Marketing 431
Last year, BruceCo sold 1000 coffee cups for $10 each. If the cost for each cup was $4.70, what was the average revenue for BruceCo?
$10
Bruce is planning on selling sandwiches in class for $5 each. Food costs are $4 per sandwich. He will also need to buy an insulated cooler to store the sandwiches. This cooler costs $10. How many sandwiches will Bruce have to sell in order for this project to break even?
10
Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the marginal revenue for the 1125th cup?
10
BruceCo is planning on selling coffee cups for $14 each. The company can buy the cups for $2.00 and have them printed for $1.50 each. The package costs fifty cents per cup. There is a one-time set up charge from the printer of $1,000. How many coffee cups will BruceCo have to sell in order to break even?
100
Research has shown that the influence of family on the consumer buying process is very strong. This is because many of the consumption patterns we have for products are formed by the time we are ____ years old?
16
BruceCo is planning on selling backpacks for $100 each. The company can buy the backpacks for $30.00 and have them customized for $20.00 apiece. There is a one-time set up charge of $1,000 for customization. How many backpacks will BruceCo have to sell in order to break even?
20
Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the marginal profit for the 1125th cup?
5.30
Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the marginal profit for the 700th cup?
5.55
Why is an understanding of attitudes important to understanding consumer brands?
A brand is essentially an attitude about a product
What is the difference between a business customer and an individual consumer.
A business buys products in order to make money while an individual buys products for personal enjoyment.
Which of these would be considered an indirect marketing channel?
A customer, a retailer, and a producer
What do we mean when we speak of advertising 'campaigns'?
A group of advertisements and related promotional activities conducted over a specific period of time in order to achieve a desired outcome.
Which of the following people would most likely be a potential customer for a Ferrari luxury car?
A millionaire who already owns a Ferrari.
Which of the following situations describes a business customer?
A not-for-profit organization that buys copier paper in order to make flyers announcing a charity fundraising event.
When we speak of a consumer, we are speaking of...?
A person who purchases things for personal consumption.
What is an attribute?
A quality or characteristic inherent in or ascribed to someone or something.
Price elasticity is the slope of the demand curve. When price elasticity is LOW?
A small change in price will lead to a small change in quantity demanded
Which of these is NOT a characteristic of a good brand mission?
All of these are characteristics of a good brand mission
hich of these is NOT a typical discount or allowance applied at the time a product is purchased?
All of these are discounts or allowances applied at the time of purchase.
Which of these is NOT an evaluation point for business decisions according to the ethical legal framework?
All of these are evaluation points for business decisions
Which of the following is an expected outcome of the consumer buying process?
All of these are expected outcomes of the consumer buying process.
Materials handling deals with loading and unloading products and moving them short distances from place to place. One of the biggest issues in material handling is?
All of these are issues associated with materials handling
Which of these is NOT a measure generally used in advertising?
All of these are measures commonly used in advertising
Which of the following is NOT an example of a not-for-profit organization?
All of these are not-for-profit organizations.
Which of the following is NOT part of the price of a credit card for college students?
All of these are part of the price of a credit card for college students
The second stage of the consumer buying process is?
All of these are part of the second stage of the consumer buying process.
Why do telemarketers keep calling you during dinner to sell you things you don't want even though everybody will tell you that they dislike telemarketers.
All of these are reasons why telemarketers continue to call even when people say they dislike telemarketers.
In identifying which socio-cultural issues to promote, a company should consider...
All of these are things a company should consder in identifying a socio-cultural issue to support.
Which of these is NOT a tool you can use to communicate the brand experience?
All of these are tools you can use to communicate the brand experience.
Which of these statements about the introductory stage of the product life cycle is true?
All products start the introductory stage start by losing money.
An inverted demand curve is usually associated with luxury or prestige goods. With an inverse demand curve, within a certain range of prices...
An increase in price will lead to an increase in the quantity demanded
What do we mean when speak of an organization's stakeholders?
Any individual or organization that need to benefit from a company's marketing activity.
Which of the following is one of the two questions that should be answered when evaluating a marketing plan according to the material presented in class?
Are there things we could have done better?
The way to find out what the due dates are for the mini tests is to?
Ask someone who has taken the class before.
When is the best time to establish a metric to measure the performance of a promotion?
At the time the promotion objective is established
Many retailers play holiday music in the background and scent the air with cinnamon and peppermint to help shoppers get 'in the mood' when they are doing their Winter holiday shopping. This is an example of using __________ to implement a store positioning strategy?
Atmospherics
Which of the following statements about Maslow's Hierarchy of Needs is TRUE?
Basic needs such as Physiological and safety have to be satisfied before higher-level needs become motivators.
Why is it so important to take complaints about service so seriously?
Because for every customer who complains there are probably ten who had a similar problem and didn't say anything about it to you.
Why are sales teams becoming more popular in personal selling?
Because it increases the number of potential employees for a sales organization.
Why is demand inelastic for many industrial goods?
Because the component cost is so small relative to the cost of the end product that large changes in the price for the component will have little impact on demand for the end product.
Why is it important for a marketer to know the ownership structure of a retail store?
Because the ownership structure determines who you need to approach in order to sell to the store.
The last group in the diffusion of innovations process, non-adopters, represent people who will never buy the new product. Why is it important to remember this group when dealing with new product introductions?
Because you need to take these people into account in order to understand the true market potential for your new product.
The two components of quality are?
Benefits received, consistency.
Time has an impact on purchase behavior both from a "ticking clock" perspective and from a ____________ perspective?
Calendar
as a rule, when it comes to choosing between advertising media, the higher the _________, the higher the cost?
Channel richness
Which of the following sources of information is frequently ignored when determining a company's actual market position?
Complaints from dissatisfied customers.
What do we mean when we say demand for industrial goods is derived?
Consumers buy industrial goods indirectly when they purchase consumer goods that use industrial goods as components.
Roxanne has completed her positioning analysis and has decided that there is an opportunity to create an adult milk beverage that is enhanced with vitamins. Currently, her company does not make such a product, nor for that matter do any of her competitors. Roxanne has the opportunity to?
Create a new category by introducing a product that is different from anything else on the market.
One of the ways intermediaries create value is to?
Decrease the number of transactions needed to create an efficient market.
The __________ to setting prices weighs consumer tastes and preferences more heavily than costs and profits.
Demand-based approach
The first step in using the levels of the product concept is to:
Determine what is the core benefit the consumer will receive from the product.
According to Michael Porter's theory discussed in class, which is best strategy to use when you are not the low cost producer in an industry?
Differentiate your product.
The product market growth matrix suggests four strategies based on customers and products. Which of the following is NOT one of the basic strategies suggested by this approach?
Differentiation
A ______________ or _______________ is usually the property of the retailer that distributes and/or sells a product?
Distributor's brand, Private-label brand
Bruce ordered a test bank from teachersupplies.com. The cost of the package was $39.95 plus sales tax (you are responsible for California sales tax, even if you order online). He chose to have the product shipped via UPS ground because it was the least expensive shipping option. Teachersupplies.com is using a ___________ approach to geographic pricing?
FOB (Free on Board)
_____________ is when a business uses one brand name to cover a variety of products?
Family Branding
The three steps for developing a market position (or for developing any strategy, really) are?
Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be.
The PULL approach to promotion...
Focuses on creating consumer demand for the product.
The PUSH approach to promotion...
Focuses on getting members of the distribution channel to support the product
the PUSH approach to promotion...
Focuses on getting members of the distribution channel to support the product
Which of the following is one of the four basic roles for a salesperson as discussed in class?
Generating transactions
Which of the following statements about publicity is FALSE?
Good publicity doesn't cost the marketer any money
A storage warehouse creates value by?
Holding inventory closer to where customers are likely to use it.
Perception deals with...?
How we interpret the world around us
Which of the following is NOT a concern during the decision stage of the consumer buying process?
Identifying all of the alternative products available.
What was your instructor talking about when he suggested using the "Facebook" standard to determine whether or not a decision you made is ethical?
If all of your Facebook friends, including your mother, will know what you did; what choice would you make?
The law of demand (which is the basis of the demand curve) says?
If prices increase, customers will buy less
Sabrina was running a day care center for pre-school children. She decorated the walls with images from the motion picture "Finding Nemo." One day she received a letter from attorneys representing Pixar and the Disney Corporation asking her to stop using images from "Finding Nemo." Pixar and the Disney Corporation were defending their brand against _______________?
Infringement
Which of these is NOT a key to success for a company adopting a market orientation?
Insuring every customer transaction is profitable for both the customer and for the company.
The __________ environment deals with issues that are within your company's ability to control directly?
Internal
The value of having a wide product mix is?
It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers.
A major disadvantage to introducing a new product that represents a continuous innovation is t
It is difficult to gain a sustainable competitive advantage with incremental changes.
Contrary to what you would expect, when it comes time to evaluate the results of the plan...?
It is just as bad to exceed the goal as it is to fail to reach the goal
Max was the brand manager for a pet food company that was to introduce a new brand of dog food. Through research, they had discovered that many dogs do not get enough exercise and this new dog food had stimulants added to give these sedate dogs energy. He thought of the brand name "Jump Start Your Fat, Lazy, Puppy" and asked your opinion. You said?
It is not a good brand name because it is too long.
What is the difference between a relationship and an exchange?
It may be good business to lose money on a transaction in a relationship, it is rarely good business to lose money on a transaction in an exchange.
____________ in the diffusion of innovations process are less influenced by advertising and more likely to consider word of mouth information when deciding to adopt a new product.
Late Majority
According to Ries and Trout, consumers organize products into categories in their minds. The goal of positioning is to?
Make it so that your product is the first thing that comes to mind when a category is mentioned.
What is the difference between market size and sales potential?
Market size is the upper limit of sales for the industry as a whole, sales potential is the upper limit of sales for your company.
When it comes to services, quality is measured in terms of?
Meeting or exceeding the customer's expectations.
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company typically determine the relative importance of new product development to the overall goals of the organization?
New-product strategy development
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union and bought a big bowl of ice cream. In terms of product classification, ice cream could best be described as a(n) for Bruce?
Non-durable good
Which statement best describes the relationship between customers and brands in Marketing 3.0?
Once a brand is successful, your customers own it.
The reason people experience buyers remorse after making a major purchase is because?
Once you have made a choice between two attractive alternatives, you experience a sense of loss over the alternative that you didn't choose.
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies tend to have flat and flexible ____________?
Organizational structures
______________ is a promotional tool involving face-to-face interaction in order to persuade a customer to buy a product?
Personal Selling
The VALS system identifies eight consumer segments based on (1) ____________ and (2) _______________?
Primary motivation, resources
______________ is all of the communication to support the marketing program.
Promotion
Which of the following is a condition that is favorable to creating a brand?
Quality and value are easy to maintain cosistently.
Roxanne has completed her positioning analysis and believes she understands why her adult milk beverage has been performing so badly. Her product was the first product to use aseptic packaging, which allows milk to be stored at room temperature for long periods of time. Introduced in 1999, the product was positioned as a survival food because everybody was worrying about Y2K problems at the turn of the century. Today people are more concerned about nutrition and her aseptic milk is very low in fat. To take advantage of this, she changes her advertising slogan from "It will keep you alive in the next century" to "A healthy beverage, ready and waiting". Roxanne is trying to?
Reposition her product against itself
A dynamically continuous innovation is?
Somewhere in the middle of the new product continuum.
The biggest difference between a merchant wholesaler and an agent or broker is that the merchant wholesaler?
Takes ownership of the products it carries.
The AIDA model for persuasive communication suggests there are four stages you need to go through in order to persuade somebody. The LAST thing you have to do is?
Tell the person what you want them to do.
An outcome measure?
Tells you whether or not you achieved your goal
What do we mean when we say that, from the consumer perspective, new products span a continuum from small, incremental changes to radically different products?
That 'newness' is hard to define and new could mean different things for different products.
What do we mean when we speak of a "defensible" decision?
That the decision incorporated all of the relevant information available at the time the decision was made.
Which of the following statements about value is TRUE?
The benefit that an individual consumer receives from a product is in the mind of the consumer.
Warranties can be either expressed or implied. An expressed warranty means that?
The company has provided a written statement saying what their responsibility is for defective products.
In order to understand a customer's wants, a marketer must understand __________?
The cultural and social environment in which a customer makes purchasing decisions.
Which of the following statements about the consumer buying process is TRUE?
The customer decides whether he/she is truly satisfied with the product after the decision has been made.
The supply chain centers on the producer. Upstream activities consist of?
The flow of raw materials from the supplier to the producer
Which of the following buying criteria is a business buyer likely to use and an individual consumer NOT likely to use?
The impact on the channel of distribution
What is the relationship between the law of truly large numbers and market segmentation?
The law of large numbers is an abstract concept that helps us understand why market segmentation works.
Many strategic plans are not executed well because?
The long-term strategic objectives are not translated into specific, actionable tasks to be done by people in the organization.
The four 'P's are?
The marketing mix variables we use to create need-satisfying offerings.
In Marketing 3.0, with an authentic brand mission...?
The mission comes first, financial results come second
Which of the following statements about an organization's mission statement is FALSE?
The mission statement is something that only applies at the corporate level
BruceCo planned to introduce a new line of herbal coffees in its coffee shops. Using the chain ratio method, they estimated they would have 300 people walk through the door every day and that 1/3 of these people would notice a sign advertising the new coffee and ask about it. If the price were the same as its regular coffee, they estimated half of the people would try the new blend. If the price were higher than the regular coffee, they estimated only one out of 10 would request the new blend. The goal was to sell 50 cups of the new blend each day. Which of the following would be an outcome measure associated with the plan?
The number of cups of the new blend sold each day.
With _________________ the roles of the various channel partners are specified by a formal contract.
The roles of the channel partners are specified by contract in all of these situations.
Which of the following is a major disadvantage of the market testing approach to forecasting.
The time it takes to conduct the test market may put you at a competitive disadvantage in the marketplace.
What do we mean when we speak of ad 'clutter'?
There are so many advertisements out there that it is hard for marketers to get people to notice their ad.
What do we mean when we say a market segment is "reachable"?
There is a way of communicating with people in the segment.
Which of these statements about Porter's fundamental strategies is true?
There is only room for one low cost producer in a market.
The reason integrated marketing communications campaigns are so powerful is that?
These are all reasons why integrated marketing communications can be so powerful
One of the reasons there is confusion between the marketing plan and the business plan is that
These are all reasons why there is confusion between the marketing plan and the business plan for an organization?
Subcultures can be powerful segmentation variables because people have more choice about the subcultures they choose to identify with. This means?
They are more likely to seek out products that affirm their membership in the subculture
Which of the following is a reason why environmental scans are so important to marketing managers.
They can help you avoid Marketing Myopia.
Reference groups are important to Marketers because...
They serve as information sources and influence opinions
Which of the following statements about the AIDA model of persuasive communication is TRUE?
This is a sequential process; all persuasive messages have to go through the four stages.
Which promotional role might be most appropriate for a product in the decline stage of the product life cycle?
This is a trick question - a company is unlikely to spend money on promotion when a product is in the decline stage.
Which of the following is NOT a motive for a business customer to purchase a product? Select one:
To negotiate a price so low that the supplier actually loses money on each transaction
When dealing with order processing, there is a trade-off between ____________ and ____________?
Transaction costs, inventory levels
The _____________ is the result of eliminating middle management positions in order to shorten lines of communication within the organization?
Trend toward flatter organizations
All of the marketing concepts that deal with tangible products apply to services as well.
True
It helps to keep your brand name from falling into the common usage if you use the brand name as an adjective, rather than as a noun or verb.
True
What is the hard way to become the category leader?
Use the marketing mix to improve your position in an existing category.
As discussed in class, at its most basic, marketing analytics is ___________ ?
Using data to inform marketing decisions
Which of the following is a strategic issue relating to personal selling a sales manager needs to address?
What is the role of the salesforce in the promotional mix?
The first stage of the consumer buying process is:
Where a consumer realizes that there is something he or she lacks.
People have two decisions to make when they use products to solve a problem. One of them is?
Whether or not to make a purchase
Which of the following is NOT a factor a business customer is likely to consider when making the decision to purchase an industrial product? Select one:
Will the product clash with his/her home decor
BruceCo is an inventory liquidator. The company identifies other businesses that have huge amounts of unsold inventory and buys it from them at pennies on the dollar. They then try to find another company that can use the inventory and sell it to them at a profit. What makes this business so fun is that you never know from day to day what product you will be dealing in or who might be a prospective customer. What type of wholesaler would BruceCo be considered?
Work with a broker to negotiate deals with any customer who wishes to purchase what BruceCo is trying to liquidate.
One of the disadvantages of bringing a discontinuous innovation to market is?
You may have to spend a lot of effort helping customers understand the value of the new product.
Which of these stores would you expect to find in a city's central business district?
You would expect to see all of these in a central business district.
What is a customer?
a customer is all of these
Companies that have several products in the same category might use ____________ as a way to establish different positions for each product in the category in the mind of the consumer?
a price line strategy
A direct marketing channel consists of?
a producer and consumer
A _____________ includes all of the activities involved with taking a raw material, turning it into a finished product, and getting it into the hands of the customer?
a value chain
For many products such as candy bars, there is a price consumers expect to pay for the product. Companies using the _____________ to setting prices will use this price as a basis for positioning their products as prestige or value brands?
above or below approach
Which of the following is NOT a functional benefit of packaging?
acting as silent salesperson
Every business will use a different combination of promotional tools. The actual tools selected will depend on?
actually, it depends on all of these
In order to be useful, criteria used to measure progress toward a goal should be all of these EXCEPT?
adaptable
Which of the following is NOT a cost typically associated with logistics?
advertising
Which of the following is NOT an issue typically addressed in developing a channel strategy?
advertising
________________ is paid messages placed in any of the mass media by an identified sponsor in order to persuade members of a particular target audience about products or ideas?
advertising
Sales data is frequently used as a metric in marketing plans. Which of the following is NOT a commonly used sales measure?
advertising expenditures
In the California general election, it is not unusual for a company to run an advertisement for/against a proposition stating that the proposition is good/bad for the economy and a waste of tax dollars/source of tax revenue. This would probably be considered a(n) ____________ ad?
advocacy
Which of the following is an inside sales job?
all of these are inside sale jobs
Which of these is NOT an example of an intangible product?
all of these are intangible products
Based on what you understand about the consumer buying process, why is it a good idea for Toyota to feature fuel economy in the advertisements for its hybrid Prius automobile.
all of these are reasons why it is a good idea for Toyota to feature fuel economy in advertisements for its hybrid Prius automobile.
Which of the following statements about the bin theory or memory is FALSE?
all of these statements about the bin theory of memory are true.
Which of the statements about the levels of the product concept are true?
all of these statements are true
Irene wanted to start a Juice drink business in San Mateo. She felt that in order to build the traffic she needed to make the store successful, she should develop an integrated marketing communications program that included outdoor advertising on billboards near to her store, coupons printed in the local shopper newspaper, radio advertisements during afternoon drive time and on weekends, television ads on the food network using her local cable operator and a couple of giant helium balloons flying over her shop for the grand opening. Because she didn't have the $175,000 to pay for the entire campaign, she decided to buy a couple of giant helium balloons for $500 and to do the rest of the things after the shop opened and she had some cash flow coming in. This is an example of the ______________ approach to setting the promotion budget?
all you can afford
____________ is an example of a retailer whose merchandise mix is both wide and deep?
amazon
It is not unusual for experienced salespeople to tell a joke or an interesting anecdote before 'getting down to business' with the customer. These people recognize the importance of the ___________ stage of the personal selling process?
approach
Zach loves the sport of soccer. He is a huge fan of the Brazilian national team. He collects pictures of the team and wears the Brazilian team colors during world cup soccer matches. He hopes to be good enough to play on the Brazilian soccer team some day. For Zach, the Brazilian soccer team is a(n) ____________?
aspirational group
____________ describes the process a sales manager uses to help a new hire become familiar with the culture and procedures of the sales force?
assimilation
Frodo was a massage therapist. He was very good at dealing with lower back pain. In his waiting room, he had a framed photograph of Sylvester Stallone along with a letter from the celebrity saying that Frodo was the best massage therapist in the world. Sylvester Stallone appeared in all of Frodo's print and radio advertisements as well. Frodo was using the ___________ approach to making his service seem 'real'?
association
Kris decided to go shopping for a pair of tennis shoes. She went to the mall where there were several stores selling shoes. The first store was poorly lit, seemed to be kind of dirty and was very crowded. The second store was brightly lit, sparkning clean and had the shoes attractively displayed on shelves. She walked past the first store and into the second store in order to shop for shoes. Kris was influenced by ___________?
atmospherics
A(n) _____________ is a learned predisposition to respond to an object or a class of objects in a consistently favorable or unfavorable way?
attitude
BruceCo was opposed to proposition 92.3 in the California general election. This proposition would impose a 50 cent/cup tax on coffee in order to pay for education. The most recent polls showed 57% of likely voters supported the proposition. BruceCo then paid for an advertisement which explained that if the proposition passed, the cost of a cup of coffee would increase by 50 cents. Following the advertisement, the polls showed only 32% of likely voters were in favor of the proposition. This is an example of a(n) ___________ test of advertising effectiveness?
attitude change
Which of the following statements about attitudes is FALSE?
attitudes become more favorable over time
Why did your instructor make the point that you can't just have "attitude"?
because attitude is always about something
Unlike offline marketing, in digital marketing, ___________ segmentation is a better approach than ____________ segmentation?
behavioral, demographic
When developing contingency plans, the ____________ scenario assumes that everything that could go either right or wrong goes right?
best case
The best understanding of market dynamics comes when sales is expressed in?
both dollars and units
When I go to the grocery store, I see several different types of Cola products. In addition to Coke and Pepsi in various shapes and sizes, there is RC cola and a store brand of Cola as well. This is an example of ___________ competition?
brand
Kendra runs a wholesale distribution center for candy. Each week she receives a truckload of candy from her supplier and unpacks it so that her customers only have to buy a case at a time. Kendra is adding value by ___________?
breaking bulk
The Foreign Corrupt Practices act of 1977 makes it illegal for U.S. businesses to __________ foreign government officials, even if it is the custom do to so that country?
bribe
Which promotional role might be most appropriate for a product in the post-purchase behavior stage of the consumer buying process?
build relationships
_____________ are the set of moral rules that govern how businesses operate, how decisions are made, and how people are treated?
business ethics
______________________ is the marketing of goods and services to companies, governments, or not-for-profit organizations purposes other than personal consumption?
business marketing
Of the three ways to satisfy a need, which one is used to create exchanges?
buy it
Time has an impact on purchase behavior both from a "ticking clock" perspective and from a ____________ perspective?
calendar
The Senseo coffee maker is a machine that makes one cup of coffee at a time from specially prepared 'pods' of coffee. You can get the coffee maker at a very reasonable price. However, you can only get refill pods from the manufacturer and they tend to be expensive. This is an example of?
captive pricing
Santa Claus is trying to estimate demand for toys this Christmas. He know there will be 3.7 billion children because he monitors birth trends across the world. He knows from experience that 14% will be naughty this year and get coal rather than presents for Christmas. He recently commissioned a research study from Donner + Blitzen associates who found that children stop believing in Santa Clause when they are 5.8 years old. Santa is likely to use the ____________ method to forecast demand for toys?
chain ratio
The basic communication model describes how a message is transmitted from a sender to a receiver. The __________ is the medium used to transmit the encoded message to the receiver?
channel of communication
One of the techniques used during the _________ stage of the personal selling process is to assume that the customer will place an order and begin to discuss the details of the order?
close
The __________ stage is the heart of the personal selling process and the object is to convert a prospect into a customer?
close
The __________ stage of the personal selling process involves asking for the order?
closing
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company introduce the new product into the company's overall product mix?
commercialization
An organizational chart is a useful tool for understanding the structure of an organization. Specifically, the connections between the 'boxes' in an organizational chart show patterns of ____________ and ____________ within the organization.
communication, authority
In dealing with the ____________ issue in sales management, there is a tradeoff between salary and commission?
compensation
The ____________ component of the external macro-environment deals with alternate firms that could satisfy a specific market's need?
competitive
The LOWER the ___________ the more likely people will be to adopt your new product?
complexity
Which of the following is NOT an example of an intermediary?
consumer
In a multi-market, multi-product firm such as the Nestle Corporation, what is the highest level at which strategic planning might take place?
corporate level
Which level of the organization is typically responsible for determining the organization's mission and or vision?
corporate level
When dealing with logistics there is a fundamental trade-off between ________ and ________. The goal is to keep one high and the other low, but they tend to increase together.
cost, service level
Kendra runs a wholesale distribution center for candy. Each week she receives candy from all of the major manufacturers and repackages it so that a retailer can buy a case of candy bars and have some from every manufacturer in the case. Kendra is adding value by ___________?
creating assortment
According to your instructor, what are the two main roles for digital marketing?
creating transactions, channel for information
Hermione was the office manager for a small business in the city. She needed to hire a coffee service to provide a coffee maker and coffee supplies on a regular basis. Social responsibility was a high priority for the company so she knew that whatever coffee company she used, it had to be socially responsible. She went online and found three coffee companies that provided equipment and made regular deliveries. The company she chose claimed to be socially responsible. All of the coffee was certified to be fair trade coffee by the Fair Trade Coffee association. Hermione was familiar with the Fair Trade Association and knew that fair trade certification meant the coffee was purchased from small farmers who were paid a fair price for their coffee. Hermione used ____________ to evaluate the quality of the service?
credence attributes
When sending and receiving information, a ________ is a method of encoding information?
cue
A person's food preferences, rituals, and even a sense of what is right and what is wrong can be strongly influenced by his/her ___________?
culture
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies develop a performance oriented ____________?
culture
Which of the following is NOT information that is available categorized by NAICS codes?
current price data
Bruce worked for the Northwest Table Pad company. The table pad industry was created in the early 20th century and became very profitable in the post world war II economic boom. In recent years, the number of table pad manufacturers had declined and fewer customers were buying table pads because formal dining rooms were out of fashion and new protective finishes made the need for table pads less obvious to consumers. Table pads were in the ____________ stage of the product life cycle?
decline
When dealing with tangible products, consistency is usually measured in terms of?
defects
The __________ to setting prices weighs consumer tastes and preferences more heavily than costs and profits.
demand-based approach
Bruce recently went to the eye doctor because he couldn't see clearly enough to do the sudoko puzzle on his iPad. He could see well enough to drive, just not well enough to do the puzzle. His eye doctor said he had presbyopia, a condition that is common in people who are middle aged. The doctor said that Bruce could continue to do the crossword puzzle, but he would need to wear reading glasses. Clearly, a manufacturer of reading glasses would benefit from using a ______________ segmentation approach.
demographic
Have you ever noticed that when you fill out a warranty card after making a purchase, the manufacturer frequently asks questions such as how old you are, what your ethnicity is and how much money you earn. These questions suggest that the manufacturer is using __________ to segment the market.
demographics
Which of the bases for segmentation is most frequently used by marketers?
demographics
Bruce wanted to open a coffee shop. He knew his coffee was way better than anything Starbucks could do because he ran taste tests with people in the neighborhood. He found that people in his area preferred their coffee with just a hint of cinnamon in it. When he opened his first store across the street from a Starbucks store, he ran advertisements claiming "Bruce's Brew is the spice of life," and offered a coupon good for a free cinnamon grinder with purchase of Bruce's Best. Bruce is using a _______________ positioning strategy.
differenation
The product market growth matrix suggests four strategies based on customers and products. Which of the following is NOT one of the basic strategies suggested by this approach?
differenation
_____________ looks at how new products are adopted by entire populations.
diffusion of innovation
_____________ looks at how new products are adopted by entire populations.
diffusion of innovations
A marketer interested in selling luxury goods would naturally pay close attention to changes in the amount of?
discretionary income
When I go to the grocery store, I see several types of cola products. Sometimes, even though I am in the mood for a cool, refreshing Cola, I keep my money in my pocket because I am saving up for a new high definition television set. For the Coca Cola Company, this is an example of ___________ competition?
discretionary income
_____________, is the amount of money a consumer has left after paying for necessities such as food and housing?
discretionary income
BruceCo is a coffee shop selling custom-brewed coffee to walk-in customers. In order to boost sales, Bruce started a business selling music CD's on the internet. This is an example of the ____________ growth strategy?
diversification
The product market growth matrix suggests four strategies based on customers and products. Which of the following is the riskiest of the basic strategies suggested by this approach?
diversification
Many students are confused by the structure of this class. You have the option of viewing the lectures any time, but viewing the lectures is not required. You may take the tests whenever you want during a two-week window. A common mistake is to assume that because the class is convenient, it must be __________ and you can take __________. This is not usually true.`
easy, shortcuts
If I were scanning the _____________ environment, I would be interested changes in the consumer confidence index?
economic
Wal-Mart's basic strategy is to provide products to customers at rock bottom prices. Thus their slogan, "Always Low Prices." In order to achieve this strategy, Wal-Mart's Supply chain is designed to maximize ___________?
effiency
One of the dimensions customers use to evaluate service quality is _____________, or caring, individualized attention to customers?
empathy
Which of the following is NOT a requirement of a market segment?
environmentally responsible
One of the difficulties in determining ethical behavior in marketing is that ____________; the clandestine collection of trade secrets or proprietary information is both illegal and unethical; while collecting marketing intelligence about your competition is necessary?
espionage
The first step in developing an advertising campaign is?
establishing the target audience
When faced with a decision, ___________ are the moral and legal principles that serve as guidelines on how to behave?
ethics
Which of these is a reason consumers frequently give to justify unethical consumption?
everybody does it
Caterpillar makes heavy equipment for the construction industry. These machines are used hard and need fast reliable service to keep them running once a customer has purchased one. Because of this, there is only one Caterpillar dealer in any market. This is an example of __________ distribution?
exclusive
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies maintain flawless operational ____________?
execution
One of the strategies during the decline stage of the product life cycle is to sell the product to another company or simply to stop producing the product. This strategy is called?
exiting the market
Even if you have never seen a product before, you may have a sense of what it should sell for based on similar products that you have experienced in the past. Marketers need to be aware of this ___________ when they set prices for new products? Select one:
expected price
Rafael is applying to graduate schools for admission to the MBA program. If he goes part time, it will take four years and cost several thousand dollars. Rafael believes that he needs the advanced degree to get a promotion at his job. Rafael is likely to engage in _________ problem solving as he makes this decision?
extensive
Although you have the ability to decide whether or not to do business with a particular supplier, you can't tell the supplier how to run his or her business. This is why suppliers are part of the?
external microenvironment
The ______________ deals with factors that affect your company, but are beyond your ability to control directly?
external microenvironment
Which of the following media is the richest information channel?
face to face conversation
Which of the following media is the richest information channel?
face to face conversations
All (or most) customers are consumers
false
Buyer's remorse affects business customers as well as consumers
false
Customers control the features that are available in the products they buy.
false
During the idea generation stage of the new product development process, it is important to evaluate new product ideas as they come in to avoid being overloaded with unusable ideas.
false
Each family member plays a specific role in deciding what the family should buy.
false
For stores selling luxury products, it is important for customers to be able to see the prices of the merchandise when browsing.
false
Human beings always choose the best available product when making a purchase.
false
Ideally each of the channel flows is performed by a separate business that specializes in that function.
false
It is more important to evaluate positive information than it is to evaluate negative information when trying to understand how customers perceive your product.
false
Keeping inventory levels low decreases the chance of a stock out.
false
Most new products are successful, at least for a short while.
false
People put a lot of effort into routine purchases, even though they would rather not.
false
Stereotyping is a useful tool to use when creating segments based on ethnicity.
false
Telemarketing is an inexpensive retail format for relationship marketing.
false
The "trickle down" theory suggests fashion trends originate with lower classes and migrate upward.
false
The Federal government has the primary responsibility for regulating business in the United States.
false
Up until 2006, it was legal for manufacturers to dictate the prices at which retailers can sell their products.
false
When making purchases, it really doesn't matter how you feel emotionally.
false
When retrieving memories, most people access the exemplar and up to two additional memories in the category.
false
A ____________ is an accepted and popular style?
fashion
In automating a manufacturing plant, which of these would definitely increase in the short run?
fixed cost
____________ are the costs of production that do not change with the number of units produced?
fixed costs
Marketers of products such as Valentines Day chocolates frequently use a ____________ advertising scheduling tactic.
flighting
A ________________ is a prediction of what a business's sales will be in the future?
forecast
The ___________ sales presentation format, frequently used with inexperienced sales representatives involves memorizing a standardized sales presentation?
formula selling
Bruce went shopping at the Hermes store in New York City. This is a very high end fashion store. When he entered the store, an associate asked him what he was looking for. She then escorted Bruce to the neckwear department and had him sit (with a cup of coffee) while she brought out a selection of neckties she thought he might like. After Bruce paid for the neckties, the store had the packages shipped to Bruce's hotel. This is an example of _____________ retailing?
full service
Bruce is trying to contact the purchasing agent for Starbucks Coffee in order to sell them his new "Bruce's Blend" of coffee. However, each time he calls the buyer, he gets a receptionist who asks him his name and then forwards his call to the buyer's voice mail. This has happened several times now and Bruce is beginning to think that the buyer will never call back. The buyer's receptionist performing the role of _________?
gatekeeper
which of the following is one of the four basic roles for a salesperson as discussed in class?
generating transaction
The idea behind _____________ is that people who are born at the same time share similar experiences growing up and, therefore are similar in some of their attitudes and behaviors?
generational marketing
Marketers recognize that people living in one part of the country may have tastes that are different than people in other parts of the country. For example, when traveling in the southern United States, Iced tea is served with the sweetener already in it while in the Northern states, iced tea is served unsweetened. These differences are the reason that __________ segmentation can be useful for many products.
geographic
Kendra runs a wholesale distribution center for candy. Each week she receives candy from all of the major manufacturers. She stamps a date sticker on each package so the retailers will know how fresh the candy is. She also provides information on how much cocoa is in the chocolate from the various manufacturers. Kendra is adding value by ___________?
grading
_____________ involves a company's efforts to differentiate based on environmentally practices?
green marketing
The goal at the ______________ stage of the product life cycle is to build market share and differentiate the product
growth
Bruce wanted to open a coffee shop. He knew his coffee was way better than anything Starbucks could do so he opened his first store across the street from a Starbucks Store. He ran advertisements in the local paper claiming "Bruce's Brew is better than Starbucks Stuff" and offered a money back guarantee to any Starbucks customer who was willing to try a cup of Bruce's Coffee. Bruce is using a _______________ positioning strategy.
head to head
For a store using ______________, many items will go on sale each week?
high-low price
When using the ______________ approach to selling, the salesperson will encourage the customer to make a decision quickly, so that the customer doesn't have a lot of time to think things over or to change his or her mind?
high-pressure
Which of the market structures best describes the current state of retailing in the United States?
highly concentrated
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company be seeking input from customers, following up on complaints, listening to employees, analyzing market research and monitoring competitors?
idea generation
_____________ are business customers who purchase goods to incorporate them into other products for other businesses to use.
industrial markets
Most of the functions that need to happen in order to move a product from producer to consumer deal with?
information
An advertisement for Wishbone Salad Spritzers demonstrates that you can spray salad dressing on your salad and tells you there is only one calorie per squirt. The objective of this product ad is probably__________?
informing
In order to maintain a brand, you must protect it against ___________, where people use the brand name without permission.
infringement
Sabrina was running a day care center for pre-school children. She decorated the walls with images from the motion picture "Finding Nemo." One day she received a letter from attorneys representing Pixar and the Disney Corporation asking her to stop using images from "Finding Nemo." Pixar and the Disney Corporation were defending their brand against _______________?
infringement
The basic issue when you are dealing with the __________ characteristic of services is that the customer and the service provider have to be together in order for the service to be produced?
inseparability
_____________ are business customers who purchase products primarily to run the organization.
institutions
Jill has been sitting through Professor Robertson's class for almost an hour now. She didn't have time for breakfast because... well just because. It is now almost eleven o'clock and she realizes that she is very hungry. This is an example of _________ need recognition?
internal
The __________ environment deals with issues that are within your company's ability to control directly?
internal
the concept of ___________ recognizes that before an organization can effectively take care of customers' needs, it must focus on its employee's needs?
internal marketing
The ______________ deals with factors that affect your company, and are within your ability to control directly?
internal microenvironment
Because of high ___________ retailers with low profit margins can still be attractive businesses?
inventory turnover
Which of the following is NOT one of the unique characteristic's of a service described in the text?
invisibility
_________ affects the amount of time and effort a buyer invests in the consumer buying process.
involvement
A market factor...?
is all of these things
When it comes to setting budgets, a top-down budget...?
is determined at the corporate level
There are two things you need to know about a number if you are planning on using it as a metric. One of them is?
is it good or bad?
Which of the following is NOT a characteristic of a good Objective?
it is adaptable
When is it appropriate to ask for the order when closing a sales call.
it is always appropriate to ask for the order
A brand can be thought of as a promise you make to your customers. In order for the brand to be successful, the promise must be _____________?
kept
____________ in the diffusion of innovations process are less influenced by advertising and more likely to consider word of mouth information when deciding to adopt a new product.
late majority
___________ are society's values and standards that are enforceable in court?
laws
In content marketing, a prospects ___________ is continually updated based on interactions with the company?
lead score
One of the issues in order processing is ________ which recognizes that customer orders cannot always be filled immediately?
lead time
Which of the following typically a responsibility of the marketing function in an organization?
listen to the market
Many small businesses choose to segment their customers geographically because they can effectively to communicate with their customers using __________?
local media
____________ deals with the flow of physical goods and related information through the value chain?
logistics
For many products such as candy bars, there is a price consumers expect to pay for the product. Retailers using the _____________ to setting prices will offer the product at a very low price in order to attract customers into their store?
loss-leader approach
Whenever I go into Safeway, I have to scan my Safeway card to receive the advertised discounts. Sometimes, when I have purchased a certain amount of groceries, the cash register will spit out a coupon good for 5% off of my next purchase. This is an example of a ____________ sales promotion?
loyalty program
The __________ environment deals with issues that affect all companies in an industry?
macro
BruceCo is introducing a line of coffee for amateur athletes. They feel that the coffee will have the most appeal for men, aged 25-50, who run three times a week and are likely to participate in one or more races each year. Which advertising medium might be the best way to reach this target audience?
magazine
In an oligopoly situation, where the demand curve for the product is kinked, what is the best strategy to increase profits?
maintain price and reduce costs
The Boston Consulting Group matrix is a 2x2 matrix with ___________ on one axis and ___________ on the other axis. This creates four positions: cash cows, stars, problem children (or question marks) and dogs.
market attractiveness, relative market share
BruceCo competes in the premium coffee market in the San Francisco area. The biggest competitor, Starbucks controls 48% of the market while BruceCo controls only 1% of the market. BruceCo is measuring _________?
market share
A ________________ is all of the organizations and activities associated with moving the product from producer to end user?
marketing channel
The term _____________ describes how industries that were once growth industries became stagnant because managers in that industry relied on a narrow definition of their business and failed to change when technology or customer tastes changed?
marketing myopia
The goal at the ______________ stage of the product life cycle is to maintain market share and extend the life of the product.
maturity
The two major costs associated with an advertising campaign are?
media, creative
The __________ environment deals with issues that affect your company only?
micro-
A ____________ is a formal statement that describes the overall purpose of the organization and identifies its customers, products, processes, and values.
mission statement
Younjin is a purchasing agent for Acme Enterprises. One of the products she is responsible for is copier paper for the company's copiers. The company makes lots and lots of copies so they use more than 60 cases of copier paper each week. Recently, one of her colleagues, Bruce has been complaining that the copiers are jamming a lot. She thinks it might be because the paper is the wrong kind for the company's copiers. Also, the chairman of the board made a speech to all of the employees stating that the company is going to become environmentally sensitive and there will be bonuses for people who can improve the company's environmental record. Younjin had heard that some recycled paper is as good or better than standard copier paper. She decides to re-think where she is buying her copier paper. Younjin will probably treat copier paper as a __________ decision?
modified rebuy
_____________ is an ethical perspective that believes the motive behind a behavior is more significant than the outcome of the behavior?
moral idealism
Which of the following statements about the ethical legal framework is TRUE?
most business decisions are made in private
When developing contingency plans, the ____________ scenario represents your best estimate of what actually will happen?
most likely
When using a SWOT analysis, a threat is an issue that is?
negative external
When using a SWOT analysis, a weakness is an issue that is?
negative, internal
The _________________ channel flow involves two-way communication between producer and consumer?
negotiation
Younjin is a purchasing agent for Acme Enterprises. She is responsible for the company's copiers. The company makes lots and lots of copies so they spend more than $10 million on copies each year. Younjin is considering replacing all of the company's copiers with a networked solution that digitizes all documents and prints them on demand at designated workstations. This system will have to be custom designed for the company and will cost several million dollars. Younjin will probably treat this as a __________ decision?
new task buy
One of the advantages of ________ as an advertising medium is that it is a relatively inexpensive way to reach local markets with time-sensitive ads?
newspaper
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union and bought a big bowl of ice cream. In terms of product classification, ice cream could best be described as a(n) for Bruce?
non-durable good
Direct mail, catalog sales and vending machines are all examples of?
non-store retailing
A(n) ______________ is an organization whose business purpose has been designated as being in the public interest and may have received preferential tax status?
not for profit
Sometimes a customer will ask questions during a sales presentation that may suggest the customer does not want to buy the product. The salesperson needs to deal with these ___________ before continuing with the presentation?
objections
Which of the approaches to developing a promotions budget is theoretically the best one to use?
objective-task
Experience has shown that customers perceive a price of $99.99 to be significantly lower than a price of $100. The pricing strategy that takes advantage of this phenomenon is called ___________
odd-even pricing
BruceCo is a small coffee company. Recently, the surgeon general announced that students who consume massive amounts of coffee the night before an examination tended to perform better than students who do not drink coffee. In terms of a SWOT analysis, this would be considered a (n) ________ for BruceCo?
opportunity
In the three circles positioning framework presented in class, which area represents the area for creating an attractive new position in the marketplace?
opportunity to strengthen position
the Myers-Briggs personality inventory is one typology discussed in class. Which of the following is NOT one of the dimensions of the Myers Brigs personality inventory?
optimist-pessimist
_____________ are factors that limit the range of prices a firm may set for its products?
organizational constraints
A(n) ________________ is the container used to protect, promote, transport, and/or identify a product.
package
Which of these approaches to establishing a promotions budget is the one most commonly used in business?
percentage of sales
Chez Bruce is the fanciest restaurant in the city. If you want to make a reservation, you have to make it before 5:00 pm or after 10:00 pm. There is so much demand for seats at the restaurant that you have to wait in line during peak hours. Bruce is using this strategy to deal with the __________ characteristic of service provision.
perishability
Bruce is introducing a new kind of test grading machine. The machine is very complicated, but it can save college professors a lot of time and money once they understand how to use it. College professors don't watch a lot of television. Which promotional tool might work best in this situation?
personal selling
______________ is a promotional tool involving face-to-face interaction in order to persuade a customer to buy a product?
personal selling
A company in the _____________ stage of the continuum of sustainability will contribute money to a cause that is relevant to the brand mission.
philanthropy
The ____________ channel flow deals with the movement of the actual product from producer to consumer?
physical possession
The two basic sources of motivation discussed in class are?
physiological, psychological
A marketing helps to create ______ utility?
place
_________ utility exists when a product is readily accessible where potential customers need it
place
The ____________ component of the external macro-environment deals with restrictions state and federal laws place on a business' activities?
political/legal
In addition to determining the amount of money you will receive for your product, price serves as a __________ tool, signaling to customers where your product stands in relation to similar product offerings?
positioning
Which of the following is NOT one of the four roles for promotion?
positioning
____________ is understanding how customers perceive your product and managing their perceptions relative to competing products?
positioning
During the ________ stage of the personal selling process, it is important to learn as much about the customer as time and money allow you to do?
pre-approach
When using the consultative approach to selling, part of the _____________ stage of the personal selling process involves developing a proposed solution to meet the customers need?
presentation
When using the consultative approach to selling, the first part of the _____________ stage of the personal selling process involves asking a series of questions so that the salesperson can understand the customer's needs?
presentation
_________ is the amount of money or other consideration, which is exchanged or offered for a product, or other desired outcome.
price
Colgate Palmolive developed a new line of Colgate brand mouthwash. As part of the introduction, they included a free sample of Colgate mouthwash with every tube of Colgate toothpaste. This is an example of?
price bundling
One of the ethical issues in marketing is that data mining techniques where information from several databases is combined may be a violation of a customer's ___________?
privacy
A ____________ is a bundle of tangible and intangible attributes that provide value to customers in exchange for money (or something else of value).
product
When I go to the store, I see several different types of cola products. Normally I prefer Coke Zero, but sometimes I am in the mood for a different kind of soft drink. I may buy an energy drink, or a Snapple, or even head over to the mall for a Jamba Juice. For Coca Cola, these other soft drinks are examples of ______________ competition?
product
BruceCo is a coffee shop selling custom-brewed coffee to walk-in customers. In order to boost sales, Bruce started selling CD's of the music played in the store. This is an example of the ____________ growth strategy?
product development
As long as an action is ____________ some people will do it even if it is considered to be illegal or even unethical?
profitable
In order for a firm to have an increase in market share as a pricing objective, it is assumed that the firm has?
profits
Companies that fail to ____________ will find themselves at a disadvantage in terms of reaching customers and finding good employees?
promote diversity
______________ is all of the communication to support the marketing program.
promotion
Advertisers frequently engage in ___________ where they exaggerate the benefits of the product without actually making a false claim about the product?
puffery
Sanjeev was opening a new shrimp farm in Louisiana. Shrimp is the number one selling seafood in the United States and he felt that growing demand would allow a new business to succeed. In order to convince the buyer at Winn Dixie grocery stores to carry his product, he ran coupons in the local newspaper where Winn Dixie had stores offering customers a free 16 ounce bag of frozen shrimp. These customers would bring the coupon into the store and ask for the product. Sanjeev was using a _______ promotion strategy?
pull
Sanjeev was opening a new shrimp farm in Louisiana. Shrimp is the number one selling seafood in the United States and he felt that growing demand for shrimp would allow a new business to succeed. In order to find customers for his product, he sent samples of his 16 ounce package to the seafood buyers of the 15 largest grocery store chains. Along with the sample was an offer for 50% off the wholesale cost of shrimp for the first order. Sanjeev was using a ______ promotion strategy?
push
When we say a measure is __________ we mean that it should involve a number?
quantifiable
Carlina operates a wholesale lumber business serving contractors in her Midwestern city. She takes orders from a central location and delivers the lumber and other building materials to the contractor's jobsite using her own trucks. She orders her lumber from a mill in Washington State. Because the lumber is bulky and she orders large quantities she uses _________ transportation to ship the lumber from Washington?
rail
After years of steadily declining sales, the amalgamated telephone book company adopted new product development as a strategic priority for future growth. This is an example of the ___________ approach to new product development?
reactive
A _______________ is an actual or imaginary group that has a significant impact on a person's evaluations, aspirations or behavior?
reference group
The three circles positioning framework presented in class suggests using all of the following EXCEPT ___________ to help clarify a market position?
related industries
When we say a measure is __________ we mean that it relates directly to the goal it is intended to measure?
relevant
_____________ include retail and wholesale businesses.
resellers
The basic communication model describes how a message is transmitted from a sender to a receiver. The receiver's _________ depends on how the message was interpreted by the receiver?
response
Coca Cola's basic strategy is they you should never be more than an arms length away from a cold, refreshing Coke. In order to achieve this strategy they try to make Coke products available for sale through as many outlets as possible. You can buy bottled Coke in the grocery store, fountain coke at a restaurant, single cans and bottles at convenience stores and gas stations, and individual cans from vending machines while you are waiting in line for a ride at an amusement park. Because the goal of the supply chain is to maximize __________, Coke is willing to bear the expense of having several different channels of distribution?
responsiveness
When I was a young man (not too long ago) Big Box retailers - very large, free-standing specialty stores were very popular. Today many of these stores such as Toys'R'us and Party Supplies Warehouse, stand empty. This could be explained according to ____________?
retail life cycle
_______________ is the process of selling goods and services to individuals for their personal use?
retailing
Which of these is NOT a tool used in materials handling?
safety stock
Hermione was the office manager for a small business in the city. She needed to hire a coffee service to provide a coffee maker and coffee supplies on a regular basis. She went online and searched for several coffee services. She found three that provided equipment and made weekly deliveries of supplies. She chose the supplier that advertised the lowest price. Hermione used ___________ to evaluate the quality of this service?
search attributes
Sameer does not smoke. Every day he walks past a billboard advertising Camel cigarettes. In class, the instructor was talking about how much cigarette advertising is around us and described the billboard advertising Camel cigarettes as an example. Sameer was surprised by this. He had walked by the billboard every day, yet he had never noticed that it was an advertisement for cigarettes. This is an example of _____________?
selective attention
Bruce is a fan of the Minnesota Vikings Football team. He was watching a game between the Minnesota Vikings and the San Francisco Fortyniners on San Francisco television station. He expected that the announcers would favor the local team and it appeared that he was right. Even though a national media agency gave the local announcers an award for the most unbiased coverage ever in a televised football game, Bruce remained convinced that the announcers had favored the local team. This is an example of ______________?
selective interpretation
Confirmation bias recognizes that people will be more likely to believe someone who agrees with what they already think than someone who disagrees with what they think. This is the result of:
selective interpretation
Allen had lunch at the Automat. This is a trendy new restaurant where the customer selects ready-made sandwiches, soups, salads, desserts, and drinks from little compartments along a wall. He then places the selections on a tray, takes it to the check out section, scans each item, and pays for it with a debit card before going into the dining area to eat. There is a crew of cooks who replace the items people select from the other side of the wall. This is an example of _____________ retailing?
self-service
Consumers might put significant effort into purchasing a _____________?
shopping product
Eseffisue Company has developed a portable solar-powered global positioning (GPS) device. There is a high demand for the product and until now, there wasn't anything like it on the market at any price. The company has a patent and the most important attribute for a GPS device is quality. Eseffisue Company should use a ____________ approach to pricing this new product?
skimming
One of the ethical issues in pricing is for retailers to require manufacturers to pay _________ to ensure placement of new products in a store. This practice is legal, but there is a question of whether it deprives customers of their right to choice under the Consumer Bill of rights?
slotting fees
As discussed in class, _____________ can be used to facilitate relationship building in digital marketing?
social media sites
A ______________ is one for which a customer will accept no substitute?
specialty product
The thing that distinguishes advertising from public relations is that advertising communications are ____________?
sponsor identified
Which of the following was NOT one of the bases for market segmentation discussed in class?
statistics
The ___________ sales presentation format trains salespeople to recognize specific cues?
stimulus-response
Retailers use ___________ as a way to make it easy for customers to navigate in the store?
store layout
_______________ is the process of determining what an organization is, who it serves, what it does, and why it does what ti does, with a focus on the future?
strategic planning
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies have clearly stated and focused ____________?
strategies
A ___________ is a distinctive mode of presentation or performance?
style
For ____________ products, an increase in demand for one product leads to a decrease in demand for the other product?
substitute
When _____________ is low, customers are likely to abandon your product if you raise prices?
switching cost
Two powerful influences on a company's ethical culture are its code of ethics and _____________?
the behavior of people in the company
The consumer buying process deals with how human beings __________ ?
the consumer buying process deals with all of these.
In a market with producers and six retailers, the addition of a wholesaling middleman can decrease the number of transactions needed to have an efficient market form 24 to 10. This is an example of?
the economy of transactions
What is the relationship between a SWOT analysis and an environmental scan?
the environmental scan identifies issues that are relevant to the strategic planning process; the SWOT analysis evaluates key issues in terms of the organizations strengths and weaknesses.
Which theory of retail evolution proposes that retail stores start out as low-price low-status stores and then gradually move upscale as the business grows?
the wheel of retailing
Which of these is NOT an advantage of television as an advertising medium?
there is a low access cost
Which of the following is an example of a direct marketing channel?
these are all direct channels of distribution.
Which of the following is a form of price?
these are all forms of price
Many sales people prefer inside selling because?
they don't like to travel
When we say a measure is __________ we mean that results can be determined soon enough to use the feedback in improving performance?
timely
One of the ways business buyers can be proactive in identifying alternatives is...?
to put out a RFP (request for proposals) inviting suppliers to design an offering specific to the firm's needs.
One way to segment markets for business customers is by industry type. This approach is attractive because many industries have __________ which makes it cost effective to communicate with businesses in that Industry?
trade associations
Santa Claus is trying to forecast demand for coal this Christmas. For the past 300 years, the number of naughty children (who will get coal in their stockings) has increased by 3% each year. Santa is likely to use the ____________ method to forecast demand.
trend analysis
The ____________ approach to new product pricing sets prices low for a while in order to encourage people to try the product and then raises the price once the new product gained traction in the marketplace?
trial pricing
Carlina operates an automobile parts manufacturing plant in Chillicothe, Ohio. She has automotive customers in Michigan, Ohio, Tennessee, Georgia and Indiana. Because most of her customers insist on Just In Time inventory management she needs to know exactly when the shipments of her product to the customer will arrive. Carlina uses _________ transportation for this part of her business?
truck
A brand is an attitude about a product
true
A distributor is simply a wholesaler serving the B2B (business to business) market.
true
A memorandum of understanding summarizes key points in a business agreement.
true
Availability or having a product in stock is a primary distribution concern for convenience products.
true
CPM, or cost per 1000 impressions is a way to compare the cost of different advertising media.
true
Compared to the size of the business market in dollars, the consumer market is much smaller.
true
Every time you compare your product to a competitor's, you are promoting your competitor's product.
true
In online marketing, atmospherics deals with the look and feel of the website.
true
In the United States, industries can choose to regulate themselves if there is no government regulation of that industry.
true
Information in a marketing dashboard is usually displayed graphically.
true
It is more common to use negotiated prices in B2B markets than it is in consumer markets?
true
Manufacturers of inherently dangerous products may be held liable for damages even when they did nothing wrong.
true
Many of the concepts covered in marketing apply to your personal life as well as to your professional career.
true
One drawback to adopting an intensive market coverage strategy is that there is no incentive for channel partners to promote your product because it isn't "special".
true
Retailers attempt to make the shopping experience fun because people put a different value on the products they buy when they are having fun.
true
The basic elements of store architecture are pretty much the same today as they were 200 years ago.
true
The goal of positioning is to have your product become the exemplar for its category.
true
The purpose of the purchase determines the amount of effort a person will put into the decision
true
When you click on the terms of service for an online app, they are legally binding even if you didn't actually understand what they said
true
Which of these stores might want to locate next to each other in order to increase traffic for both of them?
two automobile dealerships
Bruce's Angels is a not-for-profit organization that makes the world a better place. Bruce learned that a member of his board of directors had decided to resign from the volunteer position so that he could pay more attention to his business. Later that day, Bruce learned that two of his key staff people were leaving because they had received a very attractive job offer from the former board member's company. It was clear that the board member had recruited these people for his company before he resigned from the board. According to the ethical legal framework, the behavior of this board member would be considered...?
unethical but legal
Bruce is very frustrated. He trying to make copies of a handout for his 9:30 principles of marketing class and the copier is jammed. The copier is always jammed. He has complained to the purchasing agent several times, asking them to get a copier that works. Bruce is performing the buying center role of _________?
user
Gandalf opened a tobacco shop in the Haight/Ashbury District. He wanted to create a distinctive brand personality for the store, so he insisted that all of the employees wear purple robes and long, pointed hats while they were on duty so they would all look like wizards to customers. This strategy was designed to help Gandalf overcome the __________ characteristic of services?
variability
When you are dealing with the ____________ characteristic of a service, one approach is to institute procedure manuals and training programs so that your service employees will know how they are supposed to deal with customers.
variability
Which of the following is a condition necessary for exchange to occur?
voluntary participation
Carlina operates a tofu making factory in Taiwan. She uses soybeans grown in Northwest Ohio for her tofu because they are very high quality and the prices are low. Soybeans will keep for a very long time without spoiling. Because her main concern is how to get the thousands of bushels of soybeans to her factory for the least cost, Carlina uses _________ transportation for this part of her business?
water
There are two things you need to know about a number if you are planning on using it as a metric. One of them is?
what is the trend?
A _____________ is a person who reports unethical behavior in a company?
whistle blower
Which of these is a question you should be asking when establishing the objective for a promotional campaign?
who is the target audience?
Merchandise assortments can be described in terms of breadth and depth. How would you classify Home depot - a large retailer that carries hundreds of fasteners such as nails and screws, as well as lines of lumber, paint, plants, tools, and appliances?
wide and deep
If you can't live with the consequences of your ___________ scenario, don't implement the plan?
worst case
When developing contingency plans, the ____________ scenario assumes that everything that could go either right or wrong goes wrong?
worst case
It has been said that no two people on an airplane pay the same price for a ticket. Prices tend to be lower if you are willing to book you trip well in advance and tend to be much higher if you have to book your trip on short notice. A non-refundable ticket costs less than a refundable ticket. Airlines use this ___________ in order to maximize the revenue they earn from each flight?
yield management pricing
Max was the brand manager for a pet food company that was to introduce a new brand of dog food. Through research, they had discovered that many dogs do not get enough exercise and this new dog food had stimulants added to give these sedate dogs energy. He thought of the brand name "Playful Puppy" and asked your opinion. You said?
you said all of these things, and meant them
In the three circles positioning framework presented in class, what area of the chart indicates how you are currently differentiated in the marketplace?
your unique position
The Bay Area Regional Transit Authority (BART) operates a light rail system in the San Francisco Bay area. Passengers purchase a ticket with a magnetic strip that keeps track of how much money is on the ticket. The cost for a ride is anywhere from about $3 to about $10 depending on how far you are going. You can go to any of the downtown stops for the same price. BART is using ___________ geographic pricing?
zone delivered price
