WVIT 343 Lease Quizzes

What are the four boston consulting group approaches? (pg 43-44)

1) Stars 2) Cash cows 3) Question marks 4) Dogs

Describe the product/market expansion grid?

Existing markets--Market Penetration --Product development New markets--Market development--Diversification

What are the 4 P's of marketing?

Product, Price, Place, Promotion

Which of the following statements best describes behavioral targeting?

Tracking consumers online behavior and using it to target ads and offers to them on an individual basis

Opus One winery lists its current release of the eponymous Napa Valley red wine on its website for $365 per 750 ml bottle. Robert Mondavi lists its current release of the Reserve To Kalon Vineyard Cabernet Sauvignon from Oakville on its website for $175 per 750 ml bottle. Which of the following lines of differentiation would best explain Opus One's apparent competitive advantage? a. People differentiation b. Image differentiation c. Channel differentiation d. Services differentiation

b. Image differentiation

Which statement about idea generation is not true? a. New product ideas may come from external entities in the supply chain, such as suppliers and distributors. b. Idea generation is part of an intentional process to discover new products. c. The most innovative companies are extremely secretive about new product development and only generate ideas from internal sources. d. Open-innovation (or crowdsourcing) new product idea programs allow broad communities of people to participate in the process.

c. The most innovative companies are extremely secretive about new product development and only generate ideas from internal sources.

What impact has the internet and mobile technology had on geographic segmentation? a. The worldwide reach of digital advertising sites such as Google and Facebook makes it difficult to apply geographical segmentation. b. Online shopping through Amazon or large retailers such as Target or Walmart have made geographic location irrelevant as a segmenting variable. c. There has been a surge in location-based targeting to consumers in specific local communities or neighborhoods. d. The importance of geographical segmentation has diminished as the influence of the internet has caused many companies to reduce efforts to localize their products and services to fit the needs of the individual regions, cities, and other localities.

c. There has been a surge in location-based targeting to consumers in specific local communities or neighborhoods.

Which of the following is not an advantage of social media marketing? a. The high level of engagement by social media users b. The cost effectiveness of using the platform c. The ability to post timely and immediate content d. The user-controlled nature of social media

d. The user-controlled nature of social media

Which of the following has the steps of the strategic planning process in the correct order?

1) Develop a mission statement 2) Set company objectives 3) Determine company goals 4) Conduct a business portfolio analysis

Which is the five steps of the marketing process in the correct order?

1) Understand the marketplace and customer needs and wants 2) Design a customer value-driven marketing strategy 3) Construct an integrated marketing program that delivers superior value 4) Engage customers, build profitable relationships, and create customer delight 5) Capture value from customers to create profits and customer equity

Which of the following is not part of a companies macro-environment? A) Marketing services agencies B) The changing age structure of the population C) The changing dynamics of the American family D) The internet of things

A) Marketing services agencies

Which of the following statements related to the value chain is true? A) Marketing should partner with internal departments in the value chain B) Marketing should partner with external stakeholders in the value chain C) The value chain includes every step in the manufacturing and sale of a product until the product reaches the consumer D) The term value chain and supply chain are synonymous

A) Marketing should partner with internal departments in the value chain

How do the textbooks authors differentiate a want from a need? A) A need is something a consumer cannot do without, whole a want is something a consumer would prefer to have B) A need is something a consumer will sacrifice other goods to purchase, while a want is something a consumer will purchase only with discretionary income C) A want is the specific form a need takes, influenced by an individuals culture and personality D) A want is a need that is backed by purchasing power

C) A want is the specific form a need takes, influenced by an individuals culture and personality

Which of the following is not part of a companies microenvironment? A) suppliers B) Competitors C) Legislation regulating business D) Customers

C) Legislation regulating business

Match each limited-service wholesaler with the function or service that it generally does not perform. Use each answer only once.

Cash-and-carry: Delivery Rack jobber: Market information Truck jobber: Financing Drop shipper: warehousing

How does the textbook define a market? A) A set of goods and services offered to consumers B) A place, physical or online, where consumers go to find goods and services they might want to purchase C) The broader environment (including political, social, and economic considerations) in which exchanges between consumers and businesses occur D) The set of actual and potential buyers of a product or service

D) The set of actual and potential buyers of a product or service

Describe SWOT analysis

Internal--Strengths--Weaknesses External--Opportunities--Threats

Which is true about the competitive marketing intelligence?

It involves the collection and analysis of publicly available information

Which of the following statements best describes customer relationship management(CRM)?

Sophisticated software and analysis tools that integrate customer and marketplace information to build stronger customer relationship

Which of the following best describes the term big data as it is commonly used in marketing?

The huge and complex data sets generated by today's sophisticated information technologies

What is the difference between selling the concept and the marketing concept?

The selling concept creates profit through sales volume, the marketing concept creates profit through customer satisfaction

What is a product mix? a. All the product lines and items that a particular seller offers for sale b. The set of related products created by combining different sets of functions and features around a base model c. A group of products that are closely related because they function in a similar manner or are sold to the same group of consumers d. All the similar product lines and items that all sellers offer and from which a consumer must decide which to purchase

a. All the product lines and items that a particular seller offers for sale

Which of the following is not a characteristic of most successful efforts to manage the new product development effort? a. Cautious b. Systematic c. Customer-centered d. Team-based

a. Cautious

Which of the following statements about the price elasticity of demand is not correct? a. If demand changes greatly with a small change in price, demand is said to be elastic. b. Price elasticity is primarily a function of the quality of the product. c. Price elasticity measures how responsive demand will be to a change in price. d. If demand hardly changes with a small change in price, demand is said to be inelastic.

a. If demand changes greatly with a small change in price, demand is said to be elastic.

Consumer products may be classified by the way consumers buy them. Which of the following is not one of the classifications discussed in the textbook? a. Impulse-purchase products b. Shopping products c. Convenience products d. Specialty products

a. Impulse-purchase products

Which general positioning strategy is hardest to maintain over an extended period of time? a. More for less b. Less for less c. More for more d. The same for less

a. More for less

Which of the following statements does not describe the role of price in the marketing mix? a. Price plays only a small role in creating customer value and building customer relationships. b. Price is one of the most important elements that determines a firm's market share and profitability. c. Price is the only element in the marketing mix that produces revenue. d. Because it can be changed quickly, price is one of the most flexible elements of the marketing mix.

a. Price plays only a small role in creating customer value and building customer relationships.

Which of the following is not one of the major pricing strategies discussed in the textbook? a. Profit-based pricing b. Customer-value based pricing c. Cost-based pricing d. Competition-based pricing

a. Profit-based pricing

Which of the following is not a typical marketing response to determining that a product is in the maturity stage of the product life cycle? a. Reaping increased profits resulting from the product's established position b. Increasing the product development budget to find a better version of the product c. Reducing prices in the face of increased competition and a slowdown in sales d. Increasing advertising and sales promotions

a. Reaping increased profits resulting from the product's established position

Which of the following functions is rarely performed by an independent firm in the marketing channel? a. Selecting a new brand name b. Developing and spreading persuasive communications about an offer c. Finding and engaging customers and prospective buyers d. Transporting and storing goods

a. Selecting a new brand name

Which form of direct digital marketing would a company use if its goal is to create a highly interactive experience with its customers? a. Social media marketing b. Mobile device notifications c. Contextual online advertising d. Email marketing

a. Social media marketing

When considering levels of products and services, what is an augmented product? a. The additional consumer services and benefits built around the core benefit and actual product b. Extra features and functions added to the base model product c. Any factor related to the way a customer experiences a product d. A product that extends the product line

a. The additional consumer services and benefits built around the core benefit and actual product

Hanni Wine Company (HWC) owns and runs a new custom-crush facility. Independent winemakers bring raised or purchased grapes (and other supplies) to HWC and make their wines using HWC's state-of-the-art equipment and machinery. Assume HWC uses markup-pricing, adding a set percentage to the calculated cost of using its equipment and machinery in determining the price to charge the winemakers based on the tons of grapes involved. As HWC's clientele expands and the amount of wine produced at the facility increases (and assuming the markup percentage remains constant), how will the price per ton that HWC charges winemakers change? a. The price per ton will decrease as the average fixed cost decreases. b. The price per ton will stay the same since the markup percentage remains constant. c. The price per ton will increase as the total variable costs increase. d. The price per ton will increase as the average total cost increases.

a. The price per ton will decrease as the average fixed cost decreases.

A company that adds quality, services, or other features to support higher prices has adopted.... a. Value-added pricing b. Good-value pricing c. Competition-based pricing d. Product-bundle pricing

a. Value-added pricing

What is a marketing channel? a. The method or process by which the customer takes possession of the product b. A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user c. A set of legally and operationally independent organizations that help make a product or service available for use or consumption by the consumer or business user d. The specific outlet (e.g. television/cable channel, magazine title, or website) on which a producer advertises

b. A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user

What is a product? a. Goods or services bought by final consumers for personal consumption b. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need c. The marketing mix factor that is easiest for a marketing manager to determine and specify d. A tangible good or a service for which a consumer is willing to pay money

b. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

The Cal Poly Wine and Viticulture Department has created holiday wine, cheese and chocolate gift packs that are currently for sale. Which product mix pricing strategy does the department primarily use to help create customer value? a. By-product pricing b. Product bundle pricing c. Captive-product pricing d. Optional-product pricing

b. Product bundle pricing

Skinnygirl® Cocktails sells alcoholic beverages, including a collection of wines, for which the company emphasizes the low calorie content. Which of the following statements would Skinnygirl® Cocktails not be allowed to make about its wine on its website? a. "At just 100 calories per serving, you can give yourself permission to enjoy a palate pleasing Pinot!" (assuming the calorie level is an accurate statement) b. "Skinnygirl® Chardonnay, a long-awaited low-cal twist on the classic white" (assuming the wine meets the "low calorie" requirement of not having more than 7 grams of carbohydrates per serving) c. "And because our red wine made from a special blend of carefully selected California grapes is low-calorie, it can be part of a healthy diet" (assuming the wine meets the "low calorie" requirement of not having more than 7 grams of carbohydrates per serving) d. "Like all of our options, though, it's low-cal. So whether you're hosting a dinner party or just lounging after a long day, our Cabernet Sauvignon will make you feel like you're indulging." (assuming the wine meets the "low calorie" requirement of not having more than 7 grams of carbohydrates per serving)

c. "And because our red wine made from a special blend of carefully selected California grapes is low-calorie, it can be part of a healthy diet" (assuming the wine meets the "low calorie" requirement of not having more than 7 grams of carbohydrates per serving)

Stephen Ross Wine Cellars wants to run a print advertisement for its 2016 Bien Nacido Vineyard Pinot Noir to publicize the 94-point rating it received from Wine & Spirit. Which statement would not be allowed in the advertisement under TTB regulations (assuming all statements are factually accurate)? a. "94 points from Wine & Spirit" b. "Stephen Ross Wine Cellars - San Luis Obispo, California" c. "High level of resveratrol, which has been shown to promote heart health" d. "Pinot Noir from the Santa Maria Valley AVA" (when both the variety and the AVA are shown on the label)

c. "High level of resveratrol, which has been shown to promote heart health"

Stephen Ross Wine Cellars wants to promote its 2016 Bien Nacido Vineyard Pinot Noir to publicize the 94-point rating it received from Wine & Spirit. Which of the following would violate the Wine Institute's Code of Advertising Standards? a. A poster showing the bottle and its 94-point sticker displayed at the SLO Wine Coast "Harvest on the Coast" event b. A video posted to Instagram that shows the wine being opened for dinner by a middle-age couple c. A print ad that shows parents giving the wine to their child on her 21st birthday d. A posting on the company's Facebook page that announces the rating and provides a discount code for purchases online or at the tasting room in the next 48 hours

c. A print ad that shows parents giving the wine to their child on her 21st birthday

Which statement best describes the impact of "mobile-first" shopping on retail operations? a. Successful retailers such as Walmart, Amazon, Target, and Warby Parker are maintaining their success by choosing to focus strictly on either online sales or in-store sales. b. The majority of online sales are made using a smartphone. c. Although shoppers increasingly begin their buying process online, the overwhelming majority of all purchases are still made in "brick and mortar" stores. d. Although shoppers increasingly begin their buying process online, mobile technology has not impacted their buying behavior once they enter a store.

c. Although shoppers increasingly begin their buying process online, the overwhelming majority of all purchases are still made in "brick and mortar" stores.

Which of the following is not a special characteristic of a service as a product? a. Perishability b. Inseparability c. Anonymity d. Variability

c. Anonymity

Which of the following is not a consideration in deciding on a new brand? a. Opportunities for licensing or co-branding with the new brand b. Whether the brand should be completely new or a brand extension c. Brand equity of the new brand d. Legal protection for the new brand

c. Brand equity of the new brand

The research and development (R&D) to turn a product concept into a workable product occurs immediately after which stage of new product development? a. Concept development and testing b. Test marketing c. Business analysis d. Marketing strategy development

c. Business analysis

Which type of marketing system rarely occurs in the U.S. wine industry because of state law restrictions? a. Conventional distribution channel b. Contractual vertical marketing system c. Corporate vertical marketing system d. Administered vertical marketing system

c. Corporate vertical marketing system

The structure of the 3-tier system imposed by most state laws makes which of the following least likely to occur in the U.S. wine industry? a. Horizontal channel conflict b. Multichannel distribution systems c. Disintermediation d. Vertical channel conflict

c. Disintermediation

Which of the following is not a function typically performed by a wholesaler? a. Promoting products to retailers b. Breaking large lots into small quantities c. Servicing warranty claims for consumer goods d. Holding inventory

c. Servicing warranty claims for consumer goods

Which of the following conditions will prevent a new product market-penetration pricing strategy from being successful beyond the short term? a. The market is highly price sensitive. b. Production and distribution costs decrease as sales volume increases. c. The market for the product is large enough to generate large sales volume quickly. d. Competitors may easily enter the market with similar or substitute products.

d. Competitors may easily enter the market with similar or substitute products.

Which of the following is not a major step in designing a marketing strategy? a. Targeting b. Positioning c. Differentiation d. Consumer value creation

d. Consumer value creation

Influencer marketing is based on the impact of which of the following on buyer behavior? a. A buyer's status b. The role a buyer has c. Family d. Groups and social networks

d. Groups and social networks

The 3-tier system in the wine industry is under attack from many directions. Distributors counter the attacks in part by listing the many benefits they provide to wineries. Which of the following is not one of those benefits? a. Warehousing the finished wine b. Providing efficient transportation of inventory c. Supplying logistics information d. Improving profit margins on sales

d. Improving profit margins on sales

Which of the following statements about the buyer decision process is not true? a. The buying decision starts with need recognition, which can only be triggered by an internal stimulus in the buyer. b. After the stage of evaluating alternatives, the buyer reaches a purchase intention only rarely does not result in a purchase decision. c. The overwhelming majority of marketing's influence on a buyer comes in the information search stage. d. Marketers are not concerned with post-purchase behavior unless it results in a product return or exchange.

d. Marketers are not concerned with post-purchase behavior unless it results in a product return or exchange.

Which of the following is not generally considered to have a strong effect on consumer buyer behavior? a. Psychological factors b. Personal factors c. Social factors d. Physical factors

d. Physical factors

Which of the following does not relate to individual product attributes? a. Product design b. Product features c. Product quality d. Product brand

d. Product brand

According to your textbook authors, which element of the marketing mix has historically been under-utilized by wholesalers and is most need of a better developed strategy? a. Price b. Place c. Product d. Promotion

d. Promotion

What differentiates the concept of shopper marketing from other well-designed marketing efforts? a. Shopper marketing focuses on customer buying behavior. b. Shopper marketing emphasizes place over the other Ps of the marketing mix. c. Shopper marketing is conducted only by retailers. d. Shopper marketing coordinates the marketing efforts around the consumer's buying journey.

d. Shopper marketing coordinates the marketing efforts around the consumer's buying journey.

Which of the following statements regarding culture and understanding buyer behavior is true? a. Marketers tend to ignore cultural shifts because they do not yet understand how they will affect buyer behavior. b. Marketers tend to avoid blatant appeals to ethnic or racial subcultures because they fear they will be seen as promoting a stereotype. c. Social class does not have a strong influence on buyer behavior in the U.S. because individuals can move into a higher or lower social than their parents were in. d. Social scientists have identified seven relatively permanent and ordered social classes in the U.S., but individuals can move into a higher or lower social than their parents were in.

d. Social scientists have identified seven relatively permanent and ordered social classes in the U.S., but individuals can move into a higher or lower social than their parents were in.

Which of the following is not a stage in the product life cycle? a. The introduction stage b. The decline stage c. The growth stage d. The style, fashion, or fad stage

d. The style, fashion, or fad stage