Part 4

Which of the following statements is true of online retailing?

There is a lack of security on the Web.

Which of the following utilities satisfies wants by providing goods and services at a convenient period for customers?

Time utility

_____ is the ability of goods and services to satisfy consumer wants.

Utility

_____ is created when your customers believe that your product has a better relationship between the cost and the benefits than any competitor.

Value

A whole range of public and private organizations market beliefs that are meant to change how people think or act. This is referred to as _____.

idea marketing

The purpose of the _____ stage of the new product development process of a company is to weed out proposals that do not fit with the company's objectives.

idea screening

The goal of a knockoff is:

to copy a competitor.

The responsibilities of _____ often include checking the stock, suggesting reorder quantities, and removing out-of-date goods.

truck jobbers

_____ means establishing only one retail outlet in a given area.

Exclusive distribution

Walt owns an auto repair shop in Northern Rottasa. He goes an extra mile to please his customers by providing comfortable and attractive waiting rooms, friendly service, and long-term warranty on all repair work. Which of the following philosophies has Walt employed to make his customers highly satisfied?

The marketing concept

Which of the following identifies how reliably a product delivers its promised level of quality?

The product consistency

Odd pricing refers to the practice of:

ending prices in numbers below even dollars and cents.

cash-and-carry wholesalers

Cash and carry wholesalers

Hansel owns and runs a fruit juice manufacturing company. He decides that the company will sell packaged fruit juices through wholesalers and retailers. In this scenario, which of the following distribution strategies is Hansel planning to use?

Channel intermediaries

Lester, a hardware engineer, sells his old hatchback to buy a luxury sedan. As he starts driving the new car, he realizes that it is more difficult to maneuver the sedan than his old hatchback. He also realizes that maintaining the sedan is expensive. Lester is rather uncomfortable with the purchase decision he made. In the context of consumer behavior, which of the following concepts does this scenario best illustrate?

Cognitive dissonance

_____ tools include premiums, promotional products, samples, coupons, rebates, and displays.

Consumer promotion

Which of the following business product categories refer to large capital purchases made by a company that are designed for a long productive life?

Installations

Which of the following statements is true of cost-based pricing?

It determines the price by adding a fixed margin to the per-unit cost of a product.

Which of the following statements is true of independent wholesalers?

Merchant wholesalers comprise about 80 percent of all wholesalers.

Which of the following are the two basic categories of primary research?

Observation research and survey research

Which of the following is an example of survey research?

Online questionnaires

Jared Elmer is the presidential candidate of National Ernest Party, a political party. The party's election campaigns have been focusing on projecting Jared's educational qualifications, political background, ancestral glory, etc. Which of the following marketing strategies do the election campaigns illustrate?

People marketing

Jackson runs a chain of small retail stores called Wandmin that sells bottled water, fresh juices, desserts, and some snacks. All outlets of Wandmin are either in the middle of or at the end of walking trails in Jackson's hilly hometown, where several tourists go hiking. In the context of marketing, which of following utilities does Wandmin most likely provide?

Place utility

In the context of marketing a product, which of the following statements is true of underpromising?

Products will have only a tiny base of highly satisfied customers.

Identify a true statement about loss-leader pricing.

Retailers place a handful of items that are priced temporarily below cost at the back of their store.

Which of the following exemplifies a discontinuous innovation?

Shinzen Labs, a food analysis and research laboratory, develops a food packaging material that repels bugs and rodents.

A slight modification of an existing product is called a _____.

continuous innovation

In the context of new product adoption, the process of a new product spreading throughout a market after it is introduced is called _____.

diffusion

In the context of marketing strategies and tactics, _____ includes marketing—or sponsoring—athletic, cultural, or charitable functions.

event marketing

In the context of breakeven analysis, _____ remain constant regardless of how many products are sold.

fixed costs

Kiddiecon, a company that manufactures stationery products for children, signs a contract with an animation studio to use one of its popular cartoon characters as a design on its school bags. Kiddiecon's contract with the animation studio is an example of _____.

licensing

Freldine is a company that manufactures and sells different kinds of mattresses. Since it does not have any direct retail outlets, Freldine's products are bought by customers from home furnishing stores and e-commerce websites. In the context of customer relationship management, Freldine most likely establishes _____ with its customers.

limited relationships

The Internet has opened the door for _____, which is creating products tailored for individual consumers on a large scale.

mass customization

In the context of a new product, the sales of the product most likely peak during the _____ of its life cycle.

maturity stage

Clembor AgroSciences, an agrochemical company, mainly focuses on selling its products in rural markets. The company promotes goodwill by sending teams of salespeople to instruct farmers on the right usage of the products and responding to their agriculture-related queries. In this scenario, Clembor AgroSciences is engaged in _____.

missionary selling

The fixed cost of Widget Corp., a keyboard manufacturing company, is $600,000 per year. The cost of equipment and labor to make one keyboard is $10. If the customers would pay $25 to buy one keyboard, Widget Corp. needs to sell _____ keyboards to make profits.

more than 40,000

In the context of marketing strategies and tactics, sports, politics, and art dominate the category of _____.

people marketing

The purpose of the _____ stage of the new product development process of a company is to weed out proposals that do not fit with the company's objectives.

product placement

Vermontz, and automobile company, pays a film studio to include its new sports car in two scenes of its latest action movie. The company feels this would help them gain maximum visibility, and the fans would also develop a positive association with the brand when they will see their favorite actor using the car in the film. Vermontz's business deal with the film studio exemplifies _______.

product placement

The technology of _____ involves taking specific steps to ensure that a particular Web site appears high on the list when customers look for a product or service via Yahoo! or Google.

search engine optimization

A deep association between a marketer and a partner (usually a cultural or sporting event), which involves promotion of the marketer in exchange for either payment or the provision of goods, is known as _____.

sponsorship