the final exam

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

From a retailer's perspective, a(n) _______ is helpful in order to know exactly what will arrive in a particular shipment from a supplier. A. ASN B. EDI C. UPC D. VMI E. RFID

In a(n) _______ marketing channel, one or more intermediaries work with manufacturers to provide goods and services to customers. A. indirect B. vertical C. horizontal D. simple E. direct

What makes a high/low pricing strategy appealing to sellers?

A. It attracts two distinct market segments.

Retailers use _______ to get rid of slow-moving or obsolete merchandise.

A. markdowns

Retailers use _____ because they believe their use will induce customers to try new products, convert first-time users to regular users, increase purchases, and protect market share.

B. coupons

Which of these is NOT one of the BRIC countries?

Bulgaria

The most common form of a quantity discount for consumers is a

C. size discount.

When supply chain members view their goals and ultimate success as intricately linked, or ________, they develop deeper long-term relationships. A. conventional B. vertical C. horizontal D. administered E. interdependent

Are Structured Questions Quantitative or Qualitative?

Quantitative

Which of the following is NOT one of Hofstede's cultural dimensions? a. power distance b. certainty assurance c. masculinity d. individualism e. time orientation

b. certainty assurance

which country has embraced market-oriented economic development in spite of maintaing communist political ideals

china

When entering a foreign market, the least risky strategy is

d. exporting

what term is used to refer to the firm that is granted the right to operate a business using the franchise name

franchisee

which one of the bric countries has the highest illiteracy rate

india

when firms pool their resources to enter a new market they create

joint venture

Today, __________ dominate supply chains. large retailers manufacturers government agencies wholesalers

large retailers

In the past, __________ dominated supply chains. retailers manufacturers government agencies wholesalers

manufacturers

________ is the practice of colluding with other firms to control prices

price fixing

The Big Mac Index is a novel measure of

purchasing power parity

Retailers address the conflict between consumers wanting or needing only one item and manufacturers wanting to produce and ship in quantity by providing

storage.

Gray markets can be a challenge to marketers because

they may tarnish the manufacturing image

Compared with other methods used to set prices, _______ pricing is relatively simple.

A. cost-based

B2B quantity discounts are legal if

A. the discounts are available to all customers.

If a firm has demographic and purchasing information about its customers, the firm can use data mining techniques to

Build separate marketing programs for different demographic segments.

hen Costco sells to consumers directly, it acts as a _______; when it sells to other businesses, such as a restaurant owner, it acts as a _______. A. wholesaler; retailer B. retailer; manufacturer C. retailer; wholesaler D. manufacturer; wholesaler E. marketing channel; supply channel

Stores like Home Depot and Costco act as wholesalers when they A. take delivery in whole-lot quantities. B. sell directly to consumers. C. sell products for distributors. D. sell to contractors or restaurant owners. E. compete with each other.

are part of a firm's marketing strategy.

Segmentation, targeting, and positioning

Sophie made pies and sold them for her food trailer at businesses. This is an example of a(n) a. direct marketing channel b. distribution center c. simplified transaction d. wholesale operation e. indirect marketing channel

a. direct marketing channel

The Big Mac Index is a novel measure of

b. purchasing power parity

most important strategy in global market should be

needs of target market

Convenience Stores

provide a limited variety and assortment of merchandise at a convenient location in 3000 to 5000 square foot stores with speedy checkout

Labor, materials, and energy are typically ___________ costs

variable

Ford Motor Company decided to sell the Fiesta around the globe. Which of the following would be an example of glocalization of the Fiesta?

The same product design and features in all countries, with variations in the promotional campaigns country by country.

What is neuromarketing?

The use of EEG scanners to measure consumers' brain waves

What do the BRIC countries have in common?

They are experiencing significant levels of economic growth (The BRIC countries are Brazil, Russia, India, and China)

What do the BRIC countries have in common?

They are experiencing significant levels of economic growth.

which of the following is a TRUE statement about distribution centers?

They enable retailers to carry less merchandise in individual stores.

What is a disadvantage of online focus groups, compared to offline focus groups?

They usually do not permit insights based on body language.

A high/low pricing strategy relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases.

True

A marketing channel and a supply chain are virtually the same.

True

Cost-based methods do not recognize the role that consumers' or competitors' prices play in the marketplace.

True

Coupons may annoy, alienate, and confuse consumers and therefore do little to increase store loyalty.

True

In a direct marketing channel, there are no intermediaries between the buyer and the seller.

True

In the four Ps of marketing, place refers to all the activities required to get the right products to the right customer when that customer wants it.

True

Kristina sells sports equipment and wants to get customers into her store. She knows from past experience that sales generate customer traffic, particularly when she puts children's baseball equipment on sale. Kristina may consider a leader pricing strategy.

True

Marketing channel relationships evolve when the parties have common goals.

True

Price lining is setting a price floor and a price ceiling for a line of products and then setting price points in between to represent differences in quality.

True

Radio frequency identification (RFID) tags automatically transmit information about a container's contents or individual products.

True

The Robinson-Patman Act does not apply to end consumers, at which point many forms of price discrimination occur.

True

The vertical marketing system that exhibits the most formalization and control is the corporate vertical marketing system.

True

When a retail store rarely sells deeply discounted or sale products, it is known as "everyday low pricing."

True

When two competing retailers have a disagreement, it is an example of a horizontal channel conflict.

True

Wholesalers are often used in an indirect marketing channel.

True

Supercenters have become the fastest growing retail category by combining broad assortments of groceries and general merchandise products. __________ dominates this category with the vast majority of supercenters in the United States.

Walmart

True

When companies store information on customers' purchase histories in large computer files, this is known as data warehousing.

Political consultants have been using market research for decades to help their candidates understand

Who makes up the voting public and how to reach them.

Which of the following is an example of an unstructured question?

Why did you buy this product?

The first question a marketing researcher should ask before embarking on a research study is,

Will the research be useful?

Experimental

__________ research is a type of quantitative research that manipulates variables to help determine cause and effect.

In which of the following categories would a dry cleaning business be placed? services retailer specialty store category killer superstore discount store

Today, __________ dominate supply chains. large retailers manufacturers government agencies wholesalers distributors

Assume the demand for electricity, a necessity with few substitutes, is -0.2. If the electric company raised its rates by 10 percent we would expect

a 2 percent increase in quantity demanded

what is a joint venture

a business formed with two or more firms pool their resources it is a medium risk strategy for global market entry

As a type of retailer, category specialists are fierce competitors using

a complete assortment in a specific category at low prices.

As a type of retailer, category specialists are fierce competitors using a broad assortment of merchandise. highly trained personnel throughout the stores. a complete assortment in a specific category at low prices. highly attractive loyalty programs.

a complete assortment in a specific category at low prices.

Customers must see value in a product or service before they are willing to exchange time or money to obtain it, but not all customers see the same value in a product. To analyze how many units will be sold at any given price point, marketers draw on

a demand curve.

Wholesaler

a firm that buys products from manufacturers and resells them to retailers. Retailers sell them directly to consumers

. Because many consumers choose stores based on proximity to their workplaces or homes, great locations are

. a competitive advantage that few rivals can duplicate.

What does a distribution center do?

1. Management of inbound transportation. Planners are responsible for financial planning and analysis of merch & its allocation. 2. Receiving and checking using UPC 3. Storing and cross-docking 4. Getting merch floor-ready 5. Prepping to ship merch to store 6. Shipping merch to stores

Jason rents rooms in his hotel for an average of 100 per night...

1500

A typical focus group has ________ members.

8-12

True

A major advantage of primary data collection is that it can be tailored to fit the pertinent research questions.

In Questionnaire Design, a Question Such as "When was the First Time You Went to the Dentist?" Is....

a question that respondents cannot easily or accurately answer

What is the difference between a coupon and a rebate?

A. The retailer handles coupons while manufacturers handle most rebates.

A(n) __________ is a 13-digit code retailers can use to track inventory. A. UPC B. CFPR C. pick ticket D. ASN E. EDI

A. UPC

Dan is especially price sensitive. He has been known to line up on "Black Friday" (the day after Thanksgiving) at 4 a.m. to be among the first to buy sale items. Dan would likely respond to a _______ pricing strategy.

A. high/low

The Clayton Act and the Robinson-Patman Act forbid certain types of

A. price discrimination.

The local furniture store will purchase outdoor furniture only during the winter months because the manufacturer offers a better price to the furniture store. This type of pricing tactic is known as a

A. seasonal discount

When Toro offers its lawn mower dealers an additional discount if they place their orders and receive delivery before April 1, prior to the lawn mowing season, Toro is offering a

A. seasonal discount.

Value-based pricing can be difficult to implement because

A. the way consumers perceive value changes often.

Conventional marketing channel

Also called an independent marketing channel; none of the participants has any control over the others. Each attempt to satisfy their own objectives and maximize their profits, often at the expense of other members

Which of the following data sources would not be considered external secondary data?

a survey

The United States imports more goods from China than it exports to China. This is known as

a trade deficit.

Calculate Customer Lifetime Value if margin =$100, retention rate =50%, interest rate=10% and cost acquisition=$150 a. $16.67 b. $166.67 c. $200 d. $150 e. $100

a. $16.67

__________ are combating competitive pressures by increasing the amount of exclusive and private label merchandise they sell and expanding their online presence. Select one: a. Department stores b. Extreme value stores c. Off-price retailers d. Full-line discount stores e. Convenience stores

a. Department stores

The most common measure of market potential of an economy is a country's

a. GDP

Natalie represents a manufacturer who makes unique, high-end hats. When making a recommendation about potential retail partners, what should be Natalie's first consideration? a. How likely is it for certain retailers to carry this product? b. What is the appropriate advertising strategy? c. What assortment of products will customers want? d. When will customers want this product? e. What prices will customers be willing to pay?

a. How likely is it for certain retailers to carry this product?

__________ offer an inconsistent assortment of brand-name merchandise at low prices. Select one: a. Off-price retailers b. Department stores c. Category killers d. Specialty stores e. Full-line discount stores

a. Off-price retailers

__________ distribution intensity helps a seller to maintain a particular image and control the flow of merchandise into an area. a. Selective b. Collective c. Intensive d. Variable e. Endogenous

a. Selective

In which of the following categories would a dry cleaning business be placed? a. a service retailer b. specialty store c. category killer d. superstore e. discount store

a. a service retailer

If you walk into a ____________ you will likely find a broad variety of merchandise, deep assortment and customer service with everything dividend into what appears to be a collection of specialty shops. a. department store b. off-price retailer c. discount store d. specialty store e. category specialist

a. department store

Culture affects

a. every aspect of consumers' purchase decisions

Heartland Plantation produces organic food products like stone-ground grits and wild rice. The company has limited production capacity and wants to carefully control where its products are sold. Heartland will likely choose __________ distribution intensity. Select one: a. exclusive b. monopolistic c. luxury d. variable e. intensive

a. exclusive

For retailers, promotion refers to supply chain communication. the relationship between price and product. the image a store attempts to maintain through their pricing strategy. both their in-store environment and their mass media communications.

both their in-store environment and their mass media communications.

.Sophia could not afford expensive furnishings, but wanted a stylish home. After researching many options, she went to a local Target to purchase the trendy lamps, pillows, and art featured on its ads and website. As a consumer, which retailing challenge was Sophia likely responding to?

brand image consistency

which country has a large literate population that helped it to become the worlds seventh largest economy

brazil

bric countries

brazil, russia, india and china

The point at which the number of units sold generates enough revenue to equal the total cost of running an operation is known as the

break even point

Why do some sales jobs have fixed salaries and commissions instead of just commissions? a. fixed salaries insure against risks associated with sales. Without such an insurance many good risk averse sales rep will not take up such jobs. b. fixed salaries decrease overall costs for the company c. fixed salaries are mandated by the government d. companies are kind of pay fixed salaries e. all of the above

a. fixed salaries insure against risks associated with sales. Without such an insurance many good risk averse sales rep will not take up such jobs.

Chesnee works in the office of a building materials company. One of her jobs is to identify new building projects and to determine who will make the building materials purchase decisions. Chesnee is involved in the _______ step of the selling process. a. generate leads b. preapproach c. closing the sale d. follow-up e. sales presentation

a. generate leads

When considering global marketing opportunities in Bangladesh, Tom asked the question, "How will we get it there?" Tom is concerned about __________ capabilities in Bangladesh.

a. infrastructure

Which of the following is NOT one of the typical outlets used by retailers?

business-to-business requests for proposals (RFPs)

Although it is relatively easy to offer customers Internet options like a FAQ page and an e-mail address to answer questions, some companies are using an interactive approach to address customers' questions while they are visiting the websites. These firms are using ___________ to provide the customer with enhanced customer service. Select one: a. online chats b. online games c. vendor-managed inventory d. web videos e. EDI

a. online chats

Which of the following is NOT one of the typical outlets used by retailers? catalogs the Internet business-to-business requests for proposals (RFPs) brick and mortar stores

business-to-business requests for proposals (RFPs)

Andy purchased a number of books from Amazon.com, and he learned to trust the recommendations made to him. More than once he was pleasantly surprised at the books and authors he discovered this way. In this case, Amazon.com was creating value for Andy through Select one: a. personalized offerings. b. rapid delivery. c. interactive offerings. d. repeat business. e. expanded market presence.

a. personalized offerings.

Andy purchased a number of books from Amazon.com, and he learned to trust the recommendations made to him. More than once he was pleasantly surprised at the books and authors he discovered this way. In this case, Amazon.com was creating value for Andy through a. personalized offerings. b. interactive offerings. c. rapid delivery. d. repeat business. e. expanded market presence.

a. personalized offerings.

Personal selling is particularly important for retailers selling Select one: a. products that are complicated or expensive. b. discount items. c. low-cost services. d. trend or fashion items. e. online services.

a. products that are complicated or expensive.

Getting merchandise floor-ready entails A. distributing and dispatching. B. ticketing and marking. C. vertical supply chain wholesaling. D. intensive cross-docking. E. selective checking.

Retailing is defined as the set of business activities that

adds value to products and services sold to final consumers.

Especially in the fashion industry where styles and trends change rapidly, a quick response system can _____.

align deliveries more closely with sales

The pricing method that considers what consumers may be willing to pay for a particular product based on the value received over the product's entire lifetime is the _______ pricing method.

B. cost of ownership

Price advertisements should never

B. deceive customers to the point of doing harm.

Getting merchandise floor-ready entails A. distributing and dispatching. B. ticketing and marking. C. vertical supply chain wholesaling. D. intensive cross-docking. E. selective checking.

B. ticketing and marking.

Which country has a large literate population, which has helped it move up to become the world's seventh largest economy?

Brazil

A distribution center is typically operated by A. the marketing department. B. vertically integrated consumer networks. C. retailers, manufacturers, or distribution specialists. D. wholesalers. E. electronic data interchange services.

Franchising involves a(n) __________ vertical marketing system. A. cooperative B. corporate C. contractual D. administered E. conventional

Today, when a customer orders merchandise from an online vendor, the vendor usually sends an immediate order confirmation message by e-mail. Usually within a day or two, a second message arrives stating that the order is in the mail. This second message is a type of A. vertical contractual notice. B. VMI requirement. C. advanced shipping notice. D. universal product code report. E. RFID tag.

_______ systems are designed to deliver smaller shipments of merchandise on a more frequent basis to retailers. A. Cross-docking B. UPC C. Just-in-time (JIT) D. Pick ticket E. Lead time

Frank's heating and Air Conditioning Company specializes in electric heat pumps. Frank keeps track of the price of natural gas knowing that

an increase in the price of natural gas will increase demand for his electrical heating systems

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about wine, she will likely use the price of the wines as

an indicator of quality

global expansion often begins with

an order from another company

In most cases, countries use tariffs to reduce foreign competition, but tariffs are also used

as a response to perceived unfair trade practices.

How might a book publisher use blogs in its marketing research efforts?

as a source of reviews of its latest releases

In questionnaire design, a question such as "Do you like Wendy's hamburgers and fries?"

asks two questions at once.

In a focus group, researchers usually videotape the session in order to

assess both verbal and nonverbal responses

In a focus group, researchers usually videotape the session in order to

assess both verbal and nonverbal responses.

In a focus group, researchers usually videotape the session to

assess both verbal and nonverbal responses.

In which of the following tactics does a consumer pay a fee to purchase the right to use a product for a specific amount of time?

C. lease

A reference price might be considered deceptive if

C. the reference price has been inflated or is fictitious.

profitability

Caroline is assessing market growth, market competitiveness, and market access for each segment she has identified. Caroline is assessing __________ of each potential market segment.

Which country has a rapidly aging population due to its one-child policy?

China

Which of the following is a potential negative factor for foreign investment in China?

China's population is aging rapidly.

The number of customers who discontinue their use of a service divided by the average number of total participants is called

Churn

secondary data

Company sales invoices, census data, and trade association statistics are examples of

__________ are combating competitive pressures by offering fresh food and healthy fast food, tailoring assortments to local markets, opening locations closer to where consumers work and shop, and adding new services.

Convenience stores

After installing a(n) _______ in its JIT system, Chocolate Tree (a retail chocolate store) was able to reduce lead time for merchandise orders. A. supply chain B. distribution center C. quick change directory D. electronic data interchange system E. checking system

Although conflict is likely to occur in any supply chain, it is generally more pronounced when A. the supply chain members are geographically too close to each other. B. manufacturers pressure retailers. C. retailers pressure manufacturers. D. the supply chain members are independent entities. E. the economy is booming.

Colin has just received a delivery from the company's distribution center. He opens the containers and finds the popcorn and snacks are all bar-coded and priced and the package includes an end-of-the-aisle display rack. Colin has received a(n) __________ shipment. A. quick-response packaged B. ahead of the curve C. lead time synchronized D. floor-ready E. synthesized

_________ offer a limited assortment of general merchandise at very low prices and are often found in lower-rent locations. Select one: a. Off-price retailers b. Extreme value retailers c. Discount stores d. Department stores e. Category specialists

b. Extreme value retailers

Manufacturers trying to implement a just-in-time delivery system need to start with A. routing software. B. shipping schedules. C. distribution center design. D. knowledge of customer demand. E. intensive distribution.

Merchandise that arrives in the delivery truck ready to be sold is considered A. quick-response packaged. B. ahead of the curve. C. lead time synchronized. D. floor-ready. E. synthesized.

__________ is when vendors ship merchandise prepackaged in the quantity required for each store to the distribution center. A. Quick response B. Checking C. Combination warehousing D. Cross-docking E. Horizontal merchandising

As a type of retailer, category specialists are fierce competitors using a. highly trained personnel throughout the stores. b. a complete assortment in a specific category at low prices. c. a broad assortment of merchandise. d. highly attractive loyalty programs. e. a limited but complementary merchandise assortment.

b. a complete assortment in a specific category at low prices.

If you're a manufacturer, and you want to showcase your product in a store that has a narrow but deep selection of merchandise and where sales associates can assist customers with their selections, you'd likely choose Select one: a. a category specialist. b. a specialty store. c. a department store. d. a warehouse club. e. an extreme value retailer.

b. a specialty store.

NCD company wants to expand into the Mexican market. It has the financial resources, wants to control business operations, and has had considerable success marketing to Hispanics in the United States. NCD will likely use __________ to expand into the Mexican market.

b. direct investment

c. Walmart

When a company decides to minimize risk and enter a global market by shipping its products to buyers in other countries, this is known as

b. exporting

When entering a foreign market, the least risky strategy is a. franchising b. exporting c. joint venture d. direct investment e. strategic alliance

b. exporting

When firms pool their resources to enter a new market, they create a

b. joint venture

Bertone's Office Supplies has decided to branch out from its existing stores. It plans to start sending out a catalog and to sell its products online. Bertone's is adopting: a. selective distribution. b. an extreme value strategy. c. a multichannel strategy. d. a service retailing philosophy. e. exclusive distribution.

c. a multichannel strategy.

Geert Hofstede's cultural dimensions concept focuses on five dimensions of __________ in a country.

b. underlying values

Today, retailers like Walmart, Home Depot, and Kroger dictate to their suppliers all of the following EXCEPT Select one: a. what products should cost. b. which competitors they should collaborate with. c. what should be made. d. how products should be configured. e. when products should be delivered.

b. which competitors they should collaborate with.

In a ________ pricing tactic, sellers advertise low prices and then aggressively pressure customers to purchase higher priced versions of the product advertised with the low price

bail and switch

Bill desperately needed tires for his car, and he found an ad with an incredibly low price. When he got there, he found out that those had been sold out, and he was pressured into buying tires that were more expensive than he wanted. Bill found out later that Marcelo had had the same experience at the store a few weeks earlier. It's quite possible that both Bill and Marcelo had become the victim of a deceptive pricing tactic known as

bait and switch.

__________ is when vendors ship merchandise prepackaged in the quantity required for each store to the distribution center. A. Traditional shipping B. Vertical merchandising C. Combination warehousing D. Cross-docking E. Horizontal merchandising

D. Cross-docking

Firms using a(n) _______ pricing method set their prices relative to what other firms are charging.

D. competition-based

If you walk into a _____, you will likely find a broad variety of merchandise, deep assortment, and customer services, with everything divided into what appears to be a collection of specialty shop.

Department store

__________ are combating competitive pressures by increasing the amount of exclusive and private label merchandise, strengthening customer loyalty programs, and expanding their online presence

Department stores

How can a company find its way out of a market characterized by pure competition

Differentiate the product in some way, even by packaging, so customers will see it as distinct

Which of the following is not one of the activities carried on in a distribution center?

Distribution centers do all of these things except distribution of paychecks

Having no intermediaries between the buyer and seller is a defining characteristic of a(n) _______ marketing channel. A. indirect B. vertical C. horizontal D. simple E. direct

Shorter lead times allow retailers A. access to a more diverse supply chain. B. to reduce the need for pick tickets. C. to skip advanced shipping notices. D. to replace JIT systems with VMI systems. E. to reduce the needed level of inventories.

Which of the following is NOT an advantage of using a distribution center? A. More accurate sales forecasts are possible. B. Retailers need to keep less merchandise in the store as inventory if the stores get frequent deliveries. C. It is easier to avoid running out of stock or having too much stock. D. Use of a distribution center saves money since the storage space at a distribution center is generally less expensive than that of a store. E. Customers know they are dealing with a more sophisticated and financially well-off operation if the firm uses a distribution center.

E. Customers know they are dealing with a more sophisticated and financially well-off operation if the firm uses a distribution center.

It is important to Joanne to get value for her money, but she does not want to spend time comparison shopping. Joanne will likely respond to _______ pricing, but not to _______ pricing.

E. EDLP; high/low

EDI

Electronic data interchange is the computer-to-computer exchange of business documents from a retailer to a vendor and back.

Aaron has designed innovative accessories for hard-core bicycling enthusiasts. He knows where and how he will make them, and he needs to turn his attention to the getting the products to the customers. As he chooses retail partners, which of the following is LEAST important in this process?

Encouraging new bicycling enthusiasts

__________ research is a type of quantitative research that manipulates variables to help determine cause and effect.

Experimental

Which of the following types of research would be considered quantitative research?

Experimental research

_____ are likely to target low-income consumers who demand national brands, but cannot afford to buy large-sized packages.

Extreme Value Retailers

Which type of store is small and offers a limited merchandise assortment at very low prices?

Extreme value retailers

__________ are likely to target low-income consumers who demand national brands, but cannot afford to buy large-sized packages.

Extreme value retailers

For market penetration pricing to work, the product or service must be perceived as breaking new ground in some way.

False

It is best if firms choose one pricing strategy to use for all its products rather than use different methods for pricing.

False

Which of the following is NOT one of the major trade agreements affecting global marketing?

GNI

quantitative

In the infamous Coke-New Coke taste test, 54 percent of consumers, using a blind taste test, preferred the New Coke formula to the existing formulation. This is an example of a(n) __________ market research method.

Zan wants to collect considerable information about the current opinions of his ten most important customers. Zan will probably use the __________ research method.

In-depth interview

Nadia stood outside the mall and asked people which stores they visited and if they bought anything. If they said yes, she asked them what they bought and how they came to the decision to buy that item. What form of research was Nadia most likely conducting?

In-depth interviews

When the detailed opinions of a few industry experts or experienced consumers are needed, __________ are often the best qualitative research method.

In-depth interviews

Which of the following is currently a negative factor for foreign investment in India?

India's infrastructure for supply chain management is not up to date.

Assuming that a marketing research study will answer important questions and reduce uncertainty associated with the proposed project, a major question that needs to be addressed before starting the study is:

Is top management committed to the study?

A major advantage of primary data collection is that

It can be tailored to meet the specific research needs.

Which of the following is true about quantitative research?

It confirms insights and provides a basis for taking a course of action.

In the 1970s and 1980s, __________ dominated the global marketplace because they could exploit their skills in production, materials management, and new product development.

Japanese firms

The marketing research process follows five steps, and researchers

May not always go through them in the exact sequence if the situation changes or new information is discovered.

Vertical marketing system

Members of the marketing channel act as a unified system. Types: administered, contractual and corporate

__________ is the term used to describe the situation when retailers use some combination of stores, catalogs, and the Internet to sell merchandise.

Multichannel retailing

What is required to build a successful strategic/partnership relationship?

Mutual trust, common goals, open communication, interdependence, credible commitments

Which of the following trade agreements is designed to manage and promote trade activities for the United States, Canada, and Mexico?

NAFTA

trade agreement for us canada and mexico

NAFTA

what are the major trade agreements affecting global marketing

NAFTA, EU, ASEAN, CAFTA

. __________ offer an inconsistent assortment of brand-name merchandise at low prices.

Off-price retailers

Because of the way ____buy merchandise, customers can never be confident that the same merchandise will be in stock each time they visit the store.

Off-price retailers

__________ can purchase merchandise at one-fifth to one-fourth of the original wholesale prices because they do not ask the suppliers for advertising allowances or markdown adjustments.

Off-price retailers

As a multichannel retailing operation matures, as in the case of Walmart, what tends to happen to its organizational structure?

Operational integration of all channels

What happens in a pull marketing strategy?

Orders for merchandise are generated at the store level based on sales data captured at POS terminals.

John used to work for a large, well known retailer. He left that company to work for a such smaller company, and in doing so, he discovered that the channel functions were handled very differently in the smaller firm. Looking back at his experience, he noticed that larger firms.

Perform many different channel functions themselves.

Social media monitoring, in-depth interviews, and focus groups are all __________ research methods.

Qualitative

After defining objectives and research needs, the next step in the marketing research process involves

Research design

In questionnaire design, a question such as, "When was the first time you went to a dentist?" suffers from the problem of a question that

Respondents cannot easily or accurately answer.

Which of the following is NOT one of the guidelines for developing a market research questionnaire?

Sensitive questions should be asked first.

Of the following, the best example of a category killer is

Staples

Malcolm is the campaign manager for a congressional candidate. He wants to know how voters across his district feel about recent sexual harassment scandals involving politicians. Malcolm will most likely use __________ to gather this type of data.

Surveys

Commercial research firms like ACNielsen and SymphonyIRI Group are sources of

Syndicated data

Bertone's Office Supplies has large stores resembling warehouse environments, with racks stocked from floor to ceiling with different types of office supplies. Its assortment of office supplies is the largest in town, and their prices are low. Bertone's is a a. extreme value retailer. b. full-line discount retailer. c. category specialist. d. off-price retailer. e. warehouse club.

c. category specialist.

Global segmentation, targeting, and positioning (STP) are more complicated than local STP, in part because

c. consumers may view their roles differently in different countries

Wholesalers sell to all of the following EXCEPT a. manufacturers. b. industrial users. c. consumers. d. businesses. e. Retailers.

c. consumers.

Global segmenting, targeting, and positioning are more complicated than domestic segmenting and positioning because of cultural nuances, significant subcultures within countries, and

c. differences in the way consumers see themselves and in the way they see products and services.

Which of the following is/are disadvantage(s) of selling through an arm's length distribution network? a. high cost b. high coverage of market c. low control d. A and C e. B and C

c. low control

Which of the following is NOT one of the broad factors manufacturers must consider when establishing a strategy for getting their products into the hands of the ultimate customer? Select one: a. developing retail strategy b. managing a multichannel strategy c. lowering production costs d. choosing retail partners e. identifying types of retailers

c. lowering production costs

Which of the following is true? a. on an average personal selling is more effective than advertising in generating sales b. firms spend more on personal selling than advertising c. personal selling is more expensive than advertising d. B and C e. A, B, and C

c. personal selling is more expensive than advertising

Carol's Studio, located in a shopping mall, offers Zumba dance classes for all ages. Carol's Studio is known as a a. small box specialist. b. specialty store. c. service retailer. d. category specialist. e. outlet studio.

c. service retailer.

In which of the following categories would a dry cleaning business be placed? Select one: a. specialty store b. superstore c. services retailer d. category killer e. discount store

c. services retailer

Manufacturers use wholesalers and retailers because a. they have no other choice b. they do not cost much c. they create value for customers through convenience and cost savings d. wholesalers control retailers e. most manufacturers are not familiar with logistics

c. they create value for customers through convenience and cost savings

The key factor distinguishing retailers from other members of the supply chain is that Select one: a. they use marketing to reach consumers. b. they rarely engage in personal selling. Incorrect c. they sell to customers for their personal use. d. they sell to consumers, businesses, and government. e. they use advertising to generate demand.

c. they sell to customers for their personal use.

Global businesses often find it particularly difficult to understand the __________ of a country's culture.

c. underlying values

category specialist.

Which of the following is NOT one of Hofstede's cultural dimensions?

certainty assurance

Variable costs will change with

changes in the quantity being produced

which country has a rapidly again population

china

with a median age of 34.1 years is one of the most rapidly aging countries

china

The number of participants who discontinue their use of a service divided by the average number of total participants is called

churn

The owner of A. C. Flora Ford Dealership wanted to know why consumers chose his company to purchase a car. He was fairly sure that most customers had one of three reasons—service, reputation, or location—but wanted to know which was revealed as the most frequent reason for purchasing. A. C. Flora will probably use a survey with __________ questions to address his research problem

closed-ended

china has three main languages and many dialects this presents a particular challenge to developing a global

communication strategy

In many high-end resort markets, Westin hotels compete directly with crown plaza hotels...

competitive parity

When firms set prices similar to those of competitors, they are following a strategy of

competitive parity

Diane owns a bakery where she sells cupcakes...

competitor oriented pricing

When Ursula decides how to price new products in her gift store, she measures the value of her product offerings against those of the other stores in her area

competitor-oriented

Diane owns a bakery where she sells cupcakes. Two blocks down there is another bakery, CC's Bakery, that sells cupcakes for $1 less than Diane. Diane decides to lower her price and match CC's Bakery prices. What type of pricing strategy is Diane implementing?

competitor-oriented pricing

It is often difficult for retailers to distinguish themselves from their competitors through the merchandise they carry because

competitors can purchase and sell many of the same popular brands.

Bill is a yacht broken in the south eastern United States...

complementary products

RFID tags

computer chips with information

Specialty stores

concentrate on a limited number of complementary merchandise categories and provide a high level of service

once a firm has done analysis of the viable product markets it must

conduct an internal assessment of its capabilities

With a median age of 34.1 years, ________ is one of the most rapidly aging countries in the world.

consistent with underlying cultural values in a country.

In general, prices should not be based on costs because

consumers make their own purchase decisions based on perceived vlaue

Wholesalers sell to all of the following EXCEPT

consumers.

For brick-and-mortar retailers, when making decisions regarding "place," a key ingredient to success is product placement promotion. convenient locations. private-label merchandise. off-price placement. .

convenient locations.

Marketing research includes all of the following EXCEPT

creating data

Marketing research includes all of the following EXCEPT

creating data.

Marketing research includes all of the following except

creating data.

What Do Marketers Need to Focus On When Targeting Both Consumers or Resellers?

creating value for their customers

If a firm declared that it wanted to develop a strategic relationship, but was unwilling to commit funds or any effort to make it succeed, there would be an obvious lack of ____.

credible commitments

In a __________ distribution center, merchandise moves from vendors' trucks to retailers' delivery trucks in a matter of hours.

cross-docking

Exchange control refers to the regulation of a country's

currency exchange rate.

Many retail golf stores have driving ranges, some with backdrops showing famous golf courses. These driving ranges allow

customers to try before they buy.

Cannibalization

customers who formerly made purchases through one retail channel switch to a different retail channel without increasing the overall sales to the retailer

Retailing is defined as the set of business activities that focuses on a firm's core values. only occurs in brick-and-mortar space. separates wholesaling from manufacturing. adds value to products and services sold to final consumers. always focuses only on transactions, and never relationships.

__________ is the term used to describe the situation when retailers use some combination of stores, catalogs, and the Internet to sell merchandise. Vertical integration Cross-channel leverage Horizontal integration Multichannel retailing Opportunistic retailing

Customer Lifetime Value for a customer increases within a. an increase in retention rate b. an increase in margin c. an increase in acquisition cost d. A and B e. A, B, and C

d. A and B

When entering a foreign market, the least risky strategy is a. franchising b. an increase in margin c. an increase in acquisition cost d. A and B e. A,B, and C

d. A and B

Sony sells LCD TVs to both Best Buy and Walmart. Best Buy provides better service at a premium price while Walmart is a low price and low service retailer. Best Buy finds that its customers visit its showrooms for service but purchase the same products from Walmart. Therefore, they do not want to carry Sony products. This is an example of, a. Vertical Channel Conflict b. Forward Looking Contract c. Two Part Tariff d. Horizontal Channel Conflict e. Branded Variants

d. Horizontal Channel Conflict

Which of the following trade agreements is designed to manage and promote trade activities for the United States, Canada, and Mexico?

d. NAFTA

__________ offer an inconsistent assortment of brand-name merchandise at low prices. Select one: a. Category killers b. Full-line discount stores c. Department stores d. Off-price retailers e. Specialty stores

d. Off-price retailers

Because many consumers choose stores based on proximity to their workplaces or homes, great locations are a. difficult to define. b. almost always locations next to big box discounters. c. always situated near supply chain members. d. a competitive advantage that few rivals can duplicate. e. more important than great products

d. a competitive advantage that few rivals can duplicate.

Bertone's Office Supplies has decided to branch out from its existing stores. It plans to start sending out a catalog and to sell its products online. Bertone's is adopting: Select one: a. selective distribution. b. exclusive distribution. c. a service retailing philosophy. d. a multichannel strategy. e. an extreme value strategy.

d. a multichannel strategy.

Sales representatives are often compensated, at least in part, on a percentage of the sales revenue. This percentage is known as a a. bonus b. salary increment c. base salary d. commission e. finder's fee

d. commission

In China, state control of media is high, so companies are challenged to find ways to get their message to customers. This demonstrates one of the difficulties in crafting a global ________ strategy.

d. communication

Marketers sometimes use Hofstede's cultural dimensions to design marketing campaigns a. with low individualism symbolism when confronted with a time orientated culture b. using uncertainty avoidance to reduce power distance c. with significant power distance d. consistent with underlying cultural values in a country e. with more consistent time orientation

d. consistent with underlying cultural values in a country

For salespeople, _______ provide(s) a major contact point with customers in the follow-up stage of the selling process and an opportunity to build and improve relationships. a. cold calls b. pre-approaches c. trade shows d. customer complaints e. telemarketing

d. customer complaints

The first step in developing a sales force strategy involves a. recruiting, selecting, training and enabling sales people b. motivating compensating and evaluating sales people c. determining the culture of sales force d. determining sales force objectives and structure e. none of the above

d. determining sales force objectives and structure

How does a retail distribution center supporting a store channel most obviously differ from one supporting an Internet channel? Select one: a. in use of CRM technology b. in quality of tracking mechanisms c. in speed of order fulfillment d. in quantity of items shipped e. in use of SKU identification

d. in quantity of items shipped

Which of the following is NOT an objective of personal selling? a. provide information to customers b. build relationship with customers c. persuade customers to induce purchase d. increase sales e. develop new products

d. increase sales

One of the greatest constraints faced by store-based retailers—and one that the Internet channel can address—is Select one: a. common zoning restrictions limiting the kinds of merchandise that can be offered for sale. b. interactive customer service. c. competition from other retailers. d. the amount of merchandise that can be carried in a physical store. e. being price competitive.

d. the amount of merchandise that can be carried in a physical store.

Although conflict is likely to occur in any supply chain, it is generally more pronounced when a. manufacturers pressure retailers b. the supply chain members are geographically too close to each other c. retailers pressure manufacturers d. the supply chain members are independent entities e. the economy is booming

d. the supply chain members are independent entities

Knowing what customers expect is essential. Retailers need to know which manufacturers their customers prefer, whereas manufacturers need to know Select one: a. whether customers are using credit cards or cash to make purchases. b. whether the products will fill a customer's self-actualization needs. c. how many employees the retailers have. d. where their target customers expect to find their products. e. whether customers will find the store atmospherics appropriate to the location.

d. where their target customers expect to find their products.

________ can be defined as raw numbers or other factual information that, on their own, have limited value

data

What are Primary Data?

data collected to address specific research needs

Before deciding on a new promotional campaign, Jeffrey's Muffins looked at its customers' buying patterns over a 15-year period as determined by their use of a loyalty card. What method did Jeffrey's use to make sense of the data that were available?

data mining

Supermarkets collect information about individual customers through their use of loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of

data mining

Through Analysis of Sales Data, Price-Cutters Retail Store Found that Customers Who Bought Peanut Butter Also Tended to Buy Bananas. What was Price-Cutters Engaged In?

data mining

Through analysis of sales data, Price-Cutters retail store found that customers who bought peanut butter also tended to buy bananas. Price-Cutters was engaged in

data mining

Walmart is known for its efficient logistical systems. Every time consumers buy something, that purchase is recorded and sent to company headquarters, where it is used to generate reorders to vendors. In addition, customers' billions of purchases are analyzed to uncover patterns of consumers' purchasing behavior. This is an example of

data mining.

Retail checkout scanning systems create a tremendous amount of purchasing information usually stored in a company's

data warehouse

Price advertisements should never

deceive customers to the point of doing harm

If the price for a product increases, the demand for the complementary product will

decrease

Managers of Wendy's fast food restaurants keep track of prices at competitors such as....

decrease the demand for Wendy's products

Market research begins with

defining objectives and research needs

Market research begins with

defining objectives and research needs.

Marketing research begins with

defining objectives and research needs.

Customers must see value in a product or service before they are willing to exchange time or money to obtain it, but not all customers see the same value in a product

demand curve

Brands can be extremely valuable domestically, but challenging internationally. Companies can help to overcome language difficulties in using brands by

developing brand names that are meaningless in known languages

reason for not doing the same global campaign as the domestic

differences in languages customs and culture might make the campaign meaningless and ineffective in some markets

global stp ar e more complicated because of cultural nuances, significant subcultures and

differences in the way consumers see themselves and the way they see products and services

Which of the following is one of the global entry strategies?

direct investment

which of the following is one of the global entry strategies

direct investment

Core Publishing Company learned that when selling overseas, local fulfillment can be more cost effective, and it can decrease delivery time and improve customer service. This is an example of a global _________ strategy.

distribution

core company learned that when selling in euorpe local fulfillment can be more cost effective because it decreases delivery time and improves customer service this which global strategy

distribution

Generally, the larger and more sophisticated the channel member, the less likely that it will Select one: a. use intensive distribution. b. rely on marketing research. c. use multichannel marketing. d. be concerned about competitive actions. Incorrect e. use supply chain intermediaries.

e. use supply chain intermediaries.

when ford introduced figo in india it was responding to

economic and social trends in india toward smaller cars

emphasize fresh, locally sourced perishables.

Paul's family has owned and operated a small chain of conventional supermarkets for many years. Competition from a variety of other kinds of retailers has adversely affected the business. To address the new competitive reality, Paul wants to apply what he recently learned as a marketing major and he has recommended that his family's business should emphasize fresh, locally sourced perishables. target the broadest possible customer base. eliminate customer frills and extras. offer fewer private label brands.

emphasize fresh, locally sourced perishables.

Break-even analysis is useful because it allows managers to

estimate the quantity they will need to sell at a given point price to break even

Production of the DeLorean car, made famous in the film Back to the Future, never got above 25,000 units during its lifetime. Automobile industry analysts estimate that production of this car needed to reach around 300,000 units to achieve the __________, a decrease in unit cost as product volume increases.

experience curve effect

The __________ occurs when unit cost drops as the quantity sold increases

experience curve effect

The_____ occurs when unit cost drops as the quantity sold increases

experience curve effect

__________ research is a type of quantitative research that manipulates variables to help determine cause and effect.

experimental

Which of the following types of research would be considered quantitative research?

experimental research

value of the dollar declines in relation to other currencies, it benefits US marketers who

export goods to other countries

When the value of the dollar declines in relation to other currencies, it benefits U.S. marketers who

export goods to other countries.

When a company decides to minimize risk and enter a global market by shipping its products to buyers in other countries, this is known as

exporting

mary wants to sell in europe but doesn't have a lot capital and is risk averse

exporting

Which type of store is small and offers a limited merchandise assortment at very low prices?

extreme value retailers

Distribution sellers

facilities for the receipt, storage and redistribution of goods to company stores or customers; may be separated by retailers, manufacturers or distribution specialists

Charles wants to survey recent customers about the quality of service they received at his small auto service dealership. He has customers' mailing and e-mail addresses. Charles will likely use an online survey primarily because it offers

fast responses at a lower cost.

direct investment global entry strategy

firm maintains total ownership of its plants operation facilities and offices in a foreign country

Services retailers

firms that primarily sell services rather than merchandise

Globalization refers to the process by which goods, services, capital, people, and ideas

flow across national borders.

A(n) __________ is a small group of people brought together for an intensive discussion of a topic

focus group

When entering into a franchise agreement, what term is used to refer to the firm that is granted the right to operate a business using the franchise name and business concept?

franchisee

Gerald is assessing global entry strategies for his gourmet sandwich business. He does not want to take a lot of risk and he is willing to limit his control of international stores. Gerald will likely use a __________ strategy.

franchising

many american realtors have expanded globally using

franchising

not a lot risk and limitations on control of international stores often lead to which strategy

franchising

Many of the best-known American retailers, like Starbucks and McDonalds, have expanded globally using

franchising.

Retailers that offer a broad variety of merchandise, limited services and low prices are known as

full-line discount stores.

Of the five strategies for entering new markets, direct investment creates the

greatest potential risk

Of the five strategies for entering new markets, direct investment creates the

greatest potential risk.

he purchases she had made.

Every month, Dr. Combahee takes her staff to lunch and asks them to share patients' comments and concerns. Dr. Combahee uses the lunches as an informal marketing research effort intended primarily to

help her understand the needs of her customers

The term "trade deficit" refers to

higher levels of imports than exports

How do Market Researchers Create Value?

if the results will be used in making management decisions

Using __________, researchers ask questions, listen to and record responses, and ask additional questions based on initial responses.

in-depth interviews

Unusual and exciting displays like Bass Pro Shops' climbing wall and stocked aquarium are examples of promotional discounts. mass media gimmicks. mobile marketing. in-store promotions.

in-store promotions.

Tess is the marketing manager for a fast food restaurant chain. She uses a target return pricing strategy because her firms primary objective is to

increase profits

Retailers focusing on increasing sales to their best customers are attempting to slay the category killers. compete with off-price retailers. drive their supply chain. increase their share of wallet.

increase their share of wallet.

components of global market assessment include

infrastructure technology anwyslis anayalysi sod government actions socivulution and economci

Price skimming focuses on selling products to _____ and ______ in the consumer adoption process model

innovators, early adopters

Some companies want to get their products into as many outlets as possible, understanding that the more exposure a product gets, the more it will sell. If this is consistent with the company's overall strategy, it will choose __________ distribution.

intensive

When Creative Pen Company designed a new pen that was particularly comfortable to use, it wanted to, literally, get the pen in the hands of as many consumers as possible. Creative Pen will probably choose __________ distribution for its new product. intensive exclusive selective collective

intensive

Which of the following strategies is designed to place products in as many outlets as possible?

intensive distribution

The major advantage of primary data collection is that

it can be tailored to meet the specific research needs

A major advantage of primary data collection is

it can be tailored to meet the specific research needs.

Students of marketing often overlook or underestimate the importance of place in the marketing mix simply because _____.

it happens behind the scenes

The manager of a company selling cellular phones in rural U.S. markets asks you to conduct survey research into the question, What percentage of people in Kansas live in communities of less than 10,000 people? The problem with this research objective is that

it is already known and available from the U.S. Census Bureau.

A major disadvantage of primary data collection is

it takes more time to collect than secondary data and is more costly.

The observation that consumers are enerally more sensitive to price increases than to price decreases suggests that

its is easier to lose customers with a price increase than to gain customers with a price decrease

Which of the following retail stores would emphasize personal selling the most as part of the firm's promotional efforts? jewelry store convenience store liquor store second-hand clothing store

jewelry store

Today, __________ dominate supply chains.

large retailers

Warehouse Clubs

large retailers (100,000 to 500,000 square feet) that offer limited and irregular assortment of food and general merchandise, little service and low prices to the general public and small businesses

generally firms entering foreign markets begin with

less risky strategies first

As the old cliché claims, the three most important things in retailing are size, location, and convenience. price, promotion, and place. location, location, and location. price, price, price.

location, location, and location.

________ pricing tactics lower the price of a product below cost

loss leader

Odd prices often suggest ________ to consumers

low quality

The knowledge retailers can gain from their store personnel and customer relationship management databases is valuable for developing

loyal customers through loyalty programs.

Tariffs protect domestic producers by

making imported products more expensive.

A ____ strategy involves accurately measuring all the factors needed to predict sales and profits at various price levels, so that the price level that produces the highest return can be chosen

maximizing profits

The marketing research process follows five steps, and researchers

may not always go through them in the exact sequence if the situation changes or new information is discovered.

Retailing is where marketing is replaced by personal selling. meets the consumer. meets corporate management. sells itself to the corporation.

meets the consumer.

Horizontal channel conflict

members at the same level disagree (like a price war between retailers)

In a market with ____________, there are many firms providing differentiated products

monopolistic competition

personalized offerings.

What are Secondary Data?

pieces of information that have been collected PRIOR to the start of the focal research project

Gross national income equals GDP

plus the net investment income earned from abroad.

Exclusive distribution

policy by granting exclusive geographic territories to one or very few retail customers so no other retailers in the territory can sell a particular brand

global pricing strategies should be consistent with

positioning strategies

Global pricing strategies should be consistent with

positioning strategies.

One of the disadvantages of secondary research is ______, while one of the disadvantages of primary research is often ________.

potential bias; cost

what are hofsetedes cultural dimensions

power distance, uncertainty avoidance, individualism, masculinity, and time orientation

A demand curve shows the relationship between _________ in a period of time

price and demand

Mobile commerce (M Commerce)

product and service purchases through mobile devices

Personal selling is particularly important for retailers selling

products that are complicated or expensive.

Personal selling is particularly important for retailers selling online services. discount items. products that are complicated or expensive. to younger consumers and in big-box stores.

products that are complicated or expensive.

At the break-even point,

profits are zero.

Henri wants customers in his specialty tobacco store to feel at home, as if they were in their personal smoking den. He uses lighting, music, and soft chairs to create a "look and feel" that will get customers to relax and return. Henri is focusing on

promotion.

Benefits of the traditional retail store as a channel includes the ability

provide personalized and meaningful product information

In ______, many firms provide similar products that are considered substitutes for each other

pure competition

Social media monitoring, in-depth interviews, and focus groups are all __________ research methods

qualitative

Social media monitoring, in-depth interviews, and focus groups are all __________ research methods.

qualitative

global marketers are under constant pressure to shorten distribution channels to

reduce costs

Global marketers are under constant pressure to shorten distribution channels to

reduce costs.

Brad, always buys and uses Nike brand golfballs...

reduced the price elasticity of demand for its products

Marketers spend millions of dollars annually trying to create or reinforce brand loyalty. Brand loyalty changes the demand curve for the firm's products by

reducing the price elasticity of demand

marketers advertising an artificially high regular price are unethically attempting to influence a consumers ______ perceptions

reference price

In determining the price for his company's new pocket digital camera, Matt determines what consumers consider the regular or original price for similar cameras available in the market

reference prices

For marketers to advertise a price as their ______ the Better Business Buereau recommends that at least 50 percent of the sales of a product occur at that price

regular price

marketing in children in europe runs into what probelm

regulations of advertising especially to children can widely vary from country to country

which describes global expansion through a strategic alliance

relationship where two firms collaborate on a business opportunity but do not invest in each other

Selective distribution

relies on a dew selected retail customers in a territory to sell products

David manages a Shoney's restaurant. He is considering staying open later in the evening. For David the variable costs associated with staying open longer hours will include all of the following accept

rent on the restaurant building

Stock keeping units (SKUs)

represents a unique inventory item

After defining objectives and research needs, the next step in the marketing research process involves

research design

What is True of Marketing Research and the Research Process?

researches may not always go through the 5 steps in the exact sequence if the situation changes or new information is discovered

Both major political parties have developed proprietary databases that contain vast information about voters, broken down by demographic and geographic information. This kind of information is

secondary data

Retailing __________ the supply chain.

sits at the end of

Charging a relatively high price for a new and innovative product to those consumers most willing and able to pay the high price is called

skimming

When Apple Computer introduced the new Iphone...

skimming

Which of the following is most likely to be characterized by pure competition in the United States

soybeans

If you are a marketer for a manufacturer, and the marketing mix for your product focuses on very specific market segments, you'd like to sell your product through department stores. category specialist stores. extreme value retailers. specialty stores.

specialty stores

Drugstore

specialty stores that concentrate on pharmaceuticals and health and personal grooming merchandise.

Limited assortment supermarkets

stock only 2000 SKUs (also called an extreme value food retailers) ALDI is an example

Intensive distribution

strategy designed to place products in as many outlets as possible

When conducting a research study attempting to understand what features were most important to automobile consumers, Gary's Research Company used a questionnaire containing __________ questions, with a predetermined set of response options.

structured

When conducting a research study attempting to understand what features were most important to automobile consumers, Gary's Research Company used a(n) questionnaire containing __________ questions, with a predetermined set of response options.

structured

Manufacturers would prefer to produce in a country with a trade __________, because it signals a greater opportunity to export products to more markets.

surplus

Which of the following is a systematic means of collecting information from people by using a questionnaire?

survey

Unlike product, promotion, or place, price is the only part of the marketing mix

that generates revenue

. One of the greatest constraints faced by store-based retailers—and one that the Internet channel can address—is

the amount of merchandise that can be carried in a physical store

One of the greatest constraints faced by store-based retailers—and one that the Internet channel can address—is being price competitive. the amount of merchandise that can be carried in a physical store. competition from other retailers. common zoning restrictions limiting the kinds of merchandise that can be offered for sale.

the amount of merchandise that can be carried in a physical store.

Benefit-cost analysis in marketing research weighs

the benefits of answering questions against the cost of the research.

When Ford introduced its Figo in India, it was responding to

the economic and social trends in India toward small cars.

Rodi owns Hallman's auto repair service...

the income effect

Retailers can gain valuable knowledge about their customers from the transaction process and from

the insights of store personnel.

Wholesalers sell to all of the following EXCEPT businesses. manufacturers. retailers. consumers.

the quiz said the right answer was customers but it doesn't make sense... shouldn't it be manufacturers

Just as marketers create value by meeting the needs and wants of consumers, marketing researchers create value if

the results will be used in making management decisions

Traditionally, retailers treated all their customers

the same way.

Retail

the set of business activities that add value to products and services sold to consumers for their personal or family use

During the research design step of the marketing research process, researchers identify the type of data needed and

the type of research necessary to collect the data.

Getting merchandise floor-ready entails ____.

ticketing and marking

What is Typically True Regarding B2B Buyers and Potential Suppliers?

typically, B2B buyers ask potential suppliers to submit formal proposals

When consumers are __________, observation becomes particularly useful in understanding consumers' preferences.

unable to articulate their experiences

geert hofsetedes cultural dimensions concept focuses on five dimensions of what in a country

underlying values

global businesses often find it particularly difficult to understand the what of a countries cultures

underlying values

. Generally, the larger and more sophisticated the channel member, the less likely that it will

use supply chain intermediaries.

what two pieces of socicultural factors could go wrong in a campaign

visible artifacts and underlying values

To discourage consumers from buying in gray markets some manufacturers have

warned consumers that their warranty is null and void if purchased through a gray market supplier

global communication strategies are hampered by media availability in countries

with state controlled media

Omar is responsible for marketing and marketing research for a mid-sized manufacturer of assemblies for the housing market. His boss has asked him to cut back expenses, especially in marketing research: "Why can't you just use information off the Internet? There's plenty out there." What is Omar's best response to try to get his boss to change his mind?

"Those are secondary data, and they may not be as timely, accurate, and relevant as what we need. Our decisions may not be as good, and we'll run a huge risk."

Omar is responsible for marketing and marketing research for a midsized manufacturer of assemblies for the housing market. His boss has asked him to cut back expenses, especially in marketing research: "Why can't you just use information off the Internet? There's plenty out there." What is Omar's best response to try to get his boss to change his mind?

"Those are secondary data, and they may not be as timely, accurate, and relevant as what we need. Our decisions may not be as good, and we'll run a huge risk."

Which of the following is an unstructured question?

"What are the most important characteristics for choosing a brand of shampoo?"

Which of the following is an example of an unstructured question?

"Why did you buy this product?"

Which of the following is NOT one of the broad factors manufacturers must consider when establishing a strategy for getting their products into the hands of the ultimate customer?

. Lowering production costs

__________ distribution intensity helps a seller to maintain a particular image and control the flow of merchandise into an area.

. Selective

Which of the following represents the BEST reason a manufacturer of high-end products might consider selling products in a warehouse club?

. The manufacturer overestimated demand or has a great deal of returned merchandise from other retailers.

. intensive

Distribution intensity is commonly divided into three levels:

. intensive, exclusive, and selective.

Which of the following retail stores would emphasize personal selling the most as part of the firm's promotional efforts?

. jewelry store

Retailing is where marketing

. meets the consumer.

Because of the way __________ buy merchandise, customers can never be confident that the same merchandise will be in stock each time they visit the store.

. off-price retailers

One of the most fundamental activities of retailers is to provide __________, satisfying the needs of their target market.

. the right mix of merchandise and services

The key factor distinguishing retailers from other members of the supply chain is that

. they sell to customers for their personal use.

What is An Example of Internal Secondary Data? (2)

1. Data warehouses and 2. Data Mining

What is an Example of External Secondary Data? (2)

1. Scanner Data- obtained from scanner readings of UPCA codes at check-out counters 2. Panel Data -information collected from a group of consumers

What are the 3 Decision-Questions on Whether to Purse a Marketing Research Project or Not?

1. Will the research provide insight beyond what the managers already know and reduce uncertainty associated with the project? 2. Is top management committed to the project and willing to abide by the results of the research 3. Should the Marketing Research project be small or large?

If a cable television company had 100 million subscribers at the end of the year, and 2 million of its subscribers left its service, it would have a churn rate of

If the fixed costs of manufacturing a new cell phone are 10,000, the sales price is 60 and variable costs per unit is 20, the break even point is

250

Raymond estimates that the fixed costs associated with opening a new bank branch

550,000

Jacob rents rooms in his hotel for an average of 100 per night...

A(n) _______ is used in the shipment of products directly to customers. A. fulfillment center B. distribution center C. administration center D. data warehouse E. vendor warehouse

A(n) __________ is a 13-digit code retailers can use to track inventory. A. UPC B. CFPR C. pick ticket D. ASN E. EDI

A(n) __________ is a document used by a forklift driver indicating how much of each item to get from specific storage areas. A. pick ticket B. warehouse receipt C. bill of lading D. certificate of origin E. RFID tag

A(n) __________ is a supply chain whose members act like a unified system. A. vertical marketing system B. independent marketing system C. concentrated marketing system D. conventional marketing system E. strategic marketing system

A(n) __________ is the set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption. A. marketing channel B. distribution center C. logistics chain D. strategic relationship E. electronic data interchange

Felicia had just taken over her family's business after spending ten years in the marketing department of a large corporation. She met with a representative from one of her firm's biggest customers, who told her, "We should think about how we can make the pie bigger rather than fighting over the size of the slices." She had expected a more cutthroat approach rather than this call for a A. partnering relationship. B. shared mission statement. C. common marketing system. D. corporate vertical marketing system. E. linked supply chain.

Naomi knows she has to order her store's Christmas holiday merchandise in April to ensure delivery before the holiday season. Naomi is concerned with the supply chain management goal of A. providing products at the right time. B. providing products at the right locations. C. providing the right quantities. D. satisfying the service levels supply chain participants expect. E. minimizing systemwide costs.

One of the benefits of EDI is that it can reduce lead time, which is A. the time between the decision to place an order and the receipt of the merchandise. B. the time from when an RFP is announced to the time a consumer purchases the finished product. C. the time from when funds are committed for purchase of raw materials to the time when the payment for the finished goods is actually received. D. the time between when finished goods leave the manufacturer until the time they arrive, floor-ready, at the retailer. E. the time between when an item is sold to a customer and when a replacement is made available for purchase by another customer.

Some retailers require their suppliers to ship merchandise ___________, thus eliminating the time and expense associated with ticketing and marking. A. floor-ready B. flattened C. lead time synchronized D. aggregated E. synthesized

Students of marketing often overlook or underestimate the importance of place in the marketing mix simply because A. it happens behind the scenes. B. it conflicts with promotion. C. it occurs after making pricing decisions. D. no one is directly in charge of place decisions. E. the product itself is so much more important.

TT TOYS manufactures toys. The company recently started buying paint for its toys from a Chinese firm. This Chinese company is part of TT Toys' A. supply chain. B. corporate vertical marketing system. C. distribution center. D. CFPR. E. voluntary chain.

Ted is glad his company finally converted to an RFID system. Now, he no longer needs to go through all the new goods to make sure what they ordered was what they received. Ted is responsible for __________ in his company. A. checking B. dispatching C. receiving D. JIT E. quick response

When Cynthia's Boutique receives dresses, they already have price tags and are on hangers. Cynthia's Boutique receives __________ merchandise. A. floor-ready B. repurposed C. just-in-time D. quick response E. horizontal channel

When her company's dry goods deliveries were late for the third time, Melissa withheld payment from her supplier until it was back on schedule. This is an example of ________ power. A. coercive B. reward C. referent D. expertise E. legitimate

Which of the following is a true statement about distribution centers? A. They enable retailers to carry less merchandise in individual stores. B. Distribution center space is typically more expensive than retail space. C. They are appropriate for all retailers, from the largest to the smallest. D. They are the quickest way to get all products to retailers. E. They complicate the process of predicting accurate sales forecasts.

While JIT systems have many benefits, they A. make the logistics function more complicated. B. interfere with new product development functions. C. confuse customers. D. work only in vertical marketing systems. E. decrease the accuracy of demand forecasts.

_______ channel conflict occurs when there is disagreement or discord among members at the same level in a marketing channel, such as two competing retailers or two competing manufacturers. A. Horizontal B. Independent C. Conventional D. Coercive E. Vertical

Amazon.com was an early leader in online retailing. Part of the firms success was due to well-designed and efficient EDI system with book publishing companies, allowing just-in-time delivery. Even with a well designed EDI system, Amazon.com would not have been successful without

A commitment to partnering with publishing companies

Pick ticket

A document or display on a screen in a forklift truck indicating how much of each item to get from specific storage areas. The forklift driver goes to the storage area and picks up the number of cartons indicated on the pick ticket.

Panel data

A restaurant chain is working on improving the quality of its food and service. It recruits customers who agree to respond to customer satisfaction surveys once every three months over the next two years, in order to track its progress. What kind of data are the restaurant chain collecting?

Which of the following statements best describes global expansion through a strategic alliance?

A strategic alliance is a relationship in which two firms collaborate on a business opportunity, but do not invest in each other

Which country's government has recently made significant changes that will modernize the retail environment, such as allowing joint ventures and direct ownership in some cases?

A strategic alliance is a relationship in which two firms collaborate on a business opportunity, but do not invest in each other.

Which of the following is a TRUE statement about distribution centers? A. They enable retailers to carry less merchandise in individual stores. B. Distribution center space is typically more expensive than retail space. C. They are appropriate for all retailers, from the largest to the smallest. D. They are the quickest way to get all products to retailers. E. They always involve a pull marketing strategy.

A. They enable retailers to carry less merchandise in individual stores.

A pricing strategy is

A. a long-term approach to setting prices in a companywide integrated effort.

A. checking

When the company's dry goods deliveries were late for the third time, Melissa withheld payment from her supplier until it was back on schedule. This is an example of ________ power. A. coercive B. reward C. referent D. expertise E. legitimate

A. coercive

When Greenbelt Construction Company began building houses in a large subdivision with many other builders, the company priced its homes slightly higher than its competitors and promoted the added quality features found in Greenbelt's homes. Greenbelt was using a(n) _______ pricing strategy.

A. competition-based

Milton owns a lawncare business. From experience, Milton has found that John Deere equipment lasts almost twice as long as competitors' machines. For John Deere, Milton's perception about its products makes _______ pricing a logical choice.

A. cost of ownership

Sophie made pies and sold them from her food trailer at businesses. This is an example of a(n) A. direct marketing channel. B. distribution center. C. simplified transaction. D. wholesale operation. E. indirect marketing channel.

A. direct marketing channel.

A. floor-ready

In a(n) _______ pricing strategy, marketers rely on the promotion of sales, during which prices are temporarily reduced to encourage purchases.

A. high/low

If all three grocery stores in town decide to charge the same price for a gallon of milk, what type of pricing tactic is being used?

A. horizontal price fixing

Several airlines have agreed to charge the same fare for a single route. The airlines are using

A. horizontal price fixing.

Price skimming focuses on selling products to __________ and __________ in the consumer adoption process model.

A. innovators; early adopters

A. it happens behind the scenes.

Supermarkets often offer great deals on milk or eggs to get customers into their stores, knowing that many customers will also purchase items that have higher markups for the store. These supermarkets are using a _______ pricing tactic.

A. leader

When a new product is not being sold at the rate originally forecasted, the retailer may reduce the price in order to reduce the inventory of the product. This reduction is known as a

A. markdown.

With a __________ pricing strategy, marketers set a low initial price for the introduction of a new product or service.

A. market penetration

A. marketing channel

With a pull marketing strategy, A. orders for merchandise are generated at the store level based on sales data captured at POS terminals. B. there is a greater likelihood of being overstocked or out of stock than in a push supply system. C. merchandise is allocated to stores on the basis of demand forecasts. D. inventory management is less responsive to customer demand. E. it is more difficult to manage conditions of high uncertainty than in a push supply chain.

A. orders for merchandise are generated at the store level based on sales data captured at POS terminals.

A. partnering relationship.

Mario is the first retailer in town to sell games for Sony's latest version of its PlayStation gaming console. Mario wants to quickly capture as much of the market for the new games as possible. Mario will likely use a __________ pricing strategy.

A. penetration

A(n) __________ is a document used by a forklift driver, indicating how much of each item to get from specific storage areas. A. pick ticket B. warehouse receipt C. bill of lading D. certificate of origin E. RFID tag

A. pick ticket

A. providing products at the right time.

When Burroughs Wellcome introduced the first anti-AIDS drugs, it initially set the price at $10,000 for a year's supply. Burroughs Wellcome was probably pursuing a(n) __________ pricing strategy.

A. skimming

TT Toys manufactures toys. The company recently started buying paint for its toys from a Chinese firm. This Chinese company is part of TT Toys' A. supply chain. B. corporate vertical marketing system. C. distribution center. D. CFPR. E. voluntary chain.

A. supply chain.

A. vertical marketing system

.What is the primary function of a stock keeping unit (SKU)?

An SKU represents a unique inventory item in a store.

When conducting a survey about choosing vacation destinations, Hillary will need to __________ to get reluctant respondents to provide honest information.

Assure consumers that their individual responses will be kept confidential

A ________ is a facility for the receipt, storage, and redistribution of goods to company stores. A. circulation center B. distribution center C. supply chain hub D. collaborative replenishment office E. floor-ready franchising center

Because manufacturers with JIT systems produce merchandise closer to the time of sale, they can A. organize cooperative agreements among competing manufacturers to reduce oversupply. B. reduce inventories needed to satisfy retailers' demand. C. use exclusive geographic territories to centralize production. D. effectively eliminate the need for a dispatcher. E. replace independent supply chains with corporate supply chains.

Flora is frustrated with her company's supply chain management information system. She wants to be able to receive sales data, initiate purchase orders, send and receive invoices, and receive returned merchandise documentation. Flora needs a(n) A. cross-docking exchange. B. electronic data interchange system. C. vendor-managed inventory system. D. vertical conflict reduction system. E. radio frequency identification system.

In a retail supply chain, the ________ records the purchase information and electronically sends it to the corporate office. A. UPC B. POS terminal C. VMI D. ASN E. data warehouse

In a(n) __________ marketing channel, several independent members each attempt to satisfy their own objectives and maximize their profits, often at the expense of the other members. A. cooperative B. independent C. contractual D. administered E. corporate

In marketing's four Ps, place refers to all activities required to get A. the design of the terminal location for products accomplished. B. the right products to the right customer when that customer wants it. C. access to the physical space within a retail establishment. D. consumers to the destination. E. demand chain management functionally operable.

In retailing, a just-in-time delivery system is called a _______ system. A. cross-docking B. quick response (QR) C. UPC D. EDI E. lead time

Leona is the logistics manager for the Barnes & Noble bookstore chain. She is weighing the many benefits of the company's JIT system, but will need to consider that just-in-time inventory management systems increase _______ costs. A. sales force labor B. transportation C. promotional D. advertising E. new product development

The three types of vertical marketing systems are administered, contractual, and A. cooperative. B. corporate. C. independent. D. coercive. E. conventional.

Typically, manufacturers and retailers exchange business documents through a(n) __________ system, the computer-to-computer exchange of business documents from a retailer to a vendor and back. A. cross-docking exchange B. electronic data interchange C. vendor-managed inventory D. vertical conflict reduction E. radio frequency identification

When Joe's Chicken Shack wants chicken delivered in smaller batches more frequently, it offers its distributors an incentive in the form of special bonuses to change their schedules. Joe's demonstrates which kind of power? A. coercive B. reward C. referent D. expertise E. information

Yesterday, Lorinda overheard a surprisingly unpleasant encounter between the manager of the hardware store where she works and a sales rep who sells a well-known line of tools. The rep insisted that his tools should be more prominently displayed and that a better assortment would mean more sales. The manager had other plans and told him so, and the conversation turned into a loud argument. What Lorinda observed was an example of A. sales tactics. B. channel conflict. C. retail strategy tension. D. passive aggressive behavior. E. a failure of EDI processes.

When Walmart communicates to consumers that, for any given group of often-purchased items, its prices will tend to be lower than that of any other competitor, Walmart is exhibiting what type of pricing strategy?

B. EDLP

In a retail supply chain, the ________ records the purchase information and electronically sends it to the corporate office. A. UPC B. POS terminal C. aggregate D. ASN E. data warehouse

B. POS terminal

The saying "leaving money on the table" is associated with

B. a market penetration strategy when there is an opportunity for price skimming.

Value-based pricing methods include approaches to setting prices that focus on the overall value of the product offering

B. as perceived by the consumer.

An everyday low pricing strategy stresses the continuity of retail prices

B. at a level between the regular price and the deep-discount sale prices of competitors.

A noncumulative B2B quantity discount is

B. based only on the amount purchased in a single order.

B. channel conflict.

A _______________ is a facility for the receipt, storage, and redistribution of goods to company stores or customers. A. circulation center B. distribution center C. supply chain hub D. collaborative replenishment office E. floor-ready franchising center

B. distribution center

Typically, manufacturers and retailers exchange business documents through a(n) __________ system, the computer-to-computer exchange of business documents from a retailer to a vendor and back. A. cross-docking exchange B. electronic data interchange C. floor-ready bundling D. vertical conflict reduction E. radio frequency identification

B. electronic data interchange

Flora is frustrated with her company's supply chain management information system. She wants to be able to receive sales data, initiate purchase orders, send and receive invoices, and receive returned merchandise documentation. Flora needs a(n) A. cross-docking exchange. B. electronic data interchange system. C. floor-ready bundling system. D. vertical conflict reduction system. E. radio frequency identification system.

B. electronic data interchange system.

General Mills offers three sizes of its popular cereal Cheerios: 10-, 14-, and 18-ounce boxes, and they are priced at approximately $2.99, $3.99, and $4.49, respectively. The company employs this tactic to

B. encourage consumers to purchase larger quantities each time they buy.

In determining the price of his company's new small-business accounting software, Richard is assessing how much better his company's software is as compared to alternative products available in the market. Richard is using _______ pricing.

B. improvement value

In retailing, a just-in-time delivery system is called a _____________ system. A. cross-docking B. quick response C. UPC D. CPFR E. lead time

B. quick response

The major objectives associated with a market penetration pricing strategy are to

B. quickly build sales and market share.

Mary decided to purchase an electronic toothbrush priced at $100 because of a special offer from the manufacturer. By sending proof of purchase and the receipt to the manufacturer, she could receive a $40 check in return, making the final price $60. This pricing tactic is known as a

B. rebate.

B. reduce inventories needed to satisfy retailers' demand.

Marketers advertising an artificially high "regular price" are unethically attempting to influence consumers' __________ perceptions.

B. reference price

B. reward

Price reductions offered on products and services to stimulate demand during off-peak seasons are referred to as

B. seasonal discounts.

Marlie designs and manufactures specialty furniture. She has a number of unique products but can only produce in limited quantities. Marlie will probably not use a market penetration strategy because

B. she could not meet a rapid rise in demand.

Because market and operating conditions are different in each target market

B. the choice of a pricing strategy should be specific to the target market.

A reference price is

B. the price against which buyers compare the actual selling price.

B. the right products to the right customer when that customer wants it.

One important reason manufacturers like rebates is that

B. their redemption rates are low.

Clark Manufactured Housing Company charges $500 for deliveries within 50 miles and $800 for deliveries 51 to 100 miles away from their factory. The company is using a _______ pricing tactic.

B. zone

observation

Bianca's discount home furnishings store is in a strip mall. She wants to know what other businesses in the strip mall her customers visit when they come to her store. To collect information for this objective, Bianca will most likely use

If a fast food restaurant collected photographs of its regular customers so that it could use facial detection software to identify visitors captured by security cameras, this would be an example of using

Biometric data

A local furniture store buys furniture from various manufacturers and resells the furniture to its customers. What type of marketing channel does this represent? A. horizontal B. vertical C. indirect D. direct E. simple

After installing an electronic data interchange, Carmella's gift shop was able to reduce _______, the amount of time between the recognition that an order needs to be placed and the arrival of the needed merchandise. A. quick time B. the advance notice C. lead time D. float time E. supply chain conflict time

At the BMW plant in Spartanburg, South Carolina, rather than use a typical order-to-delivery process, it has suppliers deliver parts every four hours when the plant is in operation. BMW uses a(n) ______ inventory control system. A. cross-docking B. lead time C. just-in-time (JIT) D. pick ticket E. UPC

In a __________ distribution center, merchandise moves from vendors' trucks to retailers' delivery trucks in a matter of hours. A. traditional B. combination C. cross-docking D. vertical E. horizontal

In an administered vertical marketing system, A. no individual participant has control over the others, since a third-party administrator oversees the entire supply chain. B. independent firms at different levels of the marketing channel join through contracts to obtain economies of scale and coordination to reduce conflict. C. there is no common ownership, and the dominant member has significant power to impose its ideas and objectives. D. independent firms join together formally to decide as a group how the marketing channel will operate. E. participants—such as warehouses, transportation companies, and retail outlets—are typically owned by a parent company to ensure harmonious relations throughout the supply chain.

Manufacturers use wholesalers and retailers because A. they have no other choice. B. they do not cost much. C. they create value for customers through convenience and cost savings. D. wholesalers control retailers. E. most manufacturers are not familiar with logistics.

Marketing channels and supply chains comprise various buying entities that form relationships with one another. The basic motivating factor in these interactions is A. collaboration creates transactional relationships. B. the most powerful member of the supply chain always wins. C. each party wants something from the others. D. the participants must create the best possible EDI system. E. retail floor salespeople need emotional support from management.

Roland has just received notification from a vendor that his clothing merchandise order has been processed and dispatched. Roland has just received a(n) A. horizontal contractual notice. B. vendor-managed inventory alert. C. advanced shipping notice. D. universal product code report. E. EDI tag.

The amount of time between the recognition that an order needs to be placed and the arrival of the needed merchandise at the seller's store to be available for sale is referred to as A. quick time. B. an advanced shipping notice. C. lead time. D. float time. E. supply chain conflict time.

The local auto supply store gets merchandise delivered to it by its manufacturers as soon as it has a need, reducing stockouts with minimal inventory. This demonstrates the concept of A. data warehousing. B. a push marketing strategy. C. vendor-managed inventory. D. manufacturer-managed distribution. E. cross-docking.

When a customer purchases a DVD at a Best Buy Electronics store, all of the following information flows in the supply chain are started except A. the sales associate scans the UPC recording the sale. B. the sale is transmitted to Best Buy's distribution center to adjust inventory data. C. the purchase is added to the customer's purchasing habit records. D. Best Buy's buyer aggregates sales at all stores and uses the information to send a reorder to the manufacturer. E. the point-of-sale terminal records the sale and sends it to Best Buy's buyer.

Which element of the marketing mix specifically deals with supply chain management? A. product B. price C. place D. promotion E. production

Which of the following is not one of the activities carried on in a distribution center? A. coordinating inbound transportation B. receiving, checking, storing, and cross-docking merchandise C. distributing paychecks and paystubs for retail employees D. getting merchandise floor ready E. coordinating outbound transportation

Which of the following is not required to build a successful strategic relationship? A. mutual trust B. open communications C. creation of a joint venture D. common goals E. credible commitments

Which of the following is NOT one of the activities carried on in a distribution center? A. Coordinating inbound transportation B. Receiving, checking, storing, and cross-docking C. Distributing paychecks and paystubs for retail employees D. Getting merchandise floor ready E. Coordinating outbound transportation

C. Distributing paychecks and paystubs for retail employees

What is one of the drawbacks of using a price skimming strategy?

C. Firms must consider the high costs associated with producing a small volume of product.

At the BMW plant in Spartanburg, South Carolina, suppliers deliver parts every four hours when the plant is in operation and are responsible for removing any packaging or pallets used to deliver their products. BMW uses a ______________ inventory control system. A. cross-docking B. lead time C. JIT D. CPFR E. UPC

C. JIT

______________ systems are designed to deliver smaller shipments of merchandise on a more frequent basis to retailers. A. Cross-docking B. UPC C. JIT D. CPFR E. Lead time

C. JIT

Yurgen is opening a financial consulting service for high-income retirees in his area. This target market is used to paying for quality and associates high quality with high prices. In this instance, Yurgen should probably not use a market penetration pricing strategy because

C. a low price might signal low quality.

C. advanced shipping notice.

Today, when a customer orders merchandise from an online vendor, the vendor usually sends an immediate order confirmation message by e-mail. Usually within a day or two, a second message arrives stating that the order is in the mail. This second message is a type of A. vertical contractual notice. B. CPFR requirement. C. advanced shipping notice. D. universal product code report. E. RFID tag.

C. advanced shipping notice.

Bill desperately needed tires for his car, and he found an ad with an incredibly low price. When he got there, he found out that those tires had supposedly sold out, and he was pressured into buying tires that were more expensive than he wanted. Bill found out later that Marcelo had the same experience at the store a few weeks earlier. It's quite possible that both Bill and Marcelo had become the victim of a deceptive pricing tactic known as

C. bait and switch.

Franchising involves a(n) __________ vertical marketing system. A. cooperative B. corporate C. contractual D. administered E. conventional

C. contractual

Yvonne estimates the average cost of her floral arrangements is $14 regardless of whether she is making 5 or 20 arrangements that day. She adds a standard markup to the $14 estimate to determine her price. Yvonne is using a(n) _______ pricing method.

C. cost-based

Many stores now e-mail codes to their customers that can be used on their websites or printed and brought into the store to receive discounts for products purchased. In this instance, the customer is using a _______ to receive the discount.

C. coupon

Which of the following is NOT required to build a successful strategic relationship? A. mutual trust B. open communications C. creation of a joint venture D. common goals E. credible commitments

C. creation of a joint venture

C. cross-docking

A weakness associated with cost-based pricing methods is that they

C. do not recognize the role consumers or competitors' prices play in the marketplace.

The basic motivating factor in designing supply chains is that A. collaboration creates transactional relationships. B. the most powerful member of the supply chain always wins. C. each party wants something from the others. D. the participants must create the best possible EDI system. E. retail floor salespeople need emotional support from management.

C. each party wants something from the others.

Developing pricing strategies for __________ is one of the most challenging tasks a manager can undertake.

C. new products

When Toyota introduced its Scion line of cars, the lowest-price model was listed for $15,000 while the highest-priced model was listed for $21,000, with two other list prices in between. Each price point represented distinct differences in the features and quality of the cars. Toyota used a ______ pricing approach.

C. price lining

The advantage of zone pricing to the seller is the shipping charges typically

C. reflect more closely the cost of delivery.

For marketers to advertise a price as their __________ price, the Better Business Bureau recommends that at least 50 percent of the sales of a product occur at that price.

C. regular

A distribution center is typically operated by A. the marketing department. B. vertically integrated consumer networks. C. retailers, manufacturers, or distribution specialists. D. corporate-government joint ventures. E. electronic data interchange services.

C. retailers, manufacturers, or distribution specialists.

Fees paid to retailers simply to get new products into stores or to gain more or better shelf space for their products are called _______ allowances.

C. slotting

When a customer purchases a DVD at a Best Buy electronics store, all of the following information flows in the supply chain are started EXCEPT A. the sales associate scans the UPC recording the sale. B. the sale is transmitted to Best Buy's distribution center to adjust inventory data. C. the purchase is added to the customer's purchasing habit records. D. Best Buy's buyer aggregates sales at all stores and uses the information to send a reorder to the manufacturer. E. the point-of-sale terminal records the sale and sends it to Best Buy's buyer.

C. the purchase is added to the customer's purchasing habit records.

In an administered vertical marketing system, A. no individual participant has control over the others, since a third party administrator oversees the entire supply chain. B. transaction selling is the norm, with the invisible hand guiding the overall functioning. C. there is no common ownership, and the dominant member has significant power to impose its ideas and objectives. D. independent firms join together formally to decide as a group how the marketing channel will operate. E. participants—such as warehouses, transportation companies, and retail outlets—are typically owned by a parent company to ensure harmonious relations throughout the supply chain.

C. there is no common ownership, and the dominant member has significant power to impose its ideas and objectives.

C. they create value for customers through convenience and cost savings.

If a market penetration pricing strategy results in lower per-unit cost, competitors might be discouraged from entering the market because

C. they would likely need to quickly produce a large volume in order to compete.

C. vendor-managed inventory.

Benton manages a building supply company. He wants to invite twenty of his most valuable building contractor customers to a golf outing and party. Benton will likely use the firm's ___________ to identify these customers.

CRM database

If a firm declared that it wanted to develop a strategic relationship, but was unwilling to commit funds or any effort to make it succeed, there would be an obvious lack

Credible Commitments.

Many retail stores have driving ranges, some with backdrops showing famous golf courses. These driving ranges allow.

Customers to try before they buy.

Dawn works for a firm that buys products directly from the manufacturer and resells them to retailers, who then sell the products to consumers. Dawn works for a A. retail distribution center. B. retail jobber. C. store representative. D. wholesaler. E. manufacturer's representative.

Especially in the fashion industry where styles and trends change rapidly, a quick response system can A. allow retailers to better forecast long-term demand. B. reduce logistical overlay. C. increase cross-docking promotional effectiveness. D. align deliveries more closely with actual sales. E. allow manufacturers to introduce unpopular styles and still be successful.

If a firm declared that it wanted to develop a strategic relationship, but was unwilling to commit funds or any effort to make it succeed, there would be an obvious lack of A. mutual trust. B. common goals. C. a contractual arrangement. D. credible commitments. E. open communication.

In addition to merchandise and payments, information flows throughout a supply chain. Which of the following is not a good characterization of the flow of information in a supply chain? A. A manufacturer will send and receive information from buyers, stores, and distribution centers. B. Stores will send and receive information from manufacturers, buyers, distribution centers, and customers. C. Distribution centers will send and receive information from stores and manufacturers. D. Customers will send and receive information from stores and manufacturers. E. Buyers will send and receive information from stores and manufacturers.

Radio frequency identification tags are A. selective distribution designs used to maximize geographic efficiency. B. electronic discount information tags used to provide reduced prices to select customers. C. VMI demand scheduling data tags. D. tiny computer chips that transmit information about a container's contents. E. information tags used for floor-ready merchandising.

Steven managed an auto parts store in the 1990s. At that time, stockouts—failure to have the parts auto mechanics needed to do their work that day—increased the likelihood of the mechanics becoming customers of competing auto supply stores. To avoid this problem and keep his business customers, Steven most likely A. canceled orders and shifted the business to competitors. B. increased promotional outlays to overcome customer dissatisfaction. C. used exclusive geographic territories to reduce supply chain inefficiencies. D. stockpiled inventory, adding to the cost of providing auto parts. E. returned to traditional distribution center logistics.

Trisha makes purses out of old blue jeans and sells them to customers at local craft fairs. What type of marketing channel does this represent? A. indirect B. vertical C. horizontal D. direct E. simple

In addition to merchandise and payments, information flows throughout a supply chain. Which of the following is NOT a good characterization of the flow of information in a supply chain? A. A manufacturer will send and receive information from buyers, stores, and distribution centers. B. Stores will send and receive information from manufacturers, buyers, distribution centers, and customers. C. Distribution centers will send and receive information from stores and manufacturers. D. Customers will send and receive information from stores and manufacturers. E. Buyers will send and receive information from stores and manufacturers.

D. Customers will send and receive information from stores and manufacturers.

__________ pricing tactics lower the price of a product below the store's cost.

D. Loss-leader

A pricing tactic is

D. a short-term approach that is often in response to a competitive threat.

D. align deliveries more closely with actual sales.

In a __________ pricing tactic, sellers advertise very low prices and then aggressively pressure customers to purchase higher-priced versions of the product advertised with the low price.

D. bait-and-switch

In determining the price for his company's new photo printer, Raymond is assessing the total cost of owning his printer as compared to alternative products available in the market. Raymond is using _______ pricing.

D. cost of ownership

D. credible commitments.

Production of the DeLorean car, made famous in the film Back to the Future, never got above 25,000 units during its lifetime. Automobile industry analysts estimate that production of this car needed to reach around 300,000 units to achieve the __________, which refers to a decrease in unit cost as product volume increases.

D. experience curve effect

The __________ occurs when unit cost drops as the quantity sold increases.

D. experience curve effect

Colin has just received a delivery from the company's distribution center. He opens the containers and finds the popcorn and snacks are all bar-coded and priced, and the package includes an end-of-the-aisle display rack. Colin has received a __________ shipment. A. quick-response packaged B. ahead of the curve C. lead time synchronized D. floor-ready E. synthesized

D. floor-ready

Merchandise that arrives in the delivery truck ready to be sold is considered A. quick-response packaged. B. ahead of the curve. C. lead time synchronized. D. floor-ready. E. synthesized.

D. floor-ready.

Each generation of cell phones has provided greater clarity, range, security, and multifunctionality. If marketers of cell phones use these features as a basis for pricing, they would be using _______ pricing.

D. improvement value

One reason marketers of new, innovative products often start out with a price skimming strategy rather than a market penetration strategy is that

D. it is easier to lower prices than to raise them.

The primary reasons manufacturers offer seasonal discounts to retailers are to more easily plan production schedules and to

D. lessen inventories of finished goods.

All of the following are common business-to-business pricing tactics except

D. loss-leader pricing.

For marketers using a price skimming strategy, once the initial demand is met for new and innovative products, they will likely

D. lower the price to capture the next most sensitive market segment.

It is the responsibility of __________ to determine the ethical approach to setting prices so consumers find value and the firm can make a profit.

D. marketers themselves

A major airline sells an aggressively low-priced ticket compared to a new low-fare airline which is trying to enter the market. The airline may be accused of engaging in the unethical practice of

D. predatory pricing.

When a firm colludes with other firms to control prices, it is engaging in

D. price fixing.

Everyday low pricing (EDLP) provides value to consumers by

D. reducing their search costs.

In determining the price for his company's new pocket digital camera, Matt determines what consumers consider the regular or original price for similar cameras available in the market. Matt is assessing the influence of __________ on pricing strategy.

D. reference prices

D. sell to contractors or restaurant owners.

Steven managed an auto parts store in the 1990s. At that time, stock-outs—failure to have the parts auto mechanics needed to do their work that day—increased the likelihood of the mechanics becoming customers of competing auto supply stores. To avoid this problem and keep his business customers, Steven most likely A. canceled orders and shifted the business to competitors. B. increased promotional outlays to overcome customer dissatisfaction. C. used exclusive geographic territories to reduce supply chain inefficiencies. D. stockpiled inventory, adding to the cost of providing auto parts. E. returned to traditional distribution center logistics.

D. stockpiled inventory, adding to the cost of providing auto parts.

D. the supply chain members are independent entities.

Manufacturers use cash discounts primarily because it allows them to benefit from

D. the time value of money.

Radio frequency identification tags are A. selective distribution designs used to maximize geographic efficiency. B. electronic discount information tags used to provide reduced prices to select customers. C. CPFR demand scheduling data tags. D. tiny computer chips that transmit information about a container's contents. E. information tags used for floor-ready merchandising.

D. tiny computer chips that transmit information about a container's contents.

The improvement value method and the cost of ownership method are two approaches for setting prices that are _______ methods.

D. value-based

When members of the marketing channel collude to control the prices passed on to consumers, they are engaging in

D. vertical price fixing.

Dawn works for a firm that buys products directly from the manufacturer and sells them to retailers, who then sell the products to consumers. Dawn works for a A. retail distribution center. B. retail jobber. C. store representative. D. wholesaler. E. manufacturer's representative.

D. wholesaler.

One of the benefits of offering a size discount to consumers is they will purchase more of a marketer's product and

D. will be less likely to switch brands.

Each time a politician or celebrity writes a book, bookstores can expect at least some customers to want the book, but whether or not it will become a best seller is less certain. The bookstore's primary inventory management challenge is A. how to get the author to sign copies of the book. B. whether to price the books in the distribution center or at the retail store. C. which other books to promote along with this book. D. whether or not to display the book at the checkout counter. E. having enough books to satisfy customer demands versus the cost of having the inventory.

In a corporate vertical marketing system, A. conflict tends to be a major problem. B. independent firms at different levels of the marketing channel join through contracts to obtain economies of scale and coordination to reduce conflict. C. there is no common ownership, and the dominant member has significant power to impose its ideas and objectives. D. independent firms join together formally to decide how the marketing channel will operate. E. participants—such as warehouses, transportation companies, and retail outlets—are typically owned by a parent company to ensure harmonious relations throughout the supply chain.

In a vertical marketing system, if the system is _______, the less likely conflict will occur. A. less formal B. more independent C. less independent D. more conventional E. more formal

In a(n) __________ marketing channel, none of the participants have any control over the others. A. cooperative B. corporate C. contractual D. administered E. conventional

In vendor-managed inventory systems, A. corporations send information to retail customers, bypassing wholesalers and retailers. B. companies send information to cooperatives. C. customers send information to retailers. D. sales reps send sales information to the retailer. E. retailers send sales information to the manufacturer.

Retailers often perform ticketing and marking functions in their distribution centers rather than in their retail stores because ticketing and marking is often A. the responsibility of the dispatcher. B. too complex for sales personnel to manage. C. done in conjunction with supply chain promotional allowances. D. the responsibility of the logistics department and not the marketing department. E. inefficient and expensive.

The most common type of contractual vertical marketing system is a A. wholesale agreement. B. joint venture. C. licensing arrangement. D. partnership. E. franchise.

Which of the following is not an advantage of using a distribution center? A. More accurate sales forecasts are possible. B. Retailers need to keep less merchandise in the store as inventory if the stores get frequent deliveries. C. It is easier to avoid running out of stock or having too much stock. D. Use of a distribution center saves money since the storage space at a distribution center is generally less expensive than that of a store. E. Customers know they are dealing with a more sophisticated and financially well-off operation if the firm uses a distribution center.

With more frequent shipments associated with quick response (QR) systems, a retailer is A. likely to have lower shipping costs. B. more likely to add extra floor-ready merchandise. C. less likely to use radio frequency identification tags. D. more likely to engage in predatory pricing behavior. E. more likely to have what customers want.

_______ channel conflict occurs when members of the same marketing channel, for example, manufacturers, wholesalers, and retailers are in disagreement or discord. A. Horizontal B. Independent C. Conventional D. Coercive E. Vertical

________ power is based on getting a channel member to behave in a certain way because of a contractual agreement. A. Coercive B. Reward C. Referent D. Expertise E. Legitimate

__________ price fixing occurs when competitors collude to control prices, and __________ price fixing occurs within a marketing channel to control prices passed on to consumers.

E. Horizontal; vertical

________ power is based on getting a channel member to behave in a certain way because of a contractual agreement. A. Coercive B. Reward C. Referent D. Expertise E. Legitimate

E. Legitimate

In a(n) __________ marketing channel, none of the participants has any control over the others. A. cooperative B. corporate C. contractual D. administered E. conventional

E. conventional

The most common type of contractual vertical marketing system is a A. wholesaler. B. joint venture. C. licensing arrangement. D. partnership. E. franchise.

E. franchise.

Each time a politician or celebrity writes a book, bookstores can expect at least some customers to want the book, but whether it will become a bestseller is less certain. The bookstore's primary inventory management challenge is A. how to get the author to sign copies of the book. B. whether to price the books in the distribution center or at the retail store. C. which other books to promote along with this book. D. whether to display the book at the checkout counter. E. having enough books to satisfy customer demands versus the cost of having the inventory.

E. having enough books to satisfy customer demands versus the cost of having the inventory.

E. inefficient and expensive.

E. interdependent

One of the difficulties associated with value-based pricing is that

E. it necessitates a great deal of consumer research to be implemented successfully.

Pricing _______ products is especially challenging because little or nothing is known about consumers' perceptions of its value.

E. new-to-the-world

For a price skimming strategy to work, the product or service must

E. offer consumers some new benefit currently unavailable in alternative products.

In a corporate vertical marketing system, A. conflict tends to be a major problem. B. transaction selling is the norm, with the invisible hand guiding the overall functioning. C. there is no common ownership, and the dominant member has significant power to impose its ideas and objectives. D. independent firms join together formally to decide how the marketing channel will operate. E. participants—such as warehouses, transportation companies, and retail outlets—are typically owned by a parent company to ensure harmonious relations throughout the supply chain.

E. participants—such as warehouses, transportation companies, and retail outlets—are typically owned by a parent company to ensure harmonious relations throughout the supply chain.

If a telecommunications company drastically cuts the price for cellular phone service in order to eliminate local competitors, the company could be charged with

E. predatory pricing.

Cosmetic manufacturers that sell shampoo and conditioner together as one package at a lower price rather than selling each item separately are using

E. price bundling.

When marketers establish a price floor and a price ceiling for an entire line of similar products and then set price points in between for differences in quality among the products, they are using a _______ pricing approach.

E. price lining

When Apple introduced the iPhone—a combination phone, MP3 player, and Internet access device—in 2007, it was priced at $499, considerably higher than either the iPod or competing cell phones. Hoping to attract innovators and early adopters, Apple was most likely pursuing a __________ pricing strategy.

E. price skimming

Generally, a _______ represents either a short-term response to a competitive threat or a broadly accepted method of calculating a final price for the customer that is short term in nature.

E. pricing tactic

With a _______ marketing strategy, there is less likelihood of being overstocked or out of stock because the store orders merchandise as needed on the basis of consumer demand. A. consignment B. push C. vendor-managed D. manufacturer-managed E. pull

E. pull

In vendor-managed inventory systems, A. corporations send information to retail customers, bypassing wholesalers and retailers. B. companies send information to cooperatives. C. customers send information to retailers. D. manufacturers send sales information to the retailer. E. retailers send sales information to the manufacturer.

E. retailers send sales information to the manufacturer.

Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price

E. skimming.

Some consumers make it a point to go shopping the day after Christmas to stock up on discounted wrapping paper and bows for the following year. These consumers are

E. taking advantage of seasonal discounts.

Cost-based pricing assumes that costs

E. will not vary much for different levels of production.

which one of these trade agreements represents the highest level of integration among participating nations

__________ are likely to target low-income consumers who demand national brands, but cannot afford to buy large-sized packages. Category Killers Department stores Extreme value retailers Specialty stores

Extreme value retailers

__________ offer a limited assortment of general merchandise at very low prices and are often found in lower-rent locations.

Extreme value retailers

__________ reduce costs and maintain low prices by buying opportunistically from manufacturers with excess inventory, offering limited assortments of household goods, groceries, as well as health and beauty aids.

Extreme value retailers

A distribution center and a fulfillment center are one and the same.

False

A firm just starting out usually has the option of choosing from whom it buys and to whom it sells.

False

A noncumulative quantity discount usually involves several transactions.

False

A pricing strategy and a pricing tactic are essentially the same thing.

False

Coercive power is based on getting a channel member to behave in a certain way because of a contractual agreement between the two firms.

False

Conflicts within a supply chain tend to be more pronounced when the members are part of a corporate vertical marketing system.

False

Distribution centers are always operated by distribution specialists.

False

Firm A has set very low prices for its products in an attempt to drive its competitor, Firm B, out of business. This is known as monopolistic pricing.

False

One reason retailers are reluctant to use distribution centers is that retail store space is typically much less expensive than space at a distribution center, so it is more cost-effective to store merchandise and get it ready for sale at the retail store rather than at a distribution center.

False

Proving that a company has engaged in the deceptive bait-and-switch practice is easy.

False

Quick response (QR) systems allow retailers to maximize their inventory holdings.

False

Retailers generally have no prior knowledge of the merchandise they will be receiving from suppliers in any particular shipment.

False

Sellers using an EDLP pricing strategy often communicate their strategy through the creative use of a reference price.

False

Slotting allowances are used to get retailers to feature a manufacturer's product in their advertising and promotional efforts.

False

The computer-to-computer exchange of business documents from a retailer to a vendor and back is referred to as vendor-managed inventory (VMI).

False

The expression "3/10, n/30" means that a business must pay 3 percent of the total invoice amount in 10 days, with the remainder due in 30 days.

False

The improvement value method and the cost of ownership method are both cost-based pricing methods.

False

The three different methods that can help develop pricing strategies are cost based, competitor based, and profit based.

False

Universal product codes (UPCs) are used to describe products for inventory taxation purposes.

False

When Sony released its PlayStation 4 game console, it charged a high price, attracting the most avid game players. This was a market penetration pricing strategy.

False

Some retailers require their suppliers to ship merchandise____ thus eliminating the time and expense associated with ticketing and marketing

Floor-Ready

Martin has hired a market research company to bring together a small group of soft drink consumers and get feedback on the three new advertising slogans his firm is considering. The market research firm might conduct a__________ to provide the information Martin has requested.

Focus group

Frederica manages an upscale women's clothing store. She wants more information about her customers' general feelings about upcoming fall fashions. Frederica will most likely use __________ to gather this type of data.

Focus group reviews

Tyree is concerned about a competitor's new line of outdoor barbeque grills that provide most of the same features as his products. Tyree might consider using __________ to gather qualitative information from consumers about the competitor's offerings.

Focus groups

a clear, distinctive, and desirable understanding of their products relative to competing products.

For each target market, General Imaging Corporation, a manufacturer of imaging equipment, will engage in positioning, adjusting their marketing mix variables in order to give customers

Domestic firms developing a global entry strategy might consider franchising; however, the disadvantages need to be considered. Which of these is NOT a disadvantage of franchising?

Franchising is the riskiest way to enter a foreign market.

In what country have regulators demanded that Facebook stop collecting biometric data on its users?

Germany

True

Giant Food Stores in suburban Washington, D.C., adjusts its ethnic food aisle offerings based on the ethnic groups living near each store. Giant Foods is using geodemographic segmentation.

occasion segmentation

Godiva Chocolates produces specially decorated boxes of candies for Valentine's Day, Easter, and Christmas. This is an example of

Which of the following is the most logical example of complementary products

Hot dogs and hot dog buns

Natalie represents a manufacturer who makes unique, high-end hats. When making a recommendation about potential retail partners, what should be Natalie's first consideration?

How likely is it for certain retailers to carry this product?

Which of the following research methods would be best in helping a marketer understand how people feel about a product or service on an individual, detailed level?

In-depth interviews

Which of the BRIC countries has the highest illiteracy rate?

India

Which of the following is currently a negative factor for foreign investment in India?

India's infrastructure for supply chain management is not up-to-date

Which statement about India's population is TRUE?

India's workforce is highly skilled, particularly in technology.

Retailers often perform ticketing and marking functions in their distribution centers rather than in their retail stores because ticketing and marking is oftern

Inefficient and Distracting

Which of the following types of data would be the best choice for Wendy's fast food restaurants if the headquarters office wants to know how many hamburgers versus chicken sandwiches it has sold in past years?

Internal secondary data

JIT and QR

Just in time and quick response inventory control systems both refer to inventory management systems designed to ship smaller quantities more frequently.

Chandra owns a pet sitting service. He recently paid a web developer to build a special version of his company website for use on smartphones. Customers will now be able to easily place orders for pet sitting on their cell phones. This is an example of

M-commerce.

When a company offers consumers the ability to make purchases via a smart phone, this is known as

M-commerce.

__________ offer an inconsistent assortment of brand-name merchandise at low prices. Department stores Specialty stores Category killers Off-price retailers

Off-price retailers

Panel data

In a corporate vertical marketing system

Participants-such as warehouses, transportation companies, and retail outlets-are typically owned by a parent company to ensure harmonious relations throughout the supply chain

Which of the following statements is not one of the guidelines provided by the American Marketing Association for conducting marketing research?

Personal information about research participants should not be shared, except with a designated member of senior management.

6 types of power

Power exists when one firm has the means to dictate actions of another member. 1. Reward: offers monetary or other incentive 2. Coercive: threatens punishment 3. Referent: one member wants to be associated with another 4. Expertise: leverages influence with expertise 5. Informational: holds information to get other members to do what it wants 6. Legitimate: contractual agreement

When a research team has gathered data for specific research needs, this is known as

Primary data

Recently, the number of students enrolled in the marketing program dropped while enrollment in the psychology program increased. The chair of the marketing department will probably use __________ as a first step to gain a better understanding of why enrollments are changing.

Qualitative research

In the infamous Coke-New Coke taste test, 54 percent of consumers, using a blind taste test, preferred the New Coke formula to the existing formulation. This is an example of a __________ market research method.

Quantitative

Once a marketing researcher is ready to move beyond preliminary insights to specific, informed questions, the researcher is ready to conduct

Quantitative research

__________ confirms insights and provides a basis for taking a course of action.

Quantitative research

Franz lives in a country where he and his friends have disposable income, in spite of the fact that their average income is $650 per month, because they have no debt and don't save money. Franz most likely lives in

Russia

Which country is projected to become Europe's largest online market in the next few years, with Internet users growing at a rate of 15 percent annually?

Russia

Which of the following is currently a negative factor for foreign investment in Russia?

Russia is known for corruption, creating ethical dilemmas for firms.

Both major political parties have developed proprietary databases that contain vast information about voters, broken down by demographic and geographic information. This kind of information is

Secondary data

Which of the following statements best describes secondary data?

Secondary data are pieces of information that have been collected prior to the start of the focal research project

Which of the following statements best describes secondary data?

Secondary data are pieces of information that have been collected prior to the start of the focal research project.

__________ distribution intensity helps a seller to maintain a particular image and control the flow of merchandise into an area. Intensive Endogenous Selective Collective

Selective

If you visit a Kentucky Fried Chicken restaurant in China, you will find congee, a rice porridge that can feature pork, pickles, mushrooms, and preserved egg, on the menu. This is an example of which global product strategy?

Sell totally new products or services.

Which of the following is not one of the guidelines for developing a marketing research questionnaire?

Sensitive questions should be asked first.

Janelle is shopping for a unique outfit for a special benefit dinner dance. She wants it to sparkle and shine, but still feel light, silky, and comfortable. For the highest satisfaction, Janelle likely should.

Shop in traditional retail stores.

Of the following, the best example of a category killer is Dollar General. Staples. Kohl's. Target.

Staples

Of the following, the best example of a category killer is

Staples.

__________ are subtle forms of promotion that encourage shopping in retailers' stores.

Store credit cards and gift cards

If a marketing researcher has to collect data under severe time constraints, which of the following types of data sources would probably be available soonest?

Syndicated data

Jalel is the marketing manager for a moderately well-known rock band. He wants to know more about industry trends, including sales by different musical styles, online downloads, and concert attendance. Jalel will most likely use __________ to gather this type of data.

Syndicated data

demographic

Television advertising has recently expanded to include "mini-ads," which are short ads lasting five to ten seconds. These ads are most useful in advertising to men, since men are more likely than women to channel surf during commercial breaks. This type of advertising will be more useful to marketers engaged in __________ segmentation.

What is neuromarketing?

The use of EEG scanners to measure consumers' brain waves.

Why should marketers be aware of the BRIC countries?

They are likely to be the source of most market growth.

Cheryl wants to quickly establish a dominant market share for her new line of ergonomic pens. To do this, she will likely use a market penetration pricing strategy.

True

Marketing channel management creates value by getting products to customers efficiently.

True

When manufacturers such as Pampered Chef sell directly to consumers, they perform both production and retailing activities.

True

Caroline needs to find information about income and age distribution in Orange County, California. The best source of secondary research of use to Caroline is likely to be

U.S. Census data.

concentrated

When Penguin Catering Services first opened, the owner decided to target only events at resorts in its geographic region. Penguin Catering was using a(n) __________ targeting strategy.

positioning

Whenever Donald calls on potential pest control customers, he emphasizes the fact that, unlike the national franchise competitors, he is a local business person and has been in business over twenty years. Donald is __________ his business relative to his competition.

Pull marketing strategy

With a pull marketing strategy, customers pull the product into the marketing channel by demanding it. Therefore, with a pull marketing strategy, there is less likelihood of being overstocked or out of stock because the store orders merchandise as needed on the basis of consumer demand.

Which of the following best describes the direct investment global entry strategy?

With direct investment, a firm maintains total ownership of its plants, operation facilities, and offices in a foreign country

Which of the following best describes the direct investment global entry strategy?

With direct investment, a firm maintains total ownership of its plants, operation facilities, and offices in a foreign country.

Sophie made pies and sold them from her food truck to local businesses. This is an example of a(n) A. direct marketing channel. B. distribution center. C. simplified transaction. D. wholesale operation. E. indirect marketing channel.

Compared to conventional supermarkets, warehouse clubs have

a lower level of service.

Bertone's Office Supplies has decided to branch out from its existing stores. It plans to start sending out a catalog, and also to sell its products online. Bertone's is adopting

a multichannel strategy.

Conventional supermarket

a self-service retail food store offering groceries, meat, and produce with limited sales of non-food items ( carry around 30000 SKUs)

Marketing channel

a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers

a specialty store.

If you're a manufacturer, and you want to showcase your product in a store that has a narrow but deep selection of merchandise and where sales associates can assist customers with their selections, you'd likely choose a category specialist. a specialty store. a department store. an extreme value retailer.

a specialty store.

Quincy had no idea how consumers would respond to a survey about attitudes toward a program opening up space travel to private citizens. He could use __________ to allow respondents to answer in their own words.

a survey with open-ended questions

__________ can purchase merchandise at one-fifth to one-fourth of the original wholesale prices because they do not ask the suppliers for advertising allowances or markdown adjustments. Select one: a. Off-price retailers b. Specialty stores c. Drugstores d. Department stores Incorrect e. Category specialists

a. Off-price retailers

Sony sells LCD TVs to both Best Buy and Walmart. Best Buy provides better service at premium price while Walmart is a low price and a low service retailer. Best Buy finds that its customers visits its showrooms for service but purchase the same products from Walmart. Therefore, they do not want to carry Sony products. A solution to such a problem is a. Showrooming b. Branded Variants c. Quantity Discounts d. Contracts e. All of the above

a. Showrooming

One advantage of a retail store that is NOT shared with an Internet channel is a. accepting cash payments. b. offering a greater selection of products. c. providing meaningful product information. d. price matching competitors. e. collecting information about how consumers shop.

a. accepting cash payments.

If a manufacturer had a full range of products, in a number of container sizes, which kind of store would the company be LEAST likely to choose as a retailing partner? Select one: a. convenience stores b. conventional supermarket c. supercenter d. warehouse club Incorrect e. full-line discount stores

a. convenience stores

For every consumer who purchases a pair of TOMs shoes for $55.00 the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in a. corporate social responsibility b. environmental marketing c. overpricing d. business ethics e. marketing ethics

a. corporate social responsibility

Distribution intensity is commonly divided into three levels: Select one: a. intensive, exclusive, and selective. b. global, national, and local. c. primary, secondary, and tertiary. d. corporate, contractual, and independent. e. administered, vertical, and independent.

a. intensive, exclusive, and selective.

Tariffs protect domestic producers by a. making imported products more expensive b. increasing brand recognition c. reduce the cost of production d. offering subsidies to exports e. avoiding regulation

a. making imported products more expensive

Jackie is running errands on Saturday morning. First, she drives through Starbucks for a large latte, stops at the tailor to pick up a dress she had hemmed, and then heads to her manicure appointment. What kind of retailers is Jackie visiting? Select one: a. services retailers b. convenience stores and services retailers c. convenience stores d. category specialists and specialty stores e. category specialists

a. services retailers

Retailers can gain valuable knowledge about their customers from the transaction process and from Select one: a. the insights of store personnel. b. store brand/private label brand ratios. c. multichannel flow process. d. end-of-aisle positioning studies. Incorrect e. trade industry profiles.

a. the insights of store personnel.

One product strategy used by retailers to differentiate themselves from competitors is a. the use of private label brands. b. JIT product delivery. c. discount pricing. d. offering brand name merchandise. e. removing brand labels from their merchandise offerings.

a. the use of private label brands.

The key factor distinguishing retailers from other members of the supply chain is that Select one: a. they sell to customers for their personal use. b. they use marketing to reach consumers. c. they rarely engage in personal selling. d. they use advertising to generate demand. e. they sell to consumers, businesses, and government.

a. they sell to customers for their personal use.

The key factor distinguishing retailers from other members of the supply chain is that a. they sell to customers for their personal use. b. they use advertising to generate demand. c. they sell to consumers, businesses, and government. d. they rarely engage in personal selling. e. they use marketing to reach consumers.

a. they sell to customers for their personal use.

One advantage of a retail store that is NOT shared with an Internet channel is

accepting cash payments.

Retailing is defined as the set of business activities that focuses on a firm's core values. focuses on transactions, but not relationships. adds value to products and services sold to final consumers. separates wholesaling from manufacturing.

adds value to products and services sold to final consumers.

ASN

advanced shipping notice

Roland has just received notification from a vendor that his clothing merchandise order has been processed and dispatched. Roland has just received an _____.

advanced shipping notice

Celia's firm has developed a breakfast cereal targeted toward children. Rather than compete in the mature U.S. market, she has decided instead to introduce the product in Europe, where she feels it will be innovative. Her advertising agency urged caution because

advertising regulations differ in other countries, including advertising to children.

Off Price Retailers

also known as close-out retailers, offers an inconsistent assortment of brand name merchandise at a significant discount from the manufacturers suggested retail price

Mary's Bakery is trying to determine what price to charge for its cookies, so Mary places a low price on them and raises it each week, keeping track of how many she sells. Then she determines what her cost was for the cookies and determines which price was the most profitable. What form of research was Mary conducting?

an experiment

When conducting a survey about choosing vacation destinations, Hillary will need to __________ in order to get reluctant respondents to provide honest information

assure consumers that their individual responses will be kept confidential

If a manufacturer wasn't happy with either intensive or exclusive distribution, a logical choice, which incorporates some features from both, would be __________ distribution. moderate selective compromise luxury evolutionary

In the past, __________ dominated supply chains. retailers manufacturers government agencies wholesalers distributors

What is the maximum amount that a firm can spend on acquiring a customer and still make a positive profit if margin =$50, retention rate =60%, and interest rate=10%? a. $50 b. $100 c. $80 d. $60 e. none of the above

b. $100

Because many consumers choose stores based on proximity to their workplaces or homes, great locations are Select one: a. difficult to define. b. a competitive advantage that few rivals can duplicate. c. more important than great products. d. always situated near supply chain members. Incorrect e. almost always locations next to big box discounters.

b. a competitive advantage that few rivals can duplicate

If you're a manufacturer, and you want to showcase your product in a store that has a narrow but deep selection of merchandise and where sales associates can assist customers with their selections, you'd likely choose a. an extreme value retailer. b. a specialty store. c. a department store. d. a category specialist. e. a warehouse club.

b. a specialty store.

Retailing is defined as the set of business activities that Select one: a. focuses on a firm's core values. b. adds value to products and services sold to final consumers. c. focuses on transactions, but not relationships. Incorrect d. separates wholesaling from manufacturing. e. only occurs in brick-and-mortar space.

b. adds value to products and services sold to final consumers.

_____________ happens when there is market power at two channel segments. This produces a double whammy effect of lower total channel profits, and higher retail prices, ultimately leading to lower demand. a. horizontal channel conflict b. double marginalization c. common goals d. showrooming e. vertical integration

b. double marginalization

Paul's family has owned and operated a small chain of conventional supermarkets for many years. Competition from a variety of other kinds of retailers has adversely affected the business. To address the new competitive reality, Paul wants to apply what he recently learned as a marketing major, and he has recommended that his family's business should Select one: a. eliminate customer frills and extras. b. emphasize fresh, locally sourced perishables. c. offer more national brand packaged goods and few perishables. d. offer fewer private label brands. e. target the broadest possible customer base.

b. emphasize fresh, locally sourced perishables.

Paul's family has owned and operated a small chain of conventional supermarkets for many years. Competition from a variety of other kinds of retailers has adversely affected the business. To address the new competitive reality, Paul wants to apply what he recently learned as a marketing major, and he has recommended that his family's business should Select one: a. eliminate customer frills and extras. b. emphasize fresh, locally sourced perishables. c. offer more national brand packaged goods and few perishables. d. target the broadest possible customer base. e. offer fewer private label brands.

b. emphasize fresh, locally sourced perishables.

Internet buyers are sometimes surprised to see online retailers using information about their past purchases to customize promotions targeted to them the next time they visit the retailer's website. The retailer is using the information to Select one: a. shift from a general merchandise retailer to a private-label retailer. b. increase the share of wallet from its best customers. c. create traffic in its brick-and-mortar stores. d. comply with Homeland Security requirements. e. reward customer loyalty. Incorrect

b. increase the share of wallet from its best customers.

Retailers focusing on increasing sales to their best customers are attempting to a. combat the inroads made by big-box specialty retailers. b. increase their share of wallet. c. slay the category killers. d. compete with off-price retailers. e. drive their supply chain.

b. increase their share of wallet.

Galena is a new agent for a financial service company. She decides to join the local Chamber of Commerce, the local association of businesswomen, and the local chapter of the United Way organization. Galena is attempting to use _______ to generate leads. a. current customers b. networking c. trade shows d. customer complaints e. internet

b. networking

If you were a marketer for a clothing manufacturer and you wanted to improve revenues from irregulars, production overruns, and returns, you would be attracted to using Select one: a. supercenters. b. off-price retailers. c. department stores. d. specialty stores. Incorrect e. category specialists.

b. off-price retailers.

Henri wants customers in his specialty tobacco store to feel at home, as if they were in their personal smoking den. He uses lighting, music, and soft chairs to create a look and feel that will get customers to relax and return. Henri is focusing on Select one: a. price. b. promotion. c. product. d. place. Incorrect e. policy.

b. promotion.

Benefits of the traditional retail store as a channel includes the ability to Select one: a. quickly compare prices across multiple channels. b. provide personalized and meaningful product information. c. offer a greater selection of products. Incorrect d. offer an expanded market presence for all consumers. e. efficiently collect information about how consumers shop for a particular product.

b. provide personalized and meaningful product information.

Retailers address the conflict between consumers wanting or needing only one item and manufacturers wanting to produce and ship in quantity by providing Select one: a. discounting. b. storage. c. simplicity. d. extreme value labeling. e. reciprocity.

b. storage.

Wanda and Jim are working on a research project to anticipate customer attitudes toward a proposed new-product line for their company. They have worked with the marketing manager to determine the answers that are needed, and have created a detailed design of the project. Their next logical step will be to

begin to collect data

Wanda and Jim are working on a research project to anticipate customer attitudes toward a proposed new product line for their company. They have worked with the marketing manager to determine the answers that are needed and have created a detailed design of the project. Their next logical step will be to

begin to collect data.

Category specialists

big box retailers or category killers that offer a narrow but deep assortment of merchandise

The term _______ refers to the enormous amount of information that firms now have access to but cannot handle using conventional data management and data mining software

big data

If a fast-food restaurant collected photographs of its regular customers so that it could use facial detection software to identify visitors captured by security cameras, this would be an example of using

biometric data

UPC

black and white code scanned

For retailers, promotion refers to

both their in-store environment and their mass media communications.

If a firm has demographic and purchasing information about its customers, the firm can use data mining techniques to

build separate marketing programs for different demographic segments.

Distribution intensity is commonly divided into three levels: administered, vertical, and independent. corporate, contractual, and independent. intensive, exclusive, and selective. global, national, and local. primary, secondary, and tertiary.

For consumers, shopping in a retail store instead of online offers the unique benefits of participating in a social experience and receiving meaningful product information. viewing a greater selection of products. obtaining immediate gratification. receiving personalized offers. viewing price matching by competitors.

Personal selling is particularly important for retailers selling online services. discount items. products that are complicated or expensive. low-cost services. trend or fashion items.

__________ are subtle forms of promotion that encourage shopping in retailers' stores. Select one: a. Extreme value offers and specialty share of the wallet programs b. Quick response and just-in-time delivery systems c. Store credit cards and gift cards d. Large stocks of popular national brands e. Electronic signs

c. Store credit cards and gift cards

Many retail golf stores have driving ranges, some with backdrops showing famous golf courses. These driving ranges allow Select one: a. customers to increase their share of wallet spending. b. retailers to improve the shopping experience through an improved product line assortment. c. customers to try before they buy. d. wholesalers to evaluate promotional discounts. e. retailers to avoid competition from knock-off products.

c. customers to try before they buy.

Many retail golf stores have driving ranges, some with backdrops showing famous golf courses. These driving ranges allow Select one: a. retailers to avoid competition from knock-off products. b. retailers to improve the shopping experience through an improved product line assortment. c. customers to try before they buy. d. customers to increase their share of wallet spending. e. wholesalers to evaluate promotional discounts.

c. customers to try before they buy.

Kohl's, JCPenney, and Bloomingdales are examples of Select one: a. extreme value stores. b. discount stores. c. department stores. d. off-price retailers. e. category specialist stores.

c. department stores.

Anbinh Fashions is launching a new line of one-of-a-kind designer jewelry. Each piece is handcrafted, and production volumes will be very low. To emphasize the unique nature of this jewelry, Anbinh Fashions will probably choose _________ distribution. Select one: a. intensive b. monopolistic c. exclusive d. luxury Incorrect e. selective

c. exclusive

Retailers focusing on increasing sales to their best customers are attempting to Select one: a. slay the category killers. b. drive their supply chain. c. increase their share of wallet. d. compete with off-price retailers. e. combat the inroads made by big-box specialty retailers.

c. increase their share of wallet.

As the old cliché claims, the three most important things in retailing are a. size, location, and convenience. b. price, promotion, and place. c. location, location, and location. d. before, during, and after the sale. e. price, price, price.

c. location, location, and location.

Benefits of the traditional retail store as a channel includes the ability to Select one: a. offer an expanded market presence for all consumers. b. offer a greater selection of products. c. provide personalized and meaningful product information. d. efficiently collect information about how consumers shop for a particular product. e. quickly compare prices across multiple channels.

c. provide personalized and meaningful product information.

c. selective

Mira purchased some eyeliner from an Internet-based beauty supply house, and now she often receives online recommendations for other products from the same cosmetics line. These recommendations were probably the result of Select one: a. purchases other customers had made that day. b. products she may have returned to the company. c. the purchases she had made. d. items the retailer no longer carries. e. manufacturer clearances and overruns.

c. the purchases she had made.

closed-ended

Which of the following is not one of the five Cs of pricing

collaboration

collects sate on how customers navigate through a website, monitoring each mouse click to track characteristics of the products customers considered and what products customers looked at but did not buy

As part of efforts to stimulate economic development in Africa, the Gates Foundation announced that it would provide cellular phones to farmer cooperatives. The Gates Foundation recognized problems in __________ exist in many African markets.

communication

Once a firm has done an analysis of the most viable markets for its products, then it must next

conduct an internal assessment of its capabilities.

marketers use hofsetedes cultural dimensions to design marking campaigns that are

consistent with underlying cultural values in a country

Marketers sometimes use Hofstede's cultural dimensions to design marketing campaigns

consistent with underlying cultural values in a country.

global tsp are more complicated because

consumers may view their roles differently in different countries

Brian, an industrial equipment sales rep, purchases a quick snack to eat on the way to work. He buys lunch while on the road visiting customers, and grabs bread and milk on the way home. Brian probably does the majority of this shopping at a

convenience store.

If a food manufacturer had a full range of products, in a number of different container sizes, which kind of store would the company probably NOT choose as a retailing partner

convenience stores

For brick-and-mortar retailers, when making decisions regarding "place," a key ingredient to success is

convenient locations.

Zappo's Online Store has a Unique Way of Dealing with Abandoned Shopping Carts. If a Site Visitor Places Items into their Shopping Cart & Leaves the Site Without Making a Purchase, Several Days Later Zappos Sends a Humorous E-Mail Saying "Let Us Show You What Your Shopping Cart Did While You Were Gone." Along With a Photo of a Cute Dog Intended to Represent a Shopping Cart. This AGD Is Designed to Improve the Site's _________

conversion rate

of the five strategies for entering new markets direct investment

creates the greatest potential risk

Julia's is an upscale women's clothing store. Prices are based on customers beliefs about the value of clothing

customer oriented

A no-haggle pricing policy is a type of _____ pricing strategy

customer-oriented

Traditional demand curve economic theory is used by marketers to understand_______ in the five Cs of pricing

customers

Aaron has designed innovative accessories for hard-core bicycling enthusiasts. He knows where and how he will make them, and he needs to turn his attention to getting he products to the customers. As he chooses retail partners, which of the following is LEAST important in this process? a. looking at the channel structure b. determining where target customers will expect to find this product c. considering characteristics of channel members d. encouraging new bicycling enthusiasts e. considering distribution intensity

d. encouraging new bicycling enthusiasts

Which of the following strategies is designed to place products in as many outlets as possible? a. exclusive distribution b. surplus distribution c. contractual distribution d. intensive distribution e. selective distribution

d. intensive distribution

Which of the following is NOT required to build a successful strategic relationship? a. mutual trust b. credible commitments c. common goals d. joint venture e. open communications

d. joint venture

During the early stages of globalization, in the 1950s and 1960s, _______________ were uniquely positioned in the global marketplace because they had the skills necessary to develop, promote, and market brand name consumer products.

d. large U.S. firms

Today, __________ dominate supply chains. Select one: a. manufacturers b. wholesalers c. distributors d. large retailers e. government agencies

d. large retailers

________ involves a two-way flow of communication between a buyer and seller designed to influence a buyer's purchase decision, and build relationships. a. mass advertising b. internet marketing c. sales management d. personal selling e. pre-approach

d. personal selling

Changes in _________ have been a driving force for growth in global markets for decades.

d. technology

If you walk into a __________, you will likely find a broad variety of merchandise, deep assortment, and customer service, with everything divided into what appears to be a collection of specialty shops.

department store

Kohl's, JCPenney, and Bloomingdales are examples of

department stores.

to cope with language branding difficulties companies can

develop brand names that are meaningless in known languages

Graham had developed an extremely successful advertising and promotion campaign for a client in the United States. The client wanted to roll out the same campaign to markets worldwide, but Graham cautioned against doing this, most likely because

differences in languages, customs, and culture might make the campaign meaningless and ineffective in some markets.

The break even point is estimated by

dividing fixed costs by contribution per unit

Which of these trade agreements represents the highest level of integration among participating nations?

e. EU

Retailing is defined as the set of business activities that a. focuses on a firm's core values. b. only occurs in brick-and-mortar space. c. separates wholesaling from manufacturing. d. focuses on transactions, but not relationships. e. adds value to products and services sold to final consumers.

e. adds value to products and services sold to final consumers.

___________ involve high fixed costs but low variable cost as compared to ____________. a. manufacturer rep; company sales force b. manufacturer rep; independent agents c. large sales force; small sales force d. specialist sales force; generalist sales force e. company sales force; manufacturer rep

e. company sales force; manufacturer rep

For brick-and-mortar retailers, when making decisions regarding place, a key ingredient to success is a. off-price placement. b. product placement promotion. c. private-label merchandise. d. customer relationship management. e. convenient locations.

e. convenient locations.

Cory is working on a global marketing assessment team looking out well into the future to help determine the most attractive market areas around the world. He is evaluating market sizes and growth rates. Based on population growth rates in different regions, he should consider that

e. countries with high purchasing power today may not continue to show the same growth in the future

Which of the following is NOT a benefit of shopping in physical store versus an online store? a. instant gratification of product b. social interaction c. an ability to touch and feel the product d. an ability to pay in cash e. deeper and broader selection of products

e. deeper and broader selection of products

Heartland Plantation produces organic food products like stone-ground grits and wild rice. The company has limited production capacity and wants to carefully control where its products are sold. Heartland will likely choose _________ distribution intensity. a. luxury b. variable c. monopolistic d. intensive e. exclusive

e. exclusive

Heartland Plantation produces organic food products like stone-ground grits and wild rice. The company has limited production capacity and wants to carefully control where its products are sold. Heartland will likely choose __________ distribution intensity. Select one: a. luxury b. intensive c. variable d. monopolistic e. exclusive

e. exclusive When a manufacturer chooses one or more retailing partners, the overriding consideration must be Select one: a. the overall cost to the manufacturer. b. the satisfaction of the retailing partners. c. whether customers can participate in mobile commerce. d. the retailers' customary distribution intensity. e. the greatest possible customer convenience and satisfaction. ^e. the greatest possible customer convenience and satisfaction.

How does a retail distribution center supporting a store channel most obviously differ from one supporting an Internet channel? a. in use of SKU identification b. in use of CRM technology c. in speed of order fulfillment d. in quality of tracking mechanisms e. in quantity of items shipped

e. in quantity of items shipped

Retailers in expensive resort areas often find it difficult to hire quality salespeople. In a situation like this, retailers should consider augmenting or even replacing the sales and customer service functions with a. variable pricing strategies. b. continuous use of promotions. c. expanded hours of operation. d. special attention to product placement in their stores. e. in-store kiosks or self-checkout lanes.

e. in-store kiosks or self-checkout lanes.

Which of the following is NOT a benefit of internet retailing? a. personalization b. expanded market presence c. deeper and broader selection d. better insights into consumer shopping behavior e. lower risk for the customers

e. lower risk for the customers

For consumers, shopping in a retail store instead of online offers the unique benefits of participating in a social experience and a. receiving meaningful product information. b. receiving personalized offers. c. viewing a greater selection of products. d. viewing price matching by competitors. e. obtaining immediate gratification

e. obtaining immediate gratification

For consumers, shopping in a retail store instead of online offers the unique benefits of participating in a social experience and Select one: a. receiving meaningful product information. b. viewing a greater selection of products. c. receiving personalized offers. d. viewing price matching by competitors. e. obtaining immediate gratification.

e. obtaining immediate gratification.

If you were a marketer for a clothing manufacturer and you wanted to improve revenues from irregulars, production overruns, and returns, you would be attracted to using Select one: a. supercenters. b. department stores. c. specialty stores. d. category specialists. e. off-price retailers.

e. off-price retailers.

Although it is relatively easy to offer customers Internet options like a FAQ page and an e-mail address to answer questions, some companies are using an interactive approach to address customers' questions while they are visiting the websites. These firms are using ___________ to provide the customer with enhanced customer service. Select one: a. web videos b. online games c. EDI d. vendor-managed inventory e. online chats

e. online chats

Henri wants customers in his specialty tobacco store to feel at home, as if they were in their personal smoking den. He uses lighting, music, and soft chairs to create a look and feel that will get customers to relax and return. Henri is focusing on Select one: a. product. b. place. c. price. d. policy. e. promotion.

e. promotion.

A __________ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products.

e. quota

Johan owns an oil-change business called Oil Only. He changes oil in cars—and that is all he does. What kind of retail business is this? Select one: a. category specialist b. specialty store c. off-price retailer d. extreme value retailer e. service retailer

e. service retailer

All of the following terms are generally associated with the definition of corporate social responsibility EXCEPT a. voluntary b. stakeholders c. social impact d. environmental impact e. short term profit

e. short term profit

Retailers address the conflict between consumers wanting or needing only one item and manufacturers wanting to produce and ship in quantity by providing Select one: a. reciprocity. b. simplicity. Incorrect c. extreme value labeling. d. discounting. e. storage.

e. storage.

The components of global market assessment include all of the following EXCEPT

ethnic analysis.

culture affects

every aspect of the purchase decisions consumer make

A demand curve is built assuming that

everything but price and demand remains the same

According to purchasing power parity theory, if __________ is/are in equilibrium, products will cost the s

exchange rates

exclusive

Academic researchers often jump at the opportunity to conduct a research study, curious to learn more and address unanswered questions for the sake of general knowledge. Business people tend to be more cautious before embarking on a marketing research study, recognizing that research is often

expensive and time consuming.

Academic researchers often jump at the opportunity to conduct a research study, curious to learn more and address unanswered questions for the sake of general knowledge. Businesspeople tend to be more cautious before embarking on a marketing research study, recognizing that research is often

expensive and time-consuming

when a company decides to minize risk and enter a global market by shipping its products to buyers in other countries this is known as

exporting

when entering a foreign market the least risky strategy is

exporting because the firm does not own or establish anything in the country

Mary wants to sell her products in Europe, since they are doing well in the U.S. She does not have a lot of capital and is risk-averse, so she most likely would choose to begin with

exporting her products.

Higher-income consumers visiting __________ feel like they are on a treasure hunt, searching for a bargain.

extreme value retailers

Higher-income consumers visiting __________ feel like they are on a treasure hunt, searching for a bargain. department stores extreme value retailers big box retailers services retailers

extreme value retailers

Digital billboards embedded with ________ software can identify passersby and then display ads targeted to them, based on their age, gender, and attention level.

facial recognition

Martin has hired a marketing research company to bring together a small group of soft drink consumers and get feedback on the three new advertising slogans his firm is considering. The marketing research firm might conduct a(n) __________ to provide the information Martin has requested.

focus group

What type of interview contains a small group of participants and a trained moderator that guides the conversation?

focus group

focus group interviews

focus groups

Jordan directs her salespeople to increase their "share of wallet." Jordan is directing her salespeople to

focus on increasing sales to their best customers.

Full-line discount, category specialist, and specialty stores are all types of __________ retailers.

general merchandise

Full-line discount, category specialist, and specialty stores are all types of __________ retailers. food general merchandise price sensitive limited demand

general merchandise

Gandolph's Tires sells the same tire globally, but it uses different advertisements based on the country and culture. This is an example of

glocalization.

Gerald has a number of customers for his lawn care service who never question his bill but expects their lawns to be perfect. These customers do not want low prices they want _______

high value

the term trade deficit refers to

higher levels of imports than exports

_____ price fixing occurs when competitors collude to control pries, and _____ price fixing occurs within a marketing channel to control prices passed on to consumers

horizontal; vertical

Marvin is looking for data to help him with a new marketing research study assigned to him. When reviewing existing secondary data from a past research study, Marvin should pay careful attention to

how the secondary data were collected.

Victor's custom auctioneering service provides online auction selling assistance. Victor plans to conduct marketing research to determine which auction site is best for his customers. His next step is to

identify the type of data he needs

identify the type of data he needs to have.

Zan wants to collect considerable information about the current opinions of his 10 most important customers. Zan will probably use the __________ research method.

in-depth interview

Zan wants to collect considerable information about the current opinions of his ten most important customers. Zan will probably use the __________ research method.

in-depth interview

in-depth interviews

Randall wants to do an online survey of college professors about the factors that influence their textbook selection. He would like to use a structured survey but is not sure what responses to include for each question. Randall could use __________ to help him develop his survey.

in-depth interviews

When the detailed opinions of a few industry experts or experienced consumers are needed, __________ is(are) often the best qualitative research method.

in-depth interviews

Which of the following research methods would be best in helping a marketer understand how people feel about a product or service on an individual, detailed level?

in-depth interviews

Retailers in expensive resort areas often find it difficult to hire quality salespeople. In a situation like this, some retailers augment or even replace the sales and customer service functions with

in-store kiosks or self-checkout lanes.

Retailers in expensive resort areas often find it difficult to hire quality salespeople. In a situation like this, some retailers augment or even replace the sales and customer service functions with expanded hours of operation. continuous use of promotions. in-store kiosks or self-checkout lanes. special attention to placement of products in their stores.

in-store kiosks or self-checkout lanes.

Kim wants to maximize sales to the customers who walk into her store. Of the following, Kim will most likely focus on

in-store promotions.

Kim wants to maximize sales to the customers who walk into her store. Of the following, Kim will most likely focus on in-store promotions. billboard and other outdoor advertising. supply chain relationships. off-price wholesaling.

in-store promotions.

Unusual and exciting displays like Bass Pro Shops' climbing wall and stocked aquarium are examples of

in-store promotions.

increase the share of wallet from their best customers.

Retailers focusing on increasing sales to their best customers are attempting to

increase their share of wallet.

Contratual vertical marketing system

independent firms at different levels of the supply chain join together through contracts to obtain economies of scale and coordination to reduce conflict. Most common version of this is franchising, which allows franchisees to operate businesses using names and formats developed by the franchier

which government has recently made changes that will modernize the retail environment allowing joint ventures and direct ownership

india

which of the following is currently a negative factor for foreign investment in india

indias infrastructure for supply chain manageet is not up to date

what about indias population is true

indias workforce is highly skilled, particularly in technology

A study found that among addicted smokes, a 10 percent increase in the price of cigarettes resulted in a 2 percent decrease in the quantity demanded. For these consumers, cigarettes have a ____ price elasticity demand

inelastic

intensive

Distribution intensity is commonly divided into three levels: intensive, exclusive, and selective. primary, secondary and tertiary. administered, vertical, and independent. global, national, and local.

intensive, exclusive, and selective

When supply chain members view their goals and ultimate success as intricately linked, or ________, they develop deeper long-term relationships.

interdependent

Which of the following types of data would be the best choice for Wendy's fast-food restaurants if the headquarters office wants to know how many hamburgers versus chicken sandwiches it has sold in past years?

internal secondary data

Multichannel strategy

involves selling in more than one channel

Home improvement center

is a category specialist offering equipment and material used by do-it-yourselfers and contractors to make home improvements

In questionnaire design, a question such as "Do anti-lock braking systems reduce car accidents?"

is a question that respondents cannot easily or accurately answer.

In questionnaire design, a question such as "When was the first time you went to a dentist?"

is a question that respondents cannot easily or accurately answer.

One of the limitations associated with break even analysis is that

is assumes that there is only one price

A strategy of setting prices based on how customers develop their perceptions of value can often be the most effective pricing strategy, especially if the strategy

is supported by consistent advertising and distribution strategies

What is a Major Advantage of Primary Data Collection?

it can be tailored to meet specific research needs

domestic firms developing a global entry strategy might consider franchising however what are the disadvantages

it has limited ability to ensure foreign operations follow concepts, might become a competitor, limits profit potential because profits will be split with the franchisee

The manager of a company selling baby products asks you to conduct research into the question, Is life expectancy getting longer in Kuwait? The problem with this research objective is that

it is irrelevant to the baby products company.

China, like many other countries, usually requires entering firms to create _________ when expanding into their markets, limiting outsiders' control of businesses.

joint ventures

china requires firms to create what when expanding in their markets

joint ventures

Supercenters

large stores (185,000 square feet) that combine a supermarket with a full-line discount store

In questionnaire design, a question such as "Marketing is the best part of the business program, isn't it?"

leads respondents to a particular response.

When Ben evaluated the commercial infrastructure in Mauritius, he considered the island's

legal, banking, and regulatory systems.

Generally, firms entering foreign markets begin with

less risky strategies first.

why should marketers be aware of bric countries

liekley to be source of most market growth

As the old cliché claims, the three most important things in retailing

location, location, and location.

As the old cliché claims, the three most important things in retailing are size, location, and convenience. price, promotion, and place. location, location, and location. price, price, price.

location, location, and location.

Direct marketing channel

manufactuers sell directly to the buyer

vendor-managed inventory

manufacturer maintains retailer's inventory levels

In the past, __________ dominated supply chains

manufacturers

Mario is the first retailer to sell games for Sony's new PlayStation 3...

market penetration

With a ______ pricing strategy, marketers set a low initial price or the introduction of a new product

market penetration

It is the responsibility of _____ to determine the ethical approach to setting prices so consumers find value and the firm can make profit

marketers themselves

Retailers use __________ to get customers into their stores.

mass media advertising

Economic measures like GDP and GNI do not fully account for a country's economic health because they only measure

material output.

Vertical channel conflict

members of the same marketing channel (like manufacturers, retailers) are in disagreement

Irregulars

merchandise with minor mistakes in construction

Earl was known for driving 30 miles to save a dollar on the price of his favorite beverage. Earl perceived price as _____, while most consumers recognize price as the ____ made to acquire a good or service

money paid; overall sacrifice

Paul subscribes to an Internet service that alerts him whenever other firms in his industry are quoted in the media. Paul is using this type of marketing research primarily to

monitor his competitors

If a firm in purely competitive market can differentiate its product or service, it becomes part of a _____ market

monopolistic competition

Today, most successful retailers concentrate on providing

more value to their best customers.

Today, most successful retailers concentrate on providing more value to their best customers. limited service to all but their best customers. equal service to all customers. extreme value to their least loyal customers.

more value to their best customers.

Developing pricing strategies for _____ is one of the most challenging tasks a manager can undertake

new products

Administered vertical marketing system

no common ownership or contractual relationships, but then dominant channel member holds the balance of power

Mattel wanted to determine if a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this?

observation

Mattel wanted to determine whether a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this?

observation

When consumers are unable to articulate their experiences, __________ becomes particularly useful in understanding consumers' preferences

observation

When consumers are unable to articulate their experiences, __________ becomes particularly useful in understanding consumers' preferences.

observation

observation.

Because of the way __________ buy merchandise, customers can never be confident that the same merchandise will be in stock each time they visit the store. department stores off-price retailers discount stores services retailers

off-price retailers

Outlet stores

off-price retailers owned by manufacturers or department or specialty store chains

. If you were a marketer for a clothing manufacturer and you wanted to improve revenues from irregulars, production overruns, and returns, you would be attracted to using

off-price retailers.

If you were a marketer for a clothing manufacturer and you wanted to improve revenues from irregulars, production overruns, and returns, you would be attracted to using department stores. specialty stores. category specialists. off-price retailers.

off-price retailers.

The commercial airline industry is considered what type of market

oligopolistic competition

Indirect marketing channel

one or more intermediaries work with manufacturers to provide goods and services to consumers

While it is relatively easy to offer customers Internet options like a FAQ page and an e-mail address to answer questions, some companies are using an interactive approach to address customers' questions while they are visiting the websites. These firms are using ___________ to provide the customer with enhanced customer service.

online chats

Qualtrics, SurveyMonkey, and Zoomerang are examples of

online survey software

Franco, a former retailer, has been living in the United States for five years and wants to start a business. He does not have an existing firm or a product, and he doesn't have a lot of capital, but since he loves McDonald's food, he decides to

open a McDonald's franchise.

franco wants to start a business without having an existing firm or product so he might

open a mcd franchise

What is Marketing Information?

organized, analyzed, interpreted data that offer value to marketers

Each time you go to the grocery store and have your purchases scanned while using a loyalty or bonus reward card, you are contributing to a database that can help marketers determine all of the following except

other stores where you buy similar products

Factory outlets

outlets owned by manufacturers

Price is the ___ a consumer is willing to make to acquire a specific product or service

overall sacrifice

A Restaurant Chain is Working on Improving the Quality of Its Food and Service. To Track its Progress, it Recruits Customers Who Agree to Respond to Customer Satisfaction Surveys once Every Three Months for the Next Two Years. What Kind of Data Collecting is This?

panel data

A restaurant chain is working on improving the quality of its food and service. To track its progress it recruits customers who agree to respond to customer satisfaction surveys once every three months over the next two years. What kind of data is the restaurant chain collecting?

panel data

A restaurant chain is working to improve the quality of its food and service. It recruits customers who agree to respond to customer satisfaction surveys once every three months over the next two years, to track its progress. What kind of data is the restaurant chain collecting?

panel data

Corporate vertical marketing system

parent company has complete control and owns multiple segments of the channel

patterns of consumers' purchasing behavior

patterns of consumers' purchasing behavior.

Cross-price elasticity is the

percentage change in quantity demanded of product A compared to the percentage change in price of product B

perform many different channel functions themselves.

John used to work for a large, well-known retailer. He left that company to work for a much smaller company, and in doing so, he discovered that the channel functions were handled very differently in the smaller firm. Looking back at his experience, he noticed that larger firms perform many different channel functions themselves. have less control in the channel. are generally less efficient. spend more money wastefully.

perform many different channel functions themselves.

negative factor for investment in china

population is aging rapidly

If a telecommunications company drastically cuts the price for cellular phone service to eliminate local competitors, the company could be charged with

predatory pricing

Sharon knew that her established customers liked her product much better than her competitors. She was planning to expand into new markets, and she was considering pricing....

premium pricing

For which of the following is demand likely to be least sensitive to price increases

prescription drugs

From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about

preservation of their right to privacy.

From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about

preserving their right to privacy

From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about

preserving their right to privacy.

There is an old saying, "If you have to ask the price of a yacht you cannot afford it" Products like yachts are most likely to be associated with

prestige pricing

If a 1 percent decrease in price results in more than a 1 percent increase in the quantity demanded demand is

price elastic

________ measures consumers sensitivity to price changes

price elasticity of demand

Barry customizes Harley-Davidson motorcycles. No two cycles are alike. He notices that very few customers even ask the price of his motorcycles. They are...

price inelastic

If a 1 percent decrease in price results in less than a 1 percent increase in quantity demanded, demand is

price inelastic

Barry customizes Harley-Davidson motorcycles. No two cycles are alike. He notices that very few customers even ask the price of his motorcycles before they decide to purchase them. Demand for his motorcycles is probably

price inelastic.

Because there are many firms with similar products in purely competitive markets

price is determined by laws of supply and demand

The contribution per unit is

price minus variable cost per unit

Because there are only a few firms in markets with oligopolistic competition

price wars may occur

. Retailers' coupons, rebates, and online discounts are types of

pricing promotions.

Retailers' coupons, rebates, and online discounts are types of in-store promotions. specialty product displays. pricing promotions. off-price wholesaling.

pricing promotions.

Tariffs, quotas, and currency exchange policies affect global

pricing strategies

tariffs quotas and currency exchange policies affect global

pricing strategies

Tariffs, quotas, and currency exchange policies affect global

pricing strategies.

After reviewing the existing data on seasonal spending by his company's customers, Marvin decided he needed new information collected to address his research questions. Marvin will need __________ data to address the questions in his market research study.

primary

When a research team has gathered data for specific research needs, this is known as

primary data

When a research team has gathered data for specific research needs, this is known as

primary data.

Online chat

provides customers with the opportunity to click a button at any time and have an instant messaging email or voice conversation with a customer service representative.

When the market research problem is not clearly defined, a researcher will likely engage in __________ research

qualitative

When the marketing research problem is not clearly defined, a researcher will likely engage in __________ research.

qualitative

qualitative research

quantitative

Once a marketing researcher is ready to move beyond preliminary insights to specific, informed questions, the researcher is ready to conduct

quantitative research

The purpose of __________ is that it confirms insights and provides a basis for taking a course of action.

quantitative research

Which of the following provides the information needed to confirm insights and help managers pursue appropriate courses of action?

quantitative research

The major objectives associated with market penetration strategy are to

quickly build sales and market share

Historically prices were

rarely changed except in response to radical shifts in marketing conditions

Julia wants her firm's gourmet snacks to be the leading brand in the U.S. market. When adopting a pricing strategy designed to gain market share, she should remember that

rarely is the lowest-price offering the dominant brand in a market

Chris is gathering information about the general economic environment in Nepal. He will look for information about the general economic environment, market size and population growth rate, and

real income.

Department stores

retailers that carry a broad variety and deep assortment, offer customer services and organize their stores into distinct departments for displaying merchandise

Full line discount stores

retailers that offer a broad variety of merchandise, limited service and low prices.

One Laptop Per Child is a nonprofit initiative with the goal of making extremely low-cost laptops available to children in the developing world to help them learn skills, with the goal of helping them to learn skills needed in today's workforce. If some of the low-cost technology developed for this laptop found its way into laptops created for U.S. consumers, this would be an example of

reverse innovation.

Unilever discovered that people in emerging economies could not afford to buy standard sizes of toothpaste or shampoo, so Unilever started selling single-serve packets at very low prices. Later, Unilever discovered that the same approach worked in the U.S. and started also selling them there. This is an example of

reverse innovation.

franc has disponible income because he has no debt and has little interest in saving and only makes 600 a month where does he live

russia

which country is projected to become europes largest online market in the next few years with internet users growing at a rate of 15 percent anually

russia

what is negative factor for foreign investment in russia

russia is known for corruption, creating ethical dilemmas for firms

Gary is the marketing manager for an automobile dealership. His boss tells him the firm's primary goal is to increase its local market share from 15 to 30 percent. His firm is using a _____ orientation

sales

health clubs often use a low introductory offer price to get people to join their club. These low prices represent a _____ pricing strategy

sales oreintation

Many years ago Honda's Accord and Ford's Taurus were the top two selling cars in the United States. As the year was coming to an end, Ford cut the price of the Taurus, hoping to outsell the Accord and allow Ford to claim that "Taurus is the best-selling car in America." Ford was using a ___________________ pricing strategy.

sales orientation

Bernard's firm has set corporate direction to become one of the leaders in each of its significant market segments. It was Bernard's job to examine the pricing to determine how to maximize market share, even at the expense of profits in the short run. What kind of company objective would guide Bernard's effort?

sales-oriented

globalization of the fiesta

same product design and features with variations in promotional campagins

A marketing research project often begins with a review of the relevant __________ data

secondary

A marketing research project often begins with a review of the relevant __________ data.

secondary

Company sales invoices, census data, and trade association statistics are examples of

secondary data

Cultural nuances, subcultures, and consumers' different views of their roles in different countries can make __________ complicated.

segmentation, targeting, and positioning

If a manufacturer wasn't happy with either intensive or exclusive distribution, a logical choice, which incorporates some features from both, would be __________ distribution.

selective

sell totally new products or services

kfc in china practices what global product strategy

sell totally new products or services

global product strategy

selling the same product in multiple countries

McDonald's introduced a Favorites Under 400 Calorie Menu as part of an attempt to reverse the perception that McDonald's sells only unhealthy food. Suppose that McDonald's, as a follow-up, collects and analyzes social media posts from Facebook, Twitter, and similar sites, hoping to understand whether or not consumer perceptions are improving. This would be an example of

sentiment mining

.Johan owns an oil-change business called Oil Only. He changes oil in cars—and that is all he does. What kind of retail business is this?

service retailer

In which of the following categories would a dry cleaning business be placed?

service retailer

.Carol's Studio, located in a shopping mall, offers zumba dance classes for all ages. Carol's Studio is known as a(n)

service retailer.

shop in traditional retail stores.

Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price

skimming

When Burroughs Wellcome introduced the first anti AIDS drugs...

skimming

When Burroughs Wellcome introduced the first anti-AIDS drugs, it initially set the price at $10,000 for a year's supply. Burroughs Wellcome was probably pursuing a __________ pricing strategy.

skimming

Extreme value retailers

small, full-line discount stores that offer a limited merchandise assortment at very low prices

Firms that are engaged in sentiment mining are analyzing data collected from

social media sites

Which of the following markets is most likely to be characterized by oligopolistic competition

soft drinks

If you are a marketer for a manufacturer, and the marketing mix for your product focuses on very specific market segments, you'd like to sell your product through

specialty stores.

For which of the following is demand likely to be most sensitive to price increases

specific brand of soft drink

Ryan gave the manager of his convenience store a set of binoculars so she could see the gasoline prices charged by the other convenience store at that intersection...

status quo

stockpiled inventory, adding to the cost of providing auto parts.

Retailers address the conflict between consumers wanting or needing only one item and manufacturers wanting to produce and ship in quantity by providing reciprocity. simplicity. discounting. storage.

storage.

Which of the following global entry strategies is being used if a company collaborates with a competitor on a globally based opportunity for mutual benefit, but the competitors do not invest in each other?

strategic alliance

direct investment

strategy in which the firm owns property and equipment in foreign market and has control of the business operations

Which of the following is a systematic means of collecting information from people using a questionnaire?

survey

surveys

Quantitative research offers a means to confirm ideas through

surveys or experiments.

Commercial research firms like ACNielsen and SymphonyIRI Group are sources of

syndicated data

Commercial research firms like Nielsen and J. D. Power and Associates are sources of

syndicated data

If a marketing researcher has to collect data under severe time constraints, which of the following types of data sources would probably be available soonest?

syndicated data

J. D. Power and Associates, the National Purchase Diary Panel, and Nielsen are examples of companies that provide

syndicated data

Jaleel is the marketing manager for moderately well-known rock band. He wants to know more about industry trends including sales by different musical styles, online downloads, and concert attendance. Jaleel will most likely use __________ to gather this type of data.

syndicated data

Naomi tells her sales representatives the goal is to generate at least 20 percent return on investment for all of the industrial building supplies they sell. Naomi is using a ____ pricing strategy

target return

imported cars are more expensive because of

tariff

changes in what have been a driving force for growth in global markets for decades

technology

marketers considering operations and trade with a specific country must consider whether the country belongs to a trading bloc. a trading bloc is a group of countries

that have established a formal agreement to manage trade activities

Marketers considering operations and trade with a specific country must consider whether the country belongs to a trading bloc. A trading bloc is a group of countries

that have established a formal agreement to manage trade activities.

In questionnaire design, a question such as, "Marketing is the best part of the business program, isn't it?" suffers from the problem of a question

that leads respondents to a particular response.

Sales of national brands of orange juice tend to increase when the economy is doing well, while sales of generic orange juice increase when the economy is not doing well. This is an example of how _______ affects demand for products

the income effect

According to a typical demand curve, the higher the price

the lower the quantity consumers will buy

According to a typical demand curve, the higher the price,

the lower the quantity consumers will buy.

because there are many firms in monopolistic competition markets

the many competitors will focus on product differentiation

GDP is defined as

the market value of goods and services produced in a country in a year.

The more substitutions that exst in a market

the more sensitive consumers will be to changes in the price of a particular product

The more substitutes that exist in a market,

the more sensitive consumers will be to changes in the price of a particular product.

The most important consideration, when a firm chooses a global product strategy, should be

the needs of the target market

The most important consideration when a firm chooses a global product strategy should be

the needs of the target market.

Distribution intensity

the number of channel members to use at each level of the marketing channel

What is the Conversion Rate?

the percentage of customer's who buy a product after viewing it

A reference price is

the price against which buyers compare the actual selling price

The full price of a product or service includes all of the following accept

the price of alternative products and services

One product strategy used by retailers to differentiate themselves from competitors is

the use of private label brands.

One product strategy used by retailers to differentiate themselves from competitors is the use of private label brands. discount pricing. removing brand labels from their merchandise offerings. JIT product delivery.

the use of private label brands.

One problem in relying on price elasticity and demand curves when setting prices is that

the way a product or services is marketed can have a profound impact on price elasticity

what do the bric countries have in common

they are experience significant levels of economic growth

Joe is reviewing secondary data his company collected about seasonal variations in consumer spending because he is thinking about developing a new product line. The advantages of using these data include

they can be quickly accessed at a relatively low cost.

Manufacturers use wholesalers and retailers because ______.

they create value for customers through convenience and cost savings

Blogs represent valuable sources of marketing research insights, but they are also a challenge for firms because

they include both positive and negative commentary

Global marketers typically find distribution in developing countries is more complex because

they must go through many types of distribution channels

distribution globablly is more complex because

they must go through many types of distribution channels

Price is often the most challenging of the four Ps to manage partly because it is often _____ in developing marketing strategies

treated as an afterthought

A customer orientation toward pricing implicitly invokes the concept of

value

Chris laughed at some of the cultural mistakes companies made in advertising and promotion in international trade while he was in school. Now he was trying to determine what had gone wrong with the campaign he had planned in Latin America for his company's product, and it didn't seem quite as amusing. He narrowed the issues down to sociocultural factors. He was looking at both __________ and __________.

visible artifacts; underlying values

reverse innovation

when an innovation is first developed in the developing world and then moves to developed countries

When Does the Consumer Buying Process Begin?

when the consumer recognizes an unsatisfied need

Knowing what customers expect is essential. Retailers need to know which manufacturers their customers prefer, while manufacturers need to know

where their target customers expect to find their products.

Today, retailers like Walmart, Home Depot, and Kroger dictate to their suppliers all of the following EXCEPT

which competitors they should collaborate with.

Political consultants have been using marketing research for decades to help their candidates understand

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