AGEC Marketing

Vertical marketing system is a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity.

False

Watching and reacting to forces in the environment is a proactive form of responding to the marketing environment.

False

When hiring a bad salesperson, the only cost to the company I have to worry about are the cost of recruiting a new salesperson once I have to replace them.

False

Trade shows most likely help companies to ________.

Find new sales leads

What is the purpose of exploratory research?

Gather preliminary information that will help define the problem and suggest hypotheses.

An ad for Heineken beer in the Men's Health magazine featured actor Arnold Schwarzenegger and offered readers a $5 rebate for each 20-pack purchased. In terms of the communication model, the sender of this message is ________.

Heineken

Which of the following companies uses a direct marketing channel?

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

ROI

(Net Return/Investment) x 100

John's fascination for his grandmother's sherbet recipes inspired him to come up with a recipe for SherBetter, a gourmet sherbet for the American market. Which of the following stages of the new product development process does this exemplify?

Idea generation

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

Strategic Planning

Which of the following is most likely an objective of informative advertising?

Suggest new uses for a product

Ready Cup, a coffee pod manufacturing firm, sells pods for its coffee machine. Only Ready Cup pods are compatible with Ready Cup coffee machines. What type of pricing does Ready Cup use?

captive product pricing

Greg Williams now has the buying power to purchase the tractor that he has wanted for the last two years. Greg's want now has become a

demand

Directly interacting with a salesperson to discuss a product or service is an example of non-personal communication.

false

The FlowerPower flower delivery company decides to allocate promotion funds to their marketing department that are 4% of forecasted sales. This is an example of the competitive-parity budget method.

false

The creative concept describes turning the idea into an actual ad.

false

What is the aim of product concept?

focus on making continuous product improvements

At Jenn's Bridal Florist, a first-class wedding florist, customers shop for high-end floral arrangements and they are assisted in every phase of the shopping process. Jenn's Bridal Florist is a ________.

full service retailer

In a bid to attract more customers in a market that has several competitors, Barrymore's Bakery slashed the prices of all its products by 50 percent. Managers at the firm reasoned that lower prices would draw in even more customers, making up for the reduction in price several times over. Which of the following pricing strategies are they using?

market-penetration pricing

Tying agreements describe contract arrangements in which the retailer can choose to take as many or as few products of a line.

False

Fertilizer Inc. has 2,000 Type-A accounts, each requiring 35 calls per year, and 1,000 Type-B accounts, each requiring 15 calls per year. What is the sales force's workload?

85,000 calls

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

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

After-sale service is part of the ______

Augmented Product

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

Both use everyday low pricing.

Fred's Fertilizer's website, GrowFredGrow.com, informs customers about a wide variety of services offered by the firm. It also has a guestbook where customers can provide feedback on their experiences with Fred's Fertilizer. They can also view videos Fred's Fertilizer, as well as read and respond to blogs and ask questions. GrowFredGrow.com is an example of a(n) ________.

Brand community website

________ and ________ do not take title to goods, and they perform only a few channel functions.

Brokers; agents

At its most basic form, a marketing channel consists of the producer and the ________.

CONSUMER

Which of the following types of advertising will most likely result in an advertising war?

Comparative advertising

When determining the product mix, marketers decide on the width, length, depth and ______ of the mix.

Consistency

The same marketing strategy employed in one country will also always work in other countries

False

Describe an actor in a microenvironment

Customers, suppliers, competitors, and marketing intermediaries

Which of the following is not a disadvantage of secondary data?

Data may not be quantitative

Which of the following statements is true of direct marketing?

Direct marketing offers sellers a low-cost alternative for reaching their markets.

What is the market/product combination characteristic for a Market Penetration growth strategy?

Existing market and product

Sonimod pizza came out with a new pizza and, before including it on its main menu, released it in two different cities with two different prices. The marketers at Sonimod pizza then analyzed the different levels of purchase made at these two different places, planning to use the information to help them set a nationwide price for the new offering. This is an example of ________.

Experimental research

All products are services but not all services are products.

False

Concept testing refers to coming up with new product ideas with groups of target consumers already in mind.

False

Relative to brokers and agents and MSBO, merchant wholesalers are the smallest group of wholesalers for food products in terms of sales.

False

Style is a larger concept than design. Design simply describes the appearance of a product

False

The Marketing Concept has an inside-out view.

False

The bullwhip effect refers to a scenario in which large changes in demand at the retail end of the supply chain taper out when moving up the supply chain from the retail end to the manufacturing end.

False

The customer base for B2C marketing is typically smaller than for B2B marketing.

False

Delia's delicious cupcakes is a bakery chain focusing on cupcakes. The company runs coordinated promotions for its website, and physical stores. It uses the same models in its catalog, print ads, and website. Delia's works to make sure its public relations activities as well as its sales promotions harmonize with its advertising in all aspects. From this information, we can infer that Delia's is using ________.

Integrated marketing communication

________ play an important role in matching supply and demand by providing consumers with a broad assortment of products in small quantities.

Intermediaries

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

Marketing information system

Which of the following is NOT a part of the buyer decision process for B2C marketing?

Order-routine specification

By using ________ to contact potential customers, marketers sell directly to consumers.

Outbound telephone marketing

Pizza Bro is a leading competitor in the U.S. pizza market. The company intends to offer their pizza at below-cost prices for three months to put their competitors out of business. What type of illegal pricing practice describes their pricing plan?

Predatory pricing

What are the 4 tradition p's of marketing?

Price, Product, Place, Promotion

Which of the following is not a part of Dominoe's Analytics and Insights (A&I) Consumer research topics?

Product development

Hunting Inc. designs and markets different brands of camouflage wear watches. Each brand has a single unique feature: the Hunting South is known for the lightweight composition of the clothing, the Hunting Arctic is suitable for even the coldest climates and the Hunting casual combines hunting and casual wear. Which of the following is evident here?

Product differentiation

Wayfinder, a company creating GPS devices for agricultural machinery, added three new products earlier this year to increase variety for customers. Two of the products failed to reach the minimal sales quota. Which of the following is LEAST likely to have been the cause of their failure?

Product research was too extensive.

Which of the following is true with regard to services?

Services are a form of product that consists of activities, benefits, or satisfactions offered for sale.

The American Marketing Association define marketing as -

The activity, set of institutions, and processes for creating communicating, delivering, and exchanging offering that have value for customers, clients, partners, and society at large.

Food and Stuff Inc. produces canned foods, fruit cups and to-go soups. The CEO of Food and Stuff Inc. hopes to sell the products at a low price to penetrate the market quickly. Which of the following best supports a market-penetration strategy for Food and Stuff Inc.?

The market for the products is highly price sensitive.

An ad for Heineken beer in the Men's Health magazine featured actor Arnold Schwarzenegger and offered readers a $5 rebate for each 20-pack purchased. In terms of the communication model, the medium of this message is ________.

The men's health magazine

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

True

Colluding with competitors to set a joint price is called price fixing.

True

Digital marketing (online marketing) is the promotion of brands to connect with potential customers using the internet and other forms of digital communication.

True

Disintermediation can describe the displacement of traditional resellers by new intermediaries.

True

In a judgement sample the researcher uses his or her judgment to select population members who are good prospects for accurate information.

True

In a territorial sales force structure company's often have several levels of management that aggregate across wider geographical regions the higher the employee's position in this hierarchy.

True

In the SWOT analysis, threats represent the external factors that might challenge the company's performance.

True

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

True

Marketing 5.0 combines elements of Marketing 3.0 with a human orientation and Marketing 4.0 with a technology orientation.

True

Monopolistic competition refers to a market where there are many buyers and sellers who trade over a range of prices because sellers can differentiate their offers to buyers.

True

Omni-channel retailing describes a situation in which all channel components (e.g., online shopping, in-store purchases, etc.) are fully integrated with one another

True

Product bundle pricing combines several products at a reduced price.

True

Return on advertising investment is the net return on advertising investment divided by the costs of the advertising investment.

True

Secondary data describes information that already exists somewhere, having been collected for another purpose.

True

The premise of the selling concept is that customers, if left alone, will not buy enough of the organization's product.

True

The statement "We sell burgers" demonstrates a product-oriented mission statement.

True

A agro-chemical company in Indiana recently released a new and expensive anti-fungal seed coating in the market. The company justifies the high price of the coated seed by claiming that it is highly effective for treating all kinds of fungi. The company also claims that the new coating will help bring down the need for post-planting treatments, an additional benefit for farmers. Which of the following pricing strategies is the agro-chemical company company most likely using in this instance?

Value-based pricing

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

marketing myopia

Touchscreen kiosks, handheld shopping assistants, and virtual sales associates are all examples of how retailers use technology to ________.

meet consumers' expectations

The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called---

strategic business unit

What is necessary for objectives set in a marketing plan?

time-based, achievable, measurable

When KFC came into conflict with its franchisees over the brand's Unthink KFC repositioning, which emphasized grilled chicken over its traditional Kentucky fried chicken, KFC experienced ________ conflict.

vertical