BUS 101 Test 3
When a business outsources to another company a process required for running the business, the process represents this type of business product: Multiple choice question. Business service Component part Materials Equipment
Business service
Which of the following is NOT one of the ways promotion should be used to communicate to the target market about a business's products, brands, company or people? Multiple choice question. Reminds Deceives Informs Persuades
Deceives
Which one of the following statements explains the key financial idea of the time value of money? Multiple Choice Individuals usually prefer to have good things sooner and prefer to put off bad things until later. The probability of one thing going wrong on any one day is higher than the probability of everything going wrong on that day. Individuals prefer more certain financial earnings than less certain outcomes. A financial manager has a responsibility to make decisions that create the most value for the shareholders of the firm.
Individuals usually prefer to have good things sooner and prefer to put off bad things until later.
Which one of the following statements about inspection is false? Multiple Choice Inspection allows a company to determine what caused production errors. Inspection requires manufacturers to inspect every unit of output. Inspection is time consuming and expensive. Inspection does not find production errors until after a product is completed.
Inspection requires manufacturers to inspect every unit of output.
A planning process designed to assure that all brand contacts received by a customer are relevant to that person and consistent over time is called: Multiple choice question. Integrated marketing communications The new product development process The promotional mix The marketing mix
Integrated marketing communications
A planning process designed to assure that all brand contacts received by a customer are relevant to that person and consistent over time is called: Multiple choice question. The marketing mix Integrated marketing communications The new product development process The promotional mix
Integrated marketing communications
Suppose that a business wants to increase its presence in the marketplace. Which ONE of the following actions should it take? Multiple choice question. Develop a better distribution system Introduce a new product Increase production of its current product Lower the price of its current product
Introduce a new product.
Which one of the following is the first step in the consumer decision process? Multiple Choice Comparing prices Information search Evaluation of alternatives Problem recognition
Problem recognition
Which of the following types of layouts would be most appropriate for a manufacturing facility producing make-to-order items? Multiple choice question. Product layout Process layout Clustering Retail layout
Process layout
Which of the following is NOT a function of a product's packaging? Multiple choice question. Product design Product differentiation Product protection during shipping, storage, handling and use Product promotion
Product design
Which one of the following products listed below typically responds to price changes with inelastic demand? Multiple choice question. a new car gasoline soda vacations
Gasoline
Which of the following are steps in the new product development process? Check All That Apply idea generationidea generation problem recognitionproblem recognition product developmentproduct development screeningscreening test marketing
Idea generation Screening Product development Test marketing
Which of the following statements about brands are true? Check All That Apply A brand is a name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers.A brand is a name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers. A brand is a promise or a business's commitment to its target market.A brand is a promise or a business's commitment to its target market. A brand is a superficial concept.A brand is a superficial concept. A brand is separate from an organization's product strategy.A brand is separate from an organization's product strategy. A brand represents the totality of that which an organization delivers to its customers.
A brand is a name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers. A brand is a promise or a business's commitment to its target market. A brand represents the totality of that which an organization delivers to its customers.
Which of the following is the MOST strategic description of a brand? Multiple choice question. A brand is the way a product is designed A brand is a promise or a business commitment to its target market A brand is the name of a product A symbol or other feature that distinguishes one seller's product from another
A brand is a promise or a business commitment to its target market.
Which of the following is the MOST strategic description of a brand? Multiple choice question. A brand is the way a product is designed A symbol or other feature that distinguishes one seller's product from another A brand is the name of a product A brand is a promise or a business commitment to its target market
A brand is a promise or a business commitment to its target market.
Which one of the following is NOT a type of business buying behavior? Multiple choice question. A business owner purchasing a product that allows the company to carryout its business activities A business buyer purchasing a product for resell A business owner buying a product to use at home for his/her family's use A business buyer purchasing an input used in the production of another product
A business owner buying a product to use at home for his/her family's use.
Which of the following is an example of a B2C transaction? Multiple Choice The owner of a sports bar buys a new TV from Best Buy for their bar. A college professor buys a new laptop directly from Apple.com to help her manage their personal finances. The CEO of a company just purchased a Lexus RX 350 for their company car. An IT company buys a dozen security cameras from Costco.
A college professor buys a new laptop directly from Apple.com to help her manage their personal finances.
The best definition of a product is: Multiple choice question. A physical good An intangible service A good, service or idea An idea
A good, service, or idea
Select all that apply Which of the following are examples of a company offshoring? Multiple select question. A hotel company in the United States opens a call center in India A legal firm headquartered in Florida opens offices in Georgia, Alabama, and Tennessee A hospital in New York hires two doctors who received their degrees from a medical school in France A restaurant owner in Miami opens another restaurant in Key West An automaker from Germany decides to build a production facility in Alabama
A hotel company in the United States opens a call center in India An automaker from Germany decides to build a production facility in Alabama
Which of the following statements about quality is TRUE? Multiple choice question. A product that does not meet a customer's expectations fails the standard of quality Quality is only an issue for manufactured products A product that is produced to a manufacturer's expectations is a quality product Meeting a customer's stated needs will guarantee that the customer is satisfied
A product that does not meet a customer's expectations fails the standard of quality
A ______ market is an identified market ______ on which a company will focus its marketing efforts. Multiple choice question. target; segment partial; unserved consumer; group segmented; target
A target market is an identified market segment
According to the text, which of the following are most likely to be reasons that a domestic firm would decide to locate a facility in another country? Check All That Apply Access to raw materials Reduced facilities costs Reduced labor costs Reduced transportation costs
Access to raw materials Reduced facilities costs Reduced labor costs Reduced transportation costs
Which of the following are business product categories? Check All That Apply accessory equipment business services convenience products installations specialty products
Accessory equipment Business services Installations
Which one of the following statements about the consumer decision process is FALSE? Multiple choice question. Marketers know it is less expensive for them to keep existing customers compared to attracting new customers Brand-loyal customers are more likely to simply repurchase a brand they know they're satisfied with The consumer decision process is considered to be a rational process Consumers often make impulse decisions following a simple decision rule All consumers follow the step by step process of the consumer decision process exactly
All consumers follow the step-by-step process of the consumer decision process exactly.
Which one of the following statements best describes how a process layout is designed? Multiple Choice Its specialized design does not allow for changes in the type of product being produced. Machinery is often arranged in a line, because every product requires the same type of processing. All products don't require the same processing steps, so the layout needs to accommodate different routes thorough the facility. It allows a company to achieve higher levels of production output than other layout types.
All products don't require the same processing steps, so the layout needs to accommodate different routes through the facility.
Which of the following are goals of the operations management function? Check All That Apply Appropriately design facilities for the operations of the business Appropriately design facilities for the operations of the business Ensure products are available when customers want them and that the products are in the quantities customers demand Ensure products are available when customers want them and that the products are in the quantities customers demand Manage the financial resources of the firmManage the financial resources of the firm Meet customers' quality standards Meet customers' quality standards Position the product so that it appeals to customers
Appropriately design facilities for the operations of the business Ensure products are available when customers want them and that the products are in the quantities customers demand Manage the financial resources of the firm Meet customers' quality standards
In the context of marketing, buyer behavior includes: Multiple select question. Buyers purchasing for their own use Only satisfied customers Buyers purchasing for an organization Everyone
Buyers purchasing for their own use. Buyers purchasing for an organization.
Select all that apply Which of the following are usually more important considerations for service facilities than manufacturing facilities? Multiple select question. Color schemes Sounds Scents Productivity Safety
Color schemes Sounds Scents
Which of the following are categories of business buyers? Check All That Apply companies consumers institutions producers resellers
Companies Institutions Producers Resellers
Which one of the following statements about competitors locating close to each other is true? Multiple Choice Competitors that locate close to each other create traffic that keeps customers away. Competitors that locate close to each other can attract pools of skilled workers. In every industry, businesses that locate in close proximity have a lower chance of survival. The strategy of locating close to competitors is only effective for service companies.
Competitors that locate close to each other can attract pools of skilled workers.
Select all that apply Which of the following statements about competitors locating close to each other are TRUE? Multiple select question. Competitors that locate close to each other can benefit by attracting a larger group of customers who demand their products and services In some industries, businesses located in close proximity have a stronger chance of survival The strategy of locating close to competitors is only effective for service companies Locating close to competitors is never a good idea, because there is only so much customer demand in a market Competitors that locate close to each other can attract pools of skilled workers ChatGPT
Competitors that locate close to each other can benefit by attracting a larger group of customers who demand their products and services In some industries, businesses located in close proximity have a stronger chance of survival Competitors that locate close to each other can attract pools of skilled workers
Which one of the following statements describes a responsibility of an operations manager? Multiple Choice Creating outputs that satisfy the needs of customers Developing effective promotional activities that will attract customers Creating budgets and ensuring the company sticks to those budgets Determining the best price to charge for a product or service
Creating outputs that satisfy the needs of customers
Select all that apply Which of the following are elements of total quality management? Multiple select question. Designing the products that customers demand Designing processes that can produce the products that customers want Developing lasting relationships with suppliers Inspecting finished products to ensure that they are free of defects Providing a culture that values the contributions of employees
Designing the products that customers demand Designing processes that can produce the products that customers want Developing lasting relationships with suppliers Providing a culture that values the contributions of employees
Which of the following does NOT describe a responsibility of an operations manager? Multiple choice question. Managing the transformation of inputs into outputs Understanding how all of the parts of a business relate to each other Creating outputs that satisfy the needs of customers Determining the best price to charge for a product or service
Determining the best price to charge for a product or service
Toyota identified different needs in the car market and developed distinct products and marketing mixes to appeal to multiple identified market segments. Toyota employs this type of targeting strategy: Multiple choice question. Differentiated Niche Undifferentiated Concentrated
Differentiated
Which one of the following is NOT a type of business buying decision? Multiple choice question. New task buy Extended problem Straight rebuy Modified rebuy
Extended problem
T or F Firms are required to pay back the funds contributed by equity investors.
False
T or F? The process layout is most appropriate for make-to-order production.
False
T or F? When compared to consumer purchases, business purchases are usually less complex.
False
T or F? When products are made to order, they are generally more affordable to customers than they would have been otherwise.
False
Which of the following best describes In-N-Out Burger's approach to its menu offerings? Multiple choice question. It focuses on burgers, fries, and shakes--what it does best It focuses on burgers, but it also offers wraps to appear to customers who like lighter options It offers customers a broad variety of choices to appeal to as many people as possible Burgers are its primary focus, but it also offers chicken and fish sandwiches for customers who do not eat beef
It focuses on burgers, fries, and shakes--what it does best
Which of the following statements best describes what operations management does? Multiple choice question. It chooses the corporate strategy that enables a company to achieve its mission It is responsible for attracting customers It manages the transformation of inputs into outputs that customers demand It develops a strategy for acquiring and allocating monetary resources in a company
It manages the transformation of inputs into outputs that customers demand
Select all that apply Supply chain management is also correctly referred to as: Multiple select question. Logistics A marketing channel Logistics management A distribution channel
Logistics Logistics management
________ forecasts are based on expectations of net cash flows for one year or more. Multiple Choice Long-term cash flow Master cash flow Short-term cash flow Annual cash flow
Long-term cash flow
Select all that apply Which of the following are principles used by major retail chains in designing their layouts? Multiple select question. Avoid angles Make an arresting first impression Create breaks Guide customers to the left Use U-shapes
Make an arresting first impression Create breaks Use U-shapes
Which of the following best describes the objective in designing a retail layout? Multiple choice question. Get the customer through the facility as quickly as possible Take the customer directly to the product he/she wants to purchase Allow the customer to take any route he/she wants to take through the facility Motivate the customer to spend money
Motivate the customer to spend money
Effective product positioning requires ALL BUT which ONE of the following: Multiple choice question. In the minds of its target market Relative to competitors Multiple target markets A unique place
Multiple target markets
Which of the following statements best describes In-N-Out Burger's expansion strategy? Multiple choice question. Expand quickly to take advantage of opportunities before they disappear Only locate within a day's drive of processing and distribution centers Do not expand; focus on the restaurants that are already open to protect them from competition Use franchising so that the company's financial resources are not tied up in new restaurants
Only locate within a day's drive of processing and distribution centers
Suppose that a restaurant had ten waitpersons working last night and--at the end of the night--realized that six would have been enough to cover the demand from that evening. What can the restaurant do with that excess capacity? Multiple Choice It can store the excess capacity until it is needed Last night's excess capacity can be used to offset a capacity shortage that might occur tonight Nothing. Excess service capacity is lost forever Part of last night's excess capacity can be used in the future, but the rest is no longer available
Part of last night's excess capacity can be used in the future, but the rest is no longer available.
______ is a technique that allows a business to produce a product to near-completion and delay final completion until the customer specifies the features he wants in the finished product. Multiple choice question. Make-to-stock Postponement Statistical process control Offshoring
Postponement
______ is a technique that allows a business to produce a product to near-completion and delay final completion until the customer specifies the features he wants in the finished product. Multiple choice question. Offshoring Postponement Statistical process control Make-to-stock
Postponement
Which of the following location decision factors is more of a consideration for service businesses than it is for manufacturers? Multiple choice question. Presence of the customer Availability of skilled labor Availability of raw materials Cost of facilities
Presence of the customer
Retailers and wholesalers are distribution channel intermediaries who provide ALL but which of the following utilities? Multiple choice question. Time Place Price Possession
Price
The relationship between a percentage change in the market price of a product and a consequential percentage change in the quantity demanded for the product is termed: Multiple choice question. An inelastic demand Price elasticity of demand Marketplace pricing Pricing strategy
Price elasticity of demand
Which of the following are functions of a product's packaging? Check All That Apply Product design Product differentiation Product pricing Product promotion Product protection
Product design, Product differentiation, and Product protection are functions of a product's packaging.
Which one of the following lists comprises the Marketing Mix? Multiple choice question. Position, profit, place, plan Name, logo, symbol, brand Product, promotion, price, place Advertising, PR, sales promotion, sponsorship
Product, promotion, price, place
Which one of the following is NOT one of the factors that most companies study when setting a price? Multiple choice question. Competition Demand Cost structure Production cost only
Production cost only
________ is the communications arm of marketing. Multiple Choice Price The Marketing Channel Branding Promotion
Promotion
Select all that apply Which of the following are goals of the operations management function? Multiple select question. provide customers with what they want meet customers' quality standards design facilities for the operations of the business position the product so that it appeals to the appropriate customers organize financial information in a consistent format
Provide customers with what they want Meet customers' quality standards Design facilities for the operations of the business
________ seeks to make use of publicity and other non-paid forms of promotion and information to influence the feelings, opinions, or beliefs about a company, its products or services. Multiple Choice Advertising The social network Integrated marketing communications Public relations
Public relations
Which one of the following promotional activities is often incorrectly referred to as "free advertising"? Multiple choice question. Publicity Coupons Social media Trade promotions
Publicity
_____ is the characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
Quality
Which one of the following statements best describes the concept of diversification to moderate risk? Multiple Choice A financial professional will acquire assets that generate cash flows during different times of the year to minimize the risk of not having enough cash to cover expenses. A financial professional will only authorize sales to customers who have a proven record of paying their bills on time. Rather than investing everything in one company or industry, financial professionals spreading their funds across a variety of investment opportunities. A financial professional will only seek investment opportunities with little or no risk and avoid those investment opportunities with moderate or high risk.
Rather than investing everything in one company or industry, financial professionals spread their funds across a variety of investment opportunities.
Which of the following are examples of internal search? Multiple select question. Ask a friend's opinion Look up the product in Consumer Reports Remember the competitors you're already aware of Ask questions of a salesperson Think about what you already know
Remember the competitors you're already aware of. Think about what you already know.
What does STP stand for? Multiple choice question. Sync timing of promotions Sales, turnover and profit Segmentation, targeting and positioning Sales tag price
STP stands for Segmentation, Targeting, and Positioning
The pricing objective most likely to cause a price war among competitors is: Multiple choice question. Sales maximization Profit maximization Cannibalization Status quo
Sales maximization
Which of the following statements about locating service businesses is TRUE? Multiple choice question. Locating close to distribution centers is not an issue for service companies Service companies must consider the same set of location factors that manufacturing companies consider The number of people near the facility is more important than the type of people near the facility Service facilities must be in locations that the customers they want to attract can easily access
Service facilities must be in locations that the customers they want to attract can easily access
Perhaps the most influential change in the way businesses use promotion has been: Multiple choice question. Television Social media Radio Coupons
Social media
Examples of products that fall on the service end of the goods-services continuum include ALL of the following except: Multiple choice question. Manicure Soda Legal services Carpet cleaning
Soda
Which of the following are characteristics of venture capital financing? Check All That Apply Some small start-up firms use this type of financing to avoid the expenses associated with selling stock.Some small start-up firms use this type of financing to avoid the expenses associated with selling stock. Venture capital financing is an example of an unsecured loan.Venture capital financing is an example of an unsecured loan. Venture capital investors charge lower interest rates than banks on the money they lend.Venture capital investors charge lower interest rates than banks on the money they lend. Venture capital investors may provide helpful guidance for a company.Venture capital investors may provide helpful guidance for a company. Venture capital investors prefer to invest in large, established firms.
Some small start-up firms use this type of financing to avoid the expenses associated with selling stock. Venture capital investors may provide helpful guidance for a company.
Select all that apply Which of the following are examples of inventory that a company might hold? Multiple select question. A restaurant has a menu of items that it will prepare after they are ordered by customers Southwest Airlines keeps extra parts at airports in case their planes need replacement parts A golf pro shop keeps a stock of golf balls in anticipation that customers will purchase them An office manager keeps a supply of paper to ensure that it is always available when needed An auto parts store has many different varieties of windshield wiper blades
Southwest Airlines keeps extra parts at airports in case their planes need replacement parts A golf pro shop keeps a stock of golf balls in anticipation that customers will purchase them An office manager keeps a supply of paper to ensure that it is always available when needed An auto parts store has many different varieties of windshield wiper blades
______ is a quality improvement technique that uses control charts to monitor the variability in processes over a period of time. Multiple choice question. Yield management Acceptance sampling Statistical process control Total quality management
Statistical process control
Which one of the following is NOT one of the factors that most companies study when setting a price? Multiple choice question. Pricing objectives Marketplace dynamics Other marketing mix variables Supply
Supply
Which one of the following is NOT a characteristic unique to services? Multiple choice question. Tangibility Perishability Inseparability Heterogeneity
Tangibility
The Marketing Mix is also called the _____. Multiple choice question. 4Ps Promotional Mix Competitive Advantage Core Principles
The Marketing Mix is also called the 4Ps.
Select all that apply Which of the following are examples of postponement? Multiple select question. You delay your purchase of a Maserati until after you win the lottery A dressmaker makes a dress for a specific customer after taking her measurements The can of "ocean blue" paint you purchased was mixed at the last minute using a can of base and pigments The birthday cake you got for your friend was already baked, but it was decorated with his name when you purchased it The pasta dish you ordered was prepared from scratch after you placed your order
The birthday cake you got for your friend was already baked, but it was decorated with his name when you purchased it The can of "ocean blue" paint you purchased was mixed at the last minute using a can of base and pigments
One of the major factors that differentiates service and manufacturing layouts is that ______ is part of the service process but not manufacturing processes. Multiple choice question. technology inventory the customer the employee
The customer
Which one of the following is described as one of the biggest purchasers of goods and services? Multiple choice question. Producers The government Institutions Resellers
The government
The ________ step in the segmentation process focuses on deciding which factors are relevant in understanding buyer behavior in the market of interest Multiple Choice development of marketing mix for each identified target market profile and analysis of segments selection of target market(s) identification of segmentation bases
The identification of segmentation bases
Which one of the following can accurately be described as a part of the supply chain? Multiple choice question. The board of directors The marketing channel The demand chain The buying center
The marketing channel
Which of the following is not an advantage of making a product or service to order? Multiple Choice Consumers have the opportunity to customize the product. There are less likely to be unsold items that customers did not demand. The production cost per unit will be lower. The business can design the product to meet the specific needs of the customer.
The production cost per unit will be lower.
The result of the ________ process should be the selection of one or more target markets Multiple Choice segmentation positioning target marketing market research
The result of the segmentation process should be the selection of one or more target markets.
Which one of the following is a characteristic of make-to-stock items? Multiple Choice They are not made until customers demand them. Customers have the opportunity to customize them. They can be produced the same way repeatedly without modifications. They are typically less affordable than make-to-order items.
They can be produced the same way repeatedly without modifications.
To be _______, an organization must deliver ______. Multiple choice question. competitive; value competitive; the lowest price well-liked; funny advertising successful; profit
To be competitive, an organization must deliver value.
Which of the following is NOT a reason that businesses introduce new products? Multiple choice question. To increase market share To increase sales To cannibalize their existing products To improve presence in the marketplace
To cannibalize their existing products
______ is a management system for a customer-focused organization that involves all employees in continual improvement. Multiple choice question. Marketing research Acceptance sampling Total quality management Statistical process control
Total quality management
T or F? "Postponement" is a technique that allows a business to produce a product to near-completion and delay final completion until the customer specifies what features or details they want in the finished product.
True
T or F? A modified rebuy occurs when a business has previously purchased a product, but must revisit the product specifications due to a change in circumstances.
True
T or F? Lower labor costs were the initial reason US semiconductor producers moved low-value assembly operations to Asia.
True
T or F? Intermediaries perform a variety of functions to facilitate the efficient movement of products from producer to end user.
True
True or false: Both marketing and operations management play a role in ensuring that products and services available when and where customers want them.
True
Which of the following statements best describes how a process layout is designed? Multiple choice question. Machinery required to produce products is typically arranged in a line The layout is designed to produce products that require the same processing steps Workstations group similar types of equipment together The layout is specialized and does not allow for changes in the type of product being produced
Workstations group similar types of equipment together
Integrated marketing communications is Multiple Choice a planning process designed to assure that all brand contacts received by a customer are relevant to that person and consistent over time. the use of publicity and other non-paid forms of promotion and information to influence the feelings, opinions, or beliefs about a company, its products or services. the use of influencers to increase brand awareness and generate sales has become more popular with the growing power of social media. part of a company's product strategy.
a planning process designed to assure that all brand contacts received by a customer are relevant to that person and consistent over time.
Which one of the following statements best explains what primary research is? Multiple Choice processing data and putting it in a form that allows interpretation information that has already been gathered, perhaps by someone else, for a different purpose predicting the impact on one variable of manipulating another variable additional information that is gathered by a company to support its research objectives
additional information that is gathered by a company to support its research objectives.
Which one of the following statements best describes what a target market is? Multiple Choice all customers in the marketplace an identified market segment on which a company will focus its marketing efforts a segment of customers who currently have no awareness of a company's product the group of customers who have purchased a company's product in the past
an identified market segment on which a company will focus its marketing efforts
Which of the following are reasons firms utilize short-term lines of credit? Check All That Apply as a source of working capitalas a source of working capital to finance the construction of a new building or factoryto finance the construction of a new building or factory to pay expenses while waiting to collect accounts receivableto pay expenses while waiting to collect accounts receivable to purchase a fleet of trucks for making deliveries to customersto purchase a fleet of trucks for making deliveries to customers to smooth out seasonal fluctuations in cash flows
as a source of working capital to pay expenses while waiting to collect accounts receivable to smooth out seasonal fluctuations in cash flows
Once firms have identified their potential short- and long-term financial needs, they prepare ________ as a roadmap to guide the activities of the firm. Multiple Choice budgets controls investment plans short- and long-term cash flow forecasts
budgets
Select all that apply A competitive advantage is something unique that competitors: Multiple select question. Cannot do, but choose anyway Can do, but choose not to Cannot do
can do, but choose not to cannot do
If a company decides to locate close to one or more competitors, it is using a strategy known as ______.
clustering
The purpose of marketing research for a business is to collect ______ to reduce _____ in decision making. Multiple choice question. input; choices opinions; time data; clarity information; risk
collect information to reduce risk
Promotion is the ____ arm of marketing.
communication
The adoption of Integrated Marketing Communications by many businesses is driven by an increase in _____.
competition
The most important reason a business chooses to engage in product positioning is to achieve: Multiple choice question. More sales vs. competitors Higher prices Competitive advantage Higher profit
competitive advantage
The most important reason a business chooses to engage in product positioning is to achieve: Multiple choice question. More sales vs. competitors Higher profit Competitive advantage Higher prices
competitive advantage
A business buy is considered to be _____ due to the interactions of the various buying center members. Multiple choice question. time consuming inefficient antagonistic complex
complex
The first effort potential buyers make when considering a purchase is: Multiple choice question. Ask a friend's opinion To consider what they already know Look at customer reviews Go to the store to ask a salesperson questions
consider what they already know
A consumer product that is purchased routinely without much thought is referred to as a _____ product. Multiple choice question. specialty convenience shopping service
convenience
Perceptual maps should be prepared using attributes that are important to ________. Multiple Choice employees customers resellers manufacturers
customers
Andy Martinez is the CFO of Horizon Construction Company, He is weighing the advantages and disadvantages of raising funds via debt or equity. Which one of the following is a true statement? Multiple Choice Debt will need to be paid back, but equity investments will not. Retained earnings cannot be considered a source of additional funds. Dividend payments associated with equity financing are tax deductible. Additional debt can dilute existing investors' ownership in the company.
debt will need to be repaid but equity will not
Which one of the following would be a strategy for improving short-term cash flow in a firm? Multiple Choice Paying expenses as soon as invoices arrive in the mail Delaying the payment of the firm's bills as long as possible Purchasing from suppliers who require immediate payment Allowing customers to pay bills late
delaying payment of bills for as long as possible
A company choosing a(n) ________ targeting strategy attempts to satisfy the broader marketplace by identifying multiple market segments to target, building a unique marketing mix to appeal to each segment. Multiple Choice niche concentrated undifferentiated differentiated
differentiated
Price _____ are too often used as defensive tools for lazy marketers who don't understand product differentiation. Multiple choice question. strategies discounts objectives increases
discounts
Price _____ are too often used as defensive tools for lazy marketers who don't understand product differentiation. Multiple choice question. increases objectives strategies discounts
discounts
A marketing channel is also correctly referred to as a ______ channel
distribution channel.
If Lamborghini only sells vehicles in the United States at Lamborghini dealerships, then Lamborghini is using a(n) ________ distribution strategy. Multiple Choice selective exclusive intensive promotional
exclusive
Which of the following statements best explains what exploratory research is? Multiple Choice deciding the exact collection procedures that will produce the type of information required counting numbers of respondents who have certain characteristics or behaviors attempting to explain cause-and-effect relationships gathering information in the preliminary stages of marketing research
gathering information in the preliminary stages of marketing research
The best way to understand the Product Life Cycle is to view it as the life cycle of a(n): Multiple choice question. Industry Company Single brand Single product
industry
A buying center within a business is considered to be a(n) _____ group.
informal
The items that a company keeps to support production, supporting activities, and customer service are called ____
inventory
Marketers know that it is ______ costly to satisfy existing customer that to attract new customers
less costly
Heinz Ketchup is available in grocery stores throughout the United States. It is an example of a ________. Multiple Choice mystery brand private-label brand manufacturer's brand generic product
manufacturer's brand.
______ -oriented companies recognize that they cannot effectively meet the needs of everyone in the total market.
market
Companies that embrace the marketing concept: Multiple choice question. Focus on marketing at the expense of customer satisfaction Are market-oriented Are very good at selling products to customers Believe they can serve the total market effectively
market oriented
A(n) _____ channel is made up of all the businesses necessary to move a product from the producer to the end user. Multiple choice question. English service marketing product
marketing
The ________ consists of the product, promotion, price, and place. Multiple Choice marketing mix supply chain promotional mix product mix
marketing mix
According to economic theory, the ______ determines what a customer pays for a product. Multiple choice question. company competitors marketplace pricing objectives
marketplace
According to economic theory, the ______ determines what a customer pays for a product. Multiple choice question. marketplace pricing objectives company competitors
marketplace
Product _____ describes the overall group of products that a business offers. Multiple choice question. item category line mix
mix
Which one of the following types of products would most likely be selectively distributed? Multiple choice question. Candy bars A Rolls Royce Moderate to high-priced clothing brands Milk, yogurt and other dairy products
moderate to high priced clothing brands
Retail layouts are designed with one thing in mind: Multiple Choice minimizing inventory levels. motivating customers to spend money. minimizing operating costs. maximizing production efficiency.
motivating customers to spend money.
A brand is a ______ concept that is often incorrectly considered only at a superficial level.
multidimensional
Select all that apply Which of the following are types of variability that can be monitored in a process using control charts? Multiple select question. neutral variability non-random variability random variability negative variability destructive variability positive variability
non-random variability random variability
Locating facilities in other countries is known as ______. Multiple choice question. outsourcing downsizing exporting offshoring
offshoring
Southwest Airlines frequently has sales with one-way fares as low as $49. These sale fares are usually only available for travel on Tuesdays, Wednesdays, and Saturdays when demand for seats is lowest. By selling seats for travel at lower prices on days when demand is lowest, Southwest is acknowledging the ________ of its service. Multiple Choice perishability intangibility inseparability heterogeneity
perishability
The acronym STP stands for segmentation, targeting, and ______. Multiple choice question. profit producing positioning pricing
positioning
When Mini Cooper portrays its brand as the vehicle that is more fun to drive than a VW Beetle or a Ford Focus, it is practicing product _______
positioning
Of all the decisions about marketing strategy, the area that a marketing manager has the least control over is: Multiple choice question. Price Distribution Promotion Product
price
Trader Joe's "Salsa Autentica" is sold only at Trader Joe's stores. It is an example of a ________. Multiple Choice private-label brand mystery brand manufacturer's brand generic product
private-label brand.
Marketing research can be used to better understand both opportunities and _____ .
problems
Decisions about a product's packaging fall under ______ strategy.
product
Campbell's Soup Company is introducing a new line of instant soups. In an effort to make customers aware of the new product, Campbell's is offering major grocery chains like Safeway, Kroger, Publix, and Wegmans volume discounts on the soups in return for their stores featuring the soups in their ads and in store displays. This is an example of ________. Multiple Choice a pull promotional strategy one-to-one marketing a push promotional strategy personal selling
push promotional strategy.
Retailers and wholesalers ____ the number of contacts necessary for a transaction to take place.
reduce
The most important function of marketing is to _______ customers. Multiple choice question satisfy sell products to find new get the most
satisfy
Wusthof Gourmet knives are available at high-end retailers like Williams Sonoma and Sur La Table, but not general merchandise retailers like Target and Walmart. Wusthof Gourmet chose Williams Sonoma and Sur La Table as retailers because their images and price positioning were consistent its brand. Therefore, Wusthof Gourmet is using a(n) ________ distribution strategy with its knives. Multiple Choice intensive promotional exclusive selective
selective
According to the concept of ________, a financial manager has a responsibility to make financial management decisions that create the most value for the shareholders of the firm. Multiple Choice diversification shareholder wealth maximization the time value of money the financial planning process
shareholder wealth maximization
The END result of market segmentation should be selection of (a) ______. Multiple choice question. multiple segments total segmentation total market target market(s)
target market(s)
If a borrower is taking out a secured loan, that means that: Multiple Choice the borrower's ability to repay the loan will be assessed by the lender on a regular basis during the loan term. the loan will be repaid within one year. the borrower is pledging assets to secure the loan. the borrower's ability to repay the loan has been verified by an independent auditor.
the borrower is pledging assets to secure the loan.
Quality is defined as Multiple Choice the process of addressing customer complaints. the percentage of products in a process that are produced correctly. the characteristics of a product or service that bear on its ability to satisfy stated or implied needs. the cost of fixing products that were not produced correctly the first time.
the characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
If Carl's Cardboard Container, Inc. (CCC) offers trade credit to their customers with the terms "2/10 net 30," that means that: Multiple Choice the customer must pay within 30 days, but CCC will give a 2% discount if customer pays within 10 days. the customer must pay within 60 days, but CCC will give a 5% discount if customer pays within 10 days. the customer must pay 10% of the bill within 30 days, with the balance due in 60 days. the customer must pay 2% of the bill within 10 days, with the balance due in 30 days.
the customer must pay within 30 days, but CCC will give a 2% discount if the customer pays within 10 days.
Business buyers purchase products to be used in carrying out their business functions while consumers purchase product for ______
themselves
Which of one of the following statements best explains why a financial manager would create an operating budget? Multiple Choice to provide a master financial plan for the firm over a given planning horizon to compare the expected revenue and expenses related to the firm's predicted sales forecasts to plan for the purchase of long-term assets that usually involve high-dollar expenditures to highlight periods where the financial manager may need to cover shortfalls or when there will be periods of surplus cash that could be invested elsewhere to generate higher returns
to compare the expected revenue and expenses related to the firm's predicted sales forecasts.
Which of one of the following statements best explains why a financial manager would create a capital budget? Multiple Choice to provide a master financial plan for the firm over a given planning horizon to compare the expected revenue and expenses related to the firm's predicted sales forecasts to highlight periods where the financial manager may need to cover shortfalls or when there will be periods of surplus cash that could be invested elsewhere to generate higher returns to plan for the purchase of long-term assets that usually involve high-dollar expenditures
to plan for the purchase of long-term assets that usually involve high-dollar expenditures.
A firm using a(n) ________ target marketing strategy would create a single marketing mix and make no effort to tailor the mix to appeal differentially to any single, well-defined group. Multiple Choice undifferentiated niche concentrated differentiated
undifferentiated
A(n) ________ targeting strategy is one for which the marketer chooses to avoid the segmentation process and treats the total market as a single segment. Multiple Choice niche undifferentiated concentrated differentiated
undifferentiated
The ________ strategy was common 100 years ago but is rarely viable today. Multiple Choice concentrated targeting niche differentiated targeting undifferentiated targeting
undifferentiated targeting
What the customer is willing to give up to get the benefits he/she seeks is the definition of: Multiple choice question. Selling price Value Sacrifice Cost
value
