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