Principles of Marketing Quizzes

Which of the following is NOT a market-oriented business definition?

"We sell success and status."

The fixed cost in manufacturing a single LED monitor is $40 and the variable cost is $12. If the company expects to manufacture 5,000 monitors, the total costs would be ________.

$260,000

A company faces fixed costs of $100,000 and variable costs of $8 per unity. It plans to directly sell its product in the market for $12. How many units must it produce and sell to break even

25,000

Ultra Tech Inc., a company manufacturing gardening tools, has decided to switch to a territorial sales force structure. Which of the following benefits is the company most likely to gain as a result of this decision?

As each salesperson travels within a limited geographic area, travel expenses would decline

Among the generational groups in U.S. population, the _______ are still the wealthiest generation in the U.S. history.

Baby boomers

Which of the following best describes a similarity between Costco and Walmart?

Both use everyday low pricing

Which of the following is true about behavioral segmentation on the basis of the loyalty variable?

By looking at customers who are shifting away from its brand, a company can learn about its marketing weaknesses and take actions to correct them.

__________ are low-growth, high-share businesses products that need less investment to hold their market share.

Cash cows

____________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Customer-perceived value

Which of the following is the first step in the marketing research process?

Defining the problem and objectives of the study

Which of the following questions would help a marketer evaluate the return on a sales promotion investment?

Did the promotion attract new customers or more purchasing from current customers?

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as

Differentiated marketing

_________ occurs when product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones

Disintermediation

Direct investment

Entering a foreign market by developing foreign-based assembly or manufacturing facilities

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.

Microenvironment

"To busy multitaskers who need help remembering things, Evernote is a digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a

Positioning statement

_________ is the only element in the marketing mix that produces revenue.

Price

Which of the following is true with regard to price?

Price is the sum of all the values that customers give up to gain the benefits of having a product

Why are customers often considered the most important sources of new product ideas?

The company can analyze customer questions and complaints to find new products that better solve consumers problems.

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

The marketing concept

Which of the following is most likely true of marketing channel decisions?

They often involve long-term commitments to other firms

A _____________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system

Value delivery network

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Value proposition

Which of the following customer questions is answered by a company's value proposition?

Why should I buy your brand rather than a competitor's?

Infomercial

a 30-minute commercial that markets a single product

Which of the following would be considered predatory pricing?

a company that prices below cost to drive out competitors

In conducting _____, the company first identifies the major attributes that customers value and the importance customers place on these attributes. Next, it assesses its performance against competitors on those valued attributes.

a customer value analysis

Franklin & Marshall College wishes to contact high school seniors at independent schools in Pennsylvania. Which of the following media would be most effective and efficient?

a direct mail piece sent to selected students

a sustainability vision

a guide to the future that shows the company that the company's products, processes, and policies must evolve and what is needed to get there

The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents

a marketing information system

Foreign businesses in India appear to receive unusually close scrutiny and special regulations, aimed at protecting the local businesses. This is

a non tariff trade barrier

relative advantage, compatibility, complexity, divisibility, communicability are all characteristics of

a product's rate of adoption

Renee's, a company selling winter clothing in Chicago, ran a preseason promotion on some of its fur jackets, offering cash refunds if the snowfall in the customer's market area turned out tube below average. This exemplifies

a rebate

Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.

acquisition

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________.

advertising

Companies must attract online users by

aggressively promoting the site in offline print and broadcast advertising

To measure the ________ effects of an ad after it has aired, the advertiser can evaluate how the ad affected consumer recall, product awareness, and preference.

communication

When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates ________.

comparative advertising

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

competitive advantage

To plan effective marketing strategies, the company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotion with those of close competitors. This is an example of ________.

competitor analysis

Kodak's film business didn't lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers and online image sharing services. This is an example of ________.

competitor myopia

George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________.

complex buying behavior

Consumers who mistrust marketing research are more likely to

consider marketing research efforts, such as interviewing, intrusions on consumer privacy

At its most basic form, a marketing channel consist of the producer and the

consumer

Developing an effective message strategy begins with identifying ______ that can be used as advertising appeals

consumer emotions

Individuals and households that buy or acquire goods and services for personal consumption make up the ________.

consumer market

Companies can legitimately charge a higher price if ________.

consumers perceive that the company's product offers greater value

A _________ is a small store, located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover goods

convenience store

Which of the following is LEAST relevant when a firm evaluates different market segments?

core competencies of competitors

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, "What is the buyer really buying?"

core customer value

The advertising slogan, "We bring good things to life" used by General Electric, is an example of ________ marketing

corporate image

Value innovation

create powerful leaps in value for both the firm and its buyers, creating all new demand and rendering rivals obsolete

Event marketing

creating a brand-marketing event or serving as a sole or participating sponsor of events created by others

Nike inadvertently offended Chinese officials when it ran an ad featuring LeBron James crushing a number of revered Chinese figures in a kung fu-themed television ad. As a result, Nike has to release a formal apology. This is an example of the impact of ________ on marketing strategy.

culture

One of the message structure issues that a marketer must handle is whether to ________.

draw a conclusion or not

P&G has sold off a number of lesser or declining brands such as Oxydol detergent and Jif peanut butter. In these examples, management decided to ________ the products.

drop

Companies such as Amazon.com and Expedia.com that sell products and services directly to final buyers exclusively over the Internet are known as

e-tailors

If the company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and ________, or it can charge the same price and ________.

earn higher profits; gain more market share

Which of the following is true about email marketing messages?

effective in reaching the desired target market and result in low costs

Bon Vivant offers an assortment of exclusive French wines at incredibly low prices. These prices are neither limited-time offers nor special discounts, but represent the daily prices of products sold by Bon Vivant. This reflects Bon Vivant's ________ pricing strategy.

everyday low

Juanita Petino, a nutritionist, decided to test the effects of two breakfast cereals, Kinglo and Loopy, on different consumer groups. For the purpose of her study, she divided 20 volunteers into two groups and asked the members of one group to have Kinglo cereal and the members of the other group to have Loopy cereal for breakfast. She decided to compare the responses of the volunteers after a week to gain deeper insights into consumer attitude. In this instance, Juanita is using ________.

experimental research

Pierre's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the ________ positioning.

less for much less

The latest trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.

lifestyle

Benefits of online direct marketing for buyers is not

live product demonstrations

Sparkling Valley, a luxury resort, prices cottages facing the lake higher than cottages that do not, even though the cottages and services offered are identical in every other aspect. This form of pricing is called

location-based pricing

Ford and its network of independent franchised dealers is an example of a​ ________.

manufacturer-sponsored retailer franchise system

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?

market nicher

Firms that serve small segments not being pursued by other firms are called

market nichers

A _____________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want

market offering

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of

market segments

Whizz Corp. wishes to introduce a new hybrid car into mature markets in developed countries with the goal of gaining mass-market share quickly. Which of the following pricing strategies would help the firm meet its goal?

market-penetration pricing

Midnight Magic, a perfume manufacturing company, plans to release a new fragrance during the holiday season at $99 per bottle. The company intends to bring the price down to $49 within six months of its release to attract buyers who couldn't afford the initial price. Which of the following pricing strategies is Midnight Magic using?

market-skimming pricing

Which of the following is a fixed cost?

facility rental payments

__________ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service or organization

focus group interviewing

Which of the following statements best represents a contractual association between a manufacturer, wholesaler, or service organization and independent business people who buy the right to own and operate one or more units in the system represented by the contract?

franchise

With the recent explosion of information technologies,

most marketing managers are overloaded with data and often overwhelmed by it

A __________ system involves a single firm setting up two or more marketing channels to reach one or more customer segments

multichannel distribution

New technologies most likely lead to

new markets and opportunities

Which of the following is a significant challenge presented by the product life cycle?

new product development

The learning curve is representative of the

number of units the market will buy in a given time period, at different prices that might be charged

Which budgeting method entails defining specific promotion goals, determining the necessary tasks, and estimating the costs to determine a promotion budget?

objective-and-task method

Prospects can be qualified by looking at all of the following characteristics EXCEPT

occupational mobility

Overstock.com, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.

off-price retailer

A value marketer is most likely to

offer consumers a balanced combination of product quality at a fair price

P&G introduced Duncan Hines ready-to-spread frosting in a small geographic area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. This illustrates ________.

one of the problems associated with test marketing

Kevin is a salesperson working for a company that manufactures gardening tools. He is involved in door-to-door sales and travels every day to call on customers. In his company, Kevin is most likely a part of the ________.

outside sales force

According to Michael Porter, what are three effective competitive positioning strategies

overall cost leadership, differentiation, focus

With which pricing strategy does the seller take responsibility for part or all of the actual freight charges in order to acquire the desired business?

freight-absorption pricing

Which type of retailer is most likely to require its employees to focus most on assisting customers as they shop

full-service retailer

societal marketing

future welfare of consumers

_________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities

strategic planning

Of the 141 companies on the list, Jason chose to survey only 75 of them. He sent surveys to both small and large companies. If Jason selected survey recipients randomly from two mutually exclusive groups comprising of small and large companies respectively, he most likely used a

stratified random sample

Companies set not a single price, but a pricing ________ which covers different items in its line and changes over time as products move through their life cycles.

structure

Selecting which segments of a population to serve is called

target marketing

A pharmaceutical ad features a world-renowned heart surgeon describing the benefits of a medication. Which of the following message execution styles is illustrated in this example

testimonial evidence

Today's consumers do not need to rely on marketer-supplied information about products and services because they can use ________ to seek out a wealth of information.

the Internet

Acquisition refers to

the buying of a whole company, a patent, or a license to produce someone else's product

An ad for Maybelline age-minimizing makeup in Ladies' Home Journal magazine featured atress Melina Kanakaredes and offered readers a $1-off coupon when they try the new makeup. In terms of the communication model, which of the following would be the best way for the source to measure feedback?

the number of people who redeem the coupon

entrepreneurial marketing

involves visualizing an opportunity, take risks, and knock on every door to gain attention

The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?

Competitive marketing intelligence

The buyer decision process consists of five stages. Which of the following is NOT a stage?

Conspicuous consumption

The economic environment consists of economic facts that affect

Consumer purchasing power

Which of the following companies uses a direct marketing channel?

Holly Wreaths, a store that sells Christmas ornaments to customers via its online click-to-order catalogs

Which of the following questions is most important for product designers to consider while developing a product?

How would customers use and benefit from the product?

Which of the following situations is expected to enhance the use of targeted advertising messages by marketers?

Increase in ethnic populations

Which of the following is most likely gained by stores that cluster together?

Increased customer pulling power

emerging economies...

Industrialization typically creates a new rich class and a growing middle class, both demanding new types of imported goods

Jaime Gonzalez owns a small publishing company in Utah and has a very restrictive budget for the market research he currently needs to conduct. He requires a large sample size for his research in order to arrive at insightful conclusions. Additionally, he wants to have excellent control over his sample. Keeping in mind his restrictive budget and other specifications, which of the following methods of contact would you advise Jaime to use?

Mail questionnaires

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies

Market Development

________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Market segmentation

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Marketing myopia

__________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

Example of economic community

NAFTA

Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-wuality products or services, but who want them cheaply and easily. These companies are all known for pursing a value discipline known as _______.

Operational excellence

In SWOT analysis, __________ include favorable trends in the external environment.

Opportunities

What is true about personal selling

Personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships

Which of the following companies uses captive product pricing

Photo Genie, which sells inexpensive cameras that run only on their own expensive batteries

Springfield, a convenience store, has recently begun to redesign and restock its stores to offer a more upscale environment with products such as house wines and fresh foods. This information indicates that Springfield has most likely changed its ________.

Positioning

_________ is an approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized or made by less costly methods of production.

Product Value analysis

Which of the following product mix pricing strategies involves pricing multiple products to be sold together?

Product bundle pricing

Big Moose Toys is a market pioneer introducing a modern version of Bullwinkle the Moose, a character from an animated television series originally broadcast in the '50s and '60s. The company's version of Rocky the Flying Squirrel, another character from the show, targeted to baby boomers was a strong success. They need to make the new launch strategy for Bullwinkle consistent with the intended ________.

Product positioning

Which of the following is true with regard to products?

Products include services, events, persons, places, organizations, ideas, or a mixture of these

Which of the following is NOT an element of the marketing mix?

Purchase

___________ or smart tag technology helps companies locate a product's exact position within its supply chain

RFID

Which of the following is most likely a result of regulations set up by the Food and Drug Administration and the Consumer Product Safety Commission

Research costs for companies have risen

_________ measures the profits generated by investments in marketing activities.

Return on marketing investment

All of the following are basic types of compensation plans for salespeople EXCEPT

Salary plus company shares

Which of the following would most likely improve coordination between marketing and sales?

Salespeople should participate in marketing planning sessions by sharing firsthand customer knowledge

Mark has long supported a particular brand of footwear and has always bough that brand. Mark doubts the bad news reports and continues to purchase the same brand of footwear. It is most accurate to say that Mark displays

Selective distortion

In which of the following would the buyer reorder a product without any modifications?

Straight rebuy

Which of the following is NOT part of the business market?

Sue shops for her family's groceries at the local Whole Foods store.

Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machineries. In this instance, Sparex acts as a

Supplier

At Fantastic Flavors, a large regional chain of candy stores, employees from marketing, design, production, and finance work in cross-functional groups to save time and money in the new product development process. Fantastic Flavors uses a _______ approach.

Team-based new product development

You want to advertise your new product. You want good mass marketing coverage and low cost per exposure. You also want to combine sight, sound, and motion and make the advertisement appealing to the senses. You should choose ________ as your advertising media.

Television

Trade-in allowances are most commonly used in the __________ industry

automobile

Brands in a market with many competitors and high advertising clutter must ________.

be advertised more heavily to be noticed in the marketplace

Mission statements should _______ and be defined in terms of _______

be market oriented; satisfying basic customer needs

Calypso Motors recently rolled out its hatchback, Proteus. Proteus combines the attractiveness of a luxury car with the excellent agility of a sports car. Calypso Motors is confident that Proteus will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?

benefit segmentation

A _________ creates a long-term relationship in which the supplier promises to resupply the buyer as needed at agreed prices for a set time period

blanket contract

While advertising campaigns can help to create name recognition, brand knowledge, and maybe even some brand preference, brands are not maintained by advertising but by ________.

brand experiences

Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ________.

brand personality

harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a

brand personality

Marketing mix planning begins with

building an offering that brings value to target customers

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

building profitable relationships and creating customer delight

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as

business buying process

The _________ refers to all the individuals and units that play a role in the purchase decision-making process.

buying center

Companies with lower costs ________

can set lower prices that result in smaller margins but greater sales and profits

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated to local after-school programs for underprivileged youth. This is an example of

cause-related marketing

American Express will do almost anything to build longterm relationships, what marketing strategy

customer intimacy

In order to avoid shortsightedness, today marketers are moving toward viewing communications as managing the ________ over time.

customer relationship

Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value.

customer-oriented

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon

customer-perceived value

In a communication process, a receiver assigns meaning to the symbols encoded by a company in its advertisements through a process known as

decoding

When backed by buying power, wants become ________

demands

Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ________ demand.

derived

Management at Think Ink has decided to open a sales branch overseas to handle sales and distribution abroad. this is

direct exporting

Direct-mail marketing

direct marketing by sending an offer, announcement, reminder, or other item to a person at a particular physical or virtual address

A ___________ is a straight reduction in price on purchases during a stated period of time or of larger quantities

discount

________ are complex behavioral systems in which people and companies interact to accomplish individual, company, and channel goals.

distribution channels

The so-called green movement encourages companies to

go beyond government regulations

Challenge from online social network marketing

hard to measure results

BlueFin canned tuna has higher sales than its unbranded rival, even though the unbranded tuna costs $0.45 less per can than BlueFin tuna. BlueFin most likely has ________.

high brand equity

Managers at the Imperial Hotel-Chicago complained that the chain's overall image was hurt because Imperial Hotel-Dallas was overcharging guests and providing poor service. The Imperial Hotel was experiencing ________ conflict.

horizontal

Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.

image

Deceptive promotion

includes practices such as misrepresenting the product's features or performance or luring customers to the store for a bargain that is out of stock

Which of the following is a common reason for new product failure

incorrect estimation of the market size

Two factors that reflect country's market attractiveness

industrial structure and its transportation systems

Primary data consists of

information collected for the specific purpose at hand

When P&G developed the Mr. Clean Magic Eraser, the company needed to explain how the product cleans grime from walls without removing paint. What type of campaign was most likely used by P&G for the Mr. Clean Magic Eraser?

informative advertising

A company can install an ________ management system to collect, review, evaluate, and manage new product ideas

innovation

Cameron loves to own and be up-to-date on the latest technological gadgets available in the market. Among his friends, he is always the first to own the latest electronic gadgets. He loves trying out new products before others. Cameron most likely belongs to the ________ adopter group.

innovator

Today several companies are adopting the concept of ________, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.

integrated marketing communications

Whitelight sells its toothpastes in many convenience stores across the country. This is an example of ________ distribution.

intensive

The art and science of choosing target markets and building profitable relationships with them is called

marketing management

The set of marketing tools a firm uses to implement its marketing strategy is called the

marketing mix

Apple's iPod has been called "one of the greatest consumer electronics hits of all time." iPods have been sold in huge numbers, and Apple captures a large share of the music player market. This success has attracted many large, resourceful competitors. The iPod is in the ________ stage of the product life cycle.

maturity

Which of the following are the three characteristics that an advertising appeal should have

meaningful, believable, and distinctive

The decisions about impact and engagement of an advertisement fall into the category of

media

Which of the following is most likely influenced by marketers?

media

___________ is the practice of tailoring products and marketing programs to suit that tastes of specific individuals and locations

micromarketing

Kirk's Comic Store has its own mobile app that users can download for free. The app lets users know about special events, discounts, and merchandise currently available in the store. Which of the following forms of marketing is exemplified from this scenario?

mobile marketing

Companies should consider this when moving to a new country

monetary and trade regulations

_________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions

perceptual positioning maps

In which stage of the business buying process does a buyer ask users to rate their satisfaction with the supplied materials?

performance review

Alex Smith rents storage space to college students who go home for the summer but do not want to haul all of their property home and back. The business is profitable during the summer months, but when the storage space is unoccupied in the off-season, Alex loses money. Which of the following characteristics of service is most likely the source of Alex's problem?

perishability

Companies are doing less ________ and more ________ as a result of an explosion of more focused media that better match today's targeting strategies.

personal selling; mass marketing

The advertisements that use Aflac duck or the GEICO gecko are using the message execution style of

personality symbols

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as

positioning

__________ 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

Pat thought he had received the best deal on his new car. Shortly after the buying the car, Pat started to notice certain disadvantages of his new car as he learned more about other cars available in the market. Pat is experiencing ________.

postpurchase dissonance

In the beginning of the buying process, Timothy Perry, a product development manager, noticed that the raw materials that were being procured from his company's regular supplier were of poor quality. Consequently, he decided to change the existing supplier as a remedial measure. The stage of the buying process in which Timothy identified the quality breach represents the ________ stage.

problem recognition

Daizy's is a shop that carries only plus-size clothing. According to this information, Daizy's differentiates itself from its competitors based on ________.

product assortment

A _________ consists of all the product lines and items that a particular seller offers for sale

product mix

Consumer products refer to

products and services bought by final consumers for personal consumption

Which of the following is a price adjustment strategy that considers how a customer's perception of a product is influenced by its price>

psychological pricing

In which situation is the market dominated by one seller?

pure monopoly

According to Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

relative market share

In ________, companies put their purchasing requests online and invite suppliers to bid for the business

reverse auctions

Firms that decide against international expansion to play it safe ________.

risk losing their home markets

______ consists of short-term incentives to encourage the purchase of a product or service

sales promotion

A large retailer of home improvement and construction products offers how-to classes for do-it-yourselfers, featuring instructions on how to compete home improvement projects using products sold at its stores. This is an example of how the retailer has differentiated itself through its

services mix

_________ involves using in-store promotions and advertising to extend brand equity to the last mile and encourage favorable point-of-purchase decisions

shopper marketing

Which term refers to looking at merchandise at a traditional store and then purchasing the merchandise

showrooming

Which of the following statements is true of cultural factors that influence consumer behavior?

social classes show distinct product and brand preferences in areas such as clothing and travel

_________ are customers products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

specialty products

A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools?

the promotion mix

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

the selling concept

planned obsolescence

the strategy of deliberately designing products to fail in order to shorten the time between purchases

In business markets with inelastic demand

the total demand for products is not much affected by short-term price changes

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through

value creation and exchange

Marketers are most effective at influencing consumer _______.

when they appeal to existing wants rather than when they attempt to create new ones

Personal communications about a product between target buyers and neighbors, friends, family members, associates, and other consumers, are known as

word-of-mouth influence