Exam 2
___________________ are the two ways firms can obtain new products. A.Acquisitions and new product development B.Acquisitions and external research and development C.New product development and existing product modification D.Mergers and acquisitions E.New product development and external research and development
A.Acquisitions and new product development
Which of the following statements about the omni-channel buyer is NOT correct? A. They readily research products and prices online, shopping digitally from home, from work, in stores, or anywhere in between. B. Omni-channel buying calls for omni-channel retailing. C. They shift easily across online and in-store channels throughout the buying process. D. Omni-channel buyers do not need the bricks-and-mortar environment in which to shop. E. They will cause a massive shift in how store retailers operate.
D. Omni-channel buyers do not need the bricks-and-mortar environment in which to shop.
In general, sales promotion campaigns should ______________________. A. only be offered to consumers B. be used without additional advertising support C. offer buyers long-term incentives to purchase a good or service D. only be used on social media E. be customer relationship building
E. be customer relationship building
The fastest-growing sales trend is the explosion in ________, which is using online, mobile, and social media in selling. A. social media selling B. mobile selling C. e-commerce D. online sellingcE. social selling
E. social selling
Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share? A. Captive-product pricing B. Market-penetration pricing C. By-product pricing D. Market-skimming pricing E. Optional-product pricing
B. Market-penetration pricing
External sources for new product ideas include _________. A. competitors, customers, and R&D B. competitors, distributors and suppliers, and hackathons C. competitors, distributors and suppliers, and customers D. customers, crowdsourcing, and intrapreneurial programs E. R&D, employees, and intrapreneurial programs
C. competitors, distributors and suppliers, and customers
Retailers must decide on three major product variables: product assortment, services mix, and _________. A. promotion B. price C. segmentation and targeting D. store atmosphere E. location
D. store atmosphere
Of product and services assortment, price, promotion, and place, which plays one of the most important roles in aligning target markets and positioning? A. Promotion B. Product assortment C. Services assortment D. Price E. Place
E. Place
To successfully implement a market-skimming strategy for a new product, which of the following conditions needs to be present? A. The quality level of the product does not match the higher price. B. Competitors are not able to enter the market quickly and undercut the high price. C. The company objective is to initially gain a large market share. D. Buyers are not willing to pay the higher price. E. The company objective is to attract a large number of buyers quickly
B. Competitors are not able to enter the market quickly and undercut the high price.
Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management? A. Introduction B. Maturity C. Product development D. Growth E. Decline
B. Maturity
Which of the following correctly describes omni-channel retailing? A. Developing close partnerships between wholesalers and retailers B. Setting up franchises in different locations with seamless delivery of integrated services C. Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping D. Selling products online environments E. Allowing one supplier to sell to multiple retailers through multiple channels
C. Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping
_______ of the product's value set the ceiling on pricing, while _______ set the floor. A. Costs; customer-value perceptions B. Variable costs; fixed costs C. Customer perceptions; costs D. Fixed costs; customer-value perceptions E. Variable costs; customer-value perceptions
C. Customer perceptions; costs
A company may use the promotion mix, also called its marketing communications mix, to ______________________. A. create customer value, engage customers, and build customer relationships B. engage customers, maintain customer relationships, and build customer relationships C. engage customers, persuasively communicate customer value, and build customer relationships D. engage customers and sell goods and services E. persuasively communicate customer value, engage customers, and sell goods and services
C. engage customers, persuasively communicate customer value, and build customer relationships
After sales promotion campaign objectives are set, the next steps are ________, and then __________________________. A. selecting the sales promotion tools; developing the sales promotion program B. selecting tools; setting a budget C. selecting tools; developing and implementing the sales promotion program D. selecting tools; deploying social media E. developing the sales promotion program; setting a budget
C. selecting tools; developing and implementing the sales promotion program
Guided by ___________________, retailers must decide on a retail marketing mixlong dash—product and services assortment, price, promotion, and place. A. strong positioning and products and services assortment B. strong targeting and differentiation C. strong targeting and positioning D. strong positioning and differentiation E. strong differentiation and pricing
C. strong targeting and positioning
Which of the following statements about personal selling is correct? A. The sales force should work separately from other marketing functions. B. Personal selling is a fairly new profession. C. Salespeople sell; they do not have a role in creating value for the customer. D. Many customers are unable to distinguish the salesperson from the company. E. The role of personal selling is very consistent from company to company.
D. Many customers are unable to distinguish the salesperson from the company.
How do companies apply pricing strategies to accommodate differences in customer segments and situations? A. They focus on segmented pricing strategies. B. They use accommodations such as preferred pricing strategies. C. They use selective promotional pricing strategies. D. They apply a variety of price adjustment strategies. E. They create price allowance pricing strategies.
D. They apply a variety of price adjustment strategies.
Strong relationships with the salesperson will result in ________. A. strong relationships with the company's products B. increased revenue and repeat business C. repeat business D. strong relationships with the company and its products E. increased revenue
D. strong relationships with the company and its products
Major advertising involve decisions about ________________________. A. the objectives, the budget, the message, the media, and the return on investment B. the objectives, the budget, the message, the social media, and the evaluation of results C. the objectives, the budget, the message, the media, and the analytics D. the objectives, the budget, the message, the media, and the evaluation of results E. the objectives, the budget, the positioning, the media, and the evaluation of results
D. the objectives, the budget, the message, the media, and the evaluation of results
______ means integrating all available shopping channels and devices into a seamless customer shopping experience. A. Wholesaling B. Shopper marketing C. Retailing D. Green retailing E. Omni-channel retailing
E. Omni-channel retailing
A new product may fail for many reasons. Which of the following is NOT one of them? A.Poor product positioning B.Poor product design C.Poor marketing research D.Overestimated market size E.Rapid market acceptance
E.Rapid market acceptance
A salesperson's role as a(n) ________ demands creative selling, social selling, and relationship building. A. PR specialist B. order taker C. order getter D. sales manager E. broker
C. order getter
For services, there is a form of captive-product pricing known as _____ pricing. A. optional-product B. product line C. two-part D. product bundle E. by-product
C. two-part
The only reason for a wholesaler to exist is to ___________________ by increasing the efficiency and effectiveness of the entire marketing channel. A. eliminate marketing costs B. lower logistical costs C. facilitate distribution D. replace a sales team E. add value
E. add value
Which of the following statements is correct regarding marketing communications today? A. Advertisers are now able to engage smaller customer segments with more personalized, interactive content. B. Marketers are reversing a trend toward digital media. C. Digital and social media have given birth to a more targeted, more social, but less engaging marketing communications. D. Advertisers are adopting less fragmented media and promotion mixes to reach their diverse markets. E. Most marketers do not use integrated marketing communications tools or planning.
A. Advertisers are now able to engage smaller customer segments with more personalized, interactive content.
Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and customers? A. Warehousing B. Risk bearing C. Buying and assortment building D. Transportation E. Financing
A. Warehousing
Which of the following statements about public relations is correct? A. Public relations is not used to engage consumers. B. The impact of public relations on public awareness comes at a much higher cost than advertising. C. The lines between advertising and public relations are becoming more blurred. D. It is difficult to integrate public relations into social media. E. Public relations is used only to promote products.
C. The lines between advertising and public relations are becoming more blurred.
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas? A.Distributors B.Competitors C.Suppliers D.Customers E.R&D
E.R&D
New digital and social media have given birth to a _________________________. A. more targeted, social, and engaging marketing communications model B. more targeted, social, and less engaging marketing communications model C. less targeted, social, and engaging marketing communications model D. more targeted, social, and engaging marketing model E. less targeted and engaging communications model
A. more targeted, social, and engaging marketing communications model
Personal selling involves a multiple-step process. The first step is ______________ and the last step is _______________________. A. prospecting and qualifying; follow-up B. approach; follow-up C. presentation and demonstration; closing D. approach; closing E. preapproach; handling objections
A. prospecting and qualifying; follow-up
A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the company using? A. Market-skimming pricing B. Captive-product pricing C. Product bundle pricing D. Product line pricing E. Market-penetration pricing
A. Market-skimming pricing
Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is _________ to find and grow new products. A. customer-driven B. employee-driven C. profitable D. cost-effective E. competitor-driven
A. customer-driven
The need for omni-channel retailing is a result of _______. A. omni-channel buying B. megaretailers C. category killers D. retail convergence E. green retailing
A. omni-channel buying
Closing a sale with a particular customer is a short-term ________ orientation, but the selling process must also take a ________ orientation and look at the long term. A. transactional; relationship B. transactional; profit C. relationship; transactional D. profit; relationship E. company; relationship
A. transactional; relationship
What are three major factors changing the face of today's marketing communications? A. Changes in consumers, changes in businesses, and sweeping changes in digital technologies B. Changes in consumers, changes in marketing strategies, and sweeping changes in digital technologies C. Changes in the business environment, changes in global competition, and changes in marketing strategies D. Changes in consumers, changes in marketing strategies, and sweeping changes in social media E. Changes in consumers, changes in businesses, and changes in marketing strategies
B. Changes in consumers, changes in marketing strategies, and sweeping changes in digital technologies
Attracting and holding customers presents great challenges and decision points for retailers. Of the following, which is NOT one of the areas in which they face major decisions? A. Decisions regarding segmentation B. Social media and visibility decisions C. Retail marketing mix decisions D. Store differentiation and positioning decisions E. Decisions about targeting
B. Social media and visibility decisions
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages. A. a V-shaped curve B. an S-shaped curve C. a spiral curve D. a bell-shaped curve E. an inverted V-shaped curve
B. an S-shaped curve
Marketers can apply the ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different life-cycle stages. A. strategic planning process B. product life-cycle concept C. marketing concept D. marketing planning process E. product development process
B. product life-cycle concept
The performance difference between an average salesperson and a top salesperson can be substantial. Therefore, at the heart of any successful sales force operation is the ______ of good salespeople. A. training B. recruitment and selection C. evaluation D. motivation E. compensation
B. recruitment and selection
As with the other promotion tools, in considering when and how to use product public relations, the best thing management should do is ______________________. A. set PR objectives, choose the PR messages and vehicles, implement the PR plan, and evaluate the results in terms of return on investment B. set PR objectives, choose the PR messages and vehicles, implement the PR plan, and evaluate the results C. set PR objectives, choose the PR messages, implement the PR plan, and evaluate the results D. choose the PR messages and vehicles, plan media, implement the PR plan, and evaluate the results E. set PR objectives, choose the PR vehicles and social media, implement the PR plan, and evaluate the results
B. set PR objectives, choose the PR messages and vehicles, implement the PR plan, and evaluate the results
International marketers and advertisers face challenges not encountered domestically. The most basic issue concerns ____________. A. the difficulties in obtaining appropriate media outlets in multiple country markets B. the amount of adaptation required for the unique characteristics of various country markets C. differences in languages and religious practices in multiple country markets D. lack of infrastructure and technology required for social or digital advertising E. government regulation and censorship in select country markets
B. the amount of adaptation required for the unique characteristics of various country markets
Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges? A. Revenue projections B. Market conditions C. Costs D. Customers E. Competitors
C. Costs
Public relations involves building good relations with the company's various publics. What are all of the functions it includes? A. Press agency, product publicity, government relations, public affairs, lobbying, investor relations, and development B. Press agency, product publicity, lobbying, investor relations, and development C. Press agency, product publicity, public affairs, lobbying, investor relations, and development D. Product publicity, public affairs, lobbying, investor relations, and development E. Press agency, product publicity, crisis management, public affairs, lobbying, investor relations, and development
C. Press agency, product publicity, public affairs, lobbying, investor relations, and development
Firms seeking immediate response from targeted individual consumers and consumer communities use ______________________ marketing tools to engage consumers and cultivate relationships with them. A. advertising, sales promotion, and public relations B. direct marketing C. direct and digital D. advertising and sales promotion E. personal selling, advertising, and sales promotion
C. direct and digital
In pricing innovative new products, a company can use ________ by initially setting high prices to maximize the amount of revenue from a sufficient number of buyers willing to pay the higher price. A. profitability pricing B. discount pricing C. market-skimming pricing D. cost-plus pricing E. market-penetration pricing
C. market-skimming pricing
Four sales force structures that companies use in sales force design are _______________. A. geographic, territorial, product, and customer B. territorial, international, product, and service C. territorial, product, customer, and complex D. simple, complex, inside, and outside E. inside, outside, individual, and team based
C. territorial, product, customer, and complex
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria? A. Business analysis B. Ideation C. Concept testing D. Idea screening E. Product concept development
D. Idea screening
Because today's consumers shift seamlessly across channels, many online retailers, including Amazon, are moving _______. A. toward a global presence B. into offering groceries C. away from an online presence D. into the physical world E. into the virtual worl
D. into the physical world
Another price adjustment strategy is ______________ pricing, where the company sells a product at two or more prices to accommodate different customers, product forms, locations, or times. A. geographical B. psychological C. promotional D. segmented E. dynamic
D. segmented
The first part of a marketing strategy statement describes the ________ of a new product. A. marketing mix strategy B. planned price C. marketing budget D. target market E. profit goals
D. target market
What are the four important decisions made when developing an advertising program? List them in order. A. Setting objectives, setting the budget, developing message strategy, and determining media timing B. Developing message strategy, developing message execution, selecting media, and determining media timing C. Setting objectives, setting the budget, determining the impact on sales and profits, and determining the return on investment D. Setting the budget, setting objectives, developing strategy, and evaluating effectiveness E. Setting objectives, setting the budget, developing strategy, and evaluating effectiveness
E. Setting objectives, setting the budget, developing strategy, and evaluating effectiveness
Retail stores come in all shapes and sizes, and new retail types keep emerging. Store retailers can be classified by ______________. A. self-service and full-service stores B. full-service, specialty, and discount stores C. specialty stores, department stores, and service businesses D. full-price, discount, and off-price retailers E. amount of service, product line sold, relative prices, and how they are organized
E. amount of service, product line sold, relative prices, and how they are organized
In the new product development process, ideas that pass the idea screening step continue through ________. Strong concepts proceed to ________. A. product concept development; business analysis B. marketing strategy development; product concept development C. marketing strategy development; business analysis D. product concept development; marketing strategy development E. product concept development; product development
D. product concept development; marketing strategy development