Marketing Final Exam (Quizzes 1-11)
______ markets consist of individuals and households that buy goods and services for personal use.
Consumer
________ is a method of going global in which a company makes agreements with producers in the foreign market to produce its product or provide its service.
Contract manufacturing
______ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Convenience
________ uses buyers' perceptions of what a product is worth as the key to pricing.
Customer value-based pricing
Which of following is a characteristic of an inside sales force? A) It eliminates the need to have an outside sales force? B) It travels to make sales calls on customers in the field. C) It receives administrative backup from outside sales forces. D) It conducts business from an office via telephone. E) It cannot sell or service accounts directly.
D) It conducts business from an office via telephone.
Which of the following generational groups account for a third of the U.S. population but half of all consumer spending? A) Millenial B) Generation Z C) Lost Generation D) baby boomer E) Generation X
D) baby boomer
Which of the following types of promotion tools require a considerable degree of personal interaction with a customer? A) television advertising B) digital advertising C) sales promotion D) personal selling E) public relations
D) personal selling
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.
Demand
________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Demography
Technology is a way of life for ________, the largest generational group.
Millennials
The new marketing communications model consists of promotional mixes that are designed to make traditional mass-media obsolete.
FALSE
The two economic factors that reflect a country's attractiveness as a market are its industrial structure and import/export ratio.
FALSE
The amount of test marketing needed is the same for each new product.
False
________ is the final step in the marketing research process.
Interpreting and reporting the findings
The ________ established a free trade zone among the United States, Mexico, and Canada.
North American Free Trade Agreement
JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.
Value proposition
________ are the form human needs take as they are shaped by culture and individual personality.
Wants
Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.
behavioral
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.
brand
Establishing prices for razor blades that must be used with a razor blade system is known as ______ pricing.
captive-product
When adapting advertising messages, media may also need to be adapted internationally because media availability and regulations vary from country to country. This illustrates ________.
communication adaptation
_______ advertising would most likely result in attack ads between competitors.
comparative
The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________.
concept testing
In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes ________.
create immediate consumer recognition
The team-based new product development approach saves times and increases effectiveness because departments work closely together in ______.
cross-functional teams
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.
crowdsourcing
According to the text, ______ are the most important actors in a company's micro environment.
customers
Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged men, and the other line targets younger, up-and-coming professionals. Harry's most likely segments the consumer market based on ________ variables.
demographic
May Kay Cosmetics and Amway sell their products through home and office sales parties, online Websites, and social media. Both companies use a(n) ______ channel to distribute their offerings.
direct
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
The simplest way to enter a foreign market is through ________.
exporting
Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction is known as _______ marketing.
internal
Lemon N' Honey is a juice manufacturing company in the U.S. It exports its products to Australia, licenses to China, has a joint ownership venture in France, and owns a subsidiary in Brazil. It will eventually create a(n) ________ to handle all its worldwide activities.
international division
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?
introduction
In managing their international marketing activities, most companies first ________.
organize an export department
In a promotion mix, ________ occurs when a firm's sale force makes individual presentation to consumers for the purpose of promoting sales and building customer relationships.
personal selling
A company that sells only one product line to one industry with customers in many locations would typically use a ________.
territorial sales-force structure
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? A) a push strategy B) direct marketing C) the publish-subscribe method D) vertical integration E) a pull strategy
A) a push strategy
_______ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.
Advertising
Which of the following best describes product positioning? A) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors B) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers C) identifying consumer needs and creating a product to meet those needs D) differentiating a market offering to create superior customer value E) evaluating each market segment's attractiveness and selecting one or more segments to enter
B) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
What animal is used for Bemidji State University marketing
BEAVER
In which of the following steps of the selling process does a salesperson seek out, clarify, and overcome any customer disapproval to buying? A) preapproach B) follow-up C) handling objections D) prospecting and qualifying E) closing
C) handling objections
_______ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.
Downsizing
Los Amigos, a new Mexican restaurant, has set up shop across the street from Hot Tamales and More. Which of the following pricing strategies will Los Amigos likely use? A) target costing B) break-even C) cost-plus D) good-value E) competition-based
E) competition-based
Which of the following terms best describes the process of designing and producing a container or wrapper for a product? A) labeling B) positioning C) licensing D) branding E) packaging
E) packaging
In which step of the selling process does a salesperson learn as much as possible about a prospective customer before making a sales call? A) approach B) follow-up C) demonstration D) handling objections E) preapproach
E) preapproach
________ is the act of obtaining a desired object from someone by offering something in return.
Exchange
Most producers sell their goods directly to final users.
FALSE
Pricing strategies usually remains the same as a product passes through its life cycle.
FALSE
________ is a method of entering a foreign market by associating with foreign companies to produce or market products or services.
Joint venturing
______ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.
Market segmentation
_______ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market targeting
________ are sets of interdependent organizations that help the product or service of a company available for use by consumers or business users.
Marketing channels
_______ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
_______ is the only element in the marketing mix, that produces revenue.
Price
_______ data consist of information collected for the specific purpose at hand.
Primary
Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?
Product
_______ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.
Psychographic
________ are offers of a trial amount of a product.
Samples
_______ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.
Services
A firm's marketing department must partner with other company departments to produce superior value for consumers.
TRUE
A product is defined as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
TRUE
A vertical marketing system consists of producers, wholesalers, and retailers acting as a unified system.
TRUE
Barter involves the exchange of goods and services.
TRUE
Commissions and bonuses are variable amounts of compensation.
TRUE
Companies are adapting their promotional efforts to reflect the changing dynamics of American families.
TRUE
In the new product development process, the purpose of idea generation is to create a large number of ideas and the purpose of the next set of stages in the process is to reduce that number.
TRUE
Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.
TRUE
Product, price, place, and promotion make up the elements of a firm's marketing mix.
TRUE
Product/market expansion grid, like the BCG matrix, is used to identify growth opportunities.
TRUE
Salespeople represent customers to a company and represent a company to customers.
TRUE
Some marketers now rely almost entirely on digital and social media.
TRUE
Under oligopolistic competition, the market consists of only a few large sellers.
TRUE
When managers glean information form their company's accounting and sales records stored in the company computer system, they are using an internal database.
TRUE
While designing a customer-driven marketing strategy, marketers are likely to divide the market into smaller segments.
TRUE
________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.
Test marketing
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) ________.
horizontal marketing system
The new product development process usually starts with _______.
idea generation
When firms use symbols, colors, or characters to convey their personalities, they are using ________ differentiation.
image
A product line is most likely too short if managers can _______.
increase profits by adding items
The objective of _____ advertising is to build primary demand.
informative
Consumers' needs and wants are fulfilled through ________.
market offerings
Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.
market penetration
Dividing a market into several sections of customers is known as ________.
market segmentation
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
marketing
Marketing the same product to a huge customer base without any customization is referred to as ________.
mass marketing
A ______ is purposeful, specifying what an organization wants to accomplish in the larger environment.
mission statement
Appliances Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class is in the maturity stage of the product life cycle, they maintain healthy sales of their line of refrigerators by continually ________.
modifying the product
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.
more-for-more
Taco Bell test marketed Doritos Locos Tacos for three years and developed 45 prototypes. Once the decision was made to launch the new taco shell, it moved into the ________ stage of the new product development process.
product development
Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________.
product mix
Outbound logistics refers to moving _______.
products from the factory to resellers and ultimately to customers
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.
public relations
Salespeople need to know how to _______ leads, that is identifying goods leads and screening out poor ones, at the beginning of the selling process.
qualify
In a marketing communications mix, _____ refers to any short-term incentive that encourages the purchase or sale of a product or service.
sales promotion
The presentation stage of the selling process most likely involves _______.
showing how a company's products can solve a customer's problems
The use of traditional business marketing concepts and tools to create behaviors that will benefit individual and societal well-being is called ______ marketing.
social
The fastest-growing sales trend is _______ that involves the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance.
social selling
Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as
supply chain management
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.
target marketing
A tax on an imported product designed to raise revenue or protect domestic firms is referred to as a(n) _______.
tariff
In a SWOT analysis, _____ refer to unfavorable external factors or trends that may present challenges to performance.
threats
Movie theaters charge matinee pricing during the daytime, and resorts give weekend and seasonal discounts. This is illustrative of a _____ pricing strategy.
time-based
The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its _______.
top management
Vae "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
According to the five-step model of the marketing process, the first step in marketing is _______?
understanding the marketplace and customer needs and wants
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.
value delivery network
A ______ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
value delivery network
Providing extra amenities to differentiate and support high-priced products is referred to as ________ pricing.
value-added
Costs that change directly with the level of production are referred to as ______ costs.
variable
A(n) ______ is considered a marketing intermediary.
wholesaler
