MGT CHAP 10

Entrepreneurs can use the AIDA formula to write press releases well. In this AIDA formula, "D" stands for _____. A. Desire B. Dominance C. Development D. Distance

A

The number of prospects or leads you need to approach in order to make one sale if your _______. A. organic traffic B. conversion rate C. proximity D. customer vector

B

The proof of a CRM effort is seen in: A. high levels of cognitive dissonance in customers. B. more tracked prospects making initial purchases. C. low levels of customer loyalty in new customers. D. high levels of inconsistency among customers in terms of experience and belief.

B

Mentions of a company or products in the media for which a firm did not pay is referred to as _____. A. buzz marketing B. sales promotion C. free ink D. viral marketing

C

Which of the following is a component of the AIDA formula that aims to hook people to the press release? A. Action B. Desire C. Interest D. Attitude

C

Which of the following is an advantage of personal selling? A. It helps in easily establishing and promoting a favorable opinion by the media. B. It helps business owners in generating finance for their business. C. It allows business owners to find out the buyers' main concerns and address them. D. It increases business owners' publicity.

C

Which of the following is the key to customer relationship management (CRM)? A. Displaying accurate financial records in annual reports B. Educating customers about a new product or service C. The data on current or prospective customers D. The press release and press kit

C

Which of the following is true of customer retention? A. It focuses on increasing customers' cognitive dissonance. B. It focuses on satisfying prospective customers to make a sale successful. C. It handles problems that crop up after a sale. D. The CRM aspect of customer retention is based on short-term monitoring of customers.

C

Which of the following terms refers to a rule of thumb about how many prospective customers it takes to find one who will actually make a purchase? A. Lead qualification B. Value proposition C. Marketing funnel D. Segmentation

C

Which of the following is true of promotional novelties? A. They explain the competitive strategies of the company to the readers. B. They must be large enough to read by passing traffic. C. They include stories of customers whose problems were solved. D. They are given to key customers or as gifts to employees.

D

_____ refers to business owners doing what they said they would do. A. Trendiness B. Cognitive dissonance C. Follow-up D. Follow-through

D

Harry Howard, a successful real estate broker, has established his own real estate company in western Pennsylvania. He has on-the-job experience working at a real estate company where he had a whole staff supporting brokers' work. Now on his own, with two secretaries, Harry is building his dream of owning and growing his own business. He wants to mainly focus on middle-to-upper-income homeowners and is exploring what type of promotional material he needs to have. Which of the following would be the fastest way for Harry to build his client base? A. Word-of-mouth B. Full-scale advertising C. Personal selling D. Sales promotion

A

Greg has a press release for his new product that he wants to broadcast on television. His press release has a good story and visuals. It also includes content that illustrates broad cultural themes. Which of the following is Greg most likely to generate through the press release? A. Public recognition B. Public interest C. Public importance D. Issue recognition

B

In personal selling, _____ means cleaning up the list to remove potential clients that are unable or unlikely to buy a business owner's product. A. prospecting B. prequalifying C. polarizing D. closing

B

In the case of existing customers, _____ gives the information on the date and type of contact, since in many sales situations, it can take repeated contacts before a sale is made. A. channel data B. performance data C. intercommunication data D. sales data

B

Proximity refers to: A. a concept in public interest which alludes to events with a broad appeal within the market or population. B. a concept in public recognition which alludes to how closet the issue being discussed is to you, your family or business. C. a concept in public interest which alludes to the graphic interest held by an event. D. a concept in public recognition which alludes to the fit of the topic to current fashion or public interest.

B

A web-based program that uses artificial intelligence techniques to automate tasks such as searches is called a ________. A. hit rate B. mat release C. bot D. funnel

C

Dividing the market into different segments by income, age, or religion constitutes segmenting the market _____. A. geographically B. economically C. demographically D. culturally

C

Due to which of the following characteristics a news story is most likely to get public importance? A. Trendiness B. Proximity C. Currency D. Cultural resonance

C

A clothing company that divides its market using characteristics of clothing such as practical, stylish, or for a particular sport, etc., is segmenting the market _____. A. demographically B. economically C. geographically D. by benefits sought

D

An inconsistency between experience and belief refers to: A. value proposition. B. segmentation. C. trendiness. D. cognitive dissonance.

D

Closing a sale refers to: A. asking for a referral from a prospective customer. B. being turned down by a prospective customer. C. delaying the decision to make a new product. D. obtaining a commitment from the customer.

D

Doubt that occurs after a purchase has been made is called _____. A. cognitive dissonance B. customer vector C. segmentation D. trendiness

A

People who receive a promotional impression and who give some thought to buying the product are referred to as _____. A. sales leads B. qualified leads C. prospects D. target segments

A

Segmenting a market _____ involves dividing it into different segments in terms of cities or neighborhoods. A. geographically B. economically C. demographically D. culturally

A

The steps in Blank and Dorf's "Get Customers" funnel are awareness, interest, consideration, and purchase. Here, consideration refers to: A. the process of getting into the prospective customer's final list of brands of products or services they may purchase. B. the process of prospective customers taking some action to learn more about the product or service you offer. C. the process of getting your message out as much as you can to your target market. D. the end of the initial promotional funnel.

A

The term for measures or metrics that identify the outcomes that are most important to the success of a business are known as _____. A. key performance indicators B. brand promise C. issue recognition D. impressions

A

In which of the following stages of personal selling does an entrepreneur collect background information before selling the actual product or service? A. Prospect and evaluate B. Prepare C. Present D. Close

A

Key chains, pens, coffee mugs, or embossed briefcases are examples of _____. A. promotional novelties B. signs C. flyers D. marketing kits

A

Serial entrepreneurs Steve Blank and Bob Dorf came up with a more inclusive approach than the standard marketing funnel. Which of the following is not one of the major goals of their new approach? A. Grow customers B. Get customers C. Identify customers D. Keep customers

C

Which of the following is a characteristic feature of brochures and flyers? A. They contain the annual balance sheet of the company. B. They include stories of customers whose problems were solved. C. They give more information about a firm and its products than business cards. D. They provide word-of-mouth advertising.

C

Which of the following is true of follow-up? A. It increases cognitive dissonance in customers. B. It is typically done only once after a sale. C. Electronic approaches to follow-up dramatically lower the cost of marketing efforts. D. It refers to business owners doing what they said they would do.

C

_____ are usually produced for pennies in quantity. A. Sales packets B. Signs C. Promotional novelties D. Marketing kits

C

_____ is often used to support the corporate identity and value propositions that are established through public relations efforts. A. Personal selling B. A corporate newsletter C. Advertising D. A press kit

C

Business owners can figure how to better target ads or promotions to particular types of customers if: A. they track sales of their competitors. B. they identify the defects in their products. C. they use the diversification strategy rather than the product expansion strategy. D. they link sales and purchase basis to the type of customer.

D

In personal selling, _____ means finding out about the clients before approaching them. A. evaluation B. closing C. prospecting D. preparation

D

Due to which of the following characteristics a news story is most likely to get public recognition? A. Trendiness B. Cultural resonance C. Power D. Currency

A

Due to which of the following characteristics a news story is most likely to grab public interest? A. Cultural resonance B. Issue recognition C. Trendiness D. Proximity

A

Which of the following is used when selling more of the firm's product or services to existing customers? A. Market expansion B. Market penetration C. Diversification D. Vertical integration

B

Which of the following provides potential customers an education in a firm's product or service, including stories of customers' whose problems were solved, an FAQ list, as well as a page on the products or services, and a page on the business owner and his or her firm? A. Promotional novelties B. Sales packets C. Business cards D. Brochures

B

Which of the following sets of numbers are the three you need to arrive at your sales forecast? A. Potential Market, hit rate, and cost of sale B. Prospective Customers, hit rate, and sale amount C. Prospective Customers, hit rate, and cost of sale D. Potential Market, hit rate and sale amount

B

Which of the following terms refers to a concept in public importance which alludes to the degree to which the issue is immediate in its impact? A. Proximity B. Currency C. Power D. Cultural resonance

B

Paying for a local organization's needs in exchange for recognition is referred to as _____. A. publicity B. donation C. personal selling D. sponsorship

D

Which of the following is true of cognitive dissonance? A. It is the consistency between experience and belief. B. It happens frequently especially with more expensive items. C. It almost always happens with purchases that are not considered risky. D. It is a doubt that occurs before making a purchase.

B

While closing a sales call, when a sales person says "I'll just need your credit card for payment," he is using the sales closing technique of _____. A. try-before-you-buy close B. assumptive close C. chances-are close D. urgency close

B

_____ are the terms included in the hidden portions of a web page which are used by search engines to describe a website and evaluate its focus and category placement. A. Domain names B. Keywords C. Search terms D. Embeds

B

_____ is a strategy whose goal is growth, based on selling in areas or to groups previously not served by the business. A. Market penetration B. Market expansion C. Product expansion D. Diversification

B

Putting together a list of prospective clients is called _____. A. preparing B. presenting C. formulating D. prospecting

D

Which of the following terms refers to the activities used to establish and promote a favorable opinion by the media? A. Press relations B. Word-of-mouth communications C. Sales promotions D. Ambush marketing

A

_____ is a strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base. A. Market penetration B. Product expansion C. Market expansion D. Diversification

A

_____ is a type of CRM report that segments by customer or customer group on purchases or dates of purchase. A. Customer vector B. Sales report C. Customer service D. Interim report

A

_____ is an electronic equivalent of word-of-mouth advertising. A. Viral marketing B. Ambush marketing C. Sales promotion D. Trendiness

A

Which of the following is a characteristic feature of sales packets? A. They are usually large enough to read by passing traffic. B. They provide potential customers an education in a firm's product or service. C. They generally consist of pens or small calendars which are printed with the name and slogan of the company. D. They are generally hand-written.

B

Trendiness refers to: A. a concept in public interest which alludes to events with a broad appeal within the market or population. B. a concept in public recognition which alludes to how close the issue being discussed is to you, your family or business. C. a concept in public interest which alludes to the graphic interest held by an event. D. a concept in public recognition which alludes to the fit of the topic to current fashion or public interest.

D

When a marketer mentions the key points about his or her product or service in as few and as memorable words as possible, the resulting message is known as the _____ message. A. succinct B. core C. primary D. elementary

A

Which of the following gives the particulars on existing customers? A. Contact data B. Performance data C. Product data D. Service data

A

Which of the following is most likely to be true of signs as a form of advertising? A. They must be large enough to read by passing traffic. B. They generally contain the balance sheet of the company. C. They describe the competitive strategies of the company. D. They include stories of customers whose problems were solved.

A

Product expansion is a strategy whose goal is growth, based on: A. selling more of the firm's product or service to the existing customer base. B. selling in areas or to groups previously not served by the business. C. selling existing customers a product or service they have never bought before. D. adding new products or services to the firm's existing collection of offerings. Product expansion is a strategy whose goal is growth, based on selling existing customers a product or service they have never bought before.

C

_____ is the process of dividing the market into smaller portions of people who have certain common characteristics. A. Target optimization B. Market penetration C. Segmentation D. Market recognition

C

Diversification is a strategy whose goal is growth, based on: A. selling more of the firm's product or service to the existing customer base. B. selling in areas or to groups previously not served by the business. C. selling existing customers a product or service they have never bought before. D. adding new products or services to the firm's existing collection of offerings.

D

Which of the following is most likely to be true regarding customer vector? A. It considerably increases cognitive dissonance. B. It makes it difficult to decide which marketing efforts to continue or expand. C. It helps marketers in identifying prospective customers. D. It helps entrepreneurs decide how to operate several key aspects of their marketing efforts.

D

Which of the following is true of advertising? A. It is the least likely to be used by businesses to convey their message to potential customers. B. It works if an ad's impression is positive even if people do not recall it. C. It works if people recall an ad even though it did not have a positive impact on them. D. It involves presentation of a company's image.

D

_____ is the segment or segments a business owner selects to concentrate his or her marketing efforts. A. Target market B. Qualified market C. Customer vector D. Optimized market

A

Which of the following is true of personal selling? A. It involves activities used to establish and promote a favorable opinion by the media. B. It does not allow you to find out the buyers' main concerns. C. It involves entering into a joint venture with a competitor. D. It allows a business owner to be flexible in his or her presentation.

D

refers to the contacts business owners periodically make with customers in order to remind them of their business, and their interest in customers' business. A. Follow-up B. Customer service C. Follow-through D. Mat release

A

Which of the following is a characteristic feature of a message for a target market? A. It is repeated less often. B. It must contain the elements of a product's value proposition. C. It must be abstract. D. It must always be distinctive from target customers.

B

How much of each message conveyance a business owner uses to sell his or her product as well as his or her objective in using each one is known as: A. promotional mix. B. marketing mix. C. AIDA. D. CRM.

A

Which of the following statements is true of sales forecasting? A. In many cases, the best sales forecast you can come up with is an educated guess. B. It is better to have a high sales projection initially and adjust as actual sales happen. C. Using traditional retailers and distributors does not change the price you set at the factory. D. Ignore your capacity when identifying your potential market as you will not be serving the entire potential market.

A

If business owners track sales by purchase basis: A. they can minimize the cognitive dissonance experienced by their customers. B. they can predict the performance of their competitors. C. they can easily decide which marketing efforts to continue. D. they can find the defects in their products.

C