Marketing Final
________ involves a review of the sales, costs, and profit projections for a new product to determine whether they satisfy a company's objectives. -Portfolio analysis -Vendor analysis -Business analysis -SWOT analysis -Concept analysis
Business analysis
________ is an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers. -Proactivism -Liberalism -Affirmative action -Consumerism -Environmentalism
Consumerism
________ uses buyers' perceptions of what a product is worth as the key to pricing. -Competition-based pricing -Psychological pricing -Customer value-based pricing -Competition-based pricing -Cost-plus pricing
Customer value-based pricing
Which of the following is an example of branded entertainment? -a company placing its product in a movie scene -a company using a celebrity to endorse a product -a company using an acclaimed movie director to film an advertisement -a company using a famous song in its advertisement -a company airing its advertisements in movie theaters
a company placing its product in a movie scene
________ is a management approach that involves developing strategies that both support the ecological balance and produce profits for the company. -Materialism -Environmental sustainability -Consumerism -Quasi-environmentalism -The marketing concept
Environmental sustainability
________ is an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's current and future living environment. -Socialism -Consumerism -Consumption -Environmentalism -Reduction
Environmentalism
________ are sets of interdependent organizations that help make the product or service of a company available for use by consumers or business users. -Marketing channels -Upstream channels -Backward integration chains -Research and development channels -Raw materials suppliers
Marketing channels
________ marketing features marketing messages, promotions, and other content delivered to on-the-go consumers through their portable electronic devices. -Kiosk -Direct-mail -Mass -Viral -Mobile
Mobile
Which of the following is most likely an advantage of social media marketing? -Social media campaign results are easily measured. -Social networks are largely marketer controlled. -Social media campaigns are simply implemented and rarely backfire. -Social media allow marketers to engage in multichannel sales. -Social media are targeted and personal.
Social media are targeted and personal.
________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. -Customer driving -Customer-driven -Differential -Sustainable -Mass
Sustainable
Which statement about convenience products is most likely true? -Consumers need to make special purchasing efforts to buy such products. -They are bought by consumers frequently and with minimal comparison. -They are products that consumers rarely consider buying. -They are distributed exclusively in only one or a few outlets per market area. -Luxury cars and designer clothes are examples of convenience products.
They are bought by consumers frequently and with minimal comparison.
Which of the following is a disadvantage of using social media for marketing? -They do not provide information in a timely manner. -They are impersonal. -They are largely user controlled. -They primarily provide static content. -They provide lower returns than television.
They are largely user controlled.
Which of the following is most likely true of a global firm? -A global firm maximizes the importance of national boundaries. -A global firm typically operates from one country. -A global firm manufactures and markets goods wherever it can do the best job. -A global firm sees the world as many different markets. -A global firm engages in joint partnerships overseas.
A global firm manufactures and markets goods wherever it can do the best job.
Mary Kay Cosmetics and Amway sell their products through home and office sales parties, online Web sites, and social media. Both companies use a(n) ________ channel to distribute their offerings. -behavioral -direct -functional -layered -indirect
direct
The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number of buyers quickly and win a large market share. This is referred to as ________. -market-skimming pricing -market-penetration pricing -target costing -deceptive pricing -value-added pricing
market-penetration pricing
When a product is in the ________ stage, profits level off or decline because of increased marketing outlays to defend the product against competition. -conception -maturity -test marketing -production -decline
maturity
Fred's, a national supermarket chain, sells its own brand of items across all categories. Such items are considered ________ brands. -extended -licensed -national -manufacturer's -private
private
Salon Du Jour offers special combination packages at a reduced price. Separately, a haircut is $30 and a conditioning treatment is $35. But the combo price is $50. This is referred to as ________ pricing. -captive-product -optional-product -by-product -product line -product bundle
product bundle
Pricing a product based on consumers' reference prices is referred to as ________ pricing. -captive-product -geographical -by-product -psychological -allowance
psychological
In a promotion mix, ________ performs the functions of building a good rapport with entities outside the company, building up a good corporate image, and handling unfavorable rumors and events. -personal selling -direct marketing -sales promotion -advertising -public relations
public relations
When a company makes marketing decisions by considering consumers' wants and interests, the company's requirements, and society's long-run interests, it is most likely practicing ________ marketing. -value -societal -customer value -sense-of-mission -consumer-oriented
societal
________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. -Direct marketing -Public relations -Advertising -Sales promotion -Personal selling
Advertising
________ marketing involves engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships. -Undifferentiated and differentiated -Direct and digital -Internal and external -Mass and targeted -Standardized and customized
Direct and digital
________ economies are major exporters of manufactured goods, services, and investment funds. -Subsistence -Industrial -Subsistence -Emerging -Raw material exporting
Industrial
Which of the following is true of viral marketing? -It is another term for the unethical invasion of online privacy. -It is the digital version of word-of-mouth marketing. -It refers to online marketing problems caused by technical glitches. -It is an automated system that manages digital sales and marketing functions. -It is a system that allows a supplier to access a customer's inventory levels online.
It is the digital version of word-of-mouth marketing.
Which of the following is most likely true about e-mail marketing? -It is always non-intrusive in nature due to spam filters. -It is restricted to the use of personal computers. -It cannot be personalized for individual consumers. -It is used by marketers to send highly targeted messages. -It is a traditional form of direct marketing.
It is used by marketers to send highly targeted messages.
Which of the following is true of the World Trade Organization (WTO)? -It was replaced by the GATT in 1995. -It mediates global trade disputes. -It lacks the power to impose international trade sanctions. -It restricts the maximum number of member nations to 100. -It increases tariffs and other international trade barriers.
It mediates global trade disputes.
________ refers to marketing via the Internet using company Web sites, online advertising and promotions, e-mail marketing, online video, and blogs. -Multimedia marketing -Direct marketing -Online marketing -Social media marketing -Digital marketing
Online marketing
________ is the only element in the marketing mix that produces revenue. - Place -Profit -Price -Promotion -Product
Price
Which of the following is most likely a true statement about services? -Demand fluctuation has little to no impact on service providers. -Service quality is not dependent on the provider. -Services can be stored for later sale or use. -Services can be easily separated from their providers. -Service industries vary greatly.
Service industries vary greatly.
________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible. -Services -Horizontal extensions -Line extensions -Co-brands -Pure products
Services
Online visitors can't buy anything at ESPN.com. Instead, the site creates a virtual experience for sports enthusiasts and fans that can be customized to meet their needs. This is most likely an example of a(n) ________. -interactive Web site -promotional Web site -direct marketing Web site -e-tailing Web site -branded community Web site
branded community Web site
Establishing prices for razor blades that must be used with a razor blade system is known as ________ pricing. -product bundle -market-penetration -by-product -product line -captive-product
captive-product
High-end luxury brands like Bentley for cars, Louis Vuitton for handbags, and Rolex for watches use ________ distribution, giving a limited number of dealers the sole right to sell products in a specified geographic territory. -exclusive -inclusive -horizontal -intensive -vertical
exclusive
An emerging economy is one which ________. -imports large amounts of finished textiles and automobiles -needs few imports of raw textile materials and steel -has a rapid growth in manufacturing -consumes all or most of its output -offers few market opportunities for imported goods
has a rapid growth in manufacturing
When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________. -inelastic -elastic -cyclical -flexible -variable
inelastic
Chic Eyewear, a producer of designer eyeglass frames, promotes their new line in national fashion magazines. Chic Eyewear lists the select optical retailers that carry their line at the bottom of their ads. This is an example of a ________ strategy. -direct marketing -vertical integration -publish-subscribe -push -pull
pull
Vac "N" Sew, a consumer electronics outlet, offers a price reduction of $100 when customers bring in a used vacuum cleaner and exchange it for a new vacuum cleaner or sewing machine. This is an example of a ________. -trade-in allowance -by-product allowance -seasonal discount -cash discount -functional discount
trade-in allowance
In a just-in-time logistics system, ________. -retailers carry small inventories of merchandise to last for only a few days -retailers incur high inventory-carrying and inventory-handling costs -producers supply products to resellers before customers place their orders -retailers store products for long periods to avoid an interruption in supply -producers that are geographically far from their retailers use an express-delivery system
retailers carry small inventories of merchandise to last for only a few days
Power Pro, a leading manufacturer of lawn and garden equipment, releases a new line of cordless, lightweight, electric weed trimmers. To boost sales, Power Pro issues a 50 percent off coupon to the first 100 buyers at all Home Depot stores in the Northeast. Which element of the promotion mix has Power Pro used in this scenario? -public relations -crowdsourcing -advertising -sales promotion -personal selling
sales promotion
Innovative marketing most likely involves ________. -seeking real product and marketing improvements -protecting the natural environment -defining goals in broad social terms rather than narrow product terms -placing an emphasis on increasing short-run sales rather than long-term value -considering the consumer's point of view
seeking real product and marketing improvements
Which of the following is the belief that one's own ethnic group or culture is superior to that of others? -Aesthetics -Cultural adaptability -Ethnocentricity -Cultural literacy -Global mindset
Ethnocentricity
Which of the following is true of an intensive distribution strategy? -It gives sole rights to select dealers in a given area. -It strives to make products available where and when consumers want them. -It discards traditional intermediaries and uses direct marketing to reach customers. -Compared with other distribution strategies, it provides the best support for dealers of luxury products. -Compared with other distribution strategies, it uses the least number of intermediaries to sell products.
It strives to make products available where and when consumers want them.
Which of the following are features of totalitarianism? -Lack of and/or denying citizens constitutional guarantees; restricts political representations -Minority rights; preserves peaceful coexistence among diverse groups -Election of representatives by the people -Freedom of expression -Freedom to organize political parties
Lack of and/or denying citizens constitutional guarantees; restricts political representations
________ is the stage where a product and its proposed marketing program are introduced into realistic market settings. -Market strategy development -Concept development -Concept testing -Test marketing -Business analysis
Test marketing
Which of the following is true of marketing strategies that are being developed in the new marketing communications model? -They use very little alternative media. -They include a greater number of print media ads. -They rely more on mass-media marketing techniques. -They target much larger customer segments. -They are more targeted, social, and engaging.
They are more targeted, social, and engaging.
The ________ established a free trade zone among the United States, Mexico, and Canada. -Central American Free Trade Agreement -Latin American Free Trade Association -European Union -Union of South American Nations -USMCA
USMCA
Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers? -vertical integration -the publish-subscribe method -a pull strategy -a push strategy -direct marketing
a push strategy
A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. -prototype -framework -patent -brand -paradigm
brand
Introducing a new product into the market is called ________. -test marketing -market penetration -product development -segmentation -commercialization
commercialization
When adapting advertising messages, media may also need to be adapted internationally because media availability and regulations vary from country to country. This illustrates ________. -product invention -product adaptation -communication extension -communication adaptation -straight product extension
communication adaptation
The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________. -concept development -crowdsourcing -concept testing -test marketing -marketing strategy development
concept testing
More than 80 percent of McDonald's restaurants worldwide are owned and operated by franchisees. This illustrates a(n) ________ marketing system. -horizontal -direct -contractual vertical -corporate vertical -administered vertical
contractual vertical
Which of the following is the primary purpose of branded community Web sites? -displaying digital catalogues -sending direct mails to consumers -providing detailed descriptions of products -creating customer-product engagement -selling products and services
creating customer-product engagement
Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its Web site that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton is using ________ to generate new product ideas. -marketing strategy development -concept development -crowdsourcing -business analysis -test marketing
crowdsourcing
Enlightened marketing calls for building long-run consumer engagement, loyalty, and relationships by continually improving the benefits consumers receive from the firm's market offering. This is related to ________, one of the five sustainable marketing principles. -sense-of-mission marketing -consumer-oriented marketing -customer value marketing -societal marketing -innovative marketing
customer value marketing
During the ________ stage of the product life cycle, product sales may plunge to zero, or drop to a low level where they continue for many years. -analysis -maturity -ideation -decline -growth
decline
In a promotion mix, ________ involves personally connecting with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships. -direct marketing -predictive analyticals -advertising -public relations -indirect procurement
direct marketing
The process in which printed catalogs, brochures, samples, and DVDs are distributed to customers using highly selective mailing lists is known as ________. -internal marketing -direct-mail marketing -kiosk marketing -telemarketing -mass marketing
direct-mail marketing
Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward ________ insofar as product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones. -horizontal marketing systems -disintermediation -corporate vertical marketing systems -intermediation -vertical marketing systems
disintermediation
The Vitamin Shoppe sells natural vitamins and supplements. Product prices are adjusted frequently to meet the needs of individual customers. For example, long-time customers receive discounts. This strategy is most likely an example of ________ pricing. -dynamic -penetration -basing-point -zone -competition-based
dynamic
Which of the following is an example of an industrial product grouped under capital items? -factory -paint -cement -crude petroleum -coal
factory
A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity is referred to as a(n) ________. -contractual vertical marketing system -corporate vertical marketing system -administered vertical marketing system -horizontal marketing system -direct marketing system
horizontal marketing system
Which of the following steps of the new product development process would most likely use an R-W-W framework? -concept testing -idea screening -commercialization -test marketing -idea generation
idea screening
A country's ________ shapes its product and service needs, income levels, and employment levels. -industrial structure -subsistence economy -tariffs -quotas -raw material export economy
industrial structure
Lush Lawns, a new landscaping company, uses the same logo and shade of green in all forms of communication including its online ads, truck signage, Web site, and business cards. Which technique is being used by Lush Lawns to promote its business? -integrated marketing communications -global marketing management -niche market penetration -inventory control segmentation -logistics information management
integrated marketing communications
Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction is known as ________ marketing. -differentiated -internal -organizational -social -interactive
internal
In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features? -growth -maturity -product development -adoption -introduction
introduction
The first generation Apple iPod was introduced in 2001 and sold for $500. The following year a mini version was introduced for $250. Apple initially used a ________ strategy to price their digital music innovation. -market-skimming -predatory -deceptive -market-penetration -target costing
market-skimming
Compared to standardized global marketing, adapted global marketing ________. -results in greater brand power -uses the same marketing mix elements in all target markets -modifies marketing strategies to meet local needs -lowers marketing costs by using home country sales teams -maintains uniformity across all markets
modifies marketing strategies to meet local needs
Product mix width refers to the ________. -ways in which the various product lines are related -total market share captured by the entire product line -number of versions offered for each product in the line -total number of items a company carries within its product lines -number of different product lines the company carries
number of different product lines the company carries
Product mix depth refers to the ________. -total number of items a company carries within its product lines -number of different product lines the company carries -number of versions offered for each product in the line -total market share captured by the entire product line -ways in which the various product lines are related
number of versions offered for each product in the line
In a promotion mix, ________ occurs when a firm's sales force makes individual presentations to consumers for the purpose of promoting sales and building customer relationships. -advertising -public relations -merchandising -crowdsourcing -personal selling
personal selling
Veggie Delight, a leading manufacturer of frozen vegetarian burgers, has recently entered the Middle East markets. Based on its research, consumers in the Middle East prefer spicier burgers than in the United States and other countries. So the company alters the ingredients in its burgers to meet the local preferences. In this scenario, Veggie Delight is using a(n) ________ strategy to market its product. -product invention -communication adaptation -undifferentiated marketing -straight product extension -product adaptation
product adaptation
A detailed version of a product idea stated in meaningful consumer terms is a ________. -product framework -product feature -product concept -product idea -product image
product concept
Lakeland Inc. employees get 40 hours paid leave each year to pursue volunteer projects. The company runs a service day that hosts projects in 25 countries, and it supports a nonprofit that brings young people into public service for a year. Lakeland could be most accurately described as practicing ________ marketing. -innovative -undifferentiated -differentiated -sense-of-mission -affiliate
sense-of-mission
Lengthening a product line beyond its current range is referred to as product line ________. -strengthening -stretching -filling -mixing -widening
stretching
Which of the following applies to a marketing intermediary who buys brand name toothpaste from 10 different manufacturers, consolidates offerings, and then resells the various brands to 500 supermarkets in Florida? -increase the amount of work that must be done by producers and consumers -help a company develop a direct channel selling system -buy small quantities of products from producers and break them down into narrow assortments for customers -transform the assortments of products made by producers into the assortments wanted by consumers -facilitate the production of products without direct customer feedback
transform the assortments of products made by producers into the assortments wanted by consumers
Compared to adapted global marketing, standardized global marketing ________. -uses the same marketing mix worldwide -results in additional marketing and manufacturing costs -adjusts promotional efforts to address cultural differences in target markets -usually results in diluted brand power over time -relies on social media to develop customer relationships
uses the same marketing mix worldwide
A ________ is made up of a company, its suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system. -distribution center -marketing intermediary -value delivery network -disintermediation system -manufacturing chain
value delivery network
