Marketing Final Quiz Questions

T/F demographic variables are generally more difficult to measure than most other types of variables

False

T/F most producers sell their goods directly to final users

False

T/F the amount of test marketing needed is the same for each new product

False

T/F the new marketing communications model consists if promotional mixes that are designed to make traditional mass-media obsolete

False

the ________ established a free trade zone among the united states mexico and canada

NAFDA

which of the following promotional mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers

a push stragety

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. T/F

TRUE

T/F the product-market expansion grid, like the BCG matrix, is used to identify growth opportunities

TRUE

T/F A firms marketing department must partner with another company departments to produce superior value for customers

True

T/F a vertical marketing system consists of producers, whole salers and retailers acting as a unified system

True

T/F barter involves the direct exchange of goods and services

True

T/F commissions and bonuses are variable amounts of compensation

True

T/F in the new product development process the purpose of idea generation is the create a large number of ideas and the purpose of the next set of stages in the process is to reduce that number

True

T/F marketers must be careful to guard against stereotypes when using age and life-cycle segmentation

True

T/F marketing researchers can conduct their own searched of secondary data sources by using commercial online databases

True

T/F product, price, place, promotion make up the elements of a firm's marketing mix

True

T/F some marketer now rely almost entirely on digital and social media

True

T/F tariffs and duties are often used to force favorable trade behaviors form other nations

True

T/F the rapid increase in the number of people who telecommute has created a booming small office/home office market

True

T/F under oligopolistic competition the market consists of only a few large sellers

True

T/F: Salespeople represent customers to a company and represent a company to customers.

True

_____ are the form human needs take as they are shaped by culture and individual personality

Wants

Marketing communications mix ________ refers to any short-term incentive that encourages the purchase or sale of a product or service

advertising

________ is any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponser

advertising

which of the following best describes product positioning

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

which of the following generational groups account for a third of the U.S population but half of all consumer spending

baby boomers

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

In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes ________.

create immediate consumer recognition

the team based new product development approach saves time and increases effectiveness because departments work closely together in ________

cross-funtional teams

according to the text, ________ are the most important actors in a company's microenvironment

customers

a product life cycle had five distinct stages: product development, introduction, growth, maturity and ________

decline

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(n) ________.

demand

________ is the study of human population in terms of size, density, location, age, gender, race, occupation and other statistics

demography

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.

direct

T/F pricing strategies usually remain the same as a product passes through its life cycle

false

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

Consumers' needs and wants are fulfilled through ________.

market offerings

under armor increasing its advertising spending and offering an ever-increasing range of styles and colors in its original appeal line is and example of ______ strategy

market penetration

Dividing a market into several sections of customers is known as ________.

market segmentation

________ 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

the ________ concept hold that achieving organizational goals depends on knowing the needs and want of target markets and delivering the desired satisfactions better then competitors do.

marketing

________ are sets interdependent organizations that help make the product or service of a company available for use by consumers or business users

marketing channels

Marketing the same product to a huge customer base without any customization is referred to as ________.

mass marketing

Technology is a way of life for ________, the largest generational group.

millennials

A ______ is a purposeful, specifying what an organization wants to accomplish in their 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

Using a(n) ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.

more-for-less

Which of the following terms best describes the process of designing and producing a container or wrapper for a product?

packaging

in production mix, ________ occurs when a firm's sales force makes individual presentations to consumers for the purpose of promoting sales and building customer relationships

personal selling

which of the following types of promotion tools requires a considerable degree of personal interaction with a customer

personal selling

________ 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

In which step of the selling process does a salesperson learn as much as possible about a prospective customer before making a sales call?

preapproach

________ data consists of information collected for the specific purpose at hand

primary

which component of the marketing mix refers to the goods-an-services combination a company offers to its target market

product

________ consists of creating something new to meet the needs of consumers in a given country

product invention

establishing prices for razor blades that must be used with a razor blade system is known as ________ pricing

product line

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 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

Major appliances, furniture, and clothing are typical examples of ________ products.

shopping

the presentation stage of selling process most likely involves

showing how a company's products an 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 tend 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 imported product designed to raise revenue or protect domestic firms is referred to as a

tariff

a company that sells only one product line to one industry with customers in many locations would typically use a ________

territorial sale-force structure

According to the five-step model of the marketing process, the first step in marketing is ________.

understanding the marketplace and customer needs and wants

Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.

usage rate

Compared to adapted global marketing, standardized global marketing ________.

uses the same marketing mix worldwide

Providing extra amenities to differentiate and support high-priced products is referred to as ________ pricing.

value added

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 distributers, and its customers who partner with each other to improve the performance of the entire system

value delivery network

JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.

value proposition

costs that change directly with the level of production are referred to as _______ costs

variable

a ________ is considered a marketing intermediary

wholesaler

________ is the only element in the marketing mix that produces revenue

Price

________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Services

involves a review of the sales, costs, and profit projections for a new product to determine whether they satisfy a company's objectives

business analysis

________ advertising would most likely results 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

_________ 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

refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy

downsizing

__________ is the act of obtaining a desired object from someone by offering something in return

exchange

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

Gulf Coast, a wholesale shrimp distributor, groups its customers by regions in the United States, such as Midwest, Northeast, and Southwest. For each region, Gulf Coast tailors a different set of advertisements and promotions. The supplier is segmenting its market according to ________.

geographic location

In which of the following steps of the selling process does a sales person seek out clarify and overcome any disapproval to buying

handling objectives

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

horizontal marketing system

the new product development process usually starts with ________

idea generation

which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population

income

A product line is most likely too short if managers can ________.

increase profits by adding items

the object of ______ advertising is to build primary demand

informative

which of the following is an economic factor that affects the pricing decisions of a company

interest rates

Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction is known as ________ marketing.

internal

______ is the final step in the marketing research process

interpreting and reporting the finding

Companies like 3M, Google, and Sony have ________ that encourage employees to develop new ideas

intrapreneural programs

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

which of the following is a characteristic of an inside sale force

it conducts business from an office via telephone

_______ is a method of entering a foreign market by associating with foreign companies to produce or market products or services

joint venturing

salespeople need to know how to _______ leads, that is identifying good leads and screening out poor ones at the beginning of the selling process

qualify

a country may place limit on the volume of imported citrus fruit that is allowed. this is an example of a

quota

________ are offers of a trial amount of a product

samples

the national tree company offers resellers half-price reductions on artificial christmas trees if they purchase them in July. this is an example of a ________

seasonal discount

In a SWOT analysis ________ refers 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 mission, objectives, broad strategies, and policies primarily lies with it's ______

top management