usage rate, and demographics E. Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics
E
Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer segments, ________________ to their specific needs. A. target, and tailor market offerings and messages B. reach them more efficiently, and differentiate products and services C. reach them more efficiently, and position products and services D. position, and tailor market offerings and messages E. reach them more efficiently, and tailor market offerings and messages
E
cognitive dissonance
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
Which of the following represent market offerings?
Products, services, information, and experiences
consumer buying behavior
The decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
________ are the two ways firms can obtain new products.
acquisitions and new product development
When companies treat customers fairly and make certain they understand pricing and pricing terms, this leads to
building strong and lasting customer relationships
Service marketers must create ________, offer high ________, and find ways to increase ________ to succeed.
competitive differentiation; service quality; service productivity
Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges?
costs
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?
idea screening
The new product development process consists of sequential steps. The first step is _______ and the last step is ______________.
idea generation; commercialization
Services are characterized by four key aspects, with each posing problems and marketing requirements. The four key aspects are ________________________.
intangible, inseparable, variable, and perishable
total market strategy
integrating ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences
when designing marketing channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are _________distribution.
intensive, exclusive, and selective
which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share?
market penetration pricing
A company such a high price on a new product and introduces to maximize revenue from various market segments. Which new product pricing strategy is the company using?
market skimming pricing
Most companies today see their intermediaries as the first line customers and focus on ____________ to forge a long-term relationships with channel members.
partner relationship manager
of the following, which is the core element of our free market economy?
price competition
industries with price as the key factor
pricing departments
Good service companies understand the service profit chain, which links ________.
service firm profits with employee and customer satisfaction
Services are characterized by four key aspects: _______________.
services are intangible, inseparable, variable, and perishable
Services are characterized by four key aspects: ______________________.
services are intangible, inseparable, variable, and perishable.
Product line pricing
setting prices across an entire product line
Target costing
starts with an ideal selling price, then targets costs that ensure that the price is met
Companies must periodically audit their brands'________, which might turn up brands that need more support, brands that need to be dropped, or brands that must be rebranded or repositioned because of changing customer preferences or new competitors.
strengths and weaknesses
Which of the following has changed customers notions of convenience, speed, price, product information, service, and brand interactions?
the digital age
value proposition
the full positioning of a brand - the full mix of benefits on which it is positioned
Word-of-mouth influence
the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
How do companies apply pricing strategies to accommodate differences in customer segments and situations?
they apply a variety of price adjustment strategies
External sources for new product ideas include _________.
competitors, distributors and suppliers, and customers
Consumer products are products and services bought by final consumers for personal consumption. Consumer products include _______________ and unsought products.
convenience, shopping, specialty