mkt ch. 15, blackboard quizzes

In the ________ stage, a firm most likely faces a trade-off between high market share and high current profit. Answers: growth decline maturity introduction commercialization

a

If the demand is ________, seller will consider lowering their selling price, because the price lowering will produce more total revenue. Answers: elastic flexible inelastic variable cyclical

a

Arm and Hammer, a cleaning product, is in the maturity stage of the PLC (product life cycle), and Arm and Hammer managers have decided to modify the market. Which of the following steps should Arm and Hammer managers most likely take to achieve this goal? Answers: find new market segments for the brand improve the overall quality of the product reduce mass media advertising expenses offer improved services to new buyers conduct controlled test marketing activities

a

Company focuses on "Finding new ways to solve customer problems" to ensure the products should delight customers. Which new product development approach is this company using? Selected Answers: Answers: Customer-centered new product development Team-based new product development Systematic new product development Sequential approach Marketing strategy development

a

Countries can set​ ________, which is a limit on the amount of foreign imports that they will accept in certain product categories. A. a quota B. a tariff C. nontariff trade barriers D. duties E. exchange controls

a

In the​ whole-channel concept for international​ marketing, which of the following is NOT a global value delivery​ network? A. Price escalation B. Channels within nations C. International seller D. Channels between nations E. Final user or buyer

a

The biggest involvement in a foreign market comes through​ ________ of the development of​ foreign-based assembly or manufacturing facilities. A. direct investment B. management contracting C. contract manufacturing D. joint venturing E. licensing

a

The first model of Samsung curve-screen TV was introduced in 2005 and sold for $1500. The following year a similar version was introduced for $999. Samsung initially used a ________ strategy to price their TV. Answers: market-skimming target costing deceptive market-penetration predatory

a

Vizio Electronics sells three different sizes of televisions at three different prices. In this case, the company's pricing strategy is considered as ________ pricing. Answers: product line optional-product by-product product bundle captive-product

a

_______ calls for testing new product concepts with groups of target consumers symbolically or physically. Answers: concept testing concept development test marketing marketing strategy development crowdsourcing

a

________ is a geographic characteristic of market potential. A. Country size B. Population size C. Education D. Population age E. Population growth

a

A ________ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth. Answers: cost-based target costing value-based value-added competition-based

b

A detailed version of a product idea stated in meaningful consumer terms is a ________. Answers: product feature product concept product idea product image product framework

b

ACT II, a microwave-prpcorn producer, is faced with a class action suit when customers found pieces of plastic in bag of popcorn. ACT II settles the case and then releases an advertising campaign to show the re-designed and improved safety seals on all bag of popcorn. Which kind of advertisement has ACT II most likely used? Answers: classified informative comparative personalized reminder

b

Dyson is continually updating its line of household appliances, to reflect the trends of market and need of customer. Although the product class stays in the maturity stage of the PLC (product life cycle), they maintain stable sales of their line of household appliances by continually ________. Answers: concept testing modifying the marketing mix rebranding modifying the product modifying the market

b

Each cellphone produced by Samsung involves a cost of processer chips, wires, touch screen, packaging, and other components. Although these costs tend to be the same across units produced, they are called ________ costs because the total changes based on the number of cellphone produced. Answers: fixed variable target capital payroll

b

I Fratellini, a new Italian restaurant, has set up shop across the street from another Italian restaurant. Which of the following pricing strategies will I Fratellini likely use? Answers: cost-plus competition-based break-even good-value target costing

b

In a marketing communications mix, ________ refers to any short-term incentive that encourages the purchase or sale of a product or service. Answers: advertising sales promotion personal selling crowdsourcing public relations

b

In the​ whole-channel view of​ distribution, the first​ link, ________, moves company products from points of production to the borders of countries within which they are sold. A. price B. channels between nations C. promotion D. channels within nations E. communication adaptation

b

In which of the following cases is a firm employing omni-channel retailing? . Answers: E-tailers such as Hammon.com market their products through a strong online presence. Wingate Retail sells its products through e-tailers and hundreds of physical superstores. Russel Stores' sales operations are based on heavy outbound telephone marketing. Lues Wholesalers markets its products to retailers through personal selling. Local convenience stores promote products through word-of-mouth marketing.

b

In​ a(n) ________​ economy, the vast majority of people engage in simple agriculture. A. industrializing B. subsistence C. emerging D. industrial E. raw material exporting

b

Pricing a product based on consumers' reference prices is referred to as ________ pricing. Answers: geographical psychological allowance by-product captive-product

b

Priority Motorsports is a company that sells used car in major urban and suburban areas. Priority Motorsports developed a short, humorous video promoting the company's products and hope that customers who see the video will be so entertained that they will pass the video on to their friends and colleagues. The marketers at Priority Motorsports are using techniques to facilitate ________. Answers: direct-mail marketing viral marketing catalog marketing contextual advertising display advertising

b

Rather than just creating and placing "TV ads" or "print ads" or "Snapchat branded story ads," many marketers now view themselves more broadly as ________ managers. Answers: social media marketing content marketing integrated marketing communication direct marketing multi-media marketing

b

University Boutiques promotes its brand in new international markets by providing rights to local boutiques to use its patented designs and brand name. In this​ case, University​ Boutiques' market-entering strategy is referred to as​ ________. A. exporting B. licensing C. joint ownership D. contract manufacturing E. management contracting

b

Which of the following is a shortcoming of advertising? It does not allow dramatization of the brand or company. It only provides one-way communication with customers. It can be too customized and only attracts small, niche markets. It reaches targeted customers too slowly in most cases. It is the most costly promotion tool for companies.

b

Which of the following is most likely a difference between advertising and sales promotion? Advertising is a sales-directed form of communication, while sales promotions are endorsed as company news Advertising can be used to build up a long-term image for a product while sales promotion effects can be short lived. Advertising can be used to dramatize product offers, but sales promotion cannot be used for this purpose Advertising can trigger quick sales, while sales promotions cannot. Advertising is not as effective in building long-term brand preferences as sales promotions.

b

Which of the following is true of direct and digital marketing? Answers: Its marketing message is fixed and does not change according to the customer's requirements. It is suited for highly targeted marketing efforts and for building one-to-one customer relationships. It is presented as company news rather than as a sales-directed communication. It does not involve any interaction between the company and its customers . It is an impersonal promotion tool that hinders two-way communication.

b

________ is a demographic characteristic. A. Population density​ (urban and​ rural) B. Education C. Transportation structure and market accessibility D. Climate E. Country size

b

​________ economies are major exporters of manufactured​ goods, services, and investment funds. A. Income distribution B. Industrial C. Emerging D. Subsistence E. Raw material exporting

b

A company that uses E-catalog to sell its products to customers is most likely using the promotion tool of ________. Answers: advertising public relations direct and digital marketing retailing merchandising

c

Chemical Guys, a car care products manufacturer, is sued by an environmental group for not meeting safety standards in handling waste disposal. Chemical Guys solves the problem by adding industrial-grade filters and purifiers. Which of the following actions by Chemical Guys would constitute a public-relations effort to address the effects of the lawsuit and the consequent damage to its brand image? Answers: having well-trained personnel at retail outlets to explain the different ranges of products the company provides tying in with local restaurants to promote exclusive sales of Chemical Guys soft drinks lowering prices of Chemical Guys' products in the short term holding a press conference to explain the remedial steps that Chemical Guys has taken making new advertisements for Chemical Guys products and sponsoring shows on television

c

Chips of Joy, a leading chocolate chip cookie manufacturer, has decided to adjust the marketing strategy and mix elements to each international target market. Chips of Joy is using a(n) ________ marketing strategy. Answers: collective global standardized global adapted global joint global direct global

c

In which stage of the product life cycle will company starts to meet the competition? Answers: product development introduction growth maturity adoption

c

Kiehl's is planning to release a new line of high-end men's care products. Its teams are now reviewing the sales history of comparable products and conducting marketing surveys to evaluate minimum and maximum sales for this line of products. In which of the following stages of the new product development process is the product? Answers: test marketing idea screening business analysis marketing strategy development concept testing

c

Providing extra features and services to differentiate their offers and thus support high-priced products is referred to as ________ pricing. Answers: high-low value-added target return everyday low cost-plus

c

The purpose of a tariff is to​ ________. A. increase the amount of foreign imports B. increase the amount of foreign exchange C. raise revenue D. protect local employment E. provide competition to local industry

c

Twenty-Four7, a cosmetic firm located in the United​ States, markets its products in Asian and European countries through independent distributors. In this​ case, Twenty-Four7 has entered international markets through​ ________. A. joint ownerships B. franchising C. indirect exporting D. joint venturing E. direct investment

c

When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle ___________. Answers: sales would be low but profits would be high sales would fall and profits would drop sales would be slow and profits non-exostent sales would be slow and profits would level off or decline profits would rise quickly and there would be rapid market acceptance of his product.

c

When adapting advertising messages, media may also need to be adapted internationally because media availability and regulations vary from country to country. This illustrates ________. Answers: communication extension product invention communication adaptation straight product extension product adaptation

c

Which of the following is a disadvantage of using digital, mobile, and social media for advertising? Answers: The costs are high. Audience selectivity is low. The audience controls content and ad exposure. The interactive capabilities are low. There is little scope for personalization.

c

Which of the following is an effect of the advancement of technology on marketing? Answers: Fragmented markets have assimilated into a few mass markets. Marketers go through more intermediaries to connect with consumers. Consumers rely less on marketer-supplied information than in the past. Marketers have increasingly moved toward mass-marketing techniques . Marketers tend to supply less information to consumers than in the past.

c

Which of the following website is primarily functioned as creating customer-product engagement? Answers: Marketing Web sites Company Web sites Branded community Web sites Electronic commerce Web sites Comparison shopping Web sites

c

________ involves changing the products to meet local​ requirements, conditions, or wants. A. Communication adaption B. Price C. Product adaptation D. Promotion E. Product invention

c

________ is the stage where a product and its proposed marketing program are introduced into realistic market settings. Answers: Market strategy development Concept testing Test marketing Concept development Business analysis

c

he simplest way to enter a foreign market is through​ ________. A. tariffs B. joint venturing C. exporting D. importing E. direct investment

c

​________ is when a company adds the cost of​ transportation, tariffs, importer​ margin, wholesaler​ margin, and retailer margin to its factory price. A. Product invention B. Product adaptation C. Price escalation D. Communication adaptation E. Straight extension

c

Which of the following is true of advertising in the new marketing communications model? Answers: Advertisers are increasingly shifting away from digital media. Advertisers are spending more on broadcast advertising. Advertisers are finding traditional media less expensive. Advertisers are using more targeted media to reach customers. Advertisers have replaced print catalogues with digital versions.

d

2 out of 2 points Which of the following sets the upper limit for a product's pricing? Answers: profits product costs elements of the product mix consumer perceptions of value competition

d

A car manufacturer offers monetary incentives to its sales people to promote a new model to the middle-class households in their respective geographic territories. This is an example of a ________ strategy. Answers: push direct marketing vertical integration pull publish-subscribe

d

A computer hardware and electronics corporation company has a team of sales representatives to the Consumer Electronics Show and Computer Expo Trade Show to promote the new line of products. Which promotion mix tool has this company used in this scenario? Answers: crowdsourcing public relations advertising personal selling crowdcasting

d

Chick-fi-la, a an American fast food restaurant chain, uses the same logo and "Eat Mor Chikin" as their most prominent advertising slogan in its online ads, truck signage, Web site, and outdoor billboard. Which technique is being used by Chick-fi-la to promote its business? Answers: logistics information management inventory control segmentation niche market penetration integrated marketing communications global marketing management

d

Dyson releases a new line of cord-free, re-engineered digital motor, new battery technology vacuums V8. To boost sales, Dyson issues a 40 percent off coupon to the first 1000 buyers at all Wal-mart stores in the Midwest. Which element of the promotion mix has Dyson used in this scenario? Answers: public relations crowdsourcing advertising sales promotion personal selling

d

In the​ whole-channel view of​ distribution, the second​ link, _________, moves products from their market entry points to the final consumers. A. channels between nations B. global value delivery network C. final user or buyer D. channels within nations E. communication adaptation

d

In​ a(n) __________economy, fast growth in manufacturing results in rapid overall economic growth. A. income distribution B. raw materials exporting C. subsistence D. emerging E. industrial

d

Under a team-based new product development approach, company departments work closely together overlapping the steps in the product development process. This approach saves times and increases effectiveness because departments work closely together in ________. Answers: divisional teams problem-solving teams self-managed groups cross-functional teams independent groups

d

Venezuela produces oil in​ surplus, whereas Guyana produces rice in surplus and El Salvador produces coffee in surplus. These nations have little hard currency to pay for purchases from other countries and frequently exchange involves​ a(n) ________. A. excise B. tariff C. quota D. barter E. fine

d

Which of the following is a disadvantage of straight product extension? Answers: It involves additional product development costs. It involves changing the product to meet local requirements. It requires planning a new promotional strategy to promote the product. It can be costly in the long run if products fail to satisfy consumers in specific global markets. It requires making changes in the manufacturing process.

d

Which of the following statements is most likely true about direct and digital marketing? Answers: They are used to sell goods to an undifferentiated market segment. They are inconvenient and lengthen the process for most buyers. They remain unaffected by the rapid growth of technologies. They build customer engagement and constitute a complete model for doing business. They are rarely used by companies as supplementary channels.

d

________ is a global communication strategy of fully adapting advertising messages to local markets. A. Dual adaptation B. Product invention C. Straight extension D. Communication adaptation E. Product adaptation

d

​________ involve(s) the direct exchange of goods and services. A. Industrial economies B. A raw material exporting economy C. A subsistence economy D. Barter E. Emerging economies

d

​_________ offer(s) few market opportunities. A. Licensing B. Contract manufacturing C. Joint ownership D. Subsistence economies E. Management contracting

d

Establishing prices for printer that must be used with the ink cartridge is known as ________ pricing. Answers: by-product market-penetration product line product bundle captive-product

e

KFC, a leading fast food restaurant chain that specializes in fried chicken, has recently entered the north Asian markets. Based on its research, consumers in this area prefer spicier fried chicken than in the other countries. So the company alters the ingredients in its products to meet the local preferences. In this scenario, KFC is using a(n) ________ strategy to market its product. Answers: communication adaptation straight product extension undifferentiated marketing product invention product adaptation

e

Lego is best known for the manufacture of Lego-brand toys, consisting mostly of interlocking plastic bricks. At their Web site, LEGO invites users to submit ideas for new LEGO products and to vote for other users' ideas. Lego is using ________ to generate new product ideas. Answers: intrapreneurial programs R&D competitors distribution and suppliers crowdsourcing

e

Many companies get involved in several international markets and ventures. They can be​ __________, with country managers who are responsible for​ salespeople, sales​ branches, distributors, and licensees in their respective countries. A. export departments B. international subsidiaries C. world product groups D. international divisions E. geographical organizations

e

McDonald's operates the same basic​ fast-food look,​ layout, and operating model in its restaurants around the world but​ ________ its menu and design to local tastes. A. licenses B. exports C. directs D. imports E. adapts

e

Which of the following is a demographic factor indicator of market​ potential? A. Income distribution B. Industrial infracture C. Natural resources D. GDP size and growth E. Education

e

Which of the following is a disadvantage of using social media for marketing? Answers: They are impersonal. They primarily provide static content They do not provide information in a timely manner. They provide lower returns than television. They are largely user controlled.

e

Which of the following statements about break-even analysis is most likely true? Answers: It determines how customer-perceived value changes with value-added pricing . It is a tool used to calculate fixed costs. It is used to determine the maximum price that can be set on a product. It is a tool marketers use to examine the relationship between supply and demand. It fails to consider customer value and the relationship between price and demand.

e

_______ is(are) demographic characteristic indicators of market potential. A. Monetary and trade regulations B. Political stability C. National priorities D. Government bureaucracy E. Population size and growth

e

​_________ is a geographic characteristic indicator of market potential. A. Social norms B. Languages C. Cultural norms D. Consumer lifestyles E. Climate

e