Bus 346 Principle of Marketing Midterm

Colin has just received a delivery from the company's distribution center. He opens the containers and finds the popcorn and snacks are all bar-coded and priced, and the package includes an end-of-the-aisle display rack. Colin has received a __________ shipment. Select one: a. floor-ready b. ahead of the curve c. synthesized d. lead time synchronized e. quick-response packaged

a. floor-ready

During the __________ stage of the product life cycle, sales are low and profits are small or negative. Select one: a. introduction b. decline c. growth d. maturity e. leveling

a. introduction

Although marketers have found that psychographics are often more useful for predicting consumer behavior than demographics, psychographic segmentation Select one: a. is a more expensive method for identifying potential customers. b. is still an unproven area. c. is rarely used and unproven. d. offers only one-to-one marketing potential. e. is available only in limited geographic areas.

a. is a more expensive method for identifying potential customers.

When a T-shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing? Select one: a. production-oriented b. sales-oriented c. economics-oriented d. value-based marketing e. market-oriented

a. production-oriented

Company sales invoices, census data, and trade association statistics are examples of Select one: a. secondary data. b. tertiary data. c. data mines. d. qualitative data. e. primary data.

a. secondary data.

Jalel is the marketing manager for a moderately well-known rock band. He wants to know more about industry trends, including sales by different musical styles, online downloads, and concert attendance. Jalel will most likely use __________ to gather this type of data. Select one: a. census data b. syndicated data c. focus groups d. observation e. sales invoices

b. syndicated data

One advantage of a retail store that is NOT shared with an Internet channel is Select one: a. providing meaningful product information. b. collecting information about how consumers shop. c. accepting cash payments. d. price matching competitors. e. offering a greater selection of products.

c. accepting cash payments.

Flora is frustrated with her company's supply chain management information system. She wants to be able to receive sales data, initiate purchase orders, send and receive invoices, and receive returned merchandise documentation. Flora needs a Select one: a. vertical conflict reduction system. b. cross-docking exchange. c. electronic data interchange system. d. floor-ready bundling system. e. radio frequency identification system.

c. electronic data interchange system.

Early personal computer users remember the cumbersome, user-unfriendly DOS system. When Apple introduced System 1 and Microsoft introduced Windows, both of which were much easier to use, these new products diffused rapidly because of their Select one: a. observability. b. complexity. c. relative advantage. d. compatibility. e. trialability.

c. relative advantage.

Marketing provides the critical function of __________ when companies expand globally. Select one: a. forecasting economic growth b. evaluating government stability c. understanding customers d. managing production efficiency e. managing personnel

c. understanding customers

A __________ is a small group of people brought together for an intensive discussion of a topic. Select one: a. social media site b. experiment c. data mining session d. focus group e. in-depth interview

d. focus group

The __________ is a specific price at which manufacturers encourage retailers to sell a product. Select one: a. slotting fee b. key price point c. perceived value d. manufacturer's suggested retail price e. retail margin

d. manufacturer's suggested retail price

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called Select one: a. target marketing. b. value capture. c. positioning. d. market segmentation. e. allocation.

d. market segmentation.

When discussing the marketing planning process, STP stands for Select one: a. situation analysis, trend spotting, and planning. b. sustaining, trending, and positioning. c. strategize, target, and promote. d. segmentation, targeting, and positioning. e. strategies, tactics, and plans.

d. segmentation, targeting, and positioning.

In value-based marketing, promotion communicates the ________ to customers through a variety of media. Select one: a. operational excellence strategy b. targeted solution c. target market definition d. value proposition e. relative market value

d. value proposition

A ________ is a brand that is developed by a national brand vendor, often in conjunction with a retailer, and is sold exclusively by the retailer. Select one: a. store brand b. brand extension c. national brand d. manufacturer's brand e. exclusive co-brand

e. exclusive co-brand

Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in Select one: a. effective supply chain management. b. C2C value-driven marketing. c. a virtual monopoly. d. a traditional transactional orientation. e. value cocreation.

a. effective supply chain management.

Kim's Kayak Tours initially identified active retirees living in the retirement community nearby as one of its target markets. Kim then tailored her service and marketing message to the interests and schedules of that audience. Kim initially used __________ segmentation and then used __________ segmentation. Select one: a. geodemographic; lifestyle b. geographic; loyalty c. behavioral; geodemographic d. lifestyle; macromarketing e. micromarketing; loyalty

a. geodemographic; lifestyle

Every month, Dr. Combahee takes her staff to lunch and asks them to share patients' comments and concerns. Dr. Combahee uses the lunches as an informal marketing research effort intended primarily to Select one: a. help her to understand the needs of her customers. b. decrease the uncertainty associated with decision making. c. monitor her competitors. d. provide a link between herself and her profession. e. improve profitability.

a. help her to understand the needs of her customers.

Zappos, an online shoe company, knows shoes are typically a __________ good, with consumers often spending time comparing alternatives. They overcome that aspect of consumers' search process by offering a free, no questions asked return policy. Select one: a. shopping b. impulse c. convenience d. specialty e. ritual

a. shopping

When selecting a target market, firms will be most successful if they Select one: a. develop a strong communication plan. b. match the firm's competencies with a market segment's attractiveness. c. reposition the brand. d. seek out opportunities to customize products. e. decide between demographic and geographic segmentation methods.

b. match the firm's competencies with a market segment's attractiveness

In vendor-managed inventory systems, Select one: a. customers send information to retailers. b. companies send information to cooperatives. c. retailers send sales information to the manufacturer. d. manufacturers send sales information to the retailer. e. corporations send information to retail customers, bypassing wholesalers and retailers.

c. retailers send sales information to the manufacturer.

Which of the following is NOT true regarding secondary packaging? Select one: a. It is important to the retailer in terms of convenience in handling. b. It can be an important positioning tool to convey the brand image. c. It can allow for cost efficiencies due to larger order and shipment sizes. d. It is of little value to the average consumer. e. It can provide information to consumers not found on the primary packaging.

d. It is of little value to the average consumer.

Retailing is the primary activity in all of the following situations EXCEPT Select one: a. purchasing one case of paper for the office at Office Max. b. visiting a tile store that sells at wholesale prices. c. upgrading an airline ticket at the airport. d. transporting pallets of Daisy brand dairy products. e. buying and eating a fast-food meal.

d. transporting pallets of Daisy brand dairy products.

Demographic segmentation is segmentation based on all of the following EXCEPT Select one: a. gender. b. education. c. income. d. age. e. lifestyle.

e. lifestyle.

__________ offer a limited assortment of general merchandise at very low prices and are often found in lower-rent locations. Select one: a. Category specialists b. Extreme value retailers c. Department stores d. Discount stores e. Off-price retailers

b. Extreme value retailers

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. Select one: a. Target marketing b. Market positioning c. Market segmentation d. Allocation e. Value capture

b. Market positioning

Which marketing activity is most directly served by the promotion element of the marketing mix? Select one: a. capturing value b. communicating value c. producing value d. creating value e. delivering value

b. communicating value

In mid-2010, Hewlett-Packard Company (HP) acquired Palm Computing, Inc., a manufacturer of personal devices and smart phones. Before deciding to acquire the company, strategic planners at HP spent time thinking about how Palm and HP would fit together, and how the acquisition might change HP's core goals and objectives. The strategic planners were engaged in the ____________ step of the marketing planning process. Select one: a. evaluate performance b. define the business mission c. situation analysis d. implement marketing mix and allocate resources e. identify and evaluate opportunities

b. define the business mission

Education marketers have learned that the primary motivations of most nontraditional college students are self-respect and self-fulfillment. Understanding the values of this market segment allows marketers to Select one: a. offer alternative courses based on geographic location. b. emphasize the benefits these consumers are looking for in a college education. c. lower the price for this market segment. d. employ loyalty marketing strategies. e. use micromarketing strategies.

b. emphasize the benefits these consumers are looking for in a college education.

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about Select one: a. the environment. b. its value. c. the product's new advertising campaign. d. the cost to manufacture the product. e. the economic outlook.

b. its value.

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable Select one: a. integration. b. co-branding. c. equity. d. extension. e. awareness.

e. awareness.

Dawn works for a firm that buys products directly from the manufacturer and sells them to retailers, who then sell the products to consumers. Dawn works for a Select one: a. wholesaler. b. manufacturer's representative. c. retail jobber. d. retail distribution center. e. store representative.

a. wholesaler.

In marketing's four Ps, place refers to all activities required to get Select one: a. consumers to the destination. b. access to the physical space within a retail establishment. c. demand chain management functionally operable. d. the right products to the right customer when that customer wants it. e. the design of the terminal location for products accomplished.

d. the right products to the right customer when that customer wants it.

Supermarkets collect information about individual customers through their use of loyalty cards and then analyze the data to look for patterns in purchases. This is an example of Select one: a. data mining. b. data entry. c. data recovery. d. data analysis. e. data modeling.

a. data mining.

For many years, General Electric's corporate strategy was to be among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company __________ when certain product lines failed to meet this expectation. Select one: a. decreasing product mix breadth b. decreasing product line depth c. introducing brand extensions d. increasing product line depth e. increasing product mix breadth

a. decreasing product mix breadth

Which of the following is NOT one of the four product life cycle stages? Select one: a. location b. introduction c. growth d. decline e. maturity

a. location

__________ are combating competitive pressures by offering fresh food and healthy fast food, tailoring assortments to local markets, opening locations closer to where consumers work and shop, and adding new services. Select one: a. Extreme value retailers b. Supercenters c. Warehouse clubs d. Convenience stores e. Department stores

d. Convenience stores

About 30% of packaged goods have lost content recently. How have consumers reacted? Select one: a. In a few cases, consumer outrage has caused manufacturers to go back to the original packaging. b. Consumers have demanded that companies reduce their prices accordingly. c. As long as the price is also reduced, they don't seem to mind. d. Most of the changes have gone unnoticed by consumers. e. A number of lawsuits are pending.

d. Most of the changes have gone unnoticed by consumers.

A__________ is a fee paid by manufacturers to get new products into stores or to gain more or better shelf space for products. Select one: a. facilitating payment b. place holder c. introductory price promotion d. slotting allowance e. stocking premium

d. slotting allowance