Principles of Marketing Quizzes
Which of the following is NOT a market-oriented business definition?
"We sell success and status."
The fixed cost in manufacturing a single LED monitor is $40 and the variable cost is $12. If the company expects to manufacture 5,000 monitors, the total costs would be ________.
$260,000
A company faces fixed costs of $100,000 and variable costs of $8 per unity. It plans to directly sell its product in the market for $12. How many units must it produce and sell to break even
25,000
Ultra Tech Inc., a company manufacturing gardening tools, has decided to switch to a territorial sales force structure. Which of the following benefits is the company most likely to gain as a result of this decision?
As each salesperson travels within a limited geographic area, travel expenses would decline
Among the generational groups in U.S. population, the _______ are still the wealthiest generation in the U.S. history.
Baby boomers
Which of the following best describes a similarity between Costco and Walmart?
Both use everyday low pricing
Which of the following is true about behavioral segmentation on the basis of the loyalty variable?
By looking at customers who are shifting away from its brand, a company can learn about its marketing weaknesses and take actions to correct them.
__________ are low-growth, high-share businesses products that need less investment to hold their market share.
Cash cows
____________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.
Customer-perceived value
Which of the following is the first step in the marketing research process?
Defining the problem and objectives of the study
Which of the following questions would help a marketer evaluate the return on a sales promotion investment?
Did the promotion attract new customers or more purchasing from current customers?
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as
Differentiated marketing
_________ occurs when product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones
Disintermediation
Direct investment
Entering a foreign market by developing foreign-based assembly or manufacturing facilities
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.
Microenvironment
"To busy multitaskers who need help remembering things, Evernote is a digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a
Positioning statement
_________ is the only element in the marketing mix that produces revenue.
Price
Which of the following is true with regard to price?
Price is the sum of all the values that customers give up to gain the benefits of having a product
Why are customers often considered the most important sources of new product ideas?
The company can analyze customer questions and complaints to find new products that better solve consumers problems.
Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
The marketing concept
Which of the following is most likely true of marketing channel decisions?
They often involve long-term commitments to other firms
A _____________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system
Value delivery network
Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?
Value proposition
Which of the following customer questions is answered by a company's value proposition?
Why should I buy your brand rather than a competitor's?
Infomercial
a 30-minute commercial that markets a single product
Which of the following would be considered predatory pricing?
a company that prices below cost to drive out competitors
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 customer value analysis
Franklin & Marshall College wishes to contact high school seniors at independent schools in Pennsylvania. Which of the following media would be most effective and efficient?
a direct mail piece sent to selected students
a sustainability vision
a guide to the future that shows the company that the company's products, processes, and policies must evolve and what is needed to get there
The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents
a marketing information system
Foreign businesses in India appear to receive unusually close scrutiny and special regulations, aimed at protecting the local businesses. This is
a non tariff trade barrier
relative advantage, compatibility, complexity, divisibility, communicability are all characteristics of
a product's rate of adoption
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 tube below average. This exemplifies
a rebate
Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.
acquisition
Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________.
advertising
Companies must attract online users by
aggressively promoting the site in offline print and broadcast advertising
To measure the ________ effects of an ad after it has aired, the advertiser can evaluate how the ad affected consumer recall, product awareness, and preference.
communication
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 ________.
comparative advertising
Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.
competitive advantage
To plan effective marketing strategies, the company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotion with those of close competitors. This is an example of ________.
competitor analysis
Kodak's film business didn't lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers and online image sharing services. This is an example of ________.
competitor myopia
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 ________.
complex buying behavior
Consumers who mistrust marketing research are more likely to
consider marketing research efforts, such as interviewing, intrusions on consumer privacy
At its most basic form, a marketing channel consist of the producer and the
consumer
Developing an effective message strategy begins with identifying ______ that can be used as advertising appeals
consumer emotions
Individuals and households that buy or acquire goods and services for personal consumption make up the ________.
consumer market
Companies can legitimately charge a higher price if ________.
consumers perceive that the company's product offers greater value
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
convenience store
Which of the following is LEAST relevant when a firm evaluates different market segments?
core competencies of competitors
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?"
core customer value
The advertising slogan, "We bring good things to life" used by General Electric, is an example of ________ marketing
corporate image
Value innovation
create powerful leaps in value for both the firm and its buyers, creating all new demand and rendering rivals obsolete
Event marketing
creating a brand-marketing event or serving as a sole or participating sponsor of events created by others
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.
culture
One of the message structure issues that a marketer must handle is whether to ________.
draw a conclusion or not
P&G has sold off a number of lesser or declining brands such as Oxydol detergent and Jif peanut butter. In these examples, management decided to ________ the products.
drop
Companies such as Amazon.com and Expedia.com that sell products and services directly to final buyers exclusively over the Internet are known as
e-tailors
If the 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 ________.
earn higher profits; gain more market share
Which of the following is true about email marketing messages?
effective in reaching the desired target market and result in low costs
Bon Vivant offers an assortment of exclusive French wines at incredibly low prices. These prices are neither limited-time offers nor special discounts, but represent the daily prices of products sold by Bon Vivant. This reflects Bon Vivant's ________ pricing strategy.
everyday low
Juanita Petino, a nutritionist, decided to test the effects of two breakfast cereals, Kinglo and Loopy, on different consumer groups. For the purpose of her study, she divided 20 volunteers into two groups and asked the members of one group to have Kinglo cereal and the members of the other group to have Loopy cereal for breakfast. She decided to compare the responses of the volunteers after a week to gain deeper insights into consumer attitude. In this instance, Juanita is using ________.
experimental research
Pierre's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the ________ positioning.
less for much less
The latest trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.
lifestyle
Benefits of online direct marketing for buyers is not
live product demonstrations
Sparkling Valley, a luxury resort, prices cottages facing the lake higher than cottages that do not, even though the cottages and services offered are identical in every other aspect. This form of pricing is called
location-based pricing
Ford and its network of independent franchised dealers is an example of a ________.
manufacturer-sponsored retailer franchise system
Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?
market nicher
Firms that serve small segments not being pursued by other firms are called
market nichers
A _____________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want
market offering
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of
market segments
Whizz Corp. wishes to introduce a new hybrid car into mature markets in developed countries with the goal of gaining mass-market share quickly. Which of the following pricing strategies would help the firm meet its goal?
market-penetration pricing
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?
market-skimming pricing
Which of the following is a fixed cost?
facility rental payments
__________ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service or organization
focus group interviewing
Which of the following statements best represents a contractual association between a manufacturer, wholesaler, or service organization and independent business people who buy the right to own and operate one or more units in the system represented by the contract?
franchise
With the recent explosion of information technologies,
most marketing managers are overloaded with data and often overwhelmed by it
A __________ system involves a single firm setting up two or more marketing channels to reach one or more customer segments
multichannel distribution
New technologies most likely lead to
new markets and opportunities
Which of the following is a significant challenge presented by the product life cycle?
new product development
The learning curve is representative of the
number of units the market will buy in a given time period, at different prices that might be charged
Which budgeting method entails defining specific promotion goals, determining the necessary tasks, and estimating the costs to determine a promotion budget?
objective-and-task method
Prospects can be qualified by looking at all of the following characteristics EXCEPT
occupational mobility
Overstock.com, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.
off-price retailer
A value marketer is most likely to
offer consumers a balanced combination of product quality at a fair price
P&G introduced Duncan Hines ready-to-spread frosting in a small geographic area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. This illustrates ________.
one of the problems associated with test marketing
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 ________.
outside sales force
According to Michael Porter, what are three effective competitive positioning strategies
overall cost leadership, differentiation, focus
With which pricing strategy does the seller take responsibility for part or all of the actual freight charges in order to acquire the desired business?
freight-absorption pricing
Which type of retailer is most likely to require its employees to focus most on assisting customers as they shop
full-service retailer
societal marketing
future welfare of consumers
_________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities
strategic planning
Of the 141 companies on the list, Jason chose to survey only 75 of them. He sent surveys to both small and large companies. If Jason selected survey recipients randomly from two mutually exclusive groups comprising of small and large companies respectively, he most likely used a
stratified random sample
Companies set not a single price, but a pricing ________ which covers different items in its line and changes over time as products move through their life cycles.
structure
Selecting which segments of a population to serve is called
target marketing
A pharmaceutical ad features a world-renowned heart surgeon describing the benefits of a medication. Which of the following message execution styles is illustrated in this example
testimonial evidence
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.
the Internet
Acquisition refers to
the buying of a whole company, a patent, or a license to produce someone else's product
An ad for Maybelline age-minimizing makeup in Ladies' Home Journal magazine featured atress Melina Kanakaredes and offered readers a $1-off coupon when they try the new makeup. In terms of the communication model, which of the following would be the best way for the source to measure feedback?
the number of people who redeem the coupon
entrepreneurial marketing
involves visualizing an opportunity, take risks, and knock on every door to gain attention
The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?
Competitive marketing intelligence
The buyer decision process consists of five stages. Which of the following is NOT a stage?
Conspicuous consumption
The economic environment consists of economic facts that affect
Consumer purchasing power
Which of the following companies uses a direct marketing channel?
Holly Wreaths, a store that sells Christmas ornaments to customers via its online click-to-order catalogs
Which of the following questions is most important for product designers to consider while developing a product?
How would customers use and benefit from the product?
Which of the following situations is expected to enhance the use of targeted advertising messages by marketers?
Increase in ethnic populations
Which of the following is most likely gained by stores that cluster together?
Increased customer pulling power
emerging economies...
Industrialization typically creates a new rich class and a growing middle class, both demanding new types of imported goods
Jaime Gonzalez owns a small publishing company in Utah and has a very restrictive budget for the market research he currently needs to conduct. He requires a large sample size for his research in order to arrive at insightful conclusions. Additionally, he wants to have excellent control over his sample. Keeping in mind his restrictive budget and other specifications, which of the following methods of contact would you advise Jaime to use?
Mail questionnaires
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies
Market Development
________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market segmentation
Which of the following is NOT an accurate description of modern marketing?
Marketing emphasizes selling and advertising exclusively
Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
Marketing myopia
__________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research
Example of economic community
NAFTA
Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-wuality products or services, but who want them cheaply and easily. These companies are all known for pursing a value discipline known as _______.
Operational excellence
In SWOT analysis, __________ include favorable trends in the external environment.
Opportunities
What is true about personal selling
Personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships
Which of the following companies uses captive product pricing
Photo Genie, which sells inexpensive cameras that run only on their own expensive batteries
Springfield, a convenience store, has recently begun to redesign and restock its stores to offer a more upscale environment with products such as house wines and fresh foods. This information indicates that Springfield has most likely changed its ________.
Positioning
_________ is an approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized or made by less costly methods of production.
Product Value analysis
Which of the following product mix pricing strategies involves pricing multiple products to be sold together?
Product bundle pricing
Big Moose Toys is a market pioneer introducing a modern version of Bullwinkle the Moose, a character from an animated television series originally broadcast in the '50s and '60s. The company's version of Rocky the Flying Squirrel, another character from the show, targeted to baby boomers was a strong success. They need to make the new launch strategy for Bullwinkle consistent with the intended ________.
Product positioning
Which of the following is true with regard to products?
Products include services, events, persons, places, organizations, ideas, or a mixture of these
Which of the following is NOT an element of the marketing mix?
Purchase
___________ or smart tag technology helps companies locate a product's exact position within its supply chain
RFID
Which of the following is most likely a result of regulations set up by the Food and Drug Administration and the Consumer Product Safety Commission
Research costs for companies have risen
_________ measures the profits generated by investments in marketing activities.
Return on marketing investment
All of the following are basic types of compensation plans for salespeople EXCEPT
Salary plus company shares
Which of the following would most likely improve coordination between marketing and sales?
Salespeople should participate in marketing planning sessions by sharing firsthand customer knowledge
Mark has long supported a particular brand of footwear and has always bough that brand. Mark doubts the bad news reports and continues to purchase the same brand of footwear. It is most accurate to say that Mark displays
Selective distortion
In which of the following would the buyer reorder a product without any modifications?
Straight rebuy
Which of the following is NOT part of the business market?
Sue shops for her family's groceries at the local Whole Foods store.
Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machineries. In this instance, Sparex acts as a
Supplier
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.
Team-based new product development
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.
Television
Trade-in allowances are most commonly used in the __________ industry
automobile
Brands in a market with many competitors and high advertising clutter must ________.
be advertised more heavily to be noticed in the marketplace
Mission statements should _______ and be defined in terms of _______
be market oriented; satisfying basic customer needs
Calypso Motors recently rolled out its hatchback, Proteus. Proteus combines the attractiveness of a luxury car with the excellent agility of a sports car. Calypso Motors is confident that Proteus will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?
benefit segmentation
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
blanket contract
While advertising campaigns can help to create name recognition, brand knowledge, and maybe even some brand preference, brands are not maintained by advertising but by ________.
brand experiences
Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ________.
brand personality
harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a
brand personality
Marketing mix planning begins with
building an offering that brings value to target customers
According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?
building profitable relationships and creating customer delight
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
business buying process
The _________ refers to all the individuals and units that play a role in the purchase decision-making process.
buying center
Companies with lower costs ________
can set lower prices that result in smaller margins but greater sales and profits
A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated to local after-school programs for underprivileged youth. This is an example of
cause-related marketing
American Express will do almost anything to build longterm relationships, what marketing strategy
customer intimacy
In order to avoid shortsightedness, today marketers are moving toward viewing communications as managing the ________ over time.
customer relationship
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.
customer-oriented
FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon
customer-perceived value
In a communication process, a receiver assigns meaning to the symbols encoded by a company in its advertisements through a process known as
decoding
When backed by buying power, wants become ________
demands
Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ________ demand.
derived
Management at Think Ink has decided to open a sales branch overseas to handle sales and distribution abroad. this is
direct exporting
Direct-mail marketing
direct marketing by sending an offer, announcement, reminder, or other item to a person at a particular physical or virtual address
A ___________ is a straight reduction in price on purchases during a stated period of time or of larger quantities
discount
________ are complex behavioral systems in which people and companies interact to accomplish individual, company, and channel goals.
distribution channels
The so-called green movement encourages companies to
go beyond government regulations
Challenge from online social network marketing
hard to measure results
BlueFin canned tuna has higher sales than its unbranded rival, even though the unbranded tuna costs $0.45 less per can than BlueFin tuna. BlueFin most likely has ________.
high brand equity
Managers at the Imperial Hotel-Chicago complained that the chain's overall image was hurt because Imperial Hotel-Dallas was overcharging guests and providing poor service. The Imperial Hotel was experiencing ________ conflict.
horizontal
Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.
image
Deceptive promotion
includes practices such as misrepresenting the product's features or performance or luring customers to the store for a bargain that is out of stock
Which of the following is a common reason for new product failure
incorrect estimation of the market size
Two factors that reflect country's market attractiveness
industrial structure and its transportation systems
Primary data consists of
information collected for the specific purpose at hand
When P&G developed the Mr. Clean Magic Eraser, the company needed to explain how the product cleans grime from walls without removing paint. What type of campaign was most likely used by P&G for the Mr. Clean Magic Eraser?
informative advertising
A company can install an ________ management system to collect, review, evaluate, and manage new product ideas
innovation
Cameron loves to own and be up-to-date on the latest technological gadgets available in the market. Among his friends, he is always the first to own the latest electronic gadgets. He loves trying out new products before others. Cameron most likely belongs to the ________ adopter group.
innovator
Today several companies are adopting the concept of ________, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.
integrated marketing communications
Whitelight sells its toothpastes in many convenience stores across the country. This is an example of ________ distribution.
intensive
The art and science of choosing target markets and building profitable relationships with them is called
marketing management
The set of marketing tools a firm uses to implement its marketing strategy is called the
marketing mix
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. The iPod is in the ________ stage of the product life cycle.
maturity
Which of the following are the three characteristics that an advertising appeal should have
meaningful, believable, and distinctive
The decisions about impact and engagement of an advertisement fall into the category of
media
Which of the following is most likely influenced by marketers?
media
___________ is the practice of tailoring products and marketing programs to suit that tastes of specific individuals and locations
micromarketing
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?
mobile marketing
Companies should consider this when moving to a new country
monetary and trade regulations
_________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions
perceptual positioning maps
In which stage of the business buying process does a buyer ask users to rate their satisfaction with the supplied materials?
performance review
Alex Smith rents storage space to college students who go home for the summer but do not want to haul all of their property home and back. The business is profitable during the summer months, but when the storage space is unoccupied in the off-season, Alex loses money. Which of the following characteristics of service is most likely the source of Alex's problem?
perishability
Companies are doing less ________ and more ________ as a result of an explosion of more focused media that better match today's targeting strategies.
personal selling; mass marketing
The advertisements that use Aflac duck or the GEICO gecko are using the message execution style of
personality symbols
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as
positioning
__________ 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
positioning
Pat thought he had received the best deal on his new car. Shortly after the 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 ________.
postpurchase dissonance
In the beginning of the buying process, Timothy Perry, a product development manager, noticed that the raw materials that were being procured from his company's regular supplier were of poor quality. Consequently, he decided to change the existing supplier as a remedial measure. The stage of the buying process in which Timothy identified the quality breach represents the ________ stage.
problem recognition
Daizy's is a shop that carries only plus-size clothing. According to this information, Daizy's differentiates itself from its competitors based on ________.
product assortment
A _________ consists of all the product lines and items that a particular seller offers for sale
product mix
Consumer products refer to
products and services bought by final consumers for personal consumption
Which of the following is a price adjustment strategy that considers how a customer's perception of a product is influenced by its price>
psychological pricing
In which situation is the market dominated by one seller?
pure monopoly
According to Boston Consulting Group approach, ________ serves as a measure of company strength in the market.
relative market share
In ________, companies put their purchasing requests online and invite suppliers to bid for the business
reverse auctions
Firms that decide against international expansion to play it safe ________.
risk losing their home markets
______ consists of short-term incentives to encourage the purchase of a product or service
sales promotion
A large retailer of home improvement and construction products offers how-to classes for do-it-yourselfers, featuring instructions on how to compete home improvement projects using products sold at its stores. This is an example of how the retailer has differentiated itself through its
services mix
_________ involves using in-store promotions and advertising to extend brand equity to the last mile and encourage favorable point-of-purchase decisions
shopper marketing
Which term refers to looking at merchandise at a traditional store and then purchasing the merchandise
showrooming
Which of the following statements is true of cultural factors that influence consumer behavior?
social classes show distinct product and brand preferences in areas such as clothing and travel
_________ are customers products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
specialty products
A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools?
the promotion mix
Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?
the selling concept
planned obsolescence
the strategy of deliberately designing products to fail in order to shorten the time between purchases
In business markets with inelastic demand
the total demand for products is not much affected by short-term price changes
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through
value creation and exchange
Marketers are most effective at influencing consumer _______.
when they appeal to existing wants rather than when they attempt to create new ones
Personal communications about a product between target buyers and neighbors, friends, family members, associates, and other consumers, are known as
word-of-mouth influence
