Marketing Test 1

Lot size refers to the total number of units a channel can transmit from the manufacturer's place to the service outlet. Select one: True False

False

Loyalty is a person's feelings of pleasure or disappointment that result from comparing a product's perceived performance to expectations. Select one: True False

False

Marketers have little information about buyer wants, preferences, and behavior. Select one: True False

False

More stocking locations mean goods can be delivered to customers more quickly, and warehousing and inventory costs are lower. Select one: True False

False

Perception depends only on the physical stimuli experienced by the person. Select one: True False

False

Pricing has no negative effect on customer loyalty. Select one: True False

False

Services constitute the bulk of most countries' production and marketing efforts. Select one: True False

False

The business buying process begins when someone places an order with a sales representative. Select one: True False

False

The customer relationship management process involves all the activities related to receiving and approving orders, shipping the goods on time, and collecting payment. Select one: True False

False

The marketing funnel identifies the profitability of consumers at each stage in the decision process. Select one: True False

False

The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed. Select one: True False

False

The traditional view of marketing works best in economies with many different types of people, each with individual wants, perceptions, preferences, and buying criteria. Select one: True False

False

Value-augmenting services include installation, staff training, maintenance and repair services, and financing. Select one: True False

False

When Honda expanded its brand into such areas as automobiles, snow blowers, and marine engines, it was pursuing a strategy called line extension. Select one: True False

False

The response rate is usually very high for mail questionnaires. Select one: True False

False

Small businesses should focus on building one or two strong brands based on one or two key associations. Select one: True False

True

In order to estimate future demand, companies commonly prepare a company sales forecast first, followed by an industry forecast, and finally a macroeconomic forecast. Select one: True False

False

"Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience. Select one: True False

False

A fad is more predictable and durable than a trend. Select one: True False

False

A marketer's only concern is how best to create demand for a new product produced by his/her company. Marketing has little value for society as a whole. Select one: True False

False

A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a vision statement. Select one: True False

False

After developing a research plan, a marketing researcher should define the problem and research objectives. Select one: True False

False

Because customers are not really concerned with timely delivery, customers are unlikely to differentiate between firms based on their order-to-payment cycles. Select one: True False

False

Exclusive dealings and tying agreements are illegal and prohibited by law. Select one: True False

False

If the length of a product's downtime increases, the cost incurred decreases. Select one: True False

False

In a compensation deal, the seller sells a plant, equipment, or technology to another country and agrees to accept as partial payment products manufactured with the supplied equipment. Select one: True False

False

In buying alliances, participants offer to trade goods or services. Select one: True False

False

Narrative branding is based on deep metaphors that connect to people's memories, associations, and stories. Select one: True False

True

Permission marketing presumes that consumers know what they want. Select one: True False

True

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies. Select one: True False

True

Price elasticity depends upon the magnitude and direction of the contemplated price change. Select one: True False

True

Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. Select one: True False

True

"Pop-up" stores let retailers promote brands to seasonal shoppers for a limited time. Select one: True False

True

A brand audit can assess the health of a brand and uncover sources of brand equity. Select one: True False

True

A good example of collecting behavioral data would be when a store uses scanners to read bar codes on products selected by consumers. Select one: True False

True

A principle of the value chain is that every firm is a synthesis of activities performed to design, produce, market, deliver, and support its product. Select one: True False

True

A profitable customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling, and servicing the customer. Select one: True False

True

A short definition of marketing is "meeting needs profitably." Select one: True False

True

After a company has chosen a channel system, it must select, train, motivate, and evaluate individual intermediaries for each channel. Select one: True False

True

Although consumers may have fairly good knowledge of the range of prices involved, very few can accurately recall specific prices of products. Select one: True False

True

Brand extensions can reduce the costs of introductory launch campaigns and make it easier to convince retailers to stock and promote a new product. Select one: True False

True

Category membership is seen as the products that function as close substitutes of a brand. Select one: True False

True

Companies that fail to develop new products leave their existing offerings vulnerable to increased domestic and foreign competition. Select one: True False

True

Companies who want to carry near-zero inventory should build for order, not for stock. Select one: True False

True

Customer profitability analysis is best conducted with the tools of an accounting technique called activity-based costing. Select one: True False

True

Customer training and customer consulting are two areas for service differentiation that manufacturers can use with their products. Select one: True False

True

Customers cause many service failures, and many firms find managing these more difficult than managing their own failures. Select one: True False

True

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan. Select one: True False

True

Experiments call for selecting matched groups of subjects, subjecting them to different treatments, controlling extraneous variables, and checking whether observed response differences are statistically significant. Select one: True False

True

If a company were pursuing a policy of networking externally to gather marketing intelligence, it might collect competitors' ads or look up news stories about competitors. Select one: True False

True

Ingredient branding can take on a form called "self-branding" in which the company advertises its own branded ingredients. Select one: True False

True

James collected primary data when he distributed a survey to dorm residents to discover their attitudes and opinions on campus life. Select one: True False

True

The basis of cohort segmentation is that the experiences of key defining moments during the time when an individual becomes an adult can influence his or her values, preferences, and buying behaviors for the rest of his or her life. Select one: True False

True

The goal of exploratory research is to shed light on the real nature of the problem and to suggest possible solutions or new ideas. Select one: True False

True

The lower price of generics is made possible by lower-cost labeling and packaging and minimal advertising, and sometimes lower-quality ingredients. Select one: True False

True

The product hierarchy stretches from basic needs to particular items that satisfy those needs. Select one: True False

True

The value delivery system includes all the experiences the customer will have on the way to obtaining and using the offering. Select one: True False

True

To achieve integrated marketing, marketers need a variety of different marketing activities that consistently reinforce the brand promise. Select one: True False

True

The zone of ________ is a range where a service dimension is deemed satisfactory, anchored by the minimum level consumers are willing to accept and the level they believe can and should be delivered. Select one: a. immunity b. tolerance c. reliability d. assurance e. flexibility

b. tolerance

Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs. Select one: a. brand b. value proposition c. deal d. marketing plan e. demand

b. value proposition

When is a pull strategy appropriate? Select one: a. when there is low brand loyalty b. when consumers are able to perceive differences between brands c. when brand choice is made in the store d. when it is a low involvement purchase e. when the product is an impulse item

b. when consumers are able to perceive differences between brands

Which of the following is an example of a zero-level channel? Select one: a. A manufacturer takes online orders from customers and ships the products to them. b. An organization uses a combination of direct salespeople and sales agencies to increase sales. c. A manufacturer sells its products through wholesalers and retailers. d. A manufacturer sells its products through chains of supermarkets and other large sellers. e. A large company forms alliances with smaller companies to increase sales coverage.

a. A manufacturer takes online orders from customers and ships the products to them.

________ brands are positioned with respect to competitors' brands so that more important (and more profitable) flagship brands can retain their desired positioning. Select one: a. Flanker b. Attacker c. Defender d. Cash cow e. Simulation

a. Flanker

________ is the process that turns marketing plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan's stated objectives. Select one: a. Marketing implementation b. Marketing research c. Marketing analysis d. Brand management e. Product management

a. Marketing implementation

________ provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers. Fill in the blank Select one: a. Marketing insights b. Marketing metrics c. Marketing channels d. Marketing information systems e. Marketing-mix models

a. Marketing insights

________ is the science of using psychology and demographics to better understand consumers. Select one: a. Psychographics b. Interactionism c. Clustering d. Demographic transition e. Customerization

a. Psychographics

Apple's iPod Shuffle is an example of ________. Select one: a. a sub-brand b. a parent brand c. family brand d. a brand mix e. an umbrella brand

a. a sub-brand

Patrick J. Robinson and his associates have identified eight stages in the business buying-decision process. This model is called the ________ framework. Select one: a. buygrid b. buying/selling c. seller-centered d. commercial e. buy-analysis

a. buygrid

Marketers usually identify niches by ________. Select one: a. dividing a segment into subsegments b. conducting VALS tests c. allowing consumers to gravitate toward product brands d. examining the demographics section of the handbook of marketing e. producing products that can be used in a variety of ways

a. dividing a segment into subsegments

A manufacturer of hiking boots looks at data that indicate that their subsegment of the market called "serious hiker" is declining and is predicted to decline into the future. The firm decides to enter the "low-price" segment with its new items. This is an example of a firm's ________ to reach a new market. Select one: a. down-market stretch b. up-market stretch c. two-way stretch d. marketing research e. disintermediation

a. down-market stretch

Which of the following types of distribution involves severely limiting the number of channel intermediaries? Select one: a. exclusive b. selective c. intensive d. aggressive e. retail

a. exclusive

In ________ pricing, the firm bases its price largely on competitor's prices. Select one: a. going-rate b. auction-type c. markup d. target-return e. perceived-value

a. going-rate

The stage in the new product process that occurs first is the ________ stage. Select one: a. idea generation b. product development c. test marketing d. product soft launch e. concept testing

a. idea generation

Shoe manufacturers are not going to buy much more leather if the price of leather falls, nor will they buy much less leather if the price rises, unless they can find satisfactory substitutes. This is an example of ________. Select one: a. inelastic demand b. direct purchasing c. decision framing d. a modified rebuy e. a straight rebuy

a. inelastic demand

Dennis requests his father to buy him a PlayStation ® for his birthday. With respect to consumer decision roles, which role is Dennis currently playing? Select one: a. initiator b. influencer c. decider d. buyer e. gatekeeper

a. initiator

The introduction of Diet Coke by the Coca-Cola Company is an example of ________. Select one: a. line extension b. brand harmonization c. category extension d. brand dilution e. co-branding

a. line extension

When marketers present flexible market offerings to all members of a business segment, their offerings consist of two parts. Which part contains the product and service elements that all segment members value? Select one: a. naked solution b. discretionary solution c. maximum solution d. pseudo solution e. virtual solution

a. naked solution

Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of ________ media. Select one: a. owned b. earned c. paid d. service e. marketing

a. owned

Which of the following methods for new-product development incorporates buyers' preferences in the final design of the product? Select one: a. quality function deployment b. market leadership c. cost leadership d. incremental innovation e. disruptive technology

a. quality function deployment

The brand name of New Zealand vodka 42BELOW refers to both a latitude that runs through New Zealand and the percentage of its alcohol content. From a marketing management perspective, which of the brand equity drivers is most applicable in the given scenario? Select one: a. the associations indirectly transferred to the brand by linking it to a place or thing b. the product and all accompanying marketing activities and supporting marketing programs c. the initial choices for the brand elements or identities making up the brand d. the profitability associated with brand development e. the service and all accompanying marketing activities and programs

a. the associations indirectly transferred to the brand by linking it to a place or thing

________ is composed of all parties who participate in the purchasing decision-making process and share common goals and risks associated with their decisions. Select one: a. The buying center b. The marketing sales team c. Strategic management d. Engineering support e. The logistics center

a. the buying center

________ branding is a special case of co-branding involving creating brand equity for materials, components, or parts that are necessarily contained within other branded products. Select one: a. Cross b. Ingredient c. Equity d. Family e. Generic

b. Ingredient

Which of the following statements about marketing is TRUE? Select one: a. It is of little importance when products are standardized. b. It can help create jobs in the economy by increasing demand for goods and services. c. It helps to build a loyal customer base but has no impact on a firm's intangible assets. d. It is not needed in an Internet-fueled environment. e. It is seldom used by nonprofit organizations.

b. It can help create jobs in the economy by increasing demand for goods and services.

Which of the following is NOT a weakness of a customer equity perspective (relative to a brand equity perspective)? Select one: a. It offers limited guidance for go-to-market strategies. b. It has quantifiable measures of financial performance. c. It ignores the advantages of creating a strong brand. d. It overlooks the option value of brands. e. It does not fully account for social network effects or word-of-mouth.

b. It has quantifiable measures of financial performance.

Which of the following is TRUE regarding price elasticity? Select one: a. The higher the elasticity, the lesser the volume growth resulting from a one-percent price reduction. b. Long-run and short-run price elasticity may differ, delaying the impact of a price change. c. If demand is elastic, sellers assume that lowering the price will decrease total revenue. d. Price elasticity does not depend on magnitude and direction of the contemplated price change. e. When demand is inelastic, sellers should lower prices in order to increase total revenue.

b. Long-run and short-run price elasticity may differ, delaying the impact of a price change.

________ includes all the activities in selling goods or services directly to final consumers for personal, nonbusiness use. Select one: a. Wholesaling b. Retailing c. Procurement d. Promoting e. Warehousing

b. Retailing

If you were an upper-level marketing executive of a large seller of trucks, which of the following strategies would be most appropriate in reaching buying center targets? Select one: a. Concentrate on key buying influencers. b. Use multilevel in-depth selling. c. Use trade-based promotions. d. Concentrate sales efforts on the support staff. e. Move all operations to the Internet.

b. Use multilevel in-depth selling

________ includes all the activities in selling goods or services to those who buy for resale or business use. Select one: a. Retailing b. Wholesaling c. Procurement d. Promoting e. Warehousing

b. Wholesaling

When Coca-Cola focused on developing its soft-drink business but missed seeing the market for coffee bars and fresh-fruit-juice bars that eventually impinged on its soft-drink business, it was suffering from ________ because it defined competition in traditional category and industry terms. Select one: a. factor elimination b. marketing myopia c. factor reduction d. category points-of-parity e. reliance on product description

b. marketing myopia

________ refers to a set of distinguishing human psychological traits that lead to relatively consistent and enduring responses to environmental stimuli. Select one: a. Image b. Personality c. Psychological transformation d. Lifestyle e. Acculturation

b. personality

A market-penetration pricing strategy is most suitable when ________. Select one: a. a low price slows down market growth b. production and distribution costs fall with accumulated production experience c. a high price dissuades potential competitors from entering the market d. the market is characterized by inelastic demand e. a low price encourages actual competition

b. production and distribution costs fall with accumulated production experience

Firms have decided to raise fees and lower service for those customers who barely pay their way and to coddle big spenders to retain their patronage as long as possible. This is an example of organizing customers by ________. Select one: a. retailer convenience b. profit tiers c. psychographic characteristics d. social influence e. customer preference

b. profit tiers

Amtex Electronics, a consumer products brand, frequently advertises its products inside supermarkets and retail stores to promote the process of memory ________ and stimulate purchase. Select one: a. verification b. retrieval c. decoding d. formation e. augmentation

b. retrieval

Using the push strategy is most appropriate when ________. Select one: a. consumers are able to perceive differences between brands b. the product being sold is an impulse item c. there is high brand loyalty for the product d. the product is a high involvement purchase e. consumers choose the brand before they go to the store

b. the product being sold is an impulse item

________ is a company's ability to perform in one or more ways that competitors cannot or will not match. Select one: a. Brand positioning b. Market research c. Competitive advantage d. Competitor analysis e. Competitive intelligence

c. Competitive advantage

________ marketing refers to the normal work of preparing, pricing, distributing, and promoting the service to customers. Select one: a. Interactive b. Internal c. External d. Promotional e. Direct

c. External

Why would a retailer measure direct product profitability (DPP)? Select one: a. because DPP is highly correlated with the gross margin on a product b. because handling expenses are negligible compared with gross margin c. because handling costs can make products less profitable d. because gross margin on a product is too difficult to measure accurately e. because DPP removes the impact of paperwork expenses

c. because handling costs can make products less profitable

Which of the following is a postpurchase service offered by retailers? Select one: a. accepting orders over the telephone b. advertising and window displays c. delivery to the customer's doorstep d. general information e. interior decoration of the retail outlet

c. delivery to the customer's doorstep

A(n) ________ is a group of firms offering a product or class of products that are close substitutes for one another. Select one: a. community b. task force c. industry d. focus group e. umbrella brand

c. industry

Small sellers to a buying center should first concentrate their marketing efforts on reaching ________. Select one: a. approvers b. initiators c. influencers d. users e. initiators

c. influencers

A product's purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value gives the ________ cost. Select one: a. service warranty b. out-of-pocket c. life-cycle d. facilitating services e. value-augmentation

c. life-cycle

Which of the following is NOT a standard that producers would use to evaluate intermediaries' performance? Select one: a. sales-quota attainment b. average inventory levels c. modification of channel design d. customer delivery time e. cooperation in promotional programs

c. modification of channel design

Four key customer markets are the consumer, business, global, and ________ market. Select one: a. demographic b. physical c. nonprofit d. product e. exclusive

c. nonprofit

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance? Select one: a. institutional sale b. business buying c. opportunism d. vertical integration e. contractual transactionism

c. opportunism

A major advantage of a ________ strategy is that if the product fails, the company has not tied its reputation to the product. Select one: a. blanket family name b. licensing c. separate family brand name d. category extension e. brand revitalization

c. separate family brand name

From a marketing management perspective, there are three main sets of brand equity drivers. Which of these drivers was most applicable when McDonald's decided to use the "golden arches" and Ronald McDonald as symbols of their brand? Select one: a. the product and all accompanying marketing activities and supporting marketing programs b. the service and all accompanying marketing activities and programs c. the initial choices for the brand elements or identities making up the brand d. associations indirectly transferred to the brand by linking it to some other entity e. the profitability associated with brand development

c. the initial choices for the brand elements or identities making up the brand

Which of the following is an example of a gap between management perception and the service-quality specifications? Select one: a. The college brochure showed state-of-the-art classrooms, but when the visitors walked in, they saw peeling walls and dull lighting. b. A nurse visits a patient to show care, but the patient interprets this as an indication that something is very wrong. c. The hotel administrators think that guests want better food, but guests are more concerned with the courtesy of the waiters. d. A service center manager has asked his subordinates to provide fast service, but has not specified a time for the service to be performed. e. Customer service representatives are asked to give ample time to each customer, but must serve a minimum of 50 customers a day.

d. A service center manager has asked his subordinates to provide fast service, but has not specified a time for the service to be performed.

________ testing is a customer test that involves placing the product within the firm to see how it performs in different applications. Select one: a. Beta b. Research c. Sales-wave d. Alpha e. Simulated

d. Alpha

________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Select one: a. Target marketing b. Mind mapping c. Consumer activism d. Consumer behavior e. Product differentiation

d. Consumer behavior

Which of the following statements about Gen Xers is TRUE? Select one: a. Gen Xers are often willing to change brands. b. Gen Xers are selective, confident, and impatient. c. Gen Xers are socially conscious and concerned about the environment. d. Gen Xers prize self-sufficiency and are pragmatic. e. Technology is a barrier for Gen Xers.

d. Gen Xers prize self-sufficiency and are pragmatic.

Which of the following statements about market segmentation is TRUE? Select one: a. It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. b. It is a process of evaluating each segment's attractiveness and selecting one or more to enter. c. It is a process of creating an image or identity of the product in the minds of the target market. d. It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants. e. It is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results.

d. It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants.

Which of the following is an example of retailing? Select one: a. Dylan's sends catalogs to retail, industrial, and institutional customers. b. SEZ U Inc. sells a limited line of fast-moving goods to small retailers for cash. c. BEL Inc. sells consumer packaged goods to merchant wholesalers and distributors. d. Praxis International sells products to consumers directly through the Internet. e. Hub Styles procures its raw materials directly from farmers in the region.

d. Praxis International sells products to consumers directly through the Internet.

Which of the following is an example of a functional hub? Select one: a. Plastics.com allows plastics buyers to search the best prices among thousands of plastics sellers. b. ChemConnect.com is an online exchange for buyers and sellers of bulk chemicals. c. SteelMart.com concentrates on steel buyers from the United States. d. SupplyLink.com offers manufacturers from different industries information on ensuring workplace safety. e. PaperTiger.com offers paper buyers a comprehensive look at the prices and quality in the paper market.

d. SupplyLink.com offers manufacturers from different industries information on ensuring workplace safety.

Which of the following is TRUE for distributor brands? Select one: a. They sell at higher volumes than national brands and are also known as generics. b. They are usually sold at higher prices than national brands because production costs are higher. c. They are always of better quality than national brands as production is strictly monitored. d. They can generate a higher profit margin because of their lower cost structure. e. Advertising costs for distributor brands are much higher than those for national brands

d. They can generate a higher profit margin because of their lower cost structure.

Which of the following best describes BR Chicken's value proposition? Select one: a. We sell chicken at most major malls. b. We undertake home delivery services. c. We target quality-conscious consumers of chicken. d. We sell tender golden chicken at a moderate price. e. We charge a 10 percent premium on our chicken.

d. We sell tender golden chicken at a moderate price.

Capital items are long-lasting goods that facilitate developing or managing the finished product. They include two groups: installations and ________. Select one: a. natural products b. component materials c. operating supplies d. equipment e. processed materials

d. equipment

Soccer's World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________. Select one: a. idea b. place c. luxury item d. event e. service

d. event

When food product companies advertise recipes that use their branded products in entirely different ways, they are increasing the ________ consumption of the brand. Select one: a. amount of b. level of c. dedication to d. frequency of e. awareness

d. frequency of

If you performed the role of the ________ in a buying center, you would be the person that has the power to prevent sellers or information from reaching other members of the buying center. Select one: a. initiator b. influencer c. decider d. gatekeeper e. approver

d. gatekeeper

AT&T's business campaign not only helped to change public perceptions of the company, it also signaled to employees that AT&T was determined to be a leader in telecommunication services. Which principle of internal branding does this example portray? Select one: a. choosing the right moment to capture employees' attention and imagination b. furnishing energizing and informative internal communication c. bringing the brand alive for employees d. linking internal and external marketing e. understanding how brand communities work

d. linking internal and external marketing

In a ________ purchasing situation, the buyer wants to make some change to existing product specifications, prices, delivery requirements, or other terms. Select one: a. new rebuy b. regular buy c. straight rebuy d. modified rebuy e. new task

d. modified rebuy

Bank customers try to reduce uncertainty by drawing inferences from the ________, such as the design of the building's exterior and interior, the layout of the desks, and the length of waiting lines. Select one: a. people b. symbols c. equipment d. place e. communication material

d. place

If an organization's marketing department wants to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, it would most likely occur in the ________ step of the segmentation process. Select one: a. needs-based segmentation b. segment identification c. segment profitability d. segment "acid test" e. marketing-mix strategy

d. segment "acid test"

Car rental firms, hair dressers, and management consultants provide ________. Select one: a. goods b. experiences c. events d. services e. information

d. services

The value of an offering is described as the ________. Select one: a. price consumers are charged for a product b. cost of manufacturing a product c. degree to which consumer demand for a product is positive d. sum of the tangible and intangible benefits and costs to customers e. intangible benefits gained from a product

d. sum of the tangible and intangible benefits and costs to customers

________ are a person's enduring favorable or unfavorable evaluations, emotional feelings, and action tendencies toward some object or idea. Select one: a. Discriminations b. Values c. Beliefs d. Feelings e. Attitudes

e. Attitudes

Despite its weaknesses, markup pricing remains popular for which of the following reasons? Select one: a. Sellers can determine demand much more easily than they can estimate costs. b. By tying the price to cost, the pricing task becomes more sophisticated. c. When all firms in the industry use markup pricing, price competition flourishes. d. Sellers take advantage of buyers when the latter's demand becomes acute. e. Many people feel that cost-plus pricing is fairer to both buyers and sellers.

e. Many people feel that cost-plus pricing is fairer to both buyers and sellers.

Which of the following is TRUE regarding services? Select one: a. Services are typically produced, stored, and then consumed. b. Services are generally low in experience and credence qualities. c. Service providers develop similar marketing programs for personal services and business services. d. There is less risk associated with the purchase of services than with the purchase of goods. e. Provider-client interaction is a special feature of services marketing.

e. Provider-client interaction is a special feature of services marketing.

marketing dashboard should display ________. Select one: a. implementation controls b. plans for each marketing audit c. the company's marketing-mix models d. the instrument panel of all vehicles sold by a dealership e. a customer-performance scorecard and a stakeholder-performance scorecard

e. a customer-performance scorecard and a stakeholder-performance scorecard

A brand ________ can be defined as any information-bearing experience a customer or prospect has with the brand, its product category, or its market. Select one: a. value b. personality c. trait d. character e. contact

e. contact

Services high in ________ qualities are those services that have characteristics that the buyer normally finds hard to evaluate even after consumption. Select one: a. trial b. search c. experience d. privacy e. credence

e. credence

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange. Select one: a. contractual transaction b. cooperative system c. collaborative d. mutually adaptive e. customer is king

e. customer is king

Smith & Adams Poultry set up a computer system so that its customers (restaurants and hotels) can directly inform its central supply system about purchase volumes and dates, as well as automatically receive confirmation of orders and shipments. This is an example of a company differentiating its service in terms of ________. Select one: a. customer relationships b. customer training c. installation d. delivery ease e. ordering ease

e. ordering ease

A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________. Select one: a. product type b. product class c. need family d. product variant e. product line

e. product line

To which of the following categories of services does a cell phone belong? Select one: a. major service with accompanying minor services b. major service with accompanying minor goods c. pure service d. pure tangible good e. tangible good with accompanying services

e. tangible good with accompanying services