Mid Term Exam (Chapters 1-11, not 6)

A) geographic segmentation

"Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods." This is an example of ________. A) geographic segmentation B) product diversification C) branding D) psychographic segmentation

B) differentiated marketing

20) GamaPix makes point-and-shoot cameras and handycams for amateur photographers and hobbyists. It also has a separate line of cameras dedicated to professional photographers. Additionally, it designs separate offers for each segment. Which of the following marketing strategies does GamaPix most likely use in this instance? A) mass marketing B) differentiated marketing C) individual marketing D) local marketing E) direct marketing

B) not-for-profit marketing

A church targeting different demographic groups to increase attendance is an example of ________. A) affinity marketing B) not-for-profit marketing C) societal marketing D) evangelism marketing

A) overhead

A company must pay each month's bills for rent, heat, interest, and executive salaries regardless of the company's level of output. This exemplifies its ________ costs. A) overhead B) variable C) target D) total E) unit

A) code of ethics

A company or association's ________ is designed to help guide responses to complex social responsibility issues. A) code of ethics B) marketing plan C) non-disclosure policy D) privacy policy E) non-compete clause

D) person

A company that uses well-known celebrities to help sell its products is using ________ marketing. A) interactive B) internal C) social D) person

A) prototype

A group of business entrepreneurs who worried about their teenage children drinking and driving decided there must be some way to approach this problem proactively. They came up with an idea for a pair of blurry goggles. They believed looking through the goggles would simulate what the world looks like when someone is seriously intoxicated. They developed a crude pair of blurry goggles to show prospective customers. This crude pair of goggles is known as a ________. A) prototype B) concept test C) product concept D) product image E) product idea

C) a club marketing program

A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________. A) a frequency marketing program B) a basic customer relationship C) a club marketing program D) the selling concept

C) specialty product

A hickory rocking chair, handmade by an Amish woodcarver in Lancaster, Pennsylvania from locally grown wood, is an example of a ________. A) convenience product B) capital item C) specialty product D) service

B) differentiated marketin

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as ________. A) mass marketing B) differentiated marketing C) concentrated marketing D) individual marketing E) cross-marketing

C) the product's quality and image support a high price

A market-penetration pricing policy should LEAST likely be used for a new product when ________. A) the market is highly price sensitive B) production and distribution costs fall as sales volume increases C) the product's quality and image support a high price D) a high price helps keep out the competition E) there are few or no competitors in the market

D) competitors can undercut prices easily

A market-skimming pricing strategy should NOT be used for a new product when ________. A) the product's quality and image support its higher price B) enough buyers want the products at that price C) competitors are unable to enter the market D) competitors can undercut prices easily E) producing a smaller number of goods is feasible

C) self-concept

A marketer of women's hair care products targeting Chinese customers created an advertising message that told women their hair could be worn any way they wanted as opposed to wearing it straight. The message suggested the women did not need to conform to the mainstream media definition of beauty. It is most accurate to say that this ad was based on an understanding of customers' ________. A) social class B) life-cycle stage C) self-concept D) status

D) value-based pricing

A pharmaceutical company in Utah recently released a new and expensive anti-ulcer drug in the market. The company justifies the high price of the drug by claiming that it is highly effective for treating all kinds of ulcers. The company also claims that the new drug will help bring down the need for invasive surgeries, an additional benefit for patients. Which of the following pricing strategies is the pharmaceutical company most likely using in this instance? A) target pricing B) markup pricing C) cost-based pricing D) value-based pricing

D) individual marketing

A public relations firm tailors its advertising and promotional services according to the needs and preferences of specific customers. This exemplifies ________. A) trigger-based marketing B) mass marketing C) segmented marketing D) individual marketing E) concentrated marketing

A) cause-related marketing

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated to local after-school programs for underprivileged youth. This is an example of ________. A) cause-related marketing B) generational marketing C) sustainable marketing D) market segmentation E) product differentiation

B) reference group

A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of a ________ to the band's fans. A) membership group B) reference group C) status symbol D) subculture

D) understand the competition better

A successful CRM program is expected to help a company achieve all of the following EXCEPT ________. A) provide higher levels of customer service B) develop deeper customer relationships C) create offers tailored to meet specific customer requirements D) understand the competition better

D) diversification

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________. A) product development B) market development C) market penetration D) diversification

C) marketing information system

A(n) ________ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. A) enterprise planning system B) enterprise information system C) marketing information system D) corporate performance management E) geographic information system

B) decline

According to the PLC, the ________ stage is reached when sales plunge to zero, or when they drop to a low level where they continue for many years. A) laggard B) decline C) maturity D) growth E) incubation

D) understand the marketplace and customer needs and wants

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value to customers B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants

B) buyer's decision process

According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"? A) technological stimuli B) buyer's decision process C) buyer's spending habits D) social stimuli

B) position

Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles. A) brand resonance B) position C) brand equity D) pleasure value

A) baby boomers

Among the generational groups in U.S population, the ________ are still the wealthiest generation in U.S. history. A) baby boomers B) Generation Xers C) Millennials D) echo boomers

C) diversification

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________. A) mass customization B) niche marketing C) diversification D) prospecting

C) need recognition

An invitation to go skiing over the weekend forced Donna to look at her current wardrobe. She realized that she required a warmer coat. Which of the following stages of the buyer decision process does Donna exemplify? A) product evaluation B) situational analysis C) need recognition D) problem screening E) information search

B) market segments

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________. A) marketing mixes B) market segments C) value propositions D) market offerings

A) local marketing

Andrew Levitt runs a retail store in Norristown. Andrew's store stocks cold weather products as Norristown mostly has sub-zero temperatures. Which of the following is evident here? A) local marketing B) concentrated marketing C) segmented marketing D) mass marketing E) direct marketing

A) positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. A) positioning B) segmenting C) diversifying D) prospecting

C) positioning

Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________. A) portfolio B) marketing segment C) positioning D) marketing mix

B) environmental sustainability

As a consequence of the green movement, many companies are developing strategies and practices that support ________. A) government intervention B) environmental sustainability C) deregulation D) mass marketing E) rapid exploitation of natural resources

B) good-value pricing

Azure Air, an airline company, offers attractive prices to customers with tighter budgets. A no-frills airline, it charges for all other additional services, such as baggage handling and in-flight refreshments. Which of the following best describes Azure Air's pricing method? A) target profit pricing B) good-value pricing C) cost-based pricing D) break-even pricing E) penetration pricing

B) age and life-cycle

Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation. A) benefit B) age and life-cycle C) psychographic

B) product positioning

Big Moose Toys is a market pioneer introducing a modern version of Bubble the Moose, a character from an animated television series originally broadcast in the '50s and '60s. The company's version of Sandy the Flying Squirrel, a character from the show targeted to baby boomers, was a strong success. Since the firm is a market pioneer, it needs to make the new launch strategy for Bubble the Moose consistent with the intended ________. A) pricing B) product positioning C) brand extension D) prototype E) fad

A) everyday low

Bon Vivant offers an assortment of exclusive French wines at incredibly low prices. These prices are neither limited-time offers nor special discounts, but represent the daily prices of products sold by Bon Vivant. This reflects Bon Vivant's ________ pricing strategy. A) everyday low B) markup C) penetration D) break-even E) cost-based

D) customer relationship management E) customer insights

Brad works with a reputed retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumer behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ________ team. A) product development B) strategy implementation C) human resource D) customer relationship management E) customer insights

C) equity

Brand ________ is the differential effect that knowing the brand name has on customer response to the product and its marketing. A) differentiation B) knowledge C) equity D) personality

C) customer relationship management

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________. A) customer lifetime value B) customer-perceived value C) customer relationship management D) partner relationship management

A) segmented

By definition, ________ pricing is used when a firm sells a product or service at two or more prices, even though the difference in price is not based on differences in cost. A) segmented B) variable C) flexible D) cost-plus E) reference

D) target marketing

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________. A) ambush marketing B) social marketing C) societal marketing D) target marketing

C) corporate giving

Cause-related marketing has become a primary form of ________. A) quality control B) corporate fraud protection C) corporate giving D) legislative lobbying E) price discrimination

E) The market for the products is highly price sensitive.

Champion, Inc. is a manufacturer of lunch boxes, school bags, and school stationery. Charles Payton, the CEO of Champion, 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 Champion? A) Production costs increase as sales volume increases. B) It is very difficult for competitors to enter the market. C) The cost of producing a smaller volume is negligible. D) The quality of the products supports high initial prices. E) The market for the products is highly price sensitive.

C) market-skimming

Companies facing the challenge of setting prices for the first time can choose between two broad strategies: market-penetration pricing and ________ pricing. A) comparative B) competitive C) market-skimming D) market-segmentation E) cost-plus

B) structure

Companies set not a single price, but a pricing ________ that covers different items in its line and changes over time as products move through their life cycles. A) by-product B) structure C) loop D) cycle E) bundle

C) attach value-added features and services to differentiate their offers and support their higher prices

Companies that adopt value-added pricing ________. A) consider value-added features as a fitting substitute for aggressive cost cutting B) set incredibly low prices to meet competition C) attach value-added features and services to differentiate their offers and support their higher prices D) overprice their products without any apparent justification E) underprice their products and lower quality to boost demand in the short-run

B) market-penetration pricing

Companies that set a low price for a new product in order to attract a large number of buyers and a large market share are using the ________ strategy. A) market-skimming pricing B) market-penetration pricing C) cost-plus pricing D) inclusive pricing E) exclusive pricing

A) develop strategies to change the environment in their favor

Companies that take a proactive stance toward the marketing environment are most likely to ________. A) develop strategies to change the environment in their favor B) passively accept the marketing environment C) resist organizational change D) discourage innovation E) consider technological advances more disruptive than beneficial

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

Companies with lower costs ________. A) specialize in selling products with value-added features B) usually market products with inferior quality, thereby justifying the low selling price C) can set lower prices that result in smaller margins but greater sales and profits D) tend to overprice products owing to their monopolistic advantage E) usually set higher prices that result in higher margins

B) products and services bought by final consumers for personal consumption

Consumer products refer to ________. A) products purchased by consumers for further processing or for use in conducting a business B) products and services bought by final consumers for personal consumption C) primarily intangible offerings from marketers D) raw materials as well as manufactured materials and parts

B) microenvironment

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company. A) macroenvironment B) microenvironment C) technological environment D) demographic environment

D) demographic segmentation

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here? A) geographic segmentation B) benefit segmentation C) occasion segmentation D) demographic segmentation

D) having frequent sale days for store credit-card holders

Department stores such as Kohl's and Macy's practice high-low pricing by ________. A) charging a constant, everyday low price B) providing few or no temporary price discounts C) increasing prices temporarily on select products D) having frequent sale days for store credit-card holders E) underpricing most consumer items

A) psychographic

Different soft drinks target different personalities. This is an example of ________ segmentation. A) psychographic B) demographic C) occasion D) life-cycle E) benefits

A) market targeting

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning. A) market targeting B) marketing implementation C) supply-chain analysis D) price discrimination

C) subcultures

Each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations. A) cultural universals B) reference groups C) subcultures D) monocultures

D) customer-oriented

Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value. A) competition-oriented B) cost-based C) time-based D) customer-oriented E) marketer-oriented

C) differentiation

Effective positioning begins with ________. A) pricing B) diversification C) differentiation D) promotion

C) Electrowhip operates in a market with many competitors.

Electrowhip, a company that manufacturers blenders and electric whisks, has decided to use a market penetration pricing strategy. Which of the following, if true, proves their decision to be a wise one? A) Electrowhip's competitors utilize social media for marketing their products. B) Electrowhip sells products whose image and quality support high prices. C) Electrowhip operates in a market with many competitors. D) Electrowhip does not operate in a price sensitive market. E) Electrowhip's products are intended to appeal to the elite in society.

A) person

Elmo Inc., a Michigan-based manufacturer of athletic shoes, uses professional athletes in its ad campaigns to help sell its products. This is an example of ________ marketing. A) person B) place C) social D) organization

D) shopping

Erica wants to replace her old washing machine with a new one. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Erica is planning to buy a(n) ________ product. A) convenience B) unsought C) specialty D) shopping

D) idea screening

Executives at an automobile manufacturing company conducted a brainstorming session for selected employees. This session resulted in a large number of ideas for developing new cars after extensive R&D. The executives then planned to filter out the best ideas during the ________ stage. A) business analysis B) idea generation C) concept testing D) idea screening E) concept development

C) customer-perceived value

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________. A) brand loyalty B) customer equity C) customer-perceived value D) customer lifetime value

B) market development

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy. A) market penetration B) market development C) downsizing D) product adaptation

D) gain early warnings of competitor moves and strategies

Firms use competitive marketing intelligence to ________. A) create and sustain market monopolies B) counter the adverse effects of organizational anarchy C) perpetuate organizational learning D) gain early warnings of competitor moves and strategies E) strengthen weak ties with industry competitors

B) dissonance-reducing buying behavior

For the past ten years, Bill and Margaret have saved money to go to the Super Bowl should their team, the Chicago Bears, reach the finals of the NFC championship. This is the year, and several tour companies offer attractive, but very similar, packages to the game. Since all packages are pretty much the same, they have chosen one that fits their budget. Bill and Margaret are most likely exhibiting ________. A) complex buying behavior B) dissonance-reducing buying behavior C) habitual buying behavior D) consumer capitalism

B) complex buying behavior

George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________. A) variety-seeking buying behavior B) complex buying behavior C) consumer capitalism D) dissonance-reducing buying behavior

B) social marketing campaigns

Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use. A) club marketing programs B) social marketing campaigns C) consumer-generated marketing campaigns D) ambush marketing campaigns

demand

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.

D) brand personality

Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a ________. A) motive B) life-cycle stage C) self-concept D) brand personality

A) SWOT analysis

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose? A) SWOT analysis B) cluster analysis C) portfolio analysis D) regression analysis E) Porter's five forces analysis

A) promotional pricing

Hearth & Home, a store which sells household products, has announced a one-week sale on its new carpet line. This is an example of ________. A) promotional pricing B) seasonal pricing C) by-product pricing D) product bundle pricing E) time-based pricing

production

Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept. A) product B) production C) selling D) marketing

B) social responsibility

Iceco Inc., an ice cream manufacturing company, encourages all stakeholders, including the top management and all employees, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________. A) environmentalism B) social responsibility C) the selling concept D) partner relationship management

B) market-penetration pricing

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? A) market-skimming pricing B) market-penetration pricing C) captive-product pricing D) cash discount pricing E) by-product pricing

D) value-added pricing

In an effort to differentiate its offerings from its competitors, Pegasus Computers decided to add an extra USB port in all its laptops besides providing a free pair of Delphi power bass headphones with every Pegasus laptop. Although the additional features increased the price of the laptops by $500, Pegasus was confident that the strategy would help boost demand for its laptops substantially. This is an example of ________. A) good-value pricing B) markup pricing C) break-even pricing D) value-added pricing E) cost-based pricing

D) product development

In the ________ stage of the new product development process, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them. A) product design B) idea generation C) concept development and testing D) product development E) product activation

D) political

In the model of buyer behavior, which of the following is NOT a major type of force or event in the buyer's environment? A) economic B) technological C) social D) political

B) undifferentiated marketing

Jean Malone, a market researcher, recently found that most people in Bradburg County purchase automobiles with predominantly functional designs and prefer darker colors. Which of the following marketing strategies should Jean most likely recommend to an automobile dealer interested in opening a dealership in Bradburg County? A) one-to-one marketing B) undifferentiated marketing C) segmented marketing D) individual marketing E) direct marketing

B) idea generation

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? A) idea screening B) idea generation C) concept testing D) product development E) product manufacturing

C) selling concept

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________. A) production concept B) marketing concept C) selling concept D) product concept

B) growth

Kellogg's begins to sell its cereals in new markets after conducting extensive marketing research. After the cereal begins to appear in these new markets, the company increases its promotion expenditure to counteract competitive responses. Kellogg's is in the ________ stage of the product life cycle. A) introduction B) growth C) maturity D) decline E) adoption

B) market development

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. A) local marketing B) market development C) diversification D) product adaptation

B) cost-plus pricing

Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This exemplifies ________. A) target pricing B) cost-plus pricing C) value-based pricing D) break-even pricing E) penetration pricing

B) market penetration

Making more sales to current customers without changing a firm's products is known as ________. A) market segmentation B) market penetration C) product diversification D) product development

A) cross-cultural

Many companies use ethnically specific themes in their mainstream marketing strategy because marketers have realized that insights gleaned from ethnic consumers can influence their broader markets. This type of marketing is known as ________ marketing. A) cross-cultural B) buzz C) social network D) word-of-mouth

A) buy products to support their self-image

Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities—that is, "we are what we consume." According to this premise, consumers ________. A) buy products to support their self-image B) rarely identify with brand personalities C) are affected by opinion leaders D) compare product brands

A) mail questionnaires

Maria Ramirez is conducting research to determine consumers' personal grooming habits. Because of the personal nature of many of the survey questions, Maria wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Maria's requirements? A) mail questionnaires B) telephone interviews C) individual interviews D) focus group interviews

B) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Market segmentation can be best described as the process of ________. A) assigning specific human attributes to a given brand B) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs C) evaluating each market segment's attractiveness and selecting one or more segments to enter D) turning marketing plans into marketing actions to accomplish strategic marketing objectives

A) fixed

Marketers should understand that people's core beliefs and values tend to be ________. A) fixed B) highly flexible C) similar around the world D) constantly and rapidly changing E) easily influenced by secondary beliefs

D) psychographic segmentation

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals. A) demographic segmentation B) geographic segmentation C) benefit segmentation D) psychographic segmentation

D) value creation and exchange

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________. A) research and development B) innovation and creativity C) manufacturing efficiencies D) value creation and exchange

A) building an offering that brings

Marketing mix planning begins with ________. A) building an offering that brings value to target customers B) finding a suitable promotion strategy for the product C) setting a reasonable price for the product D) selecting the right channel for distribution of the product

B) packaging

Marketing stimuli consist of the four Ps. Which of the following is NOT one of these? A) product B) packaging C) price D) promotion

A) Generation X

Mary Adams is helping her company develop a marketing program for a new product line. The program is designed to appeal most to less materialistic consumer groups who are likely to prize experience, not acquisition. The marketing program is most likely designed to appeal to which of the following demographic groups? A) Generation X B) Millennials C) Echo Boomers D) Silent Generation E) Lost Generation

B) market-skimming pricing

Midnight Magic, a perfume manufacturing company, plans to release a new fragrance during the holiday season at $99 per bottle. The company intends to bring the price down to $49 within six months of its release to attract buyers who couldn't afford the initial price. Which of the following pricing strategies is Midnight Magic using? A) market-penetration pricing B) market-skimming pricing C) competitive pricing D) cost-plus pricing E) product-line pricing

D) opportunity

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________. A) weakness B) strength C) threat D) opportunity E) challenge

A) test marketing

Once the prototype of Wainwright Industries' new riding lawnmower, made especially for women, passes product tests, the next step is ________. A) test marketing B) focus group surveys C) commercialization D) concept testing

B) one of the problems associated with test marketing

P&G introduced Duncan Hines ready-to-spread frosting in a small geographic area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. This illustrates ________. A) why many companies engage in crowdsourcing B) one of the problems associated with test marketing C) why prototypes are so important D) how idea screening can make a product a commercial success

D) consumer

Price & Malone Corp., a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price & Malone caters to a ________ market. A) business B) reseller C) government D) consumer

C) information collected for the specific purpose at hand

Primary data consist of ________. A) data that does not age B) data obtained from the public domain C) information collected for the specific purpose at hand D) information that already exists somewhere, having been collected for another purpose E) information that is the least expensive and the easiest to obtain

B) social

Public health campaigns designed to reduce alcoholism, drug abuse, smoking, and obesity are all examples of ________ marketing. A) internal B) social C) organization D) person

C) opinion leader

Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ________. A) surrogate consumer B) lagging adopter C) opinion leader D) brand personality

B) everyday low

Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. This is an example of ________ pricing. A) competition-based B) everyday low C) cost-plus D) break-even E) penetration

B) undifferentiated marketing

Rex Steelworks makes steel sheets which the firm markets and sells to companies all over the world. Which of the following marketing strategies is most suitable for Rex Steelworks? A) one-to-one marketing B) undifferentiated marketing C) individual marketing D) local marketing E) trigger-based marketing

C) place marketing

Rhodia invites tourists from all over the world to experience its pristine nature, clear skies, and beautiful summertime climate. This exemplifies ________. A) corporate image marketing B) social marketing C) place marketing D) social engineering E) negative brand equity

B) market segment

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________. A) new product B) market segment C) marketing intermediary D) brand

A) macroenvironment

Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ________ of the organization. A) macroenvironment B) microenvironment C) internal environment D) marketing mix E) marketing intermediaries

D) concentrated marketing

Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies? A) individual marketing B) one-to-one marketing C) mass marketing D) concentrated marketing E) trigger-based marketing

C) information that already exists somewhere, having been collected for another purpose

Secondary data consist of ________. A) information collected for the specific purpose at hand B) data that does not age C) information that already exists somewhere, having been collected for another purpose D) information collected from conducting personal, in-depth interviews E) data that is unreliable and unsuitable for the purpose of making marketing decisions

D) target marketing

Selecting which segments of a population to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing

C) intangibility

Service ________ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought. A) inseparability B) variability C) intangibility D) perishability E) heterogeneity

D) societal marketing concept

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy. A) marketing concept B) product concept C) production concept D) societal marketing concept

A) repositioning

Some products that have entered the decline stage have been cycled back to the growth stage through ________. A) repositioning B) harvesting C) maintaining D) pruning E) expanding

A) location-based

Sparkling Valley, a luxury resort, prices cottages facing the lake higher than cottages that do not, even though the cottages and services offered are identical in every other aspect. This form of pricing is called ________ pricing. A) location-based B) time-based C) by-product D) seasonal E) captive product

D) product development

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________. A) benchmarking B) diversification C) mass customization D) product development

C) market segment

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________. A) channel intermediary B) line extension C) market segment D) product attribute

C) products and markets work

The PLC concept can be applied by marketers as a useful framework for describing how ________. A) competitors' moves are predicted B) marketing strategies are developed C) products and markets work D) concept testing is conducted E) product ideas are developed

B) cultural

The ________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors. A) social B) cultural C) political D) physical E) natural

C) online privacy issues

The boom in Internet marketing has created a new set of social and ethical issues. Critics worry most about ________. A) accessibility B) puffery in advertising C) online privacy issues D) sustainability E) issues pertaining to efficiency

D) service variability

The customers of Parry's Hair Salon have noticed that the quality of a haircut depends on who provides it as well as when, where, and how the service is provided. Which of the following characteristics of service is evident in this instance? A) service intangibility B) service inseparability C) service perishability D) service variability E) service distinction

B) seasonal discount

The discount offered by Glamor Gifts to customers who bought Valentine-themed merchandise the week following Valentine's Day is an example of a ________. A) functional discount B) seasonal discount C) trade discount D) cash discount E) time-based discount

A) capturing value from customers

The final step in the marketing process is ________. A) capturing value from customers B) creating customer delight C) creating customer lifetime value D) understanding the marketplace

C) internal

The interrelated departments within a company that influence marketing decisions form the ________ environment. A) cultural B) economic C) internal D) political E) technological

C) lifestyle

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

C) SWOT

The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation. A) breakeven B) SBU C) SWOT D) regression E) cluster

A) market development

The managers of Alfredo's Pizza, a popular pizzeria in New York City, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through ________. A) market development B) product development C) mass customization D) niche marketing

D) market development

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________. A) market penetration B) product development C) mass marketing D) market development

D) marketing information system

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) ________. A) enterprise planning system B) product mix C) strategic planning system D) marketing information system E) business portfolio

D) competitive marketing intelligence

The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives? A) ethnographic research B) strategic planning C) data warehousing D) competitive marketing intelligence E) customer relationship management

A) demographic environment

The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario? A) demographic environment B) political environment C) economic environment D) technological environment

C) customer-managed relationships

The marketing world is most likely embracing ________ because consumers wield greater power now with many platforms for airing and sharing their brand views with other consumers. A) partner relationship management B) supply chain management C) customer-managed relationships D) market segmentation

C) marketing mix

The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) market offering

A) changing age structure of the population

The single most important demographic trend in the United States is the ________. A) changing age structure of the population B) mobility of families C) changing family structure of the population D) increasing number of professional jobs E) increasing birth rate

A) product line pricing

Tone Zone plans to introduce four mp3 player models over the next year. These models range from basic players at $99 per unit, to more sophisticated players at $399 per unit. The more features a model has, the more expensive it is. What pricing strategy is Tone Zone using for its range of mp3 players? A) product line pricing B) product bundle pricing C) captive product pricing D) by-product pricing E) optional product pricing

C) customer perceptions of the product's value

What sets the ceiling for product prices? A) product manufacturing costs B) sellers' perceptions of the product's value C) customer perceptions of the product's value D) variable costs E) break-even volume

B) product costs

What sets the floor for product prices? A) consumer perceptions of the product's value B) product costs C) competitors' strategies D) advertising budgets E) market competition

C) good-value

When McDonald's and other fast food restaurants offer "value menu" items at surprisingly low prices, they are most likely using ________ pricing. A) break-even B) target profit C) good-value D) cost-plus E) target return

A) market-skimming

When a company sets a high price for a new product with the intention of reducing the price in the future, it is using the ________ pricing strategy. A) market-skimming B) cost-plus C) market-segmentation D) market-penetration E) competitive

C) product

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market? A) price B) promotion C) product D) place

C) sales and profits decline

Which of the following best characterizes the decline stage of product development? A) rapid market acceptance B) slow sales growth C) sales and profits decline D) high investment costs E) increasing profits

D) A cosmetic company, whose business definition is: "We sell hope and self-esteem."

Which of the following companies has a market-oriented business definition? A) An electronics company, whose business definition is: "We produce microchips." B) A hotel, whose business definition is: "We rent rooms." C) An apparel company, whose business definition is: "We make and sell women's clothing." D) A cosmetic company, whose business definition is: "We sell hope and self-esteem."

D) A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."

Which of the following companies has a product-oriented business definition? A) A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests." B) A real estate company, whose business definition is: "We sell dreams." C) A cosmetic company, whose business definition is: "We offer hopes and self-expression." D) A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."

B) Mobile Point, which launched a range of cell phone models, each priced according to its features

Which of the following companies uses product line pricing? A) Photo Genie, which sells inexpensive cameras that run only on their own expensive batteries B) Mobile Point, which launched a range of cell phone models, each priced according to its features C) Penguin's Parlor, which offers customers a 20-percent discount on their birthdays and certain holidays D) Green Thumb, which gives away free watering cans with the purchase of certain potted plants E) Panizza, whose combo meals are priced lower than the individual components sold together

D) online surveys

Which of the following contact methods is the most cost-effective? A) telephone interviews B) individual interviews C) in-depth interviews D) online surveys

C) retail

Which of the following exemplifies a service? A) candy B) laptop C) retail D) car

D) Generation X

Which of the following generations is the most educated to date? A) Lost Generation B) Baby boomers C) Millennials D) Generation X E) Silent Generation

B) good-value pricing

Which of the following involves introducing less-expensive versions of established, brand name products? A) markup pricing B) good-value pricing C) time-based pricing D) cost-based pricing E) target profit pricing

D) competition-based pricing

Which of the following involves setting prices based on a rival firm's strategies, costs, prices, and market offerings? A) target return pricing B) good-value pricing C) competitor value-added pricing D) competition-based pricing

B) purchase

Which of the following is NOT an element of the marketing mix? A) place B) purchase C) product D) price

D) "We sell memorable experiences."

Which of the following is NOT an example of product-oriented mission statements? A) "We are an online library." B) "We run theme parks." C) "We sell athletic shoes." D) "We sell memorable experiences."

D) marketing intermediaries

Which of the following is a component of a firm's microenvironment? A) customer demographics B) economic recessions C) population shifts D) marketing intermediaries E) technological changes

C) the costs of doing business increase

Which of the following is a disadvantage of using a differentiated marketing strategy? A) generates far lower sales compared to an undifferentiated marketing strategy B) customer loyalty is negatively impacted and difficult to obtain C) the costs of doing business increase D) quality control problems increase E) product safety decreases

A) Local marketing increases manufacturing costs by reducing the economies of scale.

Which of the following is a drawback of local marketing? A) Local marketing increases manufacturing costs by reducing the economies of scale. B) Local marketing requires specialization that is difficult to identify. C) Local marketing is not profitable for most small firms. D) Local marketing cannot accommodate the needs of modern buyers who are technology savvy. E) Local marketing almost always results in brand dilution.

A) "We empower customers to achieve their dreams."

Which of the following is a market-oriented mission statement? A) "We empower customers to achieve their dreams." B) "We sell jumbo burgers." C) "We are an online library." D) "We are a low-cost airline."

D) discount and allowance pricing

Which of the following is a price adjustment strategy? A) product bundle pricing B) by-product pricing C) product line pricing D) discount and allowance pricing

A) fast food

Which of the following is an example of a convenience product? A) fast food B) diamond ring C) furniture D) life insurance

B) company executives

Which of the following is an internal source for new product ideas? A) competitors B) company executives C) marketing research firms D) trade magazines

C) defining the organizational mission

Which of the following is the first step in strategic planning? A) setting short-term goals B) developing the business portfolio C) defining the organizational mission D) formulating the key marketing strategies

C) crowdsourcing

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process? A) brainstorming B) idea screening C) crowdsourcing D) outsourcing E) concept testing

D) CRM aims to maximize customer loyalty.

Which of the following is true about customer relationship management (CRM)? A) Data mining has limited applicability in CRM activities. B) Sophisticated analytical tools are sparingly used in CRM activities. C) CRM reduces the number of customer touch points. D) CRM aims to maximize customer loyalty.

A) Companies that rely on a few segments for all of their business will suffer if a segment turns sour.

Which of the following is true about the concentrated marketing strategy? A) Companies that rely on a few segments for all of their business will suffer if a segment turns sour. B) Concentrated marketing is not profitable for most firms. C) Niche marketing involves few risks for most firms. D) Concentrated marketing involves going after a small share of a large market.

B) They were the first to grow up in the Internet era.

Which of the following is true of Gen Xers? A) They are considerably larger than the boomer generation. B) They were the first to grow up in the Internet era. C) They are less educated than the baby boomers. D) They are more materialistic than the Millennials. E) They rarely research a product before purchasing it.

C) It results in drawing in large numbers of buyers quickly, winning a large market share.

Which of the following is true of market-penetration pricing? A) It should be used when the product's quality and image support a high price. B) It involves setting a high price for a new product to appeal to the elite in society. C) It results in drawing in large numbers of buyers quickly, winning a large market share. D) It is best used in conjunction with a market-skimming pricing strategy. E) It results in the company making fewer and less profitable sales.

B) It can be profitably used when the product's quality and image support its price.

Which of the following is true of price skimming? A) It is effective in situations in which competitors are able to undercut prices easily. B) It can be profitably used when the product's quality and image support its price. C) It involves underpricing products so that companies make larger sales. D) It is ineffective in situations in which competitors are unable to enter the market easily. E) It leads to a situation in which the company completes more, though less profitable, sales.

D) They control an estimated 70 percent of the United States' disposable income.

Which of the following is true of the baby boomers? A) They tend to see themselves as far older than they actually are. B) They represent a rapidly shrinking market for new housing and home remodeling. C) They are long past their peak earning and spending years. D) They control an estimated 70 percent of the United States' disposable income. E) They have utter fluency and comfort with digital technology.

C) Marketing research gives marketers insights into customer motivations.

Which of the following is true with regard to marketing research? A) The marketing research process depends primarily on sophisticated internal databases. B) The marketing research process requires assessing macroeconomic forces. C) Marketing research gives marketers insights into customer motivations. D) Marketing research eliminates the need for a SWOT analysis. E) Marketing research is a simple two-step process.

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

Which of the following is true with regard to price? A) Historically, price has had the least perceptible impact on buyer choice. B) Price is the least flexible element in the marketing mix. C) Unlike product features and channel commitments, prices cannot be changed quickly. D) Price is the sum of all the values that customers give up to gain the benefits of having a product.

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

Which of the following is true with regard to services? A) Services refer to purely tangible products. B) Services are a form of product that consists of activities, benefits, or satisfactions offered for sale. C) Services can be stored for later use. D) Services can be easily separated from their providers.

C) The focus of strategic planning is to define a game plan for long-run survival and growth.

Which of the following is true with regard to strategic planning? A) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. B) A strategic plan deals with a company's short-term goals. C) The focus of strategic planning is to define a game plan for long-run survival and growth. D) The strategic plan is a statement of an organization's purpose.

B) Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices.

Which of the following is true with regard to value-added pricing? A) Companies that practice value-added pricing typically match the competition by cutting prices. B) Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices. C) The intrinsic value of products sold by companies practicing value-added pricing is far less than their actual selling price. D) Companies practicing value-added pricing primarily rely on cost differentiation. E) Value-added pricing is the most suitable pricing strategy in pure monopolies.

C) cost-based pricing

Which of the following processes does value-based pricing reverse? A) high-low pricing B) everyday low pricing C) cost-based pricing D) good-value pricing E) value-added pricing

E) benchmarking competitors' products

Which of the following refers to a marketing intelligence technique? A) interviewing customers randomly B) increasing the annual budget for R&D C) investing heavily in primary research D) implementing product diversification E) benchmarking competitors' products

D) product life cycle

Which of the following refers to the course that a product's sales and profits take over its lifetime? A) total product process B) service life C) product mix D) product life cycle E) marketing mix

B) market segmentation

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors? A) market diversification B) market segmentation C) downsizing D) customer relationship management

D) introduction

Which of the following stages of the PLC is characterized with high promotional expenditures that result from an effort to create consumer awareness? A) growth B) product development C) maturity D) introduction E) decline

A) growth

Which of the following stages of the PLC is characterized with the same level or slightly higher level of promotional expenditures in an attempt to respond to increasing competition? A) growth B) decline C) maturity D) product development E) adoption

B) Profits are nonexistent.

Which of the following statements characterizes the introduction stage of the PLC? A) There are increased marketing outlays. B) Profits are nonexistent. C) The company incurs minimal expenses. D) The product achieves acceptance by most potential buyers. E) Promotional expenditures are zero.

A) Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage.

Which of the following statements is true about creating customer loyalty and retention? A) Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage. B) Customer delight creates a rational preference and not an emotional relationship with the brand. C) The aim of customer relationship management is to focus solely on customer delight. D) Losing a customer hardly makes a difference to a company's sales.

B) Social classes show distinct product and brand preferences in areas such as clothing and travel.

Which of the following statements is true of cultural factors that influence consumer behavior? A) Cultural influences on buying behavior are identical across countries. B) Social classes show distinct product and brand preferences in areas such as clothing and travel. C) Subcultures include nationalities and racial groups, but exclude religions. D) Subcultures are groups within which each individual has a unique and distinct value system.

C) People within a social class tend to exhibit similar buying behavior.

Which of the following statements is true of social classes? A) Social classes are society's temporary divisions. B) Members of a social class have unique and distinct values, interests, and behaviors. C) People within a social class tend to exhibit similar buying behavior. D) Income is the single factor that determines social class.

D) Truly innovative companies develop extensive innovation networks that capture ideas and inspiration from every possible source.

Which of the following statements is true of the idea generation stage in the new product development process? A) The purpose of idea generation is to reduce the number of ideas to the least possible number. B) Truly innovative companies rely exclusively on a single source for new product ideas. C) Customers are the least important sources of new product ideas. D) Truly innovative companies develop extensive innovation networks that capture ideas and inspiration from every possible source. E) Truly innovative companies seldom rely on customers and the general public for ideas.

D) Competitive marketing intelligence relies upon publicly available information.

Which of the following statements is true regarding competitive marketing intelligence? A) The advantage of using competitive marketing intelligence is negligible. B) The goal of competitive marketing intelligence is to improve recruiting efforts. C) Competitive marketing intelligence relies upon costly internal databases. D) Competitive marketing intelligence relies upon publicly available information. E) Companies using competitive marketing intelligence routinely ignore consumers' online chatter.

A) marketing environment

Which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers? A) marketing environment B) marketing orientation C) strategic planning D) target markets E) marketing mix

C) brand personality

Which of the following terms refers to a specific mix of human traits that may be attributed to a particular brand? A) brand perception B) brand identity C) brand personality D) brand concept

C) maturity

Which stage in the PLC normally lasts longest and poses strong challenges to marketing managers? A) growth B) decline C) maturity D) introduction E) adoption

C) growth

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits? A) introduction B) maturity C) growth D) decline E) product development

B) market-penetration pricing

Whizz Corp. wishes to introduce a new hybrid car into mature markets in developed countries with the goal of gaining mass-market share quickly. Which of the following pricing strategies would help the firm meet its goal? A) market-skimming pricing B) market-penetration pricing C) market-segmentation pricing D) cost-plus pricing E) captive-product pricing

C) concentrated

With a(n) ________ marketing strategy, a firm goes after a large share of one or a few smaller niches. A) individual B) mass C) concentrated D) differentiated E) local

B) social marketing

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign. A) ambush marketing B) social marketing C) inbound marketing D) consumer-generated marketing

D) Convenience products

________ are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort. A) Unsought products B) Capital items C) Shopping products D) Convenience products

C) Specialty products

________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. A) Shopping products B) Unsought products C) Specialty products D) Capital items

C) Unsought product

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying. A) Specialty products B) Convenience products C) Unsought products D) Shopping products

A) Shopping products

________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. A) Shopping products B) Convenience products C) Unsought products D) Capital items

A) Social classes

________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. A) Social classes B) Societal norms C) Reference groups D) Universal cultures

C) Cost-based pricing

________ involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk. A) Value-based pricing B) Competition-based pricing C) Cost-based pricing D) Penetration pricing E) Break-even pricing

A) Culture

________ is the most basic determinant of a person's wants and behavior. A) Culture B) Brand personality C) Cognitive dissonance D) Motive

A) Price

________ is the only element in the marketing mix that produces revenue. A) Price B) Product C) Place D) Fixed costs E) Variable costs

E) Micromarketing

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. A) Mass marketing B) Trigger-based marketing C) Differentiated marketing D) Concentrated marketing E) Micromarketing

D) Strategic planning

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A) Benchmarking B) SWOT analysis C) Market segmentation D) Strategic planning

D) Decline

________ is the product life cycle period when sales fall off and profits drop. A) Introduction B) Growth C) Maturity D) Decline E) Product development

D) Local

________ marketing tailors brands and promotions to the needs and wants of regional customer groups, such as cities, neighborhoods, and even specific stores. A) Undifferentiated B) Differentiated C) Niche D) Local E) Individual

A) High-low

________ pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items. A) High-low B) Everyday low C) Cost-plus D) Break-even E) Penetration

B) Good-value

________ pricing refers to offering just the right combination of quality and gratifying service at a fair price. A) Markup B) Good-value C) Cost-plus D) Target profit E) Break-even

A) Customer value-based

________ pricing uses buyers' perceptions of value as the key to pricing. A) Customer value-based B) Cost-based C) Time-based D) Markup E) Target return

D) Suppliers

________ provide the resources needed by a company to produce its goods and services. A) Retailers B) Marketing services agencies C) Resellers D) Suppliers

D) Undifferentiated marketing

________ refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. A) Individual marketing B) Local marketing C) Niche marketing D) Undifferentiated marketing E) Segmented marketing

C) sustainable marketing

________ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. A) Ambush marketing B) Evangelism marketing C) Sustainable marketing D) Database marketing

C) Price

________ refers to the amount of money charged for a product or service. A) Value B) Cost C) Price D) Wage E) Salary

D) Personality

________ refers to the unique psychological characteristics that distinguish an individual or group. A) Attitude B) Belief C) Perception D) Personality

C) Brands

________ represent(s) consumers' perceptions and feelings about a product and its performance. A) Product lines B) Labeling C) Brands D) Design

A) Behavioral

________ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product. A) Behavioral B) Psychographic C) Age and life cycle D) Gender

D) Demographic

________ segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation. A) Geographic B) Benefit C) Occasion D) Demographic