Marketing Final - Exam 1 & 2

Retail outlets such as Best Buy or Home Depot that are able to gain high market share within their chosen category, making it difficult for other types of retailers to profitably compete within that category. These types of stores are sometimes referred to as category killers. department stores. specialty stores value outlets.

category killers.

One of the most commonly used pricing tactics, markup pricing, is also referred to as standard pricing. cost-plus pricing. profit margin pricing. dynamic pricing.

cost-plus pricing.

The type of inventory a firm needs to meet average demand is called pipeline. typical. cyclical. standard.

cyclical.

The first step in the price-setting process is to determine the costs. evaluate demand. define the pricing objectives. compare alternatives.

define the pricing objectives.

In the development phase of website design, which is the first page that is typically created? about page contact page home page FAQ page

home page

One of the most important concepts in marketing is the price elasticity of demand, which is the point at which the costs of producing a product equal the revenue made from selling the product. percentage change in quantity demanded in response to a percentage change in price. difference between the actual price and the highest price the customer would be willing to pay for the product. price that consumers consider reasonable and fair for a product.

percentage change in quantity demanded in response to a percentage change in price.

If demand is unstable, as it often is in the introductory and growth stages of the product life cycle, it might be best for a firm to use a pull strategy. demand strategy. supply strategy. forecast strategy.

pull strategy.

A company that forecasts sales, builds an inventory based on the forecast, holds the components in inventory until a customer order is received and then finalizes the product based on the order is using a demand strategy pull strategy. push strategy. push-pull strategy.

push-pull strategy.

What sales support role contributes to the sales process by providing expertise in the form of product demonstrations and setup, and providing systems integration support? sales manager consultative seller sales engineer technical specialist

technical specialist

Supply chain management refers to the actions a firm takes to manage the costs required to make or buy a product. the planning, implementation, and control of the manufacture of a product. the management of data to integrate information across all departments of an organization. the actions a firm takes to coordinate the various flows within a supply chain.

the actions a firm takes to coordinate the various flows within a supply chain.

Which of the following accurately describes break-even analysis? the process of calculating the percentage change in quantity demanded in response to a percentage change in price the process of calculating the point at which fixed costs and variable costs are equal the process of calculating how many units of product must be sold to cover fixed costs the process of calculating the sales volume needed to achieve a profit of zero

the process of calculating the sales volume needed to achieve a profit of zero

Which of the following social media metrics is the most common and easiest to measure?ect! volume of mentions applause rate engagement amplification rate

volume of mentions

The ease with which website visitors can achieve their objectives for visiting the site is termed search engine optimization. site simplification. website usability. site satisfaction.

website usability.

A concise affirmation of a firm's long-term purpose is known as its A. mission statement. B. executive summary. C. marketing plan. D. organizational directive.

A. mission statement.

Firms that generate new-product ideas by gathering both external and internal ideas are Using A. open innovation. B. diffusion. C. pivoting. D. disruptive technology.

A. open innovation.

Psychographic segmentation refers to the science of segmenting markets based on A. psychology, demographics and personality. B. psychology and geography. C. consumers' opinions, interests and attitudes D. behavior and demographics.

A. psychology, demographics and personality.

Which market segment criteria refers to the fact that segments must be large enough for the firm to make a profit by serving them? A. substantial B. actionable C. accessible D. Measurable

A. substantial

Currently, females account for what percentage of all consumer purchases in the United States? A. 12 percent B. 85 percent C. 35 percent D. 60 percent

B. 85 percent

A marketer that uses social media sites to engage potential customers is most likely targeting which demographic group? A. baby Boomers B. Millennials C. Generation X D. silent generation

B. Millennials

The first stage in the consumer decision-making process is A. alternative evaluation. B. problem recognition. C. post purchase processes. D. information search.

B. problem recognition.

Which stage of the new-product development process is usually the most expensive for new products? A. business analysis B. product launch C. test marketing D. product development

B. product launch

A supply chain strategy in which a company builds goods based on a sales forecast, puts those goods into storage, and waits for a customer to order the product is called a A. supply strategy. B. push strategy. C. pull strategy. D. demand strategy.

B. push strategy.

Which forecast projects how many units of a product the company expects to sell during a specific time period? A. break-even analysis B. sales forecast C. production forecast D. distribution forecast

B. sales forecast

"Fast fashion" is a term unique to which type of retailer? off-price retailers specialty stores department stores discount stores

B. specialty stores

According to your text, both structured and unstructured information is growing exponentially with regard to A. delivery and directness. B. volume, velocity, and variety. C. quality and quantity. D. speed, structure, and sentiment.

B. volume, velocity, and variety.

The three primary objectives of an advertising campaign are A.to entertain, to remind, and to sell. B.to inform, to persuade, and to remind. C.to inform, to entertain, and to influence. D.to excite, to entice, and to engage.

B.to inform, to persuade, and to remind.

This color represents a creative, imaginative, and wise brand. A. Green B. Orange C.Purple D.Yellow

C. Purple

The internal considerations in a SWOT analysis are A. a firm's revenue and market share. B. a firm's opportunities and threats. C. a firm's strengths and weaknesses. D. the firm's current and future competition.

C. a firm's strengths and weaknesses.

Marketers are particularly interested in targeting baby boomers because they typically possess which two things that marketing professionals seek? A. greater purchasing power and more consumer confidence B. higher paying jobs and higher education levels C. disposable income and free time D. higher paying jobs and greater interest in leisure activities

C. disposable income and free time

The people that an individual would not like to be like make up his or her A. exclusive reference group. B. membership reference group. C. dissociative reference group. D. isolation reference group.

C. dissociative reference group.

Which type of research seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs, and behavior? A. causal B. analytic C. exploratory D. predictive

C. exploratory

The process of dividing a larger market into smaller groups based on meaningfully shared characteristics is referred to as A. concept testing. B. market fragmentation. C. market segmentation. D. Positioning.

C. market segmentation.

Cognitive dissonance occurs during which stage of the consumer decision-making process? A. alternative evaluation B. information search C. post purchase processes D. outlet selection

C. post purchase processes

Indirect competition occurs when A. products are marketed to a new consumer segment. B. consumers choose between two products that perform the same function. C. products provide alternate solutions to the same market. D. consumers purchase products that they did not intend to buy.

C. products provide alternate solutions to the same market.

A company that is introducing a new product in its final form to a geographically limited market to see how well the product sells and to get reactions from potential users is engaged in testing A. product screening B. concept testing. C. test marketing. D. concept marketing.

C. test marketing.

As defined in your text, a product refers to A. a tangible good that is received in exchange for money, time, or effort. B. marketed items of value that fulfill a need of an individual consumer or business. C. the specific combination of goods, services, or ideas that a firm offers to its target market. D. any intangible offering a firm makes to an individual consumer or a business.

C. the specific combination of goods, services, or ideas that a firm offers to its target market.

What is the overall purpose of a marketing plan? A. to determine whether or not a firm has enough capital to pursue its objectives B. to identify both existing and potential competitors of the firm C. to guide the analysis, implementation, and control of the firm's marketing strategy D. to define the company's strengths and weaknesses

C. to guide the analysis, implementation, and control of the firm's marketing strategy

What is a corporate chain? A.a group of independent retailers that band together to set up a jointly owned, central wholesale operation B. wholesale sponsored groups of independent retailers that band together C. two or more retail outlets that are commonly owned and controlled D. an independent retail operation that employs 50 or more people

C. two or more retail outlets that are commonly owned and controlled

The largest source of information that flows through an organization comes from A. external company data. B. predictive models. C. competitive intelligence. D. Internal company data.

D. Internal company data.

Country-of-origin effects are the A. misplaced beliefs that members of one society are superior to another. B. ways in which countries are ranked in terms of the number of goods they produce. C. determinations used to classify a society as either individualistic or collectivist. D. beliefs and associations people in one country have about goods and services produced in another country.

D. beliefs and associations people in one country have about goods and services produced in another country.

A measure of how optimistic consumers are about the overall state of the economy and their own personal finances is referred to as A. consumer expectations. B. market confidence. C. purchasing confidence D. consumer confidence.

D. consumer confidence.

Business-to-business firms generally segment their markets according to what three variables? A. demographic, geographic, and psychographic B. price sensitivity, usage rate, and region C. market size, customer convenience, and usage rate D. demographic, geographic, and behavioral

D. demographic, geographic, and behavioral

A situation in which products that perform the same function compete against one another is referred to as A. indirect competition. B. functional competition. C. primary competition. D. direct competition.

D. direct competition.

The five key components of the marketing plan are A. executive summary, situation analysis, positioning, financials, and implementation. B. mission statement, situation analysis, marketing strategy, financials, and controls. C. executive summary, market positioning, marketing strategy, financials, and implementation. D. executive summary, situation analysis, marketing strategy, financials, and controls.

D. executive summary, situation analysis, marketing strategy, financials, and controls

In the consumer decision-making process, searches for information fall into which two main categories? A. meaningful and trivial B. extensive and limited C. wanted and unwanted D. internal and external

D. internal and external

The process of planning, implementing, and controlling the flow of goods, services, and information between the point of origin and the point of consumption in order to meet customer requirements is called A. operations. B. production. C. the supply chain. D. logistics.

D. logistics.

Which of the following accurately represents the 4 Ps of the marketing mix? A. promotion, place, profit, and preference B. product, price, promotion, and perception C. production, promotion, profit, and participation D. product, price, place, and promotion

D. product, price, place, and promotion

Products that are typically new to the market and require significant marketing investment in promotion, product management, and distribution are classified as A. stars. B. dogs. C. cash cows. D. question marks.

D. question marks.

Since consumers have the tendency to compare prices on almost everything they buy, marketers setting prices should attempt to capitalize on this tendency by determining the price consumers will consider fair and reasonable for a product. This is known as the A. dynamic price. B. benchmark price. C. break-even point. D. reference price.

D. reference price.

A product labeled "new and improved" would fall within the category of a A. remanufactured product. B. new-to-the-market product. C. product-line extension. D. revamped product.

D. revamped product.

The three basic characteristics of a quality marketing objective is that it be A. vague, simplistic, and easy to understand. B. specific, tailored, and recognizable. C. far reaching, thorough, and measurable. D. specific, measurable, and realistic.

D. specific, measurable, and realistic.

Marketing is defined as A. the process of managing the supply chain to ensure that products are delivered where and when customers want them. B. the set of activities needed to produce and deliver a product that produces the highest return on investment. C. the process of targeting and selecting a group of consumers or organizational buyers in order to promote a product or service. D. the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

D. the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

The two-way flow of communication between a salesperson and a customer that is paid for by the firm and seeks to influence the customer's purchase decision is referred to as A. public relations. B. advertising. C.sales promotion. D.personal selling.

D.personal selling.

According to author Daniel Pink, which of the following can be said of personal selling in the digital era? Technology that should have made salespeople obsolete have in fact transformed more people into sellers. Technology has forced relationship-minded salespeople into fast-talking, do-anything-for-the-buck salespeople. Despite the rapid advances in technology, it has not had a significant impact on salespeople. Technological innovations, particularly the Internet, have drastically reduced the need for salespeople.

Technology that should have made salespeople obsolete have in fact transformed more people into sellers.

What happens in the zero moment of truth? a customer uses a digital device to begin learning about a potential purchase a customer enters a store with the intention of buying something a customer first encounters a product on the store shelf a customer decides whether or not the purchase was a good decision

a customer uses a digital device to begin learning about a potential purchase

What is a "bricks-and-clicks" strategy? a strategy that allows shoppers to purchase the same merchandise available in a store at home by shopping on a retailer's website a strategy where items purchased online can be picked up at a physical store a strategy where retailers with physical stores offer better discounts than what is available online a strategy where online retailers offer better discounts than what is available at a physical store

a strategy that allows shoppers to purchase the same merchandise available in a store at home by shopping on a retailer's website

In which closing approach does the salesperson act as if the buyer has already decided to purchase? commitment close assumptive close concrete close alternative close

assumptive close

When it comes to the use of color in website design, which of the following colors represents a sense of trustworthiness and openness? black blue green red

blue

The number of distinct goods or service product lines that a retailer carries is referred to as the retailing mix. the manufacturing mix. depth of assortment. breadth of assortment.

breadth of assortment.

In today's era of media noise, how can marketers break through the clutter to reach their audience? by inundating the market with advertising by increasing the communications budget by producing messages that display the brand most creatively by producing messages that are relevant to each individual consumer

by producing messages that are relevant to each individual consumer

What is the name of the promotional strategy that involves coordinating the various promotion mix elements to provide consumers with a clear and consistent message about a firm's products? integrated promotion mix integrated marketing communications integrated promotion concept integrated marketing concept

integrated marketing communications

Storage and handling expenses and service costs such as property taxes and insurance are what type of inventory costs? distribution costs stockout costs purchasing costs inventory carrying costs

inventory carrying costs

The number of times a firm's entire inventory is sold and replaced is referred to as days of supply. inventory supply. days of stock inventory turns.

inventory turns.

Which sales role generally requires higher levels of education and prior sales experience in order to establish and maintain partnership relationships with a small number of accounts? missionary salespeople order-getter salespeople delivery sales representatives key-account sellers

key-account sellers

The dissemination of information to a fairly small, select audience that is defined by its shared values, preferences, or demographic attributes is referred to as prospecting. narrowcasting. broadcasting. relationship selling.

narrowcasting.

A type of purchasing behavior in which off-price retail stores negotiate especially low prices for certain categories of merchandise, such as end-of-season goods and closeouts is called strategic buying. opportunistic buying negotiated buying. rock-bottom buying.

opportunistic buying.

Large regional shopping malls and neighborhood strip malls are examples of unplanned shopping centers. planned business districts. planned shopping centers. unplanned business districts.

planned shopping centers.

The advertising technique in which a company promotes its products through appearances on television shows, movies, or other media is called product placement. co-branding. indirect marketing. joint marketing.

product placement.

A measure of the percentage of the target market that has been exposed to a promotional message at least once during a specific time period is referred to as duration. frequency. depth. reach.

reach.

How many steps are there in the personal selling process? seven three five six

seven

The 80-20 rule is a theory that suggests that A. 20 percent of heavy users account for 80 percent of the total demand. B. 20 percent of a firm's products are never marketed to 80 percent of consumers. C. 80 percent of a firm's profits is generated from 20 percent of its product line. D. 80 percent of a firm's products are marketed to only 20 percent of the population.

A. 20 percent of heavy users account for 80 percent of the total demand.

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs is known as A. consumer behavior. B. market development. C. cognitive dissonance. D. strategic planning.

A. consumer behavior.

A consumer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as A. evaluative criteria. B. the evoked set. C. consumer criteria. D. the information set.

B. the evoked set.

Collectively, the people, technologies, and procedures aimed at supplying an organization's marketing information needs are called A. a data support system. B. a marketing database. C. a marketing information system. D. an information capture system.

C. a marketing information system.

On a personal level, as you begin looking for a job after you graduate, it will be critical for you to know how to A. market value. B .explain value. C. forecast value. D. communicate value.

D. communicate value.

The majority of retail operations are A.independent retailers. B.conglomerates. C.corporate chains. D.consumer cooperatives.

A. independent retailers

Market segmentation produces relatively homogenous groups of consumers called A. market segments. B. consumer clusters. C. market sectors. D. consumer segments.

A. market segments.

Organizations transform raw data into actionable intelligence through the systematic process of A. marketing research. B. sampling. C. neuromarketing. D exploratory research.

A. marketing research.

What two key words in the definition of advertising are crucial to understanding how advertising fits into the promotion mix? A. paid and nonpersonal B. nonpaid and personal C. paid and communication D. nonpaid and nonpersonal

A. paid and nonpersonal

Prestige pricing involves A. pricing a product higher than competitors to signal that it is of higher quality. B. adding a certain amount to the cost of each item in a product set. C.separating out the individual goods that make up a product and pricing each one individually. D.pricing generic label goods at the same price as designer goods.

A. pricing a product higher than competitors to signal that it is of higher quality.

Marketers define customer value as A. the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it. B. providing a product or a service to a customer such that he or she will purchase that same product or service again in the future. C. being able to sell products that generate little to no customer returns or complaints. D. selling a product regardless of whether or not it meets a customer's needs and or wants.

A. the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it.

What element of the marketing plan helps firms understand where they are currently and how best to move forward? A. the situation analysis B. the executive summary C. the financials D. the marketing strategy

A. the situation analysis

In website design, much of the work during the development phase is managed A.through a content management system. B.by the marketing department. C.by the research and development team. D.through a web hosting service.

A. through a content management system.

A technology that displaces an established technology and shakes up the industry, or a groundbreaking product that creates a completely new industry is referred to as A. product revamping. B disruptive technology. C. planned obsolescence. D. creative technology.

B disruptive technology.

Compared to radio which took 38 years to reach 50 million users, Facebook reached 100 million users in only 3 years. 9 months. 5 years. 1 year.

B. 9 months

The use of statistical techniques and algorithms based on patterns of past behavior to predict future buying behavior is called A. machine learning. B. predictive modeling. C. competitive intelligence. D. demand analysis.

B. predictive modeling.

Reminder advertising is most common during which stage of the product life cycle? A. conceptual B.introductory C. maturity D. growth

C. maturity

Which of the following makes up the smallest percentage of new products but carries the most potential (and risk) for the company introducing them? A. revamped products B. new-category entries C. new-to-the-market products D. product-line extensions

C. new-to-the-market products

What are norms? A. the psychological processes by which people select, organize, and interpret sensory information to form a meaningful picture of the world B. the set of distinctive characteristics that lead an individual to respond in a consistent way to certain situations C. the formal or informal societal rules that specify or prohibit certain behaviors in specific situations D. the positive or negative evaluations that occur without conscious awareness toward an attitude object

C. the formal or informal societal rules that specify or prohibit certain behaviors in specific situations

Segmentation based on where prospective consumers live, work, and spend their leisure time is referred to as A. demographic segmentation. B. regional segmentation. C. proximity segmentation. D. geographic segmentation.

D. geographic segmentation.

In marketing, states of felt deprivation are referred to as A. cravings B. desires. C. wants. D. needs.

D. needs.

Wants are the form that human needs take and are shaped by A. lifestyle, demographics, and economic conditions. B. time, money, and expense. C. culture, money, and geography. D. personality, culture, and buying situation.

D. personality, culture, and buying situation.

Which marketing mix element involves decisions regarding logistics and managing the supply chain? A. perception B. promotion C. product D. place

D. place

What is marginal revenue? A.the change in total revenue that results from producing one additional unit B. a percentage change in price that results from a change in quantity demanded C. the total change in revenue that results from a large change in product price D. the change in total revenue that results from selling one additional unit of a product

D. the change in total revenue that results from selling one additional unit of a product

Which type of selling alters sales behavior during a customer interaction based on perceived information about the selling situation? adaptive selling customer advocacy selling team selling social selling

adaptive selling

Nonpersonal promotional communication about goods, services, or ideas that is paid for by the firm identified in the communication is referred to as direct marketing. sales promotion. personal selling. advertising.

advertising.

The umbrella term that refers to the marketing of goods or services using digital mediums, such as e-mail, websites, search engines, and social media platforms is digital marketing. techno-marketing. branded content. social media.

digital marketing

Data management systems that integrate information across all the departments of an organization are called Correct! enterprise resource planning (ERP) systems. intermodal data planning (IDP) systems. enterprise data planning (EDP) systems. electronic data interchange (EDI) systems.

enterprise resource (ERP) systems

The amount of something (money, time, or effort) that a buyer exchanges with a seller to obtain a product is referred to in marketing terms as a fee. renumeration worth. price.

price.

In which step of the personal-selling process would you identify key decision makers, review account histories, and prepare a sales presentation? the pre-approach step the qualifying step the approach step the presentation step

the pre-approach step