Marketing FINAL

Which of the following is NOT a market oriented business definition? a) "We make high-quality consumer food products." b) "We empower customers to realize their dreams." c) "We sell success and status." d) "We create the Hilton experience." e) "We bring innovation to every home."

a) "we make high-quality consumer food products.

Which of the following would be considered predatory pricing? a) a company that prices below cost to drive out competitors b) a company that prices its products below cost to get rid of a surplus c) a company that offers real-time pricing online

a) a company that prices below cost to drive out competitors

Renee's, a company selling winter clothing in Chicago, ran a preseason promotion on some of its fur jackets, offering cash refunds if the snowfall in the customer's market area turned out to be below average. This exemplifies ________. a) a rebate b) prospecting c) a price pack

a) a rebate

Mission statements should _____________ and be defined in terms of _______________. a) be market oriented; satisfying basic customer needs b) be technology oriented; meeting the self-actualization needs of customers c) be product oriented; satisfying the esteem needs of customers d) embody the company's short-term plans; current opportunities e) address sales and profits; the net return on investments

a) be market oriented; satisfying basic customer needs

Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value. a) customer-oriented b) cost-based c) marketer oriented

a) customer oriented

Which of the following characterizes emerging economies? a) Most african countries fall into this category b) Industrialization typically creates a new rich class and a growing middle class, both demanding new types of imported goods. c) They trade goods among themselves and also export them to other types of economies for raw materials and semifinished goods.

b) Industrialization typically creates a new rich class and a growing middle class, both demanding new types of imported goods.

________ or smart tag technology helps companies locate a product's exact position within its supply chain. a) VMS b) RFID c) 3PL

b) RFID

A(n) ________ system involves a single firm setting up two or more marketing channels to reach one or more customer segments. a) horizontal marketing b) multichannel distribution c) conventional distribution

b) multichannel distribution

Tomorrow's leading companies will succeed by seeking out unoccupied positions in uncontested market spaces. Such strategic moves, termed ________, create powerful leaps in value for both the firm and its buyers, creating new demand for new products. a) market segmentation b) value innovation c) customer lifetime value

b) value innovation

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ____________. a) manufacturing efficiencies b) sales and revenue creation c) innovation and creativity d) research and development e) value creation and exchange

e) value creation and exchange

Which of the following companies uses a direct marketing channel? a) Fishhooks, a factory that manufactures fishing equipment that it ships to hobby stores worldwide b) Germfight, a factory that manufactures dental products that it distributes only to select department stores c) Holly Wreaths, a store that sells Christmas ornaments to customers via its online click-to-order catalogs

c) Holly wreaths, a store that sells Christmas ornaments to customers via its online click-to-order catalogs.

___________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers. a) brand value proposition b) customer-managed relationship c) share of customer d) customer-perceived value e) customer lifetime value

d) customer-perceived value

Which of the following is NOT an accurate description of modern marketing? a) marketing involves managing profitable customer relationships b) Marketing is the creation of value for customers. c) Marketing involves satisfying customers' needs. d) Marketing emphasizes selling and advertising exclusively. e) Marketing is building value-laden exchange relationships with customers.

d) marketing emphasizes selling and advertising exclusively

Individuals and households that buy or acquire goods and services for personal consumption make up the _________________. a) consumer market b) social class c) market mix

a) consumer market

Brands in a market with many competitors and high advertising clutter must ________. a) never be advertised using informative advertising b) be advertised more heavily to be noticed in the marketplace c) be advertised only through print and social media

b) be advertised more heavily to be noticed in the marketplace

Companies with lower costs _________________. a) specialize in selling products with value-added features b) can set lower prices that result in smaller margins but greater sales and profits c) usually set higher prices that result in higher margins.

b) can set lower prices that result in smaller margins but greater sales and profits.

Apple's iPod has been called "one of the greatest consumer electronics hits of all time." iPods have been sold in huge numbers, and Apple captures a large share of the music player market. This success has attracted many large, resourceful competitors. Based on this information, the iPod is in the ________ stage of the product life cycle. a) decline b) adoption c) maturity

c) maturity

Even when competing offers look the same, buyers may perceive a difference based on _________ differentiation. a) price b) channel c) image

c) image

Today, several companies are adopting the concept of ____________, which carefully combines and coordinates that company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands. a) buzz marketing b) pull strategy c) integrated marketing communications

c) integrated marketing communications

_______________ is the systematic design, collection, analysis, and reporting of data relevant to specific marketing situation facing an organization. a) strategic planning b) product marketing c) marketing reseach

c) marketing research

Which of the following is the first step in the marketing research process? a) defining the problem and objectives of the study b) implementing the research plan c) developing the research plan

a) defining the problem and objectives of the study,

If a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and ________, or it can charge the same price and ________. a) earn higher profits; gain more market share b) lose profits; gain more market share c) earn higher profits; lose profits

a) earn higher profits; gain more market share

Which of the following is a common reason for new product failure? a) incorrect estimation of the market size b) ineffective social marketing campaigns c) low selling prices of products

a) incorrect estimation of marketing size

Primary data consists of _______________. a) information collected for the specific purpose at hand b) data that does not age c) information that is the lest expensive and the easiest to obtain

a) information collected for the specific purpose at hand.

A company can install a(n) ________ management system to collect, review, evaluate, and manage new product ideas. a) innovation b) supply chain c) quality

a) innovation

All of the following are benefits of online direct marketing for buyers EXCEPT ________. a) live product demonstrations b) privacy c) convenience

a) live product demonstrations

___________ involves dividing the market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. a) market segmentation b) market targeting c) positioning

a) market segmentation

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? a) marketing myopia b) vendor lock-in c) social loafing d) conspicuous consumption e) value propositon

a) marketing myopia

Kevin is a salesperson working for a company that manufactures gardening tools. He is involved in door-to-door sales and travels every day to call on customers. In his company, Kevin is most likely a part of the ________. a) outside sales force b) top management c) inside sales force

a) outside sales force

Which of the following areas of business environment can be influenced by marketers? a) income distribution b) media c) core cultural values d) ethnic diversity e) population shifts

b) media

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. a) trigger-based marketing b) micromarketing c) mass marketing

b) micromarketing

With the recent explosion of information technologies, __________. a) it has become more difficult and expensive to obtain primary data b) most marketing managers are overloaded with data and often overwhelmed by it. c) most marketing managers are concerned solely about the duplication of content

b) most marketing managers are overloaded with data and often overwhelmed by it.

Nike inadvertently offended Chinese officials when it ran an ad featuring LeBron James crushing a number of revered Chinese figures in a kung fu-themed television ad. As a result, Nike has to release a formal apology. This is an example of the impact of ________ on marketing strategy. a) political stabilty b) level of industrialization c) culture

c) culture

Consumer advocates, government agencies, and other critics have accused marketing of harming consumers through ________. a) technological obsolescence b) viral marketing c) planned obsolescence

c) planned obsolescence

_______________ is the only element in the marketing mix that produces revenue. a) place b) fixed costs c) price

c) price

Daizy's is a shop that carries only plus-size clothing. According to this information, Daizy's differentiates itself from its competitors based on ________. a) store atmosphere b) pricing c) product assortment

c) product assortment

Consumer products refer to ___________. a) raw materials as well as manufactured materials and parts b) primarily intangible offerings from marketers c) products and services bought by final consumers for personal consumption

c) products and services bought by final consumers for personal consumption

You want to advertise your new product. You want good mass marketing coverage and low cost per exposure. You also want to combine sight, sound, and motion and make the advertisement appealing to the senses. You should choose ________ as your advertising media. a) radio b) newspaper c) television

c) telvision

Which of the following would a defender of globalization most likely use as an example to argue that concerns of Americanization are overblown and that globalization is indeed a two-way street? a) the initial failure of Disneyland Paris b) the view of McDonald's being a domestic brand in China c) the growing number of IKEA furniture stores in the United States

c) the growing number of IKEA furniture stores in the United States

While advertising campaigns can help create name recognition, brand knowledge, and perhaps even some brand preference, brands are not maintained by advertising but by ________. a) brand experiences b) brand awareness c) line extensions

a) brand experiences

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as ________. a) business buying process b) lateral expansion c) situational analysis

a) business buying process

_____________ are low growth, high-share businesses/products that need less investment to hold their market share. a) cash cows b) stars c) "?" d) dogs e) bears

a) cash cows

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________. a) competitor analysis b) organizational evaluation c) perfect competition

a) competitor analysis

At its most basic form, a marketing channel consists of the producer and the ________. a)consumer b) retailer c) competitor

a) consumer

The economic environment consists of economic factors that affect _______________. a) consumer purchasing power b) cultural patterns of communities c) the natural environment d) entrepreneurial orientation of population e) the quality of technological innovation

a) consumer purchasing power

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, "What is the buyer really buying?" a) core customer value b) an augmented product c) an actual product

a) core customer value

_________________ consists of inviting 6-10 people to meet with trained moderator to talk about a product, service, or organization a) focus group interviewing b) telephone interviewing c) online survey

a) focus group interview

Which type of retailer is most likely to require its employees to focus most on assisting customers as they shop? a) full-service retailer b) off-price retailer c) limited-service retailer

a) full-service retailer

Which of the following is true with regard to personal selling? a) Personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships. b) Personal selling involves making personal requests to potential buyers to enter into short-term business relationships with firms. c) Personal selling is a relatively new profession.

a) personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships

The advertisements that use the Aflac duck or the GEICO gecko are using the message execution style of ________. a) personality symbols b) technical expertise c) lifestyle

a) personality symbols

Which of the following is true with regard to price? a) price is the sum of all the value that customers give up to gain the benefits of having a product b) unlike product features and channel commitments, prices cannot be changed quickly c) prices only have an indirect impact on a firm's bottom line.

a) price is he sum of all the values that customers give up to gain the benefits of having a product

Which of the following product mix pricing strategies involves pricing multiple products to be sold together? a) product bundle pricing b) optional product pricing c) product line pricing

a) product bundle pricing

Which of the following is true with regard to products? a) products include services, events, persons, places, organizations, ideas, or a mixture of these. b) products are not meant for sale in the market c) products refer to only those activities that are essentially intangible.

a) products include services, events, persons, places, organizations, ideas, or a mixture of these.

According to the Boston Consulting Group approach, ___________ serves as a measure of company strength in the market. a) relative market share b) product development c) market diversification d) product attribute e) market segmentation

a) relative market share

All of the following are basic types of compensation plans for salespeople EXCEPT ________. a) salary plus company shares b) straight salary c) straight commision

a) salary plus company shares

________ consists of short-term incentives to encourage the purchase of a product or service. a) sales promotion b) value selling c) advertising

a) sales promotion

________ involves using in-store promotions and advertising to extend brand equity to "the last mile" and encourage favorable point-of-purchase decisions. a) shopper marketing b) segmentation c) differentiation

a) shopper marketing

_________ is the process of developing and maintaining a crucial fit between the organizations goals and capabilities and its changing marketing opportunities. a) strategic planning b) benchmarking c) SWOT analysis d) market segmentation e) diversification

a) strategic planning

Today's consumers do not need to rely on marketer-supplied information about products and services because they can use ____________ to seek out a wealth of information a) the internet b) personal selling c) public relations

a) the internet

A ________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system. a) value delivery network b) product line c) horizontal channel

a) value delivery network

Which of the following is a reason a consumer would follow a company's blog a) the blog provides the consumer with familiar information b) the blog offers fresh insights or new ideas about the company or products c) the blog allows consumers to communicate with each other

b) the blog offers fresh insights or new ideas about the company or products

Acquisition refers to _______________. a) investments made in a country's businesses by foreign citizens, often in the form of stocks b) the buying of a whole company, a patent, or a license to produce someone else's product c) a partnership between two companies to produce a product in different countries by sharing risks

b) the buying of a whole company, a patent, or a license to product someone else's product

________ serves as a guide to the future by showing how the company's products and services, processes, and policies must evolve and what new technologies must be developed to get there. a) new clean technology b) product stewardship c) a sustainability vision

c) a sustainability vision

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called _________________. a) direct marketing b) sales promotion c) advertising

c) advertising

Which of the following is NOT part of the business market? a) Kruger group sells interior security systems to resorts. b) Sue shops for her family's groceries at the local Whole Foods store. c) A country club safety equipment for its swimming pool

B) Sue shops for her family's groceries at the local whole foods.

A _______________ creates a long-term relationship in which the supplier promises to resupply the buyer as needed at agreed prices for a set time period. a) supplier proposal b) blanket contract c) changer order

b) blanket contract

Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a ________________. a) life-cycle stage b) brand personality c) motive

b) brand personality

A ________ is a small store, located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover goods. a) department store b) convenience store c) chain store

b) convenience store

In order to avoid shortsightedness, today marketers are moving toward viewing communicators as managing the ____________ over time. a) nonpersonal communication channels b) customer relationship c) product life cycle

b) customer relationship

________ involves entering a foreign market by developing foreign-based assembly or manufacturing facilities. a) contract manufacturing b) direct investment c) indirect exporting

b) direct investment

________ involves sending an offer, announcement, reminder, or other item to a person at a particular address. a) telemarketing b) direct-mail marketing c) online marketing

b) direct-mail marketing

A(n) ________ is a straight reduction in price on purchases during a stated period of time or of larger quantities. a) allowance b) discount c) free sample

b) discount

Companies such as Amazon.com and Expedia.com that sell products and services directly to final buyers exclusively over the Internet are known as ________. a) online social media b) e-tailers c) content sites

b) e-tailers

Which of the following situations is expected to enhance the use of targeted advertising messages by marketers? a) inadequate quality control b) increase in ethnic populations c) rising in global inflation rates d) low advertising budgets e) increase in derived demand in the market

b) increase in ethnic popluations

Midnight Magic, a perfume manufacturing company, plans to release a new fragrance during the holiday season at $99 per bottle. The company intends to bring the price down to $49 within six months of its release to attract buyers who couldn't afford the initial price. Which of the following pricing strategies is Midnight Magic using? a) competitive pricing b) market-skimming pricing c) market-penetration pricing

b) market skimming pricing

Which budgeting method entails defining specific promotion goals, determining the necessary tasks, and estimating the costs to determine a promotion budget? a) exponential task method b) objective-and-task method c) affordable method

b) objective-and- task method

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. a) targeting b) positioning c) differentiation

b) positioning

Pat thought he had received the best deal on his new car. Shortly after buying the car, Pat started to notice certain disadvantages of his new car as he learned more about other cars available in the market. Pat is experiencing __________. a) complex buying behavior b) postpurchase dissonance c) marketing myopia

b) postupuchase dissonance

Which term refers to looking at merchandise at a traditional store and then purchasing the merchandise online? a) pop-up shopping b) showrooming c) wholesaling

b) showrooming

The ________ concept is specifically focused on the future welfare of consumers. a) strategic planning b) societal marketing c) direct marketing

b) societal marketing

In which of the following would the buyer reorder a product without any modifications? a) new task b) straight rebuy c) reverse aucton

b) straight rebuy

Companies set not a single price, but a pricing ________ that covers different items in its line and changes over time as products move through their life cycles. a) cycle b) structure c) bundle

b) structure

At Fantastic Flavors, a large regional chain of candy stores, employees from marketing, design, production, and finance work in cross-functional groups to save time and money in the new product development process. Fantastic Flavors uses a ________ approach. a) functional b) team-based new product approach c) sequential product development

b) team-based new product development

In conducting ________, the company first identifies the major attributes that customers value and the importance customers place on these attributes. Next, it assesses its performance against competitors on those valued attributes. a) benchmarking b) entrepreneurial marketing c) a customer value analysis

c) a customer value analysis

The success of the Tom Dennis Ford dealership has been built largely on return customers and word-of-mouth recommendations. The majority of sales are made to customers who previously purchased a vehicle at the dealership or who know someone who had a positive experience of purchasing a vehicle there. The sales force at the Tom Dennis Ford dealership most likely knows that using high-pressure selling is ineffective if the dealership wants to ________. a) obey local and federal law b) move last year's models c) build long-term customer relationships

c) build long-term customer relationships

When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates ________. a) reminder advertising b) covert advertising c) comparative advertising

c) comparative advertising

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do. a) first-mover advantage b) differentiation c) competitive advantage

c) competitive advantage

George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________. a) dissonance-reducing buyer behavior b) marketing myopia c) complex buying behavior

c) complex buying behavior

The buyer decision process consists of five stages. Which of the following is NOT one of these stages? a) postpurchase behavior b) information seach c) conspicuous consumption

c) conspicuous consumption

Developing an effective message strategy begins with identifying ________ that can be used as advertising appeals. a) consumer emotions b) consumer trends c) customer benefits

c) customer benefits

Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ____________ demand. a) elastic b) composite c) derived

c) derived

Which of the following is most likely a fixed cost? a) sales representative commissions b) product distribution costs c) facility rental payments

c) facility rental payments

When critics argue that insurance, real estate, and used cars are sold, not bought, they are accusing marketers of ________. a) excessive markups b) shoddy products c) high-pressure selling

c) high-pressure selling

Which of the following questions is most important for product designers to consider while developing a product? a) what are the product's technical specifications? b) how does the product appear to buyers? c) how would customers use and benefit from the product?

c) how would customers use and benefit from the product?

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ___________ of the company. a) political environment b) macroenvironment c) microenvironment

c) microenvironment

Kirk's Comic Store has its own mobile app that users can download for free. The app lets users know about special events, discounts, and merchandise currently available in the store. Which of the following forms of marketing is exemplified from this scenario? a) social media marketing b) direct-mail marketing c) mobile marketing

c) mobile marketing

Foreign businesses in India appear to receive unusually close scrutiny and special regulations, aimed at protecting the local businesses. This is an example of a(n) ________. a) boycott b) quota c) nontariff trade barrier

c) nontariff trade barrier

________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions. a) positioning b) differentiation c) perceptual positioning maps

c) perceptual positioning maps

The set of marketing tools a firm uses to implement its marketing strategy is called the __________. a) product mix b) promotion mix c) marketing effort d) marketing mix e) market offering

d) marketing mix

A value marketer is most likely to ____________. a) offer consumers only those products that are associated with status and prestige. b) offer consumers low quality goods and services at very low prices. c) offer consumers superior quality goods and services at a very high price d) offer consumers a balanced combination of product quality at a fair price e)deny discounts to consumers to increase profits.

d) offer consumers a balanced combination of product quality at a fair price.