MKT Exam 2 Concept Check (ch.8-13&19-20)

Assume a retailer purchases a can of premium dog food at $2.25 and adds 75 cents to the cost, making the price $3. What is the markup as a percentage of selling price? a. 25% b. 50% c. 5% d. 100% e. 33%

a. 25%

Spacely Inc.'s sprockets have inelastic demand. If Spacely raises the price of sprockets, what will be the result? a. an increase in total revenue b. a decrease in market share c. a decrease in product inventory d. an increase in market share e. a decrease in total revenue

a. an increase in total revenue

Which of the following should be accomplished after developing pricing objectives? a. assessing the target market's evaluation of price b. selecting a basis for pricing c. determining a specific price d. selecting a pricing strategy e. evaluating competitors' prices

a. assessing the target market's evaluation of price

Which of the following is calculated by dividing the variable costs by the number of units produced? a. average variable cost b. break-even point. c. marginal cost d. average total cost e. average fixed cost

a. average variable cost

Logitech was founded with the knowledge and resources to accelerate its participation and investment in the global marketplace; it was able to export products soon after being established in market niches in which it competed with long-established firms. This is an example of a(n) ____________. a. born global b. trading company c. contract manufacturer d. strategic alliance e. export agent

a. born global

Which of the following is a major advantage of nonprice competition? a. building customer loyalty toward the brand b. exceeding the breakeven point c. fostering a price-conscious mindset d. fostering a value-conscious mindset e. building market share

a. building customer loyalty toward the brand

Which of the following is often used by producers of relatively homogeneous products, especially when the target market considers price to be an important purchase consideration? a. competition-based pricing b. markup pricing c. cost-plus pricing d. demand-based pricing e. cost-based pricing

a. competition-based pricing

To balance the supply and demand of perishable services, marketers may use ______________. a. demand-based pricing b. supply-based pricing c. high-contact pricing d. client-based pricing e. peak pricing

a. demand-based pricing

ACME Corp. is using all digital media, including the Internet and mobile and interactive channels, to develop communication and exchanges with customers. This is best described as ______________. a. digital marketing b. mobile marketing c. social networking d. digital retailing e. electronic marketing

a. digital marketing

Which of the following identifies old technologies that can be exploited in new ways or develops new business models to give customers more than they've come to expect from current products in a specific market? a. disruptive innovation b. brand extension c. line extension d. idea generation e. product modification

a. disruptive innovation

Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing? a. electronic marketing b. digital retailing c. mobile marketing d. digital marketing e. social networking

a. electronic marketing

Kara Thrace operates a service business that engages in systematically collecting data on brands and prices at competitors' stores. For which stage of the price establishment process would this service be most appropriate? a. evaluating competitors' prices b. assessing the target market's evaluation of price c. selecting a basis for pricing d. selecting a pricing strategy e. developing pricing objectives

a. evaluating competitors' prices

When a business buyer invites vendors to bid to supply a specified good or service in competition with each other, with the lowest bidder winning the right to sell to the buyer, this is best described as a. reverse auction. b. B2B e-commerce site. c. buying center. d. online auction. e. B2B exchange

a. reverse auction

The world's first service economy was ____________. a. the United States b. Germany c. Canada d. Japan e. Australia

a. the United States

Which of the following are viewed as "in the know" by many product adopters? a. late majority b. innovators c. early adopters d. early majority e. laggards

c. early adopters

Which of the following represents the most people? a. North American Free Trade Agreement b. Asia-Pacific Economic Cooperation c. Association of Southeast Asian Nations d. Southern Common Market e. European Union

b. Asia-Pacific Economic Cooperation

Which of the following has its own currency? a. Asia-Pacific Economic Cooperation b. European Union c. Association of Southeast Asian Nations d. Southern Common Market e. North American Free Trade Agreement

b. European Union

To compete effectively on a price basis, a firm should ____. a. have the highest market share b. be the low-cost seller of the product c. be the high-cost seller of the product d. have the lowest market share e. have the highest quality

b. be the low-cost seller of the product

Which of the following is the strongest and most desired by marketers? a. brand recognition b. brand insistence c. brand equity d. brand preference e. brand loyalty

b. brand insistence

Two trends have elevated the importance of consumer-generated information: (1) The growing tendency of consumers to publish their own thoughts, opinions, reviews, and product discussions; and (2) ______________. a. consumers' tendencies to trust the government over consumers and corporations b. consumers' tendencies to trust other consumers over corporations c. consumers' tendencies to trust other corporations over consumers d. consumers' preference for less technology e. consumers' preference for smartphones and apps

b. consumers' tendencies to trust other consumers over corporations

Which of the following is NOT one of the factors that affect service quality? a. service quality specifications b. corporate performance c. management of service expectations d. customer expectations e. employee performance

b. corporate performance

Which of the following price bases is mostly likely to be used for commercial construction projects or custom made equipment? a. yield management b. cost-plus pricing c. demand-based pricing d. competition-based pricing e. markup pricing

b. cost-plus pricing

Delivery and installation, financing arrangements, customer training, warranties and guarantees, repairs, layaway plans, convenient hours of operation, adequate parking, and information through toll-free numbers and websites are examples of ________________. a. product design b. customer services c. customer positioning d. product features e. product differentiation

b. customer services

Sales fall rapidly during which of the following? a. growth stage b. decline stage c. product development d. introduction stage e. maturity stage

b. decline stage

ACME has a pricing objective to increase its primary product's sales relative to total industry sales. This is best describe as a(n) _____. a. return-on-investment objective b. market share objective c. status quo objective d. product quality objective e. cash flow objective

b. market share objective

Which of the following is contracting of noncore operations or jobs from internal production within a business to an external entity that specializes in that operation? a. offshore outsourcing b. outsourcing c. crowdsourcing d. offshoring e. licensing

b. outsourcing

Sleep Train's Presidents Day sales are an example of _____. a. penetration pricing b. periodic discounting c. negotiated pricing d. price skimming e. secondary-market pricing

b. periodic discounting

The decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds are best described as _______________. a. screening b. positioning c. repositioning d. perceptual mapping e. disruptive innovation

b. positioning

Gorton's buys large amounts of fish to use in its frozen dinners and dinner components. Gorton's belongs in which of the following markets? a. institutional market b. producer market c. B2C market d. government market e. reseller market

b. producer market

During which phase of the new product development process is a new product idea turned into a prototype or working model? a. screening b. product development c. test marketing d. business analysis e. concept testing

b. product development

ACME Corp.'s widgets have elastic demand. If ACME raises the price of widgets, what will be the result? a. an increase in market share b. a decrease in product inventory c. a decrease in total revenue d. an increase in total revenue e. a decrease in market share

c. a decrease in total revenue

ACME Corp. and Spacely Inc. are engaged in intense price competition in order to boost market share of their widgets. This is best described as _____. a. elasticity of demand b. nonprice competition c. a price war d. bartering e. price discrimination

c. a price war

Which of the following pricing strategies sets the basic product in a product line low, but the price on the items required to operate or enhance it are higher? a. premium pricing b. price lining c. captive pricing d. bait pricing e. reference pricing

c. captive pricing

ACME Corp. offers a price discount to encourage prompt payment. Which of the following is it likely to use? a. seasonal discount b. allowance c. cash discount d. quantity discount e. trade discount

c. cash discount

Anh regularly updates her Facebook page and posts status updates on Instagram and Twitter. She is best described as a(n) ____ with regard to the Social Technographics profiles. a. creator b. joiner c. conversationalist d. inactive e. critic

c. conversationalist

Which of the following shows the quantity of products a firm expects to sell at various prices if other factors remain constant? a. demand line b. marginal analysis c. demand curve d. reference price e. break-even point

c. demand curve

Customers usually have two levels of service expectations: ________ and ________. a. desired; perishable b. perishable; intangible c. desired; acceptable d. unwanted; acceptable e. intangible; inseparable

c. desired; acceptable

The use of bribes, which are illegal for U.S. companies, relate best to which of the following? a. political and regulatory forces b. trade barriers c. ethical and social responsibility forces d. economic forces e. sociocultural forces

c. ethical and social responsibility forces

Which of the following alters a product's versatility, effectiveness, convenience, or safety? a. aesthetic modification b. package modification c. functional modification d. ingredient modification e. quality modification

c. functional modification

Most companies have entered the global marketplace ______ and _______. a. immediately; incrementally b. thoughtfully; all at once c. gradually; incrementally d. gradually; all at once e. immediately; all at once

c. gradually; incrementally

Traveler's Insurance uses an umbrella in its name to symbolize protection. Such symbols provide cues to overcome which aspect of a service? a. heterogeneity b. inseparability c. intangibility d. client-based relationships e. perishability

c. intangibility

Which of the following is NOT a typical function of packaging? a. to offer convenience to consumers b. to prevent tampering and shoplifting c. to prevent efficient handling of the product d. to protect the product and maintain its form e. to promote a product

c. to prevent efficient handling of the product

Firefly Space Shuttles is using a strategy of maximizing revenues by making numerous price changes in response to demand, competitors' prices, or environmental conditions. This is best described as _____. a. competition-based pricing b. markup pricing c. yield management d. cost-plus pricing e. cost-based pricing

c. yield management

ACME Corp. is developing a software program that can run on mobile devices so that customers can interact with the firm, view product information, and order status. This is best described as a(n) ___________. a. widget b. podcast c. social media d. app e. website

d. app

Buyers recognize the existence of a new product during which of the following stages of the product adoption process? a. evaluation b. interest c. adoption d. awareness e. trial

d. awareness

The Double-A of American Airlines, the peacock of NBC, and the apple with a missing bite of Apple are examples of a _______________. a. brand equity b. trademark c. trade name d. brand mark e. brand name

d. brand mark

Which of the following is the point at which the costs of producing a product equals the revenue made from selling the product? a. demand curve b. marginal revenue c. fixed cost d. break-even point e. marginal cost

d. break-even point

The Red Cross raises funds to help people recover after fires, tornados, and other disasters. For the Red Cross, the victims of these disasters represent ______________. a. target publics b. client segments c. general publics d. client publics e. target markets

d. client publics

Commodities and raw materials are typically purchased using which method of business buying? a. inspection b. reciprocity c. sampling d. description e. negotiation

d. description

Online marketing efforts make the buying process far more efficient because it ________ and _______. a. takes more time; reduces costs b. saves time; increases costs c. removes emotion, reduces costs d. saves time; reduces costs e. saves time; is more professional Hide Feedback

d. saves time; reduces costs

ACME Corp. is going through the new product development process and is selecting ideas with the greatest potential for development for further review. ACME is in which phase of the new product development process? a. product development b. concept testing c. business analysis d. screening e. test marketing

d. screening

Purchasing agents at ACME Corp. are looking in company files and trade directories, contacting suppliers for information, soliciting proposals from known vendors, and examining various online and print publications. They are in which of the following stages of the buying decision process? a. selecting the product to be purchased and the supplier b. developing product specifications c. evaluating the supplier's and product's performance by comparing it with specifications d. searching for and evaluating potential products and suppliers e. recognizing the problem

d. searching for and evaluating potential products and suppliers

Which of the following pricing objectives can reduce a firm's risks by helping to stabilize demand for its products? a. profit b. market share c. cash flow d. status quo e. product quality

d. status quo

Although heterogeneity results in variability in service quality, which makes it difficult to standardize services, it does offer a significant advantage: __________________. a. lower prices b. the ability to distribute services through multiple channels c. lower costs d. the ability to customize e. the ability to store unused products for a later date

d. the ability to customize

Which of the following is one of the biggest mistakes a marketer can make when engaging in digital marketing? a. to fail to engage in social networks b. to adopt an undifferentiated marketing strategy c. to treat it like a disruptive innovation d. to treat it like a traditional marketing channel e. to use all social networks regardless of target markets

d. to treat it like a traditional marketing channel

Free samples can help move consumers into which of the following? a. evaluation b. adoption c. awareness d. trial e. interest

d. trial

Which of the following are purchased when a sudden problem must be solved, products of which customers are unaware of until they see them in a store or online, and products that people do not plan on purchasing? a. convenience products b. accessory products c. shopping products d. unsought products e. specialty products

d. unsought products

Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as __________________. a. corporate websites. b. online auction sites. c. B2C e-commerce sites. d. buying centers. e. B2B e-commerce sites.

e. B2B e-commerce sites

Which of the following is NOT a way in which nonprofit marketing is different from conventional marketing? a. It can be difficult to judge the performance of a nonprofit. b. Nonprofit marketing can be quite controversial. c. Nonprofit marketing has more opportunity for creativity. d. The chief beneficiaries are clients, members, or the public at large. e. The chief beneficiary is who owns it or holds stock in it.

e. The chief beneficiary is who owns it or holds stock in it

ACME Corp. has concentrated its human resources with international expertise into one unit which serves as the central point for all information flow related to international operations, it is most likely using _____________. a. a product division structure b. a geographic area structure c. an export department structure d. the global matrix structure e. an international division structure

e. an international division structure

In the case that a preferred brand is not available, which of the following consumer product types will a shopper be most likely to choose a substitute brand? a. installations b. MRO supplies c. shopping d. specialty e. convenience

e. convenience

Which of the following Social Technographics segment is increasingly important to online marketers as a conduit for addressing consumers directly? a. spectators b. critics c. collectors d. joiners e. creators

e. creators

Nonprofit decisions that relate to how ideas and services will be made available to clients relate to ___________________. a. profit b. price c. promotion d. product e. distribution

e. distribution

One of the most important factors in providing high service quality to customers is _____________. a. customer satisfaction b. employee uniforms c. customer training d. apps and kiosks that reduce the level of customer contact e. employee satisfaction

e. employee satisfaction

During which of the product life cycle stages do sales rise rapidly? a. deletion b. decline c. maturity d. introduction e. growth

e. growth

Which of the following raises the price of foreign goods? a. exchange controls b. quota c. the World Trade Organization d. embargo e. import tariff

e. import tariff

A price increase or decrease does not significantly alter demand for a product with ____________. a. derived demand. b. joint demand. c. reciprocity. d. elastic demand. e. inelastic demand.

e. inelastic demand

The primary difference between a service and a good is that a service _________________. a. provides the psychological stimulation that aids in solving problems or adjusting to the environment b. is dominated by its symbolic meaning c. is dominated by the tangible portion of the total product d. provides many jobs in the United States e. is dominated by the intangible portion of the total product

e. is dominated by the intangible portion of the total product

Which of the following are often a political necessity because of nationalism and government restrictions on foreign ownership? a. contract manufacturing b. outsourcing c. strategic alliances d. direct investment e. joint ventures

e. joint ventures

Which of the following is closely related to packaging and is used to identify, promote, inform, and address legal requirements? a. brand mark b. brand licensing c. packaging d. branding e. labeling

e. labeling

Any attempt to conduct dishonest activities online would be described as ______________. a. transparency b. piracy c. identity theft d. credit card fraud e. online fraud

e. online fraud

ACME Corp. has decided that all of its products' packages should be similar. ACME is using which of the following? a. family packaging b. co-branding c. brand extension d. family branding e. private distributor packaging

a. family packaging

A business's rental of production space is an example of a _____. a. fixed cost b. total cost c. variable cost d. marginal cost e. break-even point

a. fixed cost

Which of the following markets may have complex buying procedures due in part to their public accountability? a. government markets b. institutional markets c. college markets d. producer markets e. reseller markets

a. government markets

Which of the following is the market value of a nation's total output of goods and services for a given period in relation to its population? a. gross domestic product per capita b. gross national product per capita c. balance of trade d. gross domestic product e. exchange control

a. gross domestic product per capita

When customer-contact jobs are contracted out to the homes of workers, it is called ____________. a. homesourcing b. perishability c. home-based marketing d. outsourcing e. intangibility

a. homesourcing

Which of the following is characterized by intense competition? a. maturity b. test marketing c. growth d. decline e. introduction

a. maturity

One of the most significant privacy issues relates to marketers' use of _____________. a. personal information b. competitors' information c. stolen credit card numbers d. intellectual property e. customer loyalty programs

a. personal information

Huy Fong is buying peppers and vinegar to make its iconic Sriracha sauce. For Huy Fong, these are best described as _______________. a. process materials b. installations c. accessory equipment d. raw materials e. component parts

a. process materials

The process of creating and designing products so that customers perceive them as different from competing products is best described as _______________. a. product differentiation b. disruptive innovation c. concept testing d. product positioning e. product modification

a. product differentiation

A(n) ______ is a specific version of a product, while a(n) ______ is a group of closely related products that are considered to be a group because of marketing, technical, or end-use considerations. a. product item; product line b. product item; product mix c. product mix width; product mix depth d. product mix; product line e. brand; product mix

a. product item; product line

Customers' perceptions of how well a service meets or exceeds their expectations is best described as ________________. a. product quality b. experience quality c. ingredient quality d. search quality e. credence quality

a. product quality

Which of the following is NOT one of the factors that influence the assessment of value? a. price levels b. elasticity of demand c. time constraints d. motivations to use available information about prices e. perceived quality

b. elasticity of demand

In the absence of government controls, pricing is a(n) ____ and ____ way to adjust the marketing mix. a. flexible; ill-timed b. flexible; convenient c. rigid; convenient d. flexible; challenging e. ethical; convenient

b. flexible; convenient

The fact that you cannot isolate the production of a ride through a ride-share service such as Uber or Lyft from its consumption relates to the service's _______________. a. heterogeneity b. inseparability c. homogeneity d. perishability e. intangibility

b. inseparability

Which of the following is the total group of products that an organization makes available to customers? a. product mix width b. product mix c. promotion mix d. marketing mix e. brand mix

b. product mix

The Internet is viewed as a ____ medium because users determine which material they are going to view. a. open b. pull c. close d. push e. passive

b. pull

Which of the following markets includes wholesalers or retailers? a. government markets b. reseller markets c. buying centers d. institutional markets e. producer markets

b. reseller markets

One of the most important benefits of e-marketing is the ability of marketers and customers to __________. a. reduce costs b. share information c. save money d. use social media e. use apps

b. share information

Which of the following is a website (or app) where users can create a profile and interact with other users, post information, and engage in other forms of web-based communication? a. media-sharing site b. social network c. blog d. virtual gaming site e. mobile marketing

b. social network

Any product making a nutritional claim must have ________________. a. promotional nutrition labeling b. standardized nutrition labeling c. standardized packaging d. package licensing e. whatever information the manufacturer thinks is important

b. standardized nutrition labeling

A product modification differs from a line extension in that __________________. a. the new product is in a different product category b. the original product does not remain in the line c. it changes the sensory appeal of a product by altering its taste, texture, sound, smell, or appearance d. it changes the product's dependability and durability e. the original product remains in the line

b. the original product does not remain in the line

ACME Corp. managers lack the will and resources to develop international marketing strategies, but are happy when their company's products are purchased by a(n) ______, which then sells them internationally. a. contract manufacturer b. trading company c. export agent d. joint venture e. licensor

b. trading company

Which of the following is responsible for all aspects of developing a product: research and development, production and engineering, finance and accounting, and marketing? a. market manager b. venture team c. brand manager d. product manager e. brand developer

b. venture team

When a company offers many product lines, it can be said to have a ________________. a. shallow product mix b. wide product mix c. brand product mix d. narrow product mix e. deep product mix

b. wide product mix

When a product's performance characteristics are at least equal to those of competitive brands and it is priced lower, which of the following is appropriate? a. positioning to highlight style b. positioning to avoid competition c. head-to-head positioning d. repositioning e. positioning to emphasize ingredients

c. head-to-head positioning

A price developed in the buyer's mind through experience with the product is a(n) _____. a. external reference price b. experience price c. internal reference price d. trade discount e. break-even point

c. internal reference price

Quality, the overall characteristics of a product that allow it to perform as expected, has two components: _____ and _____. a. appearance; consistency b. services; consistency c. level; consistency d. level; function e. function; appearance

c. level; consistency

The development of a product that is closely related to one or more products in the existing product line, but designed specifically to meet somewhat different customer needs is best described as _______________. a. aesthetic modification b. product modification c. line extension d. brand extension e. quality modification

c. line extension

Which of the following is responsible for managing the marketing activities that serve a particular group of customers? a. venture team b. product mix team c. market manager d. product manager e. brand manager

c. market manager

Which of the following is NOT one of the five opportunities for creating value generated by a global presence? a. adapt to local market differences b. mine optimal locations for activities and resources c. minimize the transfer of knowledge across locations d. exploit economies of global scope e. exploit economies of global scale

c. minimize the transfer of knowledge across locations

ACME Corp. has ordered widgets from Wiley Widgets several times before, but now it would like Wiley Widgets to offer a lower per-unit price in exchange for a larger order. ACME is using which of the following types of business purchases? a. new-rebuy purchase b. straight rebuy purchase c. modified rebuy purchase d. new-task purchase e. modified-task purchase

c. modified rebuy purchase

Which of the following is NOT one of the ways that business transactions differ from consumer transactions? a. Purchasing decisions are often made by a committee. b. Suppliers of large, expensive, or complex goods often must sell products in large quantities to make profits. c. Orders are frequently small and inexpensive. d. Orders by business customers tend to be much larger than individual consumer sales. e. Discussions and negotiations associated with business purchases can require considerable marketing time and selling effort.

c. orders are frequently small and inexpensive

Which of the following deletion strategies makes no attempt to give a declining product a new life? a. immediate drop b. run-out c. phase-out d. lingering drop e. flash sale

c. phase-out

Which of the following is responsible for a product, a product line, or several distinct products that make up an interrelated group within a multiproduct organization? a. venture team b. market manager c. product manager d. brand manager e. product mix manager

c. product manager

Which of the following objectives is likely to be more expensive for a firm as the cost of materials and research and development may be greater? a. status quo b. cash flow c. product quality d. market share e. profit

c. product quality

Which of the following does the North American Free Trade Agreement NOT do? a. make it easier to invest in Mexico and Canada b. expand trade by requiring equal treatment of U.S. firms by Canada and Mexico c. raise tariffs on products imported from Canada and Mexico d. provide protection for intellectual property e. simplify country-of-origin rules

c. raise tariffs on products imported from Canada and Mexico

When a product's packaging can be reused for an additional purpose, this is best described as _________________. a. family branding b. handling-improved packaging c. secondary-use packaging d. family packaging e. category-consistent packaging

c. secondary-use packaging

The Federal Trade Commission has established guidelines for _______: If the higher price against which the comparison is made is the price formerly charged for the product, the seller must have made the previous price available to customers for a reasonable time period. a. bait pricing b. special-event pricing c. price leaders d. comparison discounting e. reference pricing

d. comparison discounting

The Federal Trade Commission is investigating ACME Corp. for using misleading price tags at its outlet stores to deceive customers into believing they are getting a bargain on Wile E. branded items. Which of the following does the FTC believe ACME is guilty of? a. price discrimination b. price fixing c. price competition d. deceptive pricing e. nonprice competition

d. deceptive pricing

Which of the following involves developing marketing strategies as though the entire world (or its major regions) were a single entity? a. customization b. outsourcing c. licensing d. globalization e. segmentation

d. globalization

Training can help employees provide consistent service quality, thereby lessening variations in service quality, which is also known as ________________. a. perishability b. inseparability c. intangibility d. heterogeneity e. client-based relationships

d. heterogeneity

The Red Cross raises money to help people survive natural and manmade disasters. Red Cross can best be described as a(n) ______________. a. service b. specialty product c. unsought product d. idea e. good

d. idea

Which of the following is NOT true about digital marketing as a new distribution channel? a. It reduces inefficiencies throughout the marketing channel. b. It reduces redundancies throughout the marketing channel. c. It increases speed throughout the marketing channel. d. It increases inefficiencies throughout the marketing channel. e. It reduces costs throughout the marketing channel.

d. it increases inefficiencies throughout the marketing channel

Because it imports more products than it exports, so that money is flowing out of the country, the United States has a(n) ________________. a. negative exchange control b. positive balance of trade c. negative gross domestic product d. negative balance of trade e. positive gross domestic product

d. negative balance of trade

To estimate the purchase potential of business customers, a marketer must find a relationship between a variable available in industrial classification data, such as number of employees, and the size of ____________________. a. current customers' sales. b. potential customers' sales. c. potential customers. d. potential customers' purchases. e. potential customers' products.

d. potential customers' purchases

Procter & Gamble is in the process of eliminating products from the product mix because they no longer satisfy a sufficient number of customers. This is best described as _________________. a. product adoption b. product positioning c. commercialization d. product deletion e. disruptive innovation

d. product deletion

Price is a key element in the marketing mix because it relates directly to the generation of total _____. a. price competition b. market share c. profits d. revenue e. elasticity of demand

d. revenue

For most firms, the early stages of international development are often ______ and not fully ______. a. informal; implemented b. informal; improvised c. formal; implemented d. formal; planned e. informal; planned

e. informal; planned

Which of the following is NOT a means of repositioning a product? a. physically changing the product b. distributing the product through a different distribution channel c. changing the product's image through promotional efforts d. aiming the product at a different target market e. maintaining the product's marketing mix

e. maintaining the product's marketing mix

The "bricks-and-clicks" model involves maintaining _____________. a. social network pages and blogs b. online shopping sites only c. physical stores only d. apps and blogs e. physical stores and an online shopping site

e. physical stores and an online shopping site

Which pricing strategy provides the most flexible introductory base price? a. premium pricing b. captive pricing c. penetration pricing d. periodic discounting e. price skimming

e. price skimming

Which of the following is used by retailers or wholesalers to develop more efficient promotion, generate higher gross margins, and change store image? a. consumer brands b. manufacturer brands c. equity brands d. generic brands e. private distributor brands

e. private distributor brands

Which of the following product-line pricing strategies is NOT generally used for business products? a. premium pricing b. price lining c. captive pricing d. bait pricing e. psychological pricing

e. psychological pricing

Which of the following pass on to a business customer the cost savings gained through economies of scale a. cash discounts b. allowances c. trade discounts d. seasonal discounts e. quantity discounts

e. quantity discounts

The North American Industry Classification System is a(n) ________________. a. single industry classification system used globally to generate comparable statistics. b. state directory of businesses. c. commercial database. d. single industry classification system used in Europe to generate comparable statistics. e. single industry classification system used by the United States, Canada, and Mexico to generate comparable statistics.

e. single industry classification system used by the United States, Canada, and Mexico to generate comparable statistics

Which of the following organizational architecture elements is the most difficult to change, especially in the short term? a. processes b. functions c. people d. culture e. structure

e. structure

Which of the following product elements derives from customers' involvement with the product, which may convey additional value to many products (and brands) for buyers? a. brand equity b. supplemental features c. the core product d. brand loyalty e. symbolic or experiential benefits

e. symbolic and experiential benefits

The group of people within an organization who make business buying decisions are best described as ______________. a. influencers. b. gatekeepers. c. the purchasing unit. d. vendors. e. the buying center.

e. the buying center

Which of the following is NOT a way that consumers rationalize pirating software, games, and movies online? a. They are influenced by friends and family who engage in piracy and swap digital content. b. They feel they just do not have the money to pay for what they want. c. They think they are smarter than others. d. They are excited by the thrill of getting away with it and the slim risk of consequences. e. They worry about getting arrested.

e. they worry about getting arrested

Which of the following charges the same price to all customers regardless of geographic location, and the price is based on average shipping costs for all customers? a. zone pricing b. base-point pricing c. F.O.B. destination pricing d. freight absorption pricing e. uniform geographic pricing

e. uniform geographic pricing

Examining quality, design, materials, and possibly item reduction or deletion to acquire the product in the most cost-effective way is best described as __________________. a. vendor analysis. b. sole sourcing. c. multiple sourcing. d. specification analysis. e. value analysis.

e. value analysis

Maria is concerned about both price and quality of a product. Marketers would best describe her as which of the following? a. price-obsessed b. prestige-sensitive c. utility-sensitive d. price-conscious e. value-conscious

e. value-conscious