Marketing Final
3) Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________ and includes broadcast, mobile, print, and online forms. A) sales promotion B) advertising C) direct and digital marketing D) personal selling E) public relations
A
3) Marketing mix planning begins with ________. A) building an offering that brings value to target customers B) finding a suitable promotion strategy for the product C) setting a reasonable price for the product D) selecting the right channel for distribution of the product E) calculating the total costs involved in manufacturing the product
A
4) Which of the following is a common reason for new product failure? A) incorrect estimation of the market size B) low product development costs C) ineffective social marketing campaigns D) low selling prices of products E) patent ownership exclusively held by the company
A
5) A ________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system. A) value delivery network B) horizontal channel C) consumer base D) product delivery network E) product line
A
5) Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events? A) sales promotion B) personal selling C) direct and digital marketing D) public relations E) advertising
A
D
9) ________ are retailers that offer sales assistance because they carry more shopping goods about which customers might need information. A) Self-service retailers B) Full-service retailers C) Off-price retailers D) Limited-service retailers E) Specialty-service retailers
2) ________ is the only element in the marketing mix that produces revenue. A) Price B) Product C) Place D) Fixed costs E) Variable costs
A
6) Retailers are classified on characteristics including the amount of service they offer, the breadth and depth of their product lines, how they are organized, and ________. A) the relative prices they charge B) the number of locations they have C) the strength of their Internet presence 2 D) their sustainability and environmental policies E) the stability of their financial situation
A
6) Which of the following promotion categories is most likely to include the use of displays, discounts, coupons, and demonstrations? A) sales promotion B) direct and digital marketing C) horizontal diversification D) public relations E) advertising
A
7) At Neiman Marcus, a first-class department store, customers shop for high-end products and they are assisted in every phase of the shopping process. Neiman Marcus is a ________. A) full-service retailer B) limited-service retailer C) self-service retailer D) specialty store E) superstore
A
7) If a consumer purchases a new flat-screen "smart" television which can connect to services like Netflix and Pandora, what is the core customer value involved? A) connection to entertainment and information B) state-of the art technology C) slick and attractive packaging D) brand name E) tech support and warranty
A
7) Which of the following is true of value-based pricing? A) The targeted value and price drive decisions about what costs can be incurred and the resulting product design. B) Value-based pricing is mostly product driven. C) Value-based pricing involves setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for its effort and risk. D) The marketer usually designs a product and marketing program and then sets the price. E) A company using value-based pricing designs what it considers to be a good product, adds up the costs of making the product, and sets a price that covers costs plus a target profit.
A
8) Which of the following is most likely true of marketing channel decisions? A) They often involve long-term commitments to other firms. B) They have minimal influence on the prices of products offered to customers. C) They increase the amount of time a company spends connecting with customers. D) They increase the amount of effort a company puts in to distribute goods. E) They are easily altered, replaced, or discarded.
A
1) ________ includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use. A) Franchising B) Retailing C) Brokering D) Wholesaling E) Disintermediation
B
10) Which of the following involves introducing less-expensive versions of established, brand name products? A) markup pricing B) good-value pricing C) time-based pricing D) cost-based pricing E) target profit pricing
B
10) Which of the following is an internal source for new product ideas? A) competitors B) company employees C) marketing research firms D) trade magazines E) government agencies
B
2) Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________. A) new product development B) acquisition C) joint venture D) licensing contract E) divestment
B
2) The sets of firms that supply companies with the raw materials, components, parts, information, finances, and expertise needed to create products or services are known as ________. A) retailers B) upstream partners C) distributors D) downstream partners E) distribution channels
B
2) ________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. A) Liabilities B) Services C) Brands D) Consumer products E) Specialty products
B
3) Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________ and includes broadcast, mobile, print, and online forms. A) sales promotion B) advertising C) direct and digital marketing D) personal selling E) public relations
B
3) Product improvements, product modifications, and original products can all be classified as ________. A) blueprints B) new products C) prototypes D) product extensions E) test products
B
3) Which of the following terms refers to the wholesalers and retailers that form a vital link between the firm and its customers? A) factory-supply networks B) downstream partners C) resource banks D) upstream partners E) supply channels
B
4) Price is important to managers ________. A) because prices cannot be changed quickly, so must be correctly determined B) because a small percentage improvement in price can generate a large percentage increase in profitability C) but other marketing mix elements create customer value and build relationships D) but product features can be changed more quickly E) but has little impact on a firm's market share
B
4) The term supply chain is considered limited because it ________. A) ignores the make-and-sell aspect of the market B) suggests that planning begins with raw materials and factory capacity C) takes a step-by-step, linear view of purchase-production-consumption activities D) takes a sense-and-respond view of the market E) suggests that planning starts with identifying the needs of target customers
B
4) The use of short-term incentives to encourage the purchase or sale of a product or service is called ________. A) direct and digital marketing B) sales promotion C) personal selling D) public relations E) publicity
B
4) Which of the following is true with regard to services? A) Services refer to purely tangible products. B) Services are a form of product that consists of activities, benefits, or satisfactions offered for sale. C) Services can be stored for later use. D) Services can be easily separated from their providers. E) Services are tangible product offerings whose quality can be easily measured.
B
4) ________ involves using in-store promotions and advertising to extend brand equity to "the last mile" and encourage favorable point-of-purchase decisions. A) Differentiation B) Shopper marketing C) Social media marketing D) Retailer marketing E) Segmentation
B
6) The product life cycle presents challenges. Which of the following is LEAST likely to require a company to adapt its marketing strategies? A) developments in technology B) decreased manufacturing costs C) competition D) changing tastes of consumers E) aging of products
B
6) ________ play an important role in matching supply and demand by providing consumers with a broad assortment of products in small quantities. A) Virtual banks B) Intermediaries C) Price consultants D) Uniform-delivery networks E) Upstream partners
B
8) Extel Inc., a home appliance manufacturer, uses sales representatives to sell its products to wholesalers and individual customers. This is an example of ________. A) sales promotion B) personal selling C) public relations D) direct and digital marketing E) advertising
B
8) John's fascination for his grandmother's sherbet recipes inspired him to come up with a recipe for SherBetter, a gourmet sherbet for the American market. Which of the following stages of the new product development process does this exemplify? A) idea screening B) idea generation C) concept testing D) product development E) product manufacturing
B
8) ________ is a type of service offered by those retailers who serve customers that are willing to perform their own "locate-compare-select" process in order to save money. A) Limited-service B) Self-service C) Full-service D) Specialty-service E) Wholesaling
B
9) If a service employee provides the service, then the employee becomes a part of the service. This is an example of service ________. A) intangibility B) inseparability C) variability D) perishability E) heterogeneity
B
9) Which major promotion category uses catalogs, direct mail, e-mail, mobile marketing and social media? A) sales promotion B) direct and digital marketing C) horizontal diversification D) public relations E) advertising
B
9) Why are customers often considered the most important sources of new product ideas? A) Customers are close to the market and can pass along information about problems and new product possibilities. B) The company can analyze customer questions and complaints to find new products that better solve consumer problems. C) Customers buy competing new products, take them apart to see how they work, analyze sales, and then decide to purchase. D) Customers review the sales, costs, and profit projections for a new product to find out whether the product satisfies the company's objectives. E) Customers estimate the minimum and maximum sales to assess the range of risk.
B
1) A company's total marketing communications mix consists of a specific blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools? A) the product mix B) product line filling C) the promotion mix D) the price mix E) horizontal diversification
C
1) Which of the following is a significant challenge presented by the product life cycle? A) increased expenses B) increased competition C) new product development D) evaluation of results E) recognizing the stages as a product goes through them
C
1) ________ refers to the amount of money charged for a product or service. A) Value B) Cost C) Price D) Wage E) Salary
C
10) Brand ________ is the differential effect that knowing the brand name has on customer response to the product and its marketing. A) differentiation B) knowledge C) equity D) personality E) relevance
C
10) Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? A) self-service retailer B) limited-service retailer C) full-service retailer D) independent retailer E) off-price retailer
C
2) Which of the following is one of the five major promotion tools? A) market penetration B) strategic positioning C) product line filling D) market diversification E) direct and digital marketing
C
3) Retailers connect brands with consumers in the ________ phases of the buying process. A) need identification B) evaluation of alternatives C) final D) information gathering E) post-purchase
C
4) The use of short-term incentives to encourage the purchase or sale of a product or service is called ________. A) direct and digital marketing B) sales promotion C) personal selling D) public relations E) publicity
C
5) Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is ________, which addresses the question, "What is the buyer really buying?" A) an actual product B) an augmented product C) core customer value D) co-branding E) exchange value
C
5) What sets the ceiling for product prices? A) product manufacturing costs B) sellers' perceptions of the product's value C) customer perceptions of the product's value D) variable costs E) break-even volume
C
6) Product planners need to consider products and services on three levels. At the second level, product planners must ________. A) offer additional product support and after-sale services B) identify the core customer value that consumers seek from the product C) turn the core benefit into an actual product D) find out how they can create the most satisfying brand experience E) define the problem-solving benefits or services that consumers seek
C
6) Which of the following promotion categories is most likely to include the use of displays, discounts, coupons, and demonstrations? A) sales promotion B) direct and digital marketing C) horizontal diversification D) public relations E) advertising
C
7) A ________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user. A) product line B) product delivery network C) marketing channel D) consumer base E) resource bank
C
7) New product development starts with ________. A) concept development B) idea screening C) idea generation D) concept testing E) test marketing
C
7) ________ includes sales presentations, trade shows, and incentive programs. A) Direct and digital marketing B) Sales promotion C) Personal selling D) Public relations E) Advertising
C
9) Distribution channel decisions frequently require long-term commitments between firms. A primary reason is that ________. A) advertising is not easy to change B) old products are difficult to discard and new products are difficult to introduce C) when they set up distribution through franchisees, independent dealers, or large retailers, they cannot readily replace these channels with company-owned stores or Internet sites if conditions change D) changing the manufacturing requirements is expensive and takes significant time E) management does not want to be constantly changing the method of selling and distributing its products
C
1) Producing a product or service and making it available to buyers requires building relationships not only with customers but also with key suppliers and resellers in the company's ________. A) upstream partnerships B) marketing channels C) inventory providers D) supply chain E) downstream partnerships
D
1) Which of the following is true with regard to products? A) The quality of products is far more difficult to measure than that of services. B) Products do not include experiences, organizations, persons, places, and ideas. C) Products are not meant for sale in the market. D) Products include services, events, persons, places, organizations, ideas, or a mixture of these. E) Products refer to only those activities that are essentially intangible.
D
10) In addition to the specific promotion tools, marketing communication requires ________ for greatest impact. A) the engineering and manufacturing departments work together B) the sales force lead the communication process C) the advertising be developed with the manufacturers' representatives D) the pubic relations staff work closely with the sales force E) the promotion, product, price, and place be coordinated
D
2) Many institutions, including retailers, wholesalers, and ________ do retailing. A) schools B) government agencies C) factory farmers D) manufacturers E) defense contractors
D
3) Which of the following is true with regard to price? A) Historically, price has had the least perceptible impact on buyer choice. B) Price is the least flexible element in the marketing mix. C) Unlike product features and channel commitments, prices cannot be changed quickly. D) Price is the sum of all the values that customers give up to gain the benefits of having a product. E) Prices only have an indirect impact on a firm's bottom line.
D
5) A particular firm added three new products earlier this year to increase variety for customers. Two of the products failed to reach the minimal sales quota. Which of the following is LEAST likely to have been the cause of their failure? A) The products were priced too high. B) The products were advertised incorrectly. C) Competitors fought back harder than expected. D) Product research was too extensive. E) The product development costs were high.
D
5) Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events? A) sales promotion B) personal selling C) direct and digital marketing D) public relations E) advertising
D
6) Factors a company considers in setting its price include all of the following EXCEPT ________. A) competitors' strategies and prices B) product costs C) overall marketing strategy and mix D) value of the product on the pre-owned market E) nature of the market and demand
D
8) Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value. A) competition-oriented B) cost-based C) time-based D) customer-oriented E) marketer-oriented
D
8) Erica wants to replace her old washing machine with a new one. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Erica is planning to buy a(n) ________ product. A) convenience B) unsought C) specialty D) shopping E) exclusive
D
9) A pharmaceutical company in Utah recently released a new and expensive anti-ulcer drug in the market. The company justifies the high price of the drug by claiming that it is highly effective for treating all kinds of ulcers. The company also claims that the new drug will help bring down the need for invasive surgeries, an additional benefit for patients. Which of the following pricing strategies is the pharmaceutical company most likely using in this instance? A) target pricing B) markup pricing C) cost-based pricing D) value-based pricing E) break-even pricing
D
1) A company's total marketing communications mix consists of a specific blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools? A) the product mix B) product line filling C) the promotion mix D) the price mix E) horizontal diversification
E
10) At its most basic form, a marketing channel consists of the producer and the ________. A) retailer B) sales agent C) competitor D) processor E) consumer
E
10) In addition to the specific promotion tools, marketing communication requires ________ for greatest impact. A) the engineering and manufacturing departments work together B) the sales force lead the communication process C) the advertising be developed with the manufacturers' representatives D) the pubic relations staff work closely with the sales force E) the promotion, product, price, and place be coordinated
E
2) Which of the following is one of the five major promotion tools? A) market penetration B) strategic positioning C) product line filling D) market diversification E) direct and digital marketing
E
5) ________ creates a seamless cross-channel buying experience that integrates instore, online, and mobile shopping. A) Shopper marketing B) Point-of-purchase marketing C) Social media marketing D) Virtual marketing E) Omni-channel retailing
E
9) Which major promotion category uses catalogs, direct mail, e-mail, mobile marketing and social media? A) sales promotion B) direct and digital marketing C) horizontal diversification D) public relations E) advertising
E
