QCM ADV Mrkt
1. All the following are accurate descriptions of modern marketing, EXCEPT which one? a. Marketing is the creation of value for customers b. Marketing is managing profitable customer relationships c. Selling and advertising are synonymous with marketing d. Marketing involves satisfying customers' needs e. Marketing is used for profit and not-for-profit organisations
C
1. In marketing jargon and according to the elements of the marketing mix, distribution is often referred to as , to cover the decisions and strategies that enable the product to flow to the consumer, whether from the market direct to the home, via a wholesaler or from a retail outlet. a. place b. process c. positioning d. promotions
a
10. A diversification strategy is used when: a. Offering products that are unrelated to other existing products produced by the organization. b. Granting independent operators, the right to use your company's business model, techniques or trademarks for a fee. c. Offering product extensions under the brand of one parent company. d. When a firm drops or sells a product or business. e. When a product penetrates an existing market.
a
11. Which of the following is a description of 'tangible' resources? a. Fixed assets. b. Skills, management and leadership. c. Goodwill and image. d. Reputation. e. Brand names and service levels.
a
15. Amos does not want to find new customers or create new products. Instead, he is opening more stores and improving the marketing mix—more intriguing advertising, better pricing, better reward program, better in-store service, better store ambience, etc. What strategy is he using? a. market penetration b. product development c. market development d. diversification e. product penetration
a
16. Amos does not want to find new customers or create new products. Instead, he is opening more stores and improving the marketing mix—more intriguing advertising, better pricing, better reward program, better in-store service, better store ambience, etc. What strategy is he using? a. market penetration b. product development c. market development d. diversification e. product penetration
a
19. A _____ is the marketing term for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. a. product b. market decision c. market factor d. utility e. process
a
23. Silk Soymilk's use of organic, non-genetically modified soybeans in its product is an example of a. green marketing. b. social consciousness. c. ethical responsibility. d. cause-related marketing. e. corporate benevolence.
a
23. Which of the following pricing strategies is designed to deal most effectively with the service characteristic of inventory costs? a. yield management pricing b. target pricing c. customary pricing d. prestige pricing e. price lining
a
24. A custom kitchen cabinet storeowner wishes to use target profit pricing to establish a price for a typical section of cabinets. Assume variable cost is $200 per unit, fixed cost is $44,000, and a target profit of $10,000 on a volume of 400 cabinets is desired? What should be charged for a typical cabinet section? a. $335.00 b. $310.00 c. $455.00 d. $398.00 e. cannot be determined from the information provided
a
3b. Which of the following best describes Lil' Angels' current approach to the market? a. It is segmenting the market according to demographic variables. b. It is segmenting the market according to product-related variables. c. It has chosen a segment that is not identifiable and divisible. d. Its market is impossible to reach because of legal constraints. e. It is not segmenting the market but is attempting to reach everyone with the product.
a
4) The forces of the marketing environment include a) political, legal and regulatory, sociocultural, technological, economic, and competitive. b) sociocultural, legal, regulatory, economic, and competitive. c) legal, regulatory, political, and sociocultural. d) competitive and non-competitive forces that affect most lifestyles. e) fairly static components.
a
6) The Coca-Cola Company recently introduced the "Freestyler," a new free-standing soda dispensers where consumers can chose from over 120 different types of soda and customize their drink. Freestylers would take the place of typical dispensers where there are only a few different types of soda brands available. In order to develop the new dispenser, Coca-Cola collected information on the soda-drinking habits of individuals in several different age groups, as well as information about new technologies for dispensing liquids from vending machines and the sales of its "fountain" syrup for national restaurant chains to use in their soda machines. Coca-Cola's collection of this information is an example of while the analysis of its impact on the potential for the new "Freestyler" is an example of _________ a) environmental scanning; environmental analysis b) an environmental force; environmental scanning c) environment
a
6. What is an alternative term for a distribution channel? a. marketing channel b. supply chain c. marketing chain d. place e. distribution depot
a
7) A car would be classified as a. Specialty goods b. Shopping goods c. Convenience goods d. None of the above
a
7) Many health care companies are making adaptations to meet the needs of an aging population as the demand for medical services and products such as diabetes supplies increases. This change in marketing strategy is best explained by a change in a) demographics. b) cultural values. c) income levels. d) consumerism. e) subcultures.
a
7. Nordstrom's, Macy's, and JC Penney's are all considered a. department stores. b. discount stores. c. off-price retailers. d. specialty retailers.
a
7. When creating a corporate vision statement, organizations are attempting to answer which of the following questions: a. What do we want to become? b. What business are we in? c. What are our competitive advantages? d. How can we be the best? e. Who are we and what do we stand for?
a
8) Andrew is considering the purchase of a portable DVD player. He is comparing alternatives on the basis of screen size, battery life, and price. Andrew is using which type of evaluative criteria? a. tangible b. intangible c. primary d. secondary
a
8. Select the true statement about wholesaling. a. Wholesaling activities must be performed during distribution of all goods, whether or not a wholesaling institution is involved. b. Warehouses are necessary in order for the wholesaling function to be completed. c. Wholesaling is an inefficient process that should be eliminated from the marketing channel. d. The biggest problem with the wholesaling process is that inefficient wholesalers can thrive, at the expense of consumers.
a
8. The name given to the group of consumers who are self-reliant, entrepreneurial, supportive of racial and sexual diversity, and not prone to extravagance is called: a. Generation X. b. Generation Y. c. Generation Z. d. baby boomers. e. millennials.
a
First step of value based pricing is to a. assess needs of customer b. set target price c. determine incurred costs d. design product e. define the margin
a
If a product has an income elasticity of demand coefficient of 0.5. We say: a. the good is a commodity b. the good is inelastic c. the good is normal d. supply is fixed e. the good is variable
a
Which of the following is an example of priming? a. Asking children what their favourite superhero would eat, to encourage them to eat healthier food. b. Asking children what is their favourite food to eat, to encourage them to eat healthier food. c. Asking children to list all the fast food outlets they can, to encourage them to eat healthier food. d. Comparing the children food with the hero food. e. None of the above explanations.
a
____________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives. a. Customer perceived value b. Value delivery system c. Value proposition d. Customer cost e. Customer value
a
1) Marketing is the process of a) promoting products through personal selling and advertising to develop and maintain favourable relationships with customers and stakeholders. b) creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favourable relationships with stakeholders in a dynamic environment. c) delivering a standard of living to a society. d) creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives. e) focusing on customers' needs.
b
14. Customer Insights, Inc. operates a facility that recruits 8 to 10 consumers and screens them on criteria such as relevance to the target segment or usage in a product category. What type of research is Customer Insights, Inc. engaging in? a. observation b. focus groups c. sampling d. online surveys e. copy testing
b
14. Marketer 1 is marketing soft pretzels. Marketer 2 is marketing for a local amusement park. Why might their strategies differ? a. They don't, their strategies would be the same. b. Marketer 1 has a tangible product, white marketer 2 has an intangible product. c. Marketer 1 would focus more on price than marketer 2. d. Marketer 2 would focus more on promotion than marketer 1. e. None of the above answers is correct
b
15. Marketer 1 is marketing soft pretzels. Marketer 2 is marketing for a local amusement park. Why might their strategies differ? a. They don't, their strategies would be the same. b. Marketer 1 has a tangible product, white marketer 2 has an intangible product. c. Marketer 1 would focus more on price than marketer 2. d. Marketer 2 would focus more on promotion than marketer 1. e. None of the above answers is correct
b
2) Distribution, price, promotion, and product are all elements of a) marketing strategy. b) the marketing mix. c) a target market. d) a consumer good. e) a business strategy.
b
25. The five major stages of the consumer buying decision process, in order, are a. information search, establishment of product criteria, evaluation of alternatives, purchase, and post purchase evaluation b. problem recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation. c. problem recognition, information search, evaluation of alternatives, post purchase evaluation and purchase. d. information search, evaluation of alternatives, purchase, trial adoption period, and post purchase evaluation. e. problem recognition, purchase, evaluation of alternatives, post purchase evaluation, and rebuy.
b
26. Which of the following statements describing the relationship between advertising and public relations is true? a. In an integrated marketing communications program, both advertising and public relations have equal credibility. b. Advertising and public relations have identical orientations and are known as promotion. c. The objectives of public relations activities are more easily quantifiable than those of advertising. d. While advertising is carefully placed to achieve reach and frequency objectives, the results of public relations efforts depend on the experience and skill of the people executing it. e. All the above statements describing the relationship between advertising and public relations are true.
b
28. Which of the following statements about the VALS program is true? a. The acronym VALS stands for Value, Attitudes, and Learned Suppositions. b. The VALS program seeks to explain why and how consumers make purchase decisions. c. Principle-oriented consumers are members of Generation X. d. Experiencers and Makers are both classified as status-oriented consumers. e. Believers and Fulfilleds are both classified as action-oriented consumers.
b
4. is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits. a. Specialization b. Commoditization c. Maturation d. Price devaluation e. Market homogeneity
b
5. In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering and a shift from creating exchanges to creating . a. satisfaction; customer relationships b. value; customer relationships c. quality; transactions d. value; satisfaction e. quality; value
b
5. Retailing is best characterized as a. large organizations that carry wide and deep product mixes. b. transactions in which the buyer intends to consume the product through personal, family, or household use. c. arrangements whereby a supplier grants a dealer the right to sell its products. d. transactions in which the purchaser intends to use the product for resale or for business operations.
b
6. A channel of distribution is defined as a group of individuals and organizations that a. consumes about one-half of every dollar spent on products in the United States. b. directs the flow of products from producers to customers. c. links producers to other marketing intermediaries. d. manages transportation and warehousing functions.
b
8) Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called a) marketing planning b) strategic planning c) marketing strategy d) corporate strategy e) strategic business planning
b
9) "Demographics" refers to a. Money consumers are willing to spend b. Numerical facts about a population c. Numerical facts about sales d. None of the above
b
9. Case2: Southwest Airlines has a history of being able to retain its employees due to the atmosphere and culture of the company. Employees have been known to dress up in costume on an airplane, engage in "games" with the passengers, and generally provide a fun atmosphere for traveling. While other airlines have low rates of customer satisfaction, Southwest tends to maintain a high rating with its customers. Recent gas price hikes have caused most airlines to charge for checked luggage and to fill every flight to its maximum, adding to the negative experience of airline travel. Southwest keeps its costs low through several methods, one being that they do not serve meals on flights, or provide pre- boarding passes. The typical flight is two hours or less and occurs between several selected cities rather than flying to practically anywhere in the country. Southwest is known for its low fares, its dependability, and it
b
Case: Procter & Gamble is the manufacturer of Pampers diapers. At one time, the price of a typical package of diapers was relatively high (i.e., over $12 a package). Due to the threat of store brands stealing market share because of their lower price, P&G decided to lower the price for Pampers. While most consumers noticed the price reduction because P&G promoted that fact, what most of them did not notice was that the number of diapers per package also decreased. However, the reduction was only one or two diapers per package. 2) Which of the following best explains why consumers did not notice the reduction in the quantity? a. Number of diapers per package was not important to consumers. b. The reduction in the quantity did not reach the level of a just noticeable difference. c. Price is more important than quantity to consumers. d. Consumers are price conscious for this product category. e. Consumers are brand loy
b
In decision-making, evaluative criteria: a. Are the scores we give to the different factors we use to compare offerings. b. Are the factors we use to compare alternative offerings. c. Relate to the price of different offering. d. Signify how much time we are willing to spend evaluating different offerings. e. Are critical buying decision factors.
b
Price elasticity of demand measures: a. the responsiveness of demand to a change in income b. the responsiveness of demand to a change in the price of another good c. the responsiveness of demand to a change in the price of the good d. the responsiveness of price to a change in demand e. the responsiveness of offer to a change in price
b
customer Insights, Inc. operates a facility that recruits 8 to 10 consumers and screens them on criteria such as relevance to the target segment or usage in a product category. What type of research is Customer Insights, Inc. engaging in? a. observation b. focus groups c. sampling d. online surveys e. copy testing
b
1. All the following are accurate descriptions of modern marketing, EXCEPT which one? a. Marketing is the creation of value for customers b. Marketing is managing profitable customer relationships c. Selling and advertising are synonymous with marketing d. Marketing involves satisfying customers' needs e. Marketing is used for profit and not-for-profit organisations
c
10) Which of the following is not a component of a marketing plan? a) Environmental analysis b) Marketing strategies c) Product d) Executive summary e) Marketing implementation
c
10) Which of the following is not one of the distinct characteristics of service? a. Intangibility b. Perishability c. Tangibility d. Inseparability
c
18. Talbot's is a women's clothing store that offers classic fashions at a slightly premium price (i.e., a wool skirt typically costs over $100). During the process of market segmentation, Talbot's identified a group of consumers who are larger than average women yet still want stylish clothing. Further research into this segment revealed that these women tend to be between the ages of 35 and 50, are career-oriented, have a household income over $50,000, and are married with children under the age of 18 living at home. This group is also heavy users of magazines and newspapers as well as prime-time television. Which step of market segmentation does this describe? a. identifying product-related need sets b. grouping customer with similar need sets c. describing each group d. selecting an attractive segment(s) to serve e. profiling current customers
c
19. What does the consumption of a product like Nikes mean to Andre, the working poor consumer discussed in the "Consumer Insight"? a. that he can afford a brand that is superior in meeting his physical needs b. his peers will now accept him c. they serve as a visible symbol that he is back as a successful member of society d. the peers will try to be more like him e. they serve as a reminder of what he used to have
c
2. Retailers have to ensure a close match between their capabilities and the merchandise offered. They must have a clear understanding of which of the following? a. Store location; customer service. b. Store location; customer service; intermediaries; merchandise selection; image. c. Store location; customer service; merchandise selection; image. d. Store location; customer service; intermediaries.
c
2. Smart Balance produces a line of milk products that are lactose-free. The milk comes in pint, quart, and half-gallon cartons, as well as 16-ounce glass bottles. Smart Balance sells its pint cartons to school systems, its quart and half-gallon cartons to grocery stores, and its glass bottles to vending machine operators. Smart Balance appears to use a(n) strategy in marketing its product to a target market that is likely to be . a. undifferentiated; homogeneous b. undifferentiated; heterogeneous c. differentiated; homogenous d. differentiated; heterogeneous e. concentrated; heterogeneous
c
21. Ryan is on his way to work when he realizes he has a flat tire. He swings into Sam's Club and has a new tire installed. Ryan's purchase of a new tire in this situation is a. a shopping good b. a convenience good c. an unsought good d. a specialty good e. an industrial good
c
24. The use of wind power to offset energy consumption by Silk Soymilk's parent company demonstrates its commitment to a. consumerism. b. ethical marketing. c. social responsibility. d. philanthropic strategy. e. environmental marketing.
c
26. Which of the following statements is true? a. Psychographic segmentation divides buyers into groups based on their knowledge, attitude, or responses to a product b. Target market; a set of buyers sharing common needs or characteristics that the company decides to serve c. Demographic segmentation divides buyers into different groups based on asocial grade, lifestyle, or personality characteristics d. None of the above e. All the above
c
28. A mission statement: a. Succinctly describes the financial vision of an organization b. Succinctly describes the marketing mandate of an organization c. Succinctly describes the core mandate or core business of an organization d. Succinctly describes the production plan of an organization e. None of the above
c
29. The four unique elements to services include: a. Independence, intangibility, inventory, and inception b. Independence, increase, inventory, and intangibility c. Intangibility, inconsistency, inseparability, and inventory d. Intangibility, independence, inseparability, and inventory e. None of the above
c
3) Deciding to add gel insoles to its running shoes would be a change in the element of the marketing mix for Nike. a) Price b) Good c) product d) promotion e) distribution
c
3. A company's microenvironment does not include a. The company b. The marketing intermediaries c. Demographic forces d. The organization's suppliers e. Supply Chain Management
c
3. Case1: Lil' Angels Kids Spa offers various treatments designed to appeal to the younger customer. Treatment options include manicures, pedicures, facials, tea parties, and dress up photos. Parents can even purchase a birthday party package. Currently, Lil' Angels offers its services only to girls under the age of 14. Originally begun in Delaware, Lil' Angels is considering opening its spa/salons in other parts of the country and is planning to expand its offerings to girls aged 14 to 17. The company realizes that some changes may be needed. For example, management wants to find out if the older girls will be interested in their birthday party and tea party services. 3a. Lil' Angels Kids Spa is currently using a(n) targeting strategy. a. undifferentiated b. Exclusive c. Concentrated d. Differentiated e. Selective
c
30. The 4 Cs in Omnichannel are: a. Convenience; Costs; Communication; Customer value. a. Customer cost; Customer commitment; Communication; Customer motivation. b. Convenience; Customer choice; Communication; Customer motivation. c. Convenience, Customer choice, conversation, and connection. d. None of the above
c
5) Lead users tend to accelerate market adoption, which is labeled as _. a. market pull b. primary demand c. market push d. secondary demand
c
5) Which of the following is not involved in the consumer buying process a. Problem recognition b. Making the purchase c. Distribution d. Information search
c
6) A pair of jeans would be considered a. Convenience goods b. Specialty goods c. Shopping goods
c
6. In a marketing plan, the executive summary should be a complete but concise overview of the entire marketing plan because: a. the executive summary is the most important part of the plan. b. the executive summary is the first part of the marketing plan to be written. c. most readers of a marketing plan are busy and value condensed information. d. the executive summary is the least read part of the marketing plan. e. the executive summary does not provide any quantitative information.a marketing plan, the executive summary should be a complete but concise overview of
c
9b. In Southwest Airlines' SWOT analysis, the rising gas prices are a(n) , while the fact that other airlines are charging for all checked baggage may create a(n) ____. a. threat; strength b. weakness; strength c. threat; opportunity d. weakness; opportunity e. opportunity; strength
c
One of the most visited castles in the world is Ludwig II's Neuschwanstein in the Bavarian region of Germany. More than 10,000 people visit the castle each day during the summer season. Because there is little else in the town for tourists to do, German entrepreneurs have turned the road leading up to the castle into a shopping mall filled with art boutiques and souvenir stands. When visitors complete their visit to the castle, they walk past the shops on the way down to town. The castle's visitors represent the _____ for the boutiques. a. sales potential b. business user c. target market d. market potential e. demographic mix
c
1) Jamie was participating in a market research study regarding computers when he was presented with 24 different computers that varied on four criteria. He was asked to rank all 24 descriptions in terms of his preference for those combinations of features. Which approach to assess the relative importance Jamie places on evaluative criteria was this research using? a. regression analysis b. factor analysis c. cluster analysis d. conjoint analysis
d
1. When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) strategy. a. concentrated targeting b. differentiated c. heterogeneous market d. undifferentiated e. single mix
d
12. Which of the following statements about the relationship between motivation and emotion is NOT true? a. Motives are often accompanied by emotions. b. Emotions can have motivational properties of their own. c. The arousal of emotions activates behaviour, similar to motives. d. Emotions and motives always create changes in behaviour. e. All above
d
13. Savvy companies define their missions in terms of the , rather than the products they produce and sell. a. prices they charge b. services they offer with the product c. social goals they expect to achieve d. consumer needs they satisfy e. financial plan
d
17. Marketing strategy begins with . a. market segmentation b. targeting c. conducting an outcomes assessment d. objective setting e. conducting a market analysis
d
18. A longer decision-making process than for many consumer products is a key difference between B2C and B2B marketing which is reflected in web design through ______. a. content referencing the needs of companies of different sizes b. different navigation options appealing to different members of the audience c. different feature stories appealing to different members of the audience d. questions on a form enquiring about the status of the business in the purchase decision process e. None of the above.
d
2. A shampoo manufacturer is considering entering a developing country. During the screening process, it is discovered that purchasing power is very low and many people might not be able to afford their product as it is presently sold in other markets. Which of the following is the best course of action? a. Examine an industrialized market that has not yet been entered by the company. b. Consider that all developing countries with a similar economic situation are not good markets for the company. c. Look at other developing countries and perform the same screening process to see if the market can be profitable without the expense of product modification. d. Re-examine the economic situation of residents in that country and consider if a modified product might turn a reasonable profit. e. None of the above-mentioned actions.
d
2. A shampoo manufacturer is considering entering a developing country. During the screening process, it is discovered that purchasing power is very low and many people might not be able to afford their product as it is presently sold in other markets. Which of the following is the best course of action? a. Examine an industrialized market that has not yet been entered by the company. b. Consider that all developing countries with a similar economic situation are not good markets for the company. c. Look at other developing countries and perform the same screening process to see if the market can be profitable without the expense of product modification. d. Re-examine the economic situation of residents in that country and consider if a modified product might turn a reasonable profit. e. None of the above-mentioned actions.
d
20. is/are considered to be the "glue" of successful implementation that binds the entire organization together as a single, functioning unit. a. Organizational structure b. Leadership c. Marketing strategy d. Shared goals and values e. Systems and processes
d
27. It is often said that marketing is about managing the exchange process. In an exchange one person or organization gives up something of value (e.g. a product) in return for something else of value (e.g. money). If an exchange is based on good marketing principles, who benefits most and how? a. The seller manages to overcharge the customer without them realizing it. b. The buyer gets away without paying. c. The seller persuades the customer that the product is better than it really is. d. It is a fair exchange that makes both seller and buyer happy. e. Nobody
d
3) Which of the following is often used as a surrogate indicator of quality? a. price b. advertising intensity c. warranties d. all of the above
d
3. All members of the supply chain should determine their position in the chain, identify their partners and their roles, and establish partnerships whose focus is a. shifting costs to suppliers. b. maximizing costs. c. maximizing technology implementation. d. customer relationships.
d
3. Message framework design AIDA stands for a. action, intention, design and attention b. action, interest, desire and attention c. agency, intention, design and attention d. attention, interest, desire and action e. attention, intention, desire and advocacy
d
30. Marketing is the management process responsible for ______, anticipating and satisfying customer requirements profitably. a. researching b. supplying c. listening to d. identifying e. None of the answers given are correct.
d
4) Problem recognition, information search, alternative evaluation and selection, outlet selection and purchase, and post purchase processes represent _. a. external influences b. internal influences c. organizational culture d. the buying decision process
d
4. Message framework design AIDA stands for a. action, intention, design and attention b. action, interest, desire and attention c. agency, intention, design and attention d. attention, interest, desire and action e. attention, intention, desire and advocacy
d
4. There are many key variables that will influence the scale and complexity of the logistics process. Which of the following are examples of these key variables? a. Transport; inventory; marketing department. b. Marketing department; environment; warehousing. c. Transport; marketing department; warehousing. d. Transport; inventory; warehousing.
d
5) From the 1920s to the 1950s, demand for manufactured goods decreased, leading to the orientation. a) production b) market c) revolutionary d) sales e) reduction
d
5. Which of the following refers to sellers being preoccupied with their own products and losing sight of underling consumer needs? a. selling myopia b. marketing management c. value proposition d. marketing myopia e. the product concept
d
7.A form of market segmentation that identifies neighbourhoods around the country that share common demographic characteristics. a. Demographic segmentation b. Benefit segmentation c. Lifestyle segmentation d. Geodemographic Segmentation e. Benefit Segmentation
d
8. John is developing the positioning statement for a new line of sunglasses. In a meeting, the marketing team tells John that he has succinctly and clearly expressed the competitive advantage of the new sunglasses brand. The team approves of the way John wants to express the brand's competitive advantage and tells him to continue his work on fully developing the positioning statement. Which element(s) of crafting the positioning statement has John's team just approved? a. positioning b. target marketing c. target segmenting d. unique selling proposition e. perceptual value map
d
9) The marketing plan is a) a plan of all aspects of an organization's business strategy. b) written differently for each SBU. c) a written document detailing activities to be performed to implement and control marketing actions. d) designed to specify not only marketing, but all other functional areas of business activities as well. e) updated only periodically.
d
9. The Value Creation Gap is a. The gap in profitability between a one-size-fits-all, a bundled price structure and one that tracts with differences in value created and cost to serve across different customers b. The gap between what the buyers would pay based on the value they perceive and what they believe they will need to pay given your price-setting behavior c. The gap between the value that your objectively create for customers and the value that the buyers recognize d. The gap between what you are offering to customers and what you could offer them more profitably (The gap can be created by over or under delivering) e. None of the statements above
d
A form of market segmentation that identifies neighborhoods around the country that share common demographic characteristics. a Demographic segmentation b Benefit segmentation c Lifestyle segmentation dGeodemographic Segmentation e Benefit Segmentation
d
Case: WhiteWave Foods, producer of brands such as Silk Soymilk, specializes in manufacturing innovative and nutritious food products. Silk Soymilk was first launched in 1996, and is committed to the health of its customers, as well as the health of the planet. At Silk, they have offset all their energy consumption with wind power, preventing over 16,000 tons of greenhouse gasses from entering the atmosphere each year. Silk Soymilk is made from a mixture of organic and natural, non- genetically modified soybeans, reducing the amount of pesticides in the air, soil, and water. Since 2002 they have been sponsoring the FarmAid concert, whose mission is to is to keep family farmers on their land and ensure a safe, healthy food supply for all Americans. 22. Silk Soymilk's sponsorship of the FarmAid concert is best thought of as an example of its a. cause-related marketing effort. b. ethical responsibility. c. green marketi
d
John is developing the positioning statement for a new line of sunglasses. In a meeting, the marketing team tells John that he has succinctly and clearly expressed the competitive advantage of the new sunglasses brand. The team approves of the way John wants to express the brand's competitive advantage, and tells him to continue his work on fully developing the positioning statement. Which element(s) of crafting the positioning statement has John's team just approved? a. positioning b. target marketing c. target segmenting d. unique selling (value) proposition e. perceptual value map
d
Savvy companies define their missions in terms of the _____, rather than the products they produce and sell. a. prices they charge b. services they offer with the product c. social goals they expect to achieve d. consumer needs they satisfy e. financial plan
d
Total Cost of Ownership is a financial estimate designed to explicitly recognize the: a. Implementation costs of IT assets b. Maintenance costs of IT assets c. Depreciation costs of IT assets d. Full life cycle costs of IT assets e. End of life costs of IT assets
d
Very infrequent purchases and only some comparison shopping are characteristic of the purchasing behavior for a type of consumer good such as burial insurance that a prospective buyer may not initially want. This product would be an example of which goods classification? a. shopping goods b. convenience goods c. specialty goods d. unsought goods e. support goods
d
16. Conjoint Analysis is used a. To test the influence of the independent variable on the dependent variable b. As data reduction technique c. To test the impact of the independent variable on the dependent variable d. To develop empirical grouping of persons e. To simulate of market reactions
e
25. A corporate mission statement: a. Has to be shorter than 25 words b. Should be created by each employee individually c. Is the same as the company slogan d. Differs amongst departments within a company e. Is a company's reason for existing
e
27. Which of the following is an example of a product? a. a software program b. an idea for a new novel c. a lottery ticket d. a college class e. all of the above
e
29. Which of the following is the BEST example of a convenience product? a. a bookcase b. Marriott hotel reservations c. Levolor window blinds d. the principles of marketing text for this class e. a pair of nail clippers
e
The market for fine wines is continuing to age. Assume a wine maker is interested in increasing the usage rate among young, occasional wine drinkers. Which of the following strategies could be used? a. Use multiple packaging. b. Use 20- to 30-year-old people in ads for bourbon and scotch. c. Lower prices. d. Encourage travel agents to promote trips to wine producing areas and wine-tasting tours. e. Do any of the above
e
