Marketing Final

True

(T/F) An effective MIS assesses information needs, develops needed information, and distributes the information to help managers with decision making.

True

(T/F) Barter involves the direct exchange of goods and services.

True

(T/F) Commissions and bonuses are variable amounts of compensation.

False

(T/F) Demographic variables are generally more difficult to measure than most other types of variables.

True

(T/F) In the new product development process, the purpose of idea generation is to create a large number of ideas an the purpose of the next set of stages in the process is to reduct that number .

True

(T/F) Marketers must be careful to guard against stereotypes when using age and life-cycle segmentation.

True

(T/F) Marketing researchers can conduct their own searches of secondary data sources by using commercial online databases.

False

(T/F) Most producers sell their good directly to final users.

False

(T/F) Pricing strategies usually remain the same as a product passes through its life cycle.

True

(T/F) Product, price, place, and promotion make up the elements of a firm's marketing mix.

True

(T/F) Salespeople represent customers to a company and represent a company to customers.

True

(T/F) Some marketers now rely almost entirely on digital and social media.

False

(T/F) The amount of test marketing is the same for each new product.

False

(T/F) The new marketing communications model consists of promotional mixes that are designed to make traditional mass-media obsolete.

True

(T/F) The product-market expansion grid, like the BCG matrix, is used to identify growth opportunities.

False

(T/F) The two economic factors that reflect a country's attractiveness as a market are its industrial structure and import/export ratio.

True

(T/F) Under oligopolistic competition, the market consists of only a few large sellers.

B. Brand

A ______ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the marker or seller of a product or service. A. Prototype B. Brand C. Patent D. Framework E. Paradigm

E. Value Delivery Network

A ______ is made up of a company, its suppliers,, and ultimately, customers who "partner" with each other to improve performance of the entire system. A. Marketing intermediary B. Distribution center C. Disintermediation system D. Manufacturing chain E. Value delivery network.

E. Mission Statement

A _________ is purposeful, specifying what an organization wants to accomplish in the larger environment. A. Marketing Objective B. Strategic Plan C. Marketing Strategy D. Market Portfolio E. Mission Statement

True

(F/T) A vertical marketing consists of producers, wholesalers, and retailers acting as a unified system.

True

(T/F) A firm's marketing department must partner with other company departments to product superior value for customers.

True

(T/F) A product is defined as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

D. Horizontal marketing system

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity is referred to as a(n) _______. A. Corporate vertical marketing system B. Direct marketing system C. Contractual vertical marketing system D. Horizontal marketing system E. Administered vertical marketing system.

A. Territorial sales-foce structure

A company that sells only one product line in one industry with customer in many location would typically use a ________. A. Territorial sales-force structure B. Product sales-force structure C. Customer sales-force structure D. Complex sales-force structure E. Market sales-force structure

B. Value delivery network

A_______ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system. A. Growth-share matrix B. Value delivery network C. Business Portfolio D. Value Chain E. Shareholder network

D. Demand

Able now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ______ A. Need B. Value C. Desire D. Demand E Market Offering

B. Understanding the marketplace and consumer needs and wants

According to the five-step model of the marketing process, the first step in marketing is ______. A. Constructing an integrated marketing program that delivers superior values. B. Understanding the marketplace and consumer needs and wants. C. Engaging customers, building profitable relationships, and creating customer delight. D. Designing a customer-driven marketing strategy E. Capturing value from customers to create profits and customer equity

A. Customers

According to the text, _____ are the most important actors in a company's microenvironment. A. Customers B. Stockholders C. Suppliers D. Employees E. Resellers

C. Modifying the product

Appliances Galore is continually updating its line of reflect market trends and customer needs. Although the product class in the maturity stage of the product life cycle, they maintain healthy sale of their line of refrigerators by continually ______ A. Modifying the marketing Mix B. Concept Testing C. Modifying the product D. Rebranding E. Modifying the market

D. Product Mix

Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's _______ A. Product depth B. product length C. Product Consistency D. Product Mix E. Product Assemblage

B. Services Differentiation

Companies are likely to gain _______ through speedy, convenient, or careful delivery of products. A. Price differentiation B Services differentiation C. Product Differentiation D. People Differentiation E. Channel Differentiation

B. Market Segmentation

Dividing a market into several sections of a customer is known as ______. A. Market Positioning B. Market Segmentation C. Value Engineering D. Mass Customization E. Undifferentiation Marketing

A. Behavioral

Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ______ segmentation. A. Behavioral B. User Status C. Age and life-cycle D. Psychographic E. Geographic

D. Target Marketing

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as _______. A. Mass distribution B. Undifferentiated marketing C. Consumer-generated marketing D. Target Marketing E. Cost leadership

C. Captive-product

Establishing prices for razor blades that must be used with a razor blade system is known as ______ pricing. A. Product line B. Market-penetration C. Captive-product D. Product bundle E. by-product

E. Exclusive

High-end luxury brands like Bentley for cars, Louis Vuitton for handbags, and Rolex for watches use ______ distribution, giving a number of dealers the sole right to sell products in a specified geographic territory. A. Inclusive B. Vertical C. Intensive D. Horizontal E. Exclusive

A. Threats

In a SWOT analysis, _______ refers to unfavorable external factors or trends that may present challenges to performance. A. Threats B. Strengths C. Weakness D. Strategies E. Opportunities

E. Sales Promotion

In a marketing communications mix, ________ refers to any short-term incentive that encourages the purchase or sale of a product or service. A. Advertising B. Public relations C. Personal selling D. Crowdsourcing E. Sales promotion

C. Public Relations

In a promotion mix, _____ performs the functions of building a good rapport with entities outside the company, building up a good corporate image, and handling unfavorable rumors and events. A. Direct Marketing B. Personal Selling C. Public Relations D. Advertising E. Sales Promotion

E. Personal Selling

In a promotion mix, ______ occurs when a firm's sales force makes individual presentations to consumers for the purpose of promoting sales and building customer relationships. A. Advertising B. Public relations C. Crowdsourcing D. Merchandising E. Personal Selling

D. Organize an export department

In managing their intentional marketing activities, most companies first ______ A. initiate foreign direct investment B. Form a domestic subsidiary C. Organize an import department D. Organize an export department E. Create an international division

B. Create immediate consumer recognition

In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes _______. A. stifle brand awareness and recognition B. Create immediate consumer recognition C. Have created confusion in the marketplace D. are primarily used to hold and protect products E. deemphasize the importance of labels

C. Handling objections

In which of the following steps of the selling process does a salesperson seek out, clarify, and overcome any customer disapproval to buying? A. Prospecting and qualifying B. Closing C. Handling objections D. Preapproach E. Follow up

A. Introduction

In which stage of the product life cycle will promotional expenditure be simnifically high in an attempt to create consumer awareness of a product and its features? A. Introduction B. Growth C. Product Development D. Maturity E. Adoption

E. Preapproach

In which step of the selling process does a salesperson learn as much as possible about a prospective customer before making a sales call? A. Follow-up B. Approach C. Demonstration D. Handling objections E. Preapporach

B. Value Proposition

JetBlue's promise to put "You Above All" by "Bringing humanity back to travel" is their _______. A. segmentation strategy B. Value Proposition C. Market Offering D. Production Concept E. Selling Concept

D. International divison

Lemon N' Honey is a juice manufacturing company in the United States. It exports its products to Australia, licenses to China, has a joint ownership venture in France, and owns a subsidiary in Brazil. The firm will most likely need to create a(n) _____ to handle all its worldwide activities. A. Value delivery network B. Domestic market C. Export department D. International divison E. Domestic division

E. Shopping

Major appliances, furniture, and clothing are typical examples of ______ products. A. Capital B. Convenience C. Specialty D. Unsought E. Shopping

E. Supply chain management

Managing upstream and downstream value-added flows of material, final goods, and related information among suppliers, the company, resellers, and final consumers is known as _______ A. full-line forcing B. Physical distribution C. Marketing logistics D. Distribution system management E. Supply chain management

A. Qualify

Salespeople need to know how to _____ leads, that is identifying good leads and screening out poor ones, at the beginning of the selling process. A. Qualify B. Consolidate C. Manage D. Generate E. Approach

C. Usage Rate

Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ______ segmentation. A. Psychographic B. Occasion C. Usage Rate D. User Status E. Benefits sought

E. Millennials

Technology is a way of life for ______, the largest generation group. A. Baby Boomers B. The lost generation C. Generation Z D. Generation X E. Millennials

C. Seasonal Discount

The National Tree Company offers resellers half-priced reductions on artificial Christmas trees if they purchase them in July. This is an example of_________. A. Quantity discount B. Trade-in allowance C. Seasonal Discount D. Promotional allowance E. Functional Discount

A. North American Free Trade Agreement

The _____ established a free trade zone among the United States, Mexico, and Canada. A. North American Free Trade Agreement B. Central American Free Trade Agreement C. Latin American Free Trade Association D. Union of South American Nations E. European Union

B. Marketing

The _______ concept hold that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A. Production B. Marketing C. Product D. Societal Marketing E. Selling

D. Social Selling

The fastest-growing sales trend is _____ that involves the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sale performance. A. Online selling B. Personal selling C. Videoconferencing D. Social Selling E. Teleselling

D. Market-skimming

The first generation Apple Ipod was introduced in 2001 and sold for $500. The following year a mini version was introduced for $250. Apple initially used a _____ strategy to price their digital music innovation. A. Target costing B. Market-penetration C. Deceptive D. Market-skimming E. Predatory

C. Idea Generation

The new product development process usually starts with _______ A. Concept Testing B. Concept Development C. Idea generation D. Idea Screening E. Market Strategy Development

C. Informative

The objectives of ________ advertising is to build primary demand. A. Persuasive B. Comparative C. Informative D. Reminder E. Personal

E. Showing how a company's products can solve a customer's problems.

The presentation stage of the selling process most likely involves_____. A. cold calling in the absence of potential leads B. Gathering information about an organization and its buyers C. requesting an order from the customers after handling any minor objections D. Fixing the final meeting with a customer to close a deal E. Showing how a company's products can solve a customer's problems.

D. Top Management

The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its _____. A. Human resource managers B. Finance Department C. Marketing managers D. Top Management E. Research Department

B. Exporting

The simplest way to enter a foreign market is through ______. A. Direct Investments B. Exporting C. Licensing D. Joint Ownership E. Contract Manufacturing

D. Concept Testing

The stage in which product ideas are present to groups of target consumers physically or symbolically is referred to as _______ A. Market strategy development B. Crowdsourcing C. Test Marketing D. Concept Testing E. Concept development

E. Cross-function teams

The team-based new product development approach saves times and increases effectiveness because departments work closely together in A. Independent groups B. divisional teams C. self-managed groups D. problem-solving teams E. Cross-function teams

B. Social

The use of traditional business marketing concepts and tools to create behaviors that will benefit individual and societal well-being is called ______ marketing. A. Green B. Social C. Traditional D. Person E. non-profit

A. It conducts business from an office via telephone

Which of the following is a characteristic of an inside sales force? A. It conducts business from an office via telephone B. It cannot sell or service accounts directly. C. It travels to make sales calls on customers in the field. D. It eliminates the need to have an outside sales force. E. It receives administrative backup from outside sales forces.

B. Interest rates

Which of the following is an economic factor that affects the pricing decisions of a company? A. Reseller policies B. Interest rates C. Market-penetration practices D. Top management decisions E. Promotional activities

D. a push strategy

Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers? A. The publish-subscribe method B. Vertical integration C. Direct marketing D. A push strategy E. A pull strategy

D. Packaging

Which of the following terms best describes the process of designing and producing a container or wrapper for a product? A. Positioning B. Licensing C. Branding D. Packaging E. Labeling

A. Personal Selling

Which of the following types of promotion tools requires a considerable degree of personal interaction with a customer? A. Personal selling B. Television advertising C. Digital advertising D. Public relations E. Sales Promotion

C. Marketing Channels

_____ are sets of interdependent organizations that help make the product or service of a company available for use by consumer of business users. A. Research and development channels B. Raw materials suppliers C. Marketing channels D. Upstream channels E. Backward integration chains

E. Joint Venturing

_____ is a method of entering a foreign market by associating with foreign companies to produce or market products or services. A. Direct investment B. Importing C. Direct exporting D. Indirect Exporting E. Joint Venturing

D. Market Segmentation

_____ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors. A. Mass marketing B. Differentiation C. Market Targeting D. Market Segmentation E. Positioning

B. Primary

______ data consists of information collected for the specific purpose at hand. A. Derived B. Primary C. Historical D. Archival E. Secondary

C. Business Analysis

______ involves a review of the sales, costs, and profit projection for anew product to determine whether they satisfy a company's objectives. A. Portfolio analysis B. SWOT analysis C. Business analysis D. Vendor analysis E. Concept Analysis

C. Contract Manufacturing

______ is a method of going global in which a company makes agreements with producers in the foreign market to produce its product or provide its service. A. Management contracting B. Acquisition C. Contract Manufacturing D. Direct Investment E. Exporting

C. Advertising

______ is any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor. A. Direct Marketing B. Public relations C. Advertising D. Personal Selling E. Sales Promotion

C. Consumers

______ markets consist of individuals and households that buy goods and services for personal use. A. Wholesaler B. Government C. Consumer D. Retailer E. Business

E. Samples

_______ are offers of a trial about of a product. A. Cash refunds B. Rebates C. Price packs D. Coupons E. Samples

E. Interpreting and reporting the findings

_______ is the final step in the marketing research process. A. Determining a research approach B. Collecting and analyzing the data C. Engaging in secondary research D. Developing the research plan E. Interpreting and reporting the findings

E. Price

_______ is the only element in the marketing mis that produces revenue. A. Product B. Promotion C. Place D. Profit E. Price

A. Demography

_______ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. A. Demography B. Environmental Studies C. Sociobiology D. Political Science E. Behavioral Ecology

C. Downsizing

_______ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy. A. Product line extension B. Market Segmentation C. Downsizing D. Diversification E. Vertical Intergration

B. Psychographic

_______ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics. A. Demographic B. Psychographic C. Geographic D. Behavioral E. User Status

C. Wants

________ are the form human needs take as they are shaped by culture and individual personality. A. Necessities B. Benefits C. Wants D. Services E. Risks

D. Positioning

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competition products in the minds of target consumers. A. Market Segmentation B. Market Targeting C. Mass marketing D. Positioning E. Differentiation

B. Comparative

_________ advertising would most likely result in attack ads between competitors. A. Informative B. Comparative C. Reminder D. Classified E. Personal

D. Exchange

_________ is the act of obtaining a desired object from someone by offering something in return. A. Segmentation B. Positioning C. Targeting D. Exchange E. Differentiation

C. Services

_________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible. A. Line extensions B. Co-brands C. Services D. Pure Products E. Horizontal extensions

B. Market Targeting

____________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter. A. Market Diversification B. Market Targeting C. Market Positioning D. Market Mixing E. Market Divesting

E. Decline

A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________ A. rebranding B. stabilization C. segmentation D. progression E. decline

A. Increase profits by adding items

A product line is most likely too short if managers can _______ A. Increase profits by adding items B. Decrease costs by dropping items C. Increase market share by dropping items D. Increase profits by dropping items E. Decrease costs by adding items

D. Tariff

A tax on an imported product designed to raise revenue or protect domestic firms is referred to as a(n) ______. A. excise B. Exchange C. Quota D. Tariff E. Fine

D. Wholesaler

A(n) _____ is considered a marketing intermediary. A. Manufacturer B. Producer C. Advertiser D. Wholesaler E. Customer

C. Intrapreneurially Programs

Companies like 3M, google, and sony have _____ that encourage employees to develop new ideas. A. Marketing research firms B. Trade Magazines C. Intrapreneurially programs D. Government agencies E. Competitor's ads

A. Market Offerings

Consumers' needs and wants are fulfilled through _________. A. Marketing offerings B. ideas C. desire D. Demand E. Value

A. Variable

Costs that change directly with the level of production are referred to as ________ costs. A. Variable B. Payroll C. Target D. Capital E. Fixed

E. Mass marketing

Marketing the same product to a huge customer base without any customization is referred to as _______. A. Niche Marketing B. Individual Marketing C. Local Marketing D. Differentiated Marketing E. Mass Marketing

B. Direct

Mary Kay Cosmetics and Anyway sell their products through home and office sales parties, online Web sites, and social media. Both companies use a(n) ______ channel to distribute their offerings. A. Functional B. Direct C. Behavioral D. Indirect E. Layered

B. Time-based

Movie theaters change matinee pricing during the daytime, and resorts give weekend and seasonal discounts. This is illustrative of a ________ pricing strategy. A. Market-skimming B. Time-based C. Market-penetration D. Product form E. Value-added

C. Internal

Orienting and motivation customer-contact employees and supporting service people to work as a team to provide customer satisfaction is known as _______ marketing. A. Interactive B. Differentiated C. Internal D. Organizational E. Social

B. Products from the factory to resellers and ultimately to customers.

Outbound logistics refer to moving _______. A. raw materials from suppliers to factory B. products from the factory to resellers and ultimately to customers. C. Broken, damaged products from customers to producers D. excess materials from the factory to suppliers E. Unwanted, excess products from resellers to producers.

C. Demographic

Pediacertain Pet Supplies, a pet-food company, divides the pet market according to the pets owners' gender, occupation, income, and family life cycle. In this case, which of the following variables hate the company used for market segmentation? A. Psychographic B. Geographic C. Demographic D. Occasion E. Benefit

D. Value-added

Providing extra amenities to differentiate and support high-priced products is referred to as _____ pricing. A. High-low B. cost-plus C. Everyday low D. Value-added E. Target Return

B. Market Penetration

Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a _______ strategy. A. Market development B. Market Penetration C. Business Harvesting D. Product Development E. Product Diversification

C. Communication adaptation

When adapting advertising messages, media may also need to be adapted internationally because media availability and regulations vary from country to country. This illustrates______ A. Straight product extension B. Communication extension C. Communication adaptation D. product invention E. Product adaptation

D. Product

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market? A. Place B. Promotion C. Position D. Product E. Price

C. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the midst of target consumers.

Which of the following best describes product positioning? A. Evaluating each market segment's attractiveness and selecting one or more segments to enter B. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors C. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the midst of target consumers. D. Differentiating a market offering to create superior customer value E. Identifying consumer needs and creating a product to meet those needs

D. Baby Boomer

Which of the following generational groups account for a third of the U.S. population but half of all consumer spending? A. Lost Generation B. Millennial C. Generation Z D. Baby Boomer E. Generation X