MKT 340 Quizzes

Market segments that can be effectively reached and served are said to be ________

Accessible

Which of the following is most likely a difference between advertising and sales promotions

Advertising is an invitation to buy the product, while a sales promotion is an incentive to buy the product immediately.

________ represent buyers or sellers on a more permanent basis than brokers

Agents

Orion Steel is the chief provider of metals to Accline Cars, (manufactures two models of vehicles). Accline dealers sell the firm's cars to individual citizens, but buses are sold directly to government entities. In such a distribution channel, which of the following would be considered a vertical conflict

A conflict between Accline Cars and its dealers

Jupiter Steel is the chief provider of metals to Greystone Motors..(More text in quiz)...In such a distribution channel, which of the following would be considered a horizontal conflict

A conflict between two Greystone Motors car dealerships

Which of the following is an example of a nontariff trade barrier

A host country regulation

________ is used to study the course of a product's sales and profits for the duration that it is produced and sold in the market

A product life cycle

Pediacertain Pet Supplies, a pet-food company, divides the pet market according to the pet owners' gender, occupation, income, and family life cycle. In this case, which of the following variables has the company used for market segmentation

Demographic

Botsford, a U.S. firm, builds automotive transmissions in its manufacturing facility in Taiwan to capitalize on the availability of cheap labor. Botsford's involvement in foreign markets is most likely through ________

Direct investment

_______ is the degree to which an innovation may be tried on a limited basis

Divisibility

Brand ________ is the differential effect that knowing the brand name has on customer response to the product and its marketing

Equity

________ distribution gives a limited number of dealers the sole rights to distribute a company's products in their territories

Exclusive

Dina loves branded apparel and accessories but cannot afford to buy them often. Dina lives close to an off-price retail store that is owned & operated by a famous brand. The company utilizes this store to sell its surplus, discontinued, or irregular goods at lower costs. The retail store is best referred to as a ________

Factory outlet

Expanding a product line by adding more items within the present range of the line is known as product line

Filling

In which of the following steps of the selling process does a salesperson make sure that there is proper installation and support after a buyer receives the initial order

Follow-up

Rhonda entered into a contractual agreement with StellarCutz (national chain of affordable, walk-in hair salons). Rhonda uses the StellarCutz name and receives support in business methods and processes.... Which of the following best describes Rhonda's business

Franchise

In supply chain management, moving products and materials from suppliers to the factory is known as ________ logistics

Inbound

Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find something in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process

Information Search

The objective of ________ advertising is to build primary demand

Informative

________ advertising is used heavily when introducing a new product category

Informative

Erica Jenson has a limited budget to conduct a market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period

Internet based surveys

Which of the following is most likely a benefit of contract manufacturing

Investing companies that are new entrants in international markets get a chance to

to rising costs by ________

Investing in information technology systems

Which of the following is true of direct marketing

It is suited for highly targeted marketing efforts and for building one-to-one customer relationships.

Jacob Kendler works in a wholesale business which specializes in industrial goods needed in automobile industries.....Which of the following, if true, would strengthen the argument that Jacob works as an agent and not as a merchant wholesaler

Jacob represents his company but is not liable for any damaged or low-quality goods.

________ is a method of entering a foreign market by associating with foreign companies to produce or market products or services

Joint venture

________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself

Lagging Adopters

Opinion leaders are also known as

Leading Adopters

Which of the following is a personal factor that influences a consumer's buying behavior

Life Cycle Stage

Qriosity Inc. released a new antivirus program at half-price to attract buyers. This is most likely an example of ________

Market penetration pricing

The strategy of setting a low initial price to attract a large number of buyers quickly and win a large market share is referred to as ________

Market penetration pricing

In which of the following structures does a company organize its sales force along client or industry lines

Market sales force structure

A firm uses ________ when it charges a high, premium price for a new product with the intention of reducing the price in the future

Market skimming pricing

Which of the following statements regarding marketing intelligence is true

Marketing intelligence is the systematic collection and analysis of publicly available information.

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features

Maturity

When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ________

Measurable

is most likely a(n) ________

Merchant wholesaler

Firms that manufacture seasonal products target their consumers primarily through ________ segmentation

Occasion

________involves using an existing brand name for a new product category

Brand extension

A ________ brings buyers and sellers together and assists in negotiations

Broker

Which of the following is true of business markets

Business demand is derived demand as it ultimately derives from the demand for consumer goods

A(n) ________ sales-force structure combines several types of sales force organizations

Overlay-Complex sales force structure

Carleese, a leading fashion brand, sets up small temporary boutiques across numerous locations during its year-end sale, promoting its outdated products at half the price. These temporary boutiques are referred to as ________

Pop-up stores

Simone bought two bottles of wine from two vineyards in Bordeaux. When asked for an opinion on the quality of the wines, she later mentioned that the Pontet Canet tasted like alcoholic grape juice, but the Chateau Margaux had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Simone's remarks reflect

Post Purchase Behavior

Store brands are also known as ________ brands

Private

Kola...has recently forayed into the Middle East markets. Based on its research that consumers in the Middle East prefer sweeter drinks, it is manufacturing soft drinks with extra sugar to meet the local requirements. In this scenario, Kola is using a(n) ________ strategy to market its product

Product Adaptation

Combining several products and offering the collection at a reduced price is referred to as ________ pricing

Product bundle pricing

What type of pricing is being used when a company temporarily prices its products below the list price to create buying excitement and urgency

Promotional pricing

GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying process

Proposal Solicitation

Robert Solis is a salesman in a company that specializes in event management. He uses the Internet to identify potential companies with which his company can build long-term profitable relationships. Which step in the selling process does this scenario depict

Prospecting

The purpose of a quota is to ________

Protect local employment

Which term refers to the fixed amount in a salesperson's compensation

Salary

_______ are the standards stating the amount salespersons should sell and how sales should be divided among the company's products

Sales Quota

________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands

Selective Retention

Which of the following is the first step in developing an advertising program

Set advertising objectives

________ refers to using point-of-purchase promotions and advertising to extend brand equity to "the last mile" and encourage favorable point-of-purchase decisions

Shopper marketing

Which of the following statements is true of shopping centers

Shopping centers are groups of retail businesses built on a site that is planned, developed, owned, and managed as a unit.

Which statement is most likely true about the affordable method of setting an advertising budget

Spending on advertising is calculated after operating expenses, and capital outlays are deducted from total revenues.

Which of the following is a difference between storage warehouses and distribution centers

Storage warehouses store goods for moderate to long periods, while distribution centers are used to move goods rather than just store them.

Lengthening a product line beyond its current range is referred to as product line

Stretching

Which of the following is a drawback of using blogs as a marketing medium

The content of a blog is difficult to control

Which of the following conditions is most likely essential for implementing a successful market-penetration pricing strategy for a product

The market for the product is highly price sensitive.

Which of the following channel functions of wholesalers is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than are producers

Transportation

A product is in the maturity stage of the product life cycle, and the company decides to modify the marketing mix. Which of the following steps is the company most likely to take

Use aggressive sales promotions

A ________ is made up of a company, its suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system

Value delivery network

Clenzo...provides house cleaning...in major urban and suburban areas. Marketers at Clenzo developed a short, humorous video promoting the company's services and hope that customers who see the video will...pass the video on to [others] The marketers at Clenzo are using techniques to facilitate ________

Viral marketing

Introducing a new product into the market is called ________

Commercialization

Which of the following statements is most likely true about the new product development process

Customers, competitors, and suppliers are major sources of new product ideas.

Which of the following best describes product positioning

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

Business portfolio analysis is defined as the process in which management

assesses the attractiveness of an SBU's market and the strength of its position in the market

Which of the following criteria does the Boston Consulting Group approach use to provide a measure of a company's strength in the market

relative market share

JJ Distributors Ltd. buys electronic products from manufacturers for wholesale and sells them to various retail outlets. To which of the following markets does JJ Distributors Ltd. directly cater

reseller markets

In a just-in-time logistics system, ________

retailers carry small inventories of merchandise to last for only a few days

Fruity Loop, a leading manufacturer of fruit-juices, introduces a new range of potato chips. To promote this new product, it offers a packet of potato chips free with every bottle of Fruity Loop juice. Which of the following promotion tools is Fruity Loop using in this case

samples

Service inseparability means that ________

services become a part of their providers, whether the providers are people or machines

marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

sustainable

Which of the following sources constitutes the internal database of a company

the company's sales records

Which of the following transforms marketing strategies into real values for consumers

the four P's of marketing

Which of the following concepts holds that consumers will favor products that are available and highly affordable

the production concept

Which of the following is part of the microenvironment of a firm's marketing environment

the suppliers who work with the company

In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance

threats

According to the five-step model of the marketing process, the first step in marketing is

understanding the marketplace and customer needs and wants

Which wholesaler channel function helps reduce the inventory holding costs and risks of suppliers and customers

warehousing

Specialty products are consumer products and services that customers generally buy

without making comparisons

Which of the following is a direct digital marketing tool

blogs.

A convenience store ________

carries a limited line of high-turnover goods for consumer self-service

Which of the following is a traditional direct marketing tool

catalog marketing

Subsistence economies are best defined as economies that

consume most of their own agricultural output and offer few market opportunities

Which of the following sets the upper limit for a product's pricing

consumer perceptions of value

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on

consumers' existing wants

Jeff Barkins is a conscientious marketing manager. Sometimes, Jeff and his staff are unclear what decisions to make when faced with moral dilemmas. Jeff and other managers could create broad guidelines that everyone in the organization must follow in the form of a

corporate marketing ethics policy

The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as

customer relationship management

are the most important actors in a company's microenvironment

customers

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first

define the problem and objectives

Which of the following groups is included in both a company's value chain and its value delivery network

employees

is the act of obtaining a desired object from someone by offering something in return

exchange

Parvon managers most likely take to achieve this goal

find new market segments for the brand

________ are the largest group of wholesalers and can be divided into two broad types of wholesalers

full-service and limited-service: Merchant Wholesalers

With a market development strategy, a company aims to improve sales by

introducing its product in a new market without making any changes to the product

Which of the following will most likely be included in the "place" component of a company's marketing mix

inventory

Montano Boutiques promotes its brand in new international markets by providing rights to local boutiques to use its patented designs and brand name. In this case, Montano Boutiques' market-entering strategy is referred to as ________

licensing

Demographic, economic, natural, technological, political, and cultural forces form the

macroenvironment

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy

market segmentation, market targeting, differentiation, and positioning

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

marketing

Under ________, the market consists of many buyers and sellers trading over a range of prices rather than a single market price

monopolistic competition

Faber Motors manufactures three lines of cars..(More text in quiz)...Which term bestdescribes Faber's channel arrangements

multichannel distribution system

Product mix width refers to the

number of different product lines the company carries

In a SWOT analysis, which of the following would be considered a weakness of a company

obsolete technologies used by the company

Glenda is searching airline schedules on HolApp, a mobile Web application. While browsing the application, a banner appears on the mobile screen showcasing offers and discounts on air tickets. The banner is best referred to as a(n) ________

online display advertisement

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society

political

To which of the following elements of the marketing mix do design, packaging, services, and features belong

product

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market

product

GameStop, a video game retailer, offers a deep assortment of video games and video game consoles. GameStop is best described as a(n) ________

Specialty store

Which of the following is true of free trade zones

They are groups of nations organized to work toward common goals.

Which of the following is an advantage of primary data

They are more relevant than secondary data.

Which of the following is most likely a true statement about baby boomers

They are the wealthiest generation in U.S. history

Which of the following is true of perceptual positioning maps

They are used to analyze consumer perceptions of a brand versus competing products.

Which of the following is true of downstream channels in a company's supply chain

They form an intermediary link between the company and its customers.

When a market segment is large or profitable enough to serve, it is termed ________

Substantial

Which of the following statements is true of consumer promotions

They include a wide range of tools like samples, coupons, and refunds.

Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment

They take advantage of the opportunities provided by the environment.

Every time a search is made using keywords related to construction, search engines display text-based advertisements and links to Regan Builders, a construction firm. The marketing tool used by Regan Builders is best referred to as a ________

Contextual advertising

________ pricing involves setting prices based on the expenses involved in producing, distributing, and selling a product plus a fair rate of return for a company's effort and risk

Cost based pricing

A company designs what it considers to be a good product, calculates the expenses of making the product, and sets a price that adds a standard markup to the cost of the product. This approach to pricing is called ________ pricing

Cost plus pricing

Dazed is a bar... To build strong customer relations, Dazed sends text messages to customers, telling them about happy hours, bands playing..., dedicated genre nights, and other activities. Which of the following promotion mix tools does Dazed employ to reach target customers in this scenario

Direct marketing

The process in which printed catalogs, brochures, samples, and DVDs are distributed to customers using highly selective mailing lists is known as ________

Direct mail marketing

Which of the following statements is most likely true about the product life cycle

Growth is a period of rapid market acceptance and increasing profits

In which of the following steps of the selling process does a salesperson seek out, clarify, and overcome any customer disapproval to buying

Handling Objects

Which of the following is true of a direct marketing channel

It does not use any intermediaries

Which of the following is true of a conventional distribution channel

It has each channel member acting as a separate business unit trying to maximize it's own profits.

Which of the following is true of a vertical marketing system

It has one channel member owning all the other channel members or has contracts with all other channel members.

Which of the following statements is true in the context of the BCG growth-share matrix

Stars often need heavy investment to finance their rapid growth in a market.

Which of the following is an example of inbound telemarketing

Sterrns Media advertises its services by sending letters to potential customers and prompting them to contact the firm through a toll-free number.

Which of the following is true about the introduction stage of a new product

Sales growth tends to be slow.

Mercury Electric...releases a new line of blenders called SpinPro. To boost sales, Mercury Electric gives scratch-and-win coupons to all buyers and provides a three-day trip to Hawaii for the winner. Which element of the promotion mix has Mercury Electric used in this scenario

Sales promotion

Glow, a gift card store, offers a price reduction to customers who buy Christmas cards the week after Christmas. In this case, the store offers a ________

Seasonal Discount

What is most likely the first major marketing decision that a retailer must take

Segmentation

Checking out products in traditional stores and purchasing them online is referred to as________

Showrooming

Which of the following is most likely an advantage of social media marketing

Social media are target and personal

Which of the following statements about buying centers is true

Some buying centers involve informal participants.

Which of the following has resulted from the increased educational levels of the U.S. population

greater job growth for professional workers

Barry's is a chain of retail stores that stocks a large variety of goods and practices high- low pricing. This means that Barry's is likely to ________

offer numerous sales or discounts

Which of the following best describes a company's business portfolio

the collection of businesses and products that make up the company

Which of the following demonstrates the real value of a company's marketing research and information system

the quality of customer insights it provides

Reverse logistics refers to moving ________

unwanted, excess products from resellers to producers

Which of the following is an example of an industrial product grouped under capital items

Factory

A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively

CRM Systems

Which term refers to a tool used by managers to supervise their salespeople

Call Plan

Setting a price for products that must be used along with a main product is known as ________ pricing

Captive product pricing

Zista, a boutique that caters to the clothing needs of women, manufactures two different lines of fashion wear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Zista most likely segments the consumer market based on ________ variables

Demographic

Fred's faith in his favorite brand makes him consider new initiatives and products introduced by the brand. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community. Fred is best described as a(n) ________

Early Adopter

The simplest way to enter a foreign market is through ________

Exporting

ColaBlue...is sued...for not meeting certain safety standards in its waste disposal. ColaBlue remedies the problem by adding higher-grade filters and purifiers. Which of the following actions...would constitute a public-relations effort to address the effects of the lawsuit and the consequent damage to its brand image

Holding a press conference to explain the remedial steps that Cola Blue has taken

Japan is a major exporter of manufactured goods, services, and investment funds. Japan also exports its goods to other types of economies for raw materials and semifinished goods. The country's industrial structure is referred to as a(n) ________ economy

Industrial Economies

When demand hardly changes with a small change in the price of a product, then the demand for the product is best described as ________

Inelastic

Zephyr Inc...wants to enter the commercial tracking device market with its latest product, FindIt. Unlike other tracking devices, FindIt is very small and relatively cheap, but it can be used only within small areas as it has a low detection-range. Which type of advertising would be best for FindIt

Informative adverting

Sweet & Cream, a popular frozen yogurt chain, attracts new customers by adding new flavors to its famous frozen yogurt product line. In this case, the company has developed its brand with ________

Line extension

Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition

More for more

_______ involves combining two or more systems of transportation to move products

Multimodal transportation

Xenon, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, Xenon has sponsored its products by promoting them as ________ brands

National

Campbell is one of the oldest retailers in the country.....Posco, a new chain of retail stores, offers products that are similar to Campbell's offerings; however, Posco is known for....From this scenario, which of the following statements is most likely true

Posco better utilizes the services mix to differentiate itself from Campbell.

Pricing a product based on consumers' reference prices is referred to as ________ pricing

Psychological

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

Public Relations

Pearl Sands is a resort....It attracts the maximum number of customers in the summer. In the spring, Pearl Sands sponsors shows on TV and puts up billboards in Willington and the surrounding towns. The billboards advertise Pearl Sands as an ideal holiday spot,.. This is an example of a ________ strategy

Pull

Flax (chain of stores) that carries several product lines including clothing, home furnishings, and household appliances. Each line is operated as a separate department, and employees are available to assist and advise customers in every phase of the shopping process. Flax is most likely a

Super market

________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying separate products and services from several suppliers

Systems Selling

The first part of a marketing strategy statement describes the ________ of a new product

Target market

Loretta Inc...(U.S.-based), sells its products [to other countries]. Loretta appoints a # of sales representatives to each location. They report to area managers, and area managers coordinate sales in their areas before reporting to regional managers. Loretta has most likely adopted a ________ sales-force structure

Territorial sales force structure

Which of the following is an example of a combination of sales promotions and direct marketing

a company sending an e-mail to a customer about a discount on a product during a

Which of the following is most likely an example of a business promotion tool

a trade fair showcasing a new audio system developed by an electronics firm

Sonic Shack, an audio equipment retailer, signs an agreement with PineWire, a renowned electronics company, to sell PineWire products...(More text in quiz)...Which of the following types of channel arrangements do PineWire and Sonic Shack most likely have

administered vertical marketing system

When compared to merchant wholesalers, brokers and agents ________

do not take title to goods

Trainstar...releases a new line of energy drinks called VitaZing. The tv ad for the energy drink shows people working out. The actors then take a break to drink VitaZing, which visibly re-energizes them and leads them to continue exercising. Which advertising style is most likely used in the ad

lifestyle