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Last year, BruceCo sold 1000 coffee cups for $10 each. If the cost for each cup was $4.70, what was the average revenue for BruceCo? Select one: a. $4,700 b. $10,000 c. $5,300 d. $5.30 e. $10

$10

Last year, BruceCo sold 1000 coffee cups for $10 each. If the cost for each cup was $4.70, what was the total revenue for BruceCo? Select one: a. $5.30 b. $10,000 c. $4,700 d. $10 e. $5,300

$10,000

Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the marginal revenue for the 1125th cup? Select one: a. $10.25 b. $10.00 c. $5.30 d. $10.50 e. $1,250

$10.00

Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the average revenue? Select one: a. $5.30 b. $4.70 c. $10.25 d. $10.00 e. $10.50

$10.25

Last year, BruceCo sold 1000 coffee cups for $10 each. If the cost for each cup was $4.70, how much profit did BruceCo make? Select one: a. $9,995.30 b. $10,000 c. $5.30 d. $4,700 e. $5,300

$5,300

Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the marginal profit for the 1125th cup? Select one: a. $10.25 b. $5.30 c. $4.70 d. $10.00 e. $10.50

$5.30

Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the average profit if they sell all 1500 cups? Select one: a. $4.70 b. $5.80 c. $10.25 d. $5.30 e. $5.55

$5.55

Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.25 for the second 500 cups and $10 for the last 500. Each cup costs $4.70 to produce. What is the marginal profit for the 700th cup? Select one: a. $5.55 b. $4.95 c. $10.25 d. $10.00 e. $10.50

$5.55

Once a consumer has started the consumer buying process, they are going to finish it. Select one: True False

'False

Bruce is planning on selling sandwiches in class for $5 each. Food costs are $4 per sandwich. He will also need to buy an insulated cooler to store the sandwiches. This cooler costs $10. How many sandwiches will Bruce have to sell in order for this project to break even? Select one: a. 8 b. 5 c. 2 d. cannot be determined with this information e. 10

10

BruceCo is planning on selling coffee cups for $14 each. The company can buy the cups for $2.00 and have them printed for $1.50 each. The package costs fifty cents per cup. There is a one-time set up charge from the printer of $1,000. How many coffee cups will BruceCo have to sell in order to break even? Select one: a. 100 b. 72 c. 84 d. 250 e. cannot be determined with this information

100

Rosalie is thinking of advertising her sandwich shop on the radio. She is considering a package of 60 radio spots for $5,000. She only sells Cuban sandwiches for $10 and her average cost per sandwich is $5. How many additional sandwiched would she have to sell to breakeven if she buys the radio spots? Select one: a. 1500 b. 500 c. 0 d. Can't be determined with the information available. e. 1000

1000

BruceCo is planning on selling coffee cups for $14 each. The company can buy the cups for $2.00 and have them printed for $1.50 each. The package costs fifty cents per cup. There is a one-time set up charge from the printer of $1,000. In order for the project to go forward, the company needs to show a $10,000 profit. How many coffee cups will BruceCo have to sell in order for this project to be acceptable? Select one: a. 2750 b. 1100 c. 785 d. cannot be determined with this information e. 916

1100

Research has shown that the influence of family on the consumer buying process is very strong. This is because many of the consumption patterns we have for products are formed by the time we are ____ years old? Select one: a. 24 b. 35 c. 5 d. 16 e. 1

16

BruceCo is planning on selling backpacks for $100 each. The company can buy the backpacks for $30.00 and have them customized for $20.00 apiece. There is a one-time set up charge of $1,000 for customization. How many backpacks will BruceCo have to sell in order to break even? Select one: a. 72 b. 20 c. 34 d. cannot be determined with this information e. 10

20

The 80/20 principle holds that...? Select one: a. 20 percent of your effort should be in developing segments and 80 percent of your effort should be in developing target markets. b. You will have four times as many losing segments as you will have winning segments c. You can fool 80 percent of the people some of the time and you can fool 20 percent of the people all of the time. d. 80 percent of your effort should be in determining the segments and 20 percent of your effort should be in developing the target markets. e. 20 percent of all customers generate 80 percent of the demand

20 percent of all customers generate 80 percent of the demand

BruceCo is planning on selling backpacks for $100 each. The company can buy the backpacks for $30.00 and have them customized for $20.00 apiece. There is a one-time set up charge of $1,000 for customization. In order for the project to go forward, the company needs to show a $10,000 profit. How many backpacks will BruceCo have to sell in order for this project to be acceptable? Select one: a. cannot be determined with this information b. 157 c. 220 d. 367 e. 110

220

Bruce is planning on selling sandwiches in class for $5 each. Food costs are $4 per sandwich. He will also need to buy an insulated cooler to store the sandwiches. This cooler costs $10. Bruce needs to make a profit of $25 to make it worth his while. How many sandwiches does Bruce need to sell to make the project worthwhile? Select one: a. 25 b. 35 c. 7 d. cannot be determined with this information e. 10

35

What is the grading structure for this class? Select one: a. 40% of the grade is based on mini tests, 40% of the grade is based on comprehensive examinations, and 20% of the grade is based on class participation b. 50% of the grade is based on mini tests and 50% of the grade is based on comprehensive examinations c. 50% of the grade is based on lectures 50% of the grade is based on comprehensive examinations, and 50% of the grade is based on participation d. 50% of the grade is based the average of your ten highest mini tests and 50% of the grade is based on comprehensive examinations

50% of the grade is based on mini tests and 50% of the grade is based on comprehensive examinations

Principles of Marketing is a three credit hour class. The rule of thumb for college level work says that (in addition to viewing the lectures) you should be spending _________ additional hours studying each week? Select one: a. Actually, you don't even have to view the lectures to do well. b. 3 c. Whatever it takes d. 6-9 e. 10-15

6-9

Which of these is an acceptable form of identification for the comprehensive examination if you are taking in in person on campus? Select one: a. All of these are acceptable forms of identification for the final b. A valid passport from any country c. A California Drivers License d. A United States Passport e. A San Francisco State University Identification Card

A San Francisco State University Identification Card

Why is an understanding of attitudes important to understanding consumer brands? Select one: a. A brand is an attitude that changes with each consumption experience b. A brand is an attitude that has no object c. A brand is essentially an attitude about a product d. A brand is an attitude created by advertising e. Brands are an important way for marketers to differentiate their products.

A brand is essentially an attitude about a product

BruceCo is an inventory liquidator. The company identifies other businesses that have huge amounts of unsold inventory and buys it from them at pennies on the dollar. They then try to find another company that can use the inventory and sell it to them at a profit. What makes this business so fun is that you never know from day to day what product you will be dealing in or who might be a prospective customer. What type of wholesaler would BruceCo be considered? Select one: a. A distributor who carries a variety of products and sells to a variety of customers. b. A regional warehouse which keeps inventory nearer to the customer. c. A broker who negotiates deals with any customer who wishes to purchase what BruceCo is trying to liquidate. d. A manufacturer's representative to call manufacturing businesses send the orders into BruceCo. e. A direct channel, selling to customers through a company website, charging $10 shipping and handling for ground delivery and $20 shipping and handling for rush delivery.

A broker who negotiates deals with any customer who wishes to purchase what BruceCo is trying to liquidate.

BruceCo is an inventory liquidator. The company identifies other businesses that have huge amounts of unsold inventory and buys it from them at pennies on the dollar. They then try to find another company that can use the inventory and sell it to them at a profit. What makes this business so fun is that you never know from day to day what product you will be dealing in or who might be a prospective customer. What type of wholesaler would BruceCo be considered? Select one: a. A regional warehouse which keeps inventory nearer to the customer. b. A manufacturer's representative to call manufacturing businesses send the orders into BruceCo. c. A distributor who carries a variety of products and sells to a variety of customers. d. A broker who negotiates deals with any customer who wishes to purchase what BruceCo is trying to liquidate. e. A direct channel, selling to customers through a company website, charging $10 shipping and handling for ground delivery and $20 shipping and handling for rush delivery.

A broker who negotiates deals with any customer who wishes to purchase what BruceCo is trying to liquidate.

What is the difference between a business customer and an individual consumer. Select one: a. Both businesses and individual consumers buy products to help run the organization. b. Consumers go through a 5-stage buying process while business customers do not use a 5-stage buying process. c. A business buys products in order to make money while an individual buys products for personal enjoyment. d. Businesses tend to make smaller purchases than individual consumers do. e. A business buys things to make other products while an individual consumer buys things in order to sell them to others.

A business buys products in order to make money while an individual buys products for personal enjoyment.

Which of the following statements best describes the consumer buying process? Select one: a. The consumer buying process is what allows human beings to make rational decisions even if they haven't studied economics. b. People use different approaches to making decisions about goods and services than they do in other areas of their lives. c. Human beings find the consumer buying process too complicated to use for anything but purchases of goods and services. d. People can save time by using the consumer buying process instead of making a decision about a product. e. A consumer trying to satisfy a need through a purchase is actually solving a personal problem

A consumer trying to satisfy a need through a purchase is actually solving a personal problem.

What is a customer? Select one: a. A customer is all of these. b. Someone who has the ability to buy your product. c. Someone who has the authority to buy your product. d. Someone who benefits from your product. e. Someone who has the money to buy your product.

A customer is all of these.

Which of these would be considered an indirect marketing channel? Select one: a. A customer, a retailer, and a producer b. A producer and a customer c. A producer, a wholesaler, and a retailer. d. A retailer and a customer e. A producer and a retailer

A customer, a retailer, and a producer

What is a data silo as described in class? Select one: a. A piece of computer hardware used to store the information left over after data mining is complete. b. A database designed to combine information from many functional areas and make it available to decision makers. c. An agricultural products database. d. A database designed to support one business function that is not integrated with other business functions. e. A computer program that compares databases within a business and identifies information that may be incorrect.

A database designed to support one business function that is not integrated with other business functions.

What is the difference between data and information as discussed in class? Select one: a. Data are things that are true, information is things that are believed to be true. b. Data is the singular, information is the plural. c. A datum is a fact based on hard evidence; information is a fact based on opinion. d. A datum is a fact; information is a collection of facts. e. A datum is a fact; information is a fact that is used in making a decision.

A datum is a fact; information is a fact that is used in making a decision.

Which of the following is NOT an example of a third-party provider of logistics? Select one: a. A public warehouse. b. An export/import firm c. A freight forwarder d. A design firm e. A parcel delivery company

A design firm

A discontinuous innovation is? Select one: a. An opportunity to gain a significant competitive advantage. b. A product that is "new to the world" c. A product so new that customers may not understand how to use it. d. A discontinuous innovation is all of these things. e. A product so innovative that it can change the way we live.

A discontinuous innovation is all of these things.

Which of the following situations is probably illegal price discrimination as determined by the Robinson-Patman Act? Select one: a. The Frito Lay company sells potato chips to Wal Mart for less money than to a local grocery store because Wal Mart buys in very large quantities in order to be able to offer low prices. b. A gasoline filling station charges customers who use a credit card or an ATM card three cents extra per gallon. c. These are all examples of illegal price discrimination. d. A bank charges a lower fee for a checking account to customers who have agreed to have their paychecks deposited to the account automatically? e. A gasoline refinery sells gasoline to its dealers for 50 cents less than to independent dealers because it doesn't want independent dealers selling gasoline at lower prices than the company's dealer network.

A gasoline refinery sells gasoline to its dealers for 50 cents less than to independent dealers because it doesn't want independent dealers selling gasoline at lower prices than the company's dealer network.

Price elasticity is the slope of the demand curve. When price elasticity is LOW? Select one: a. A small change in price will have no effect on quantity demanded b. Demand will increase at all price levels c. A small change in price will lead to a large change in quantity demanded. d. Demand will decrease at all price levels e. A large change in price will lead to a small change in quantity demanded

A large change in price will lead to a small change in quantity demanded

Which of the following is a condition necessary for exchange to occur? Select one: a. The products must be of equal value. b. A means of communication. c. A winner and a loser. d. A business license. e. A requirement that an agreement will be reached

A means of communication

Which of the following people would most likely be a potential customer for a Ferrari luxury car? Select one: a. A teenage boy who is a huge Ferrari fan, reads everything he can about Ferrari and dreams about owning a Ferrari while working his minimum wage job after school to save up for his drivers license. b. Your Marketing Instructor who has three kids in college and is trying to pay off his own student loans? c. An environmental activist who has pledged never to drive an internal combustion automobile. d. A millionaire who already owns a Ferrari. e. A millionaire who doesn't care for luxury cars.

A millionaire who already owns a Ferrari.

What is the difference between a need and a want as described in class? Select one: a. A need is a perceived lack of something, a want is a culturally defined way to satisfy the need b. A need is a desire for a socially desirable product, a want is a desire for a socially unacceptable product. c. A need describes desire at an individual level, a want describes desire of groups as a whole. d. A need is an actual lack of something, a desire is a perceived lack of something. e. A need is a physical desire, a want is an intangible desire.

A need is a perceived lack of something, a want is a culturally defined way to satisfy the need

Which of the following situations describes a business customer? Select one: a. A purchasing agent for a fortune 500 company who buys a new Cleveland golf club so that she can improve her golf game. b. An individual seeking to make a charitable contribution to a not-for-profit organization. c. A person who visits a government agency looking for information on gardening. d. All of these are business customers. e. A not-for-profit organization that buys copier paper in order to make flyers announcing a charity fundraising event.

A not-for-profit organization that buys copier paper in order to make flyers announcing a charity fundraising event.

Which of the following situations describes a business customer? Select one: a. A person who notices that her baby could use some new knitted baby clothes. b. A person who buys yarn in order to knit a sweater for himself c. A person who surfs the web looking for knitted baby clothes. d. All of these are business customers. e. A person who buys yarn in order to knit baby clothes for sale on her "darned babies" website.

A person who buys yarn in order to knit baby clothes for sale on her "darned babies" website.

When we speak of a consumer, we are speaking of...? Select one: a. An individual who is exactly like every other individual who buys a specific product. b. A small business that purchases things for resale to other businesses. c. We are speaking of all of these when we speak of a consumer. d. The aggregate demand for a good or service. e. A person who purchases things for personal consumption.

A person who purchases things for personal consumption.

Which of the following is tactics is most likely to encourage customers to pay your asking price for a product. Select one: a. A price tag that looks like it was professionally printed. b. A handwritten price tag with the price and the date that the tag was written on it. c. A professionally printed price tag with the price crossed out and a lower price written in. d. A Professionally printed price tag with the actual price hand-written in a blank provided for the price. e. A price tag that says no reasonable offer refused.

A price tag that looks like it was professionally printed.

A marketing channel always includes? Select one: a. A salesperson b. A wholesaler c. A producer d. A retailer e. All of the above

A producer

A direct marketing channel consists of? Select one: a. A retailer and a customer b. A producer and a customer c. A customer d. A producer and a retailer e. A producer, a truck, and a retailer.

A producer and a customer

What is a double-barreled question? Select one: a. A question that is repeated in the questionnaire to check for accuracy. b. A question that is designed to educate the participant rather than to solicit an answer. c. An open-ended question. d. A question that can be used as an independent variable and as a dependent variable in causal research. e. A questionnaire item that is unclear because it combines two questions.

A questionnaire item that is unclear because it combines two questions.

What is the difference between a research objective and a business objective? Select one: a. A research objective provides information, a business objective can only use information that has been provided. b. A research objective provides an answer to a specific question, a business objective may require several sources of information c. A research project and a business project have the same objective d. A research objective is usually short-term, while a business objective is usually long-term e. All of these are differences between a research objective and a business objective.

A research objective provides an answer to a specific question, a business objective may require several sources of information

Price elasticity is the slope of the demand curve. When price elasticity is HIGH? Select one: a. Demand will decrease at all price levels b. A small change in price will lead to a large change in quantity demanded. c. Demand will increase at all price levels d. A small change in price will have no effect on quantity demanded e. A small change in price will lead to a small change in quantity demanded

A small change in price will lead to a large change in quantity demanded.

________________ is the basic unit of exchange? Select one: a. Currency. b. Trust. c. A share of common stock. d. A transaction e. A legal contract.

A transaction

The value of the levels of the product concept is that the actual product can be thought of as? Select one: a. The second step in a marketing program. b. The only way to deliver the core benefit to the customer. c. A way to deliver the core benefit to the consumer. d. The linkage between the core benefit and the market segment. e. Unfinished until the product has been enhanced by offering a service guarantee.

A way to deliver the core benefit to the consumer.

For many products such as candy bars, there is a price consumers expect to pay for the product. Companies using the _____________ to setting prices will use this price as a basis for positioning their products as prestige or value brands? Select one: a. loss-leader approach b. Captive approach c. Customary pricing approach d. Price leadership approach e. Above or below approach

Above or below approach

BruceCo is a company that makes products for the coffee industry. Each summer, they hire a research intern from San Francisco State University to develop an industry forecast using information published by the US Department of Commerce and other government agencies. This is an example of _____________ in a marketing information system? Select one: a. Internal information b. Computer hardware and software c. Decision makers d. Acquired databases/internet e. Marketing intelligence

Acquired databases/internet

Which of the following is NOT a functional benefit of packaging? Select one: a. Protecting the product b. Meeting intermediary needs. c. Acting as a silent salesperson d. Keeping the product dry. e. Allowing the retailer to display the product on store shelves

Acting as a silent salesperson

Yuli is the California regional manager for a suntan lotion company. Currently the company does not have a distributor in San Francisco. Yuli will use the company's marketing information system to decide whether or not to add a distributor in Northern California. This is an example of a(n) ___________ decision? Select one: a. Executive b. Ad-hoc c. Data mining d. Routine e. Knee-jerk

Ad-hoc

Which of the following is NOT a cost typically associated with logistics? Select one: a. Stockout. b. Advertising c. Order processing d. Transportation e. Inventory

Advertising

Which of the following is NOT an issue typically addressed in developing a channel strategy? Select one: a. Market Coverage b. Advertising c. Service level d. In-stock levels e. After-sale service

Advertising

When are the mini tests due? Select one: a. At the end of the semester b. When they are posted c. The mini tests are available until the last day of instruction d. At the end of the two-week period they are available e. After the material has been presented in class

After the material has been presented in class

Carlina operates a wholesale flower market serving florists in her city. She orders her roses from Ecuador because the quality is good and the prices are very competitive. Because the roses become unsalable after a day or two, Carlina uses _________ transportation for this part of her business? Select one: a. Pipeline b. Rail c. Air d. Water e. Truck

Air

Which of the following statements about motivation is FALSE? Select one: a. Physiological needs are a basic source of motivation b. People are not always aware of their true motivation c. All of these statements about motivation are false. d. Psychological needs are a basic source of motivation e. All needs are equally motivating

All needs are equally motivating

Which of the following is NOT a common application of marketing analytics programs? Select one: a. Cluster analysis b. All of these are applications of marketing analytics programs. c. Optimization d. Data mining e. Predictive modeling

All of these are applications of marketing analytics programs.

Which of the following pairs would NOT be considered to be complementary products? Select one: a. milk, cookies b. ink jet printer, ink cartridges c. Keurig coffee maker, K cups d. remote controlled drone, batteries e. All of these are complementary products

All of these are complementary products

Which of these is a constraint to consider when developing a research plan? Select one: a. The salaries paid to in-house market researchers. b. All of these are constraints to be considered when developing a research plan. c. The time managers spend discussing the project with researchers. d. Fees paid to an outside market research firm. e. The shelf-life of the market opportunity addressed by the research.

All of these are constraints to be considered when developing a research plan.

Which of these is NOT a typical discount or allowance applied at the time a product is purchased? Select one: a. Promotional allowance b. Trade discount c. Seasonal discount d. Quantity discount e. All of these are discounts or allowances applied at the time of purchase.

All of these are discounts or allowances applied at the time of purchase.

Which of the following is a good reason for raising your prices? Select one: a. The business is not making enough profit. b. A new and improved version of your product is introduced. c. All of these are good reasons for raising prices. d. Inflation has caused your costs to increase. e. Everybody else in the industry is raising their prices.

All of these are good reasons for raising prices.

Which of these is NOT a good source of new product ideas? Select one: a. All of these are good sources of new product ideas. b. Existing customers c. People who complain about your current product offerings. d. Consultants e. Suppliers

All of these are good sources of new product ideas.

Which of these is NOT an example of an intangible product? Select one: a. A media celebrity b. All of these are intangible products c. A ballot initiative d. A sports hero e. A vacation destination

All of these are intangible products

Materials handling deals with loading and unloading products and moving them short distances from place to place. One of the biggest issues in material handling is? Select one: a. Keeping track of where things are b. Theft c. All of these are issues associated with materials handling d. Breakage e. Damage control

All of these are issues associated with materials handling

Which of the following groups would normally be considered to be a stakeholder of a company? Select one: a. The company's labor unions b. All of these are normally considered to be stakeholders. c. The local community d. The company's suppliers e. The company's stock holders

All of these are normally considered to be stakeholders.

Which of the following is NOT an example of a not-for-profit organization? Select one: a. A Girl Scout troop b. A public hospital c. A church d. A charitable foundation e. All of these are not-for-profit organizations.

All of these are not-for-profit organizations.

Which of the following is NOT part of the price of a credit card for college students? Select one: a. Feeling depressed because of your credit card debt. b. A monthly fee for the card c. All of these are part of the price of a credit card for college students d. A 3% charge for cash advances e. The interest rate charged on purchases

All of these are part of the price of a credit card for college students

The second stage of the consumer buying process is? Select one: a. Where the consumer tries to identify different ways to satisfy the need. b. The information search c. The creation of the 'awareness set' d. Affected by the cost of acquiring new information e. All of these are part of the second stage of the consumer buying process.

All of these are part of the second stage of the consumer buying process.

Which of the following is an example of a product? Select one: a. A new car. b. A hospital emergency room. c. All of these are products. d. A political candidate. e. A vacation in Jamaica.

All of these are products.

Which of the following is an example of a question that can be answered using breakeven analysis? Select one: a. How much will we have to increase our price to meet a target return of 7.5% assuming sales remain constant? b. Can we stay profitable if we match a competitor's price cut in order to maintain sales volume? c. All of these are questions that can be answered using break even analysis. d. How much will revenue have to increase before a new investment in plant becomes profitable? e. How many additional units must we sell to pay for an advertising campaign?

All of these are questions that can be answered using break even analysis.

When would you be willing to spend money to develop new information to support a decision? Select one: a. When the information you develop is better than guessing. b. When there is a lot at risk in making the decision. c. When the expected value of the decision increases with better information. d. All of these are reasons to spend money to develop new information to support a decision. e. When there is a high level of uncertainty about alternative outcomes.

All of these are reasons to spend money to develop new information to support a decision.

Based on what you understand about the consumer buying process, why is it a good idea for Toyota to feature fuel economy in the advertisements for its hybrid Prius automobile. Select one: a. Because the Prius is more expensive than comparable cars that are not hybrids so it would not appear to be as favorable if a customer chose price as the evaluation criterion. b. Because it encourages consumers to use fuel economy as an evaluation criterion. The Prius compares very favorably to other cars on the basis of fuel economy. c. Because one of the advantages of owning a hybrid car is that you use less gasoline. d. Because the company naturally wants customers focus on attributes where their product has an advantage over competitive products. e. All of these are reasons why it is a good idea for Toyota to feature fuel economy in advertisements for its hybrid Prius automobile.

All of these are reasons why it is a good idea for Toyota to feature fuel economy in advertisements for its hybrid Prius automobile.

Which of the following is NOT a source of information for a typical Marketing Information System? Select one: a. Internal data b. Acquired databases c. Marketing research d. Marketing intelligence e. All of these are sources of information for a typical marketing information system.

All of these are sources of information for a typical marketing information system.

What is the NAICS? Select one: a. A system that classifies businesses according to their primary line of business. b. All of these are the NAICS. c. A system for classifying businesses in the United States, Canada and Mexico d. The North American Industry Classification System. e. A replacement for the old Standard Industrial Classification (SIC) code.

All of these are the NAICS.

When it comes to managing services, some people find it helpful to think of it as a service encounter with roles for both the service provider and for the customer. It is the role of the service provider to? Select one: a. Make the initial contact with the customer.. b. All of these are the role of the service provider. c. Create a positive impression on the customer. d. Get information from the customer. e. Direct the customer through the service.

All of these are the role of the service provider.

Which of these is NOT a tool you can use to communicate the brand experience? Select one: a. Advertising b. Brand name c. Message strategy d. All of these are tools you can use to communicate the brand experience. e. Positioning

All of these are tools you can use to communicate the brand experience.

Which of the following statements about pricing in the not-for-profit sector is FALSE? Select one: a. many not-for profits use "sliding scale" fees where people who can afford to pay more are charged higher fees. b. Embarrasment or sweat equity may be non-monetary componenets of the not-for-profit price to the customer. c. The price to the customer may be below the cost of providing the service with the difference made up by a third party. d. Financial goals are secondary to non-financial goals e. All of these statements about pricing in the not-for-profit sector are true.

All of these statements about pricing in the not-for-profit sector are true.

Which of the following statements about the bin theory or memory is FALSE? Select one: a. All of these statements about the bin theory of memory are true. b. Over time, one item becomes the category label c. Repetition keeps you near the top of the category d. Memories are stored in chronological order e. We remember things in categories

All of these statements about the bin theory of memory are true.

Which of the statements about the levels of the product concept are true? Select one: a. It is a useful tool to use in developing new products. b. It looks at products from the customer's perspective c. It recognized that there are an infinite number of ways to satisfy a consumer's need. d. All of these statements are true. e. It can be used as a basis for positioning.

All of these statements are true.

Which of these statements about the introductory stage of the product life cycle is true? Select one: a. Unprofitable products should be divested at the introductory stage. b. The introductory stage corresponds to the late majority in the diffusion process. c. Penetration pricing allows you to earn back your initial investment more rapidly. d. All products start the introductory stage start by losing money. e. Competition in the introductory stage is usually very intense.

All products start the introductory stage start by losing money.

Which of the following is NOT something you would like an intermediary to provide for your customers? Select one: a. Alternate products b. Communication c. Convenience d. Variety e. Research

Alternate products

A marketing channel always includes? Select one: a. All of the above b. A raw materials supplier c. An end user d. A wholesaler e. An intermediary

An end user

An inverted demand curve is usually associated with luxury or prestige goods. With an inverse demand curve, within a certain range of prices... Select one: a. A discount will lead to an increase in the quantity demanded b. An increase in price will lead to an increase in the quantity demanded c. An increase in price will lead to a decrease in the quantity demanded d. A decrease in price will lead to an increase in the quantity demanded e. There is no limit to the quantity demanded

An increase in price will lead to an increase in the quantity demanded

Which of the following is NOT a source of internal data used in a marketing information system? Select one: a. Sales data b. Tracking logs from the company website c. An information silo d. Ordering data e. customer service logs

An information silo

What would a reader expect to find in the limitations section of a research report? Select one: a. A one-page summary of the major findings. b. Any compromises the researchers needed to make in order to complete the study c. A description of the methods used to collect the data. d. A recommendation based on the research e. The analysis methods used in the report.

Any compromises the researchers needed to make in order to complete the study

What do we mean when speak of an organization's stakeholders? Select one: a. Any individual or organization that is affected by a company's marketing activity. b. Individuals or organizations who have expressed interest in buying a particular company's stock when it is undervalued in the marketplace. c. Individuals or organizations who are not currently customers of a company. d. Any individual or organization that makes money when a particular company introduces a successful new product. e. Individuals or organizations who monitor blogs (web logs) about new products for an industry.

Any individual or organization that is affected by a company's marketing activity.

In the three circles positioning framework presented in class, what does "the bar" represent? Select one: a. Areas where you need to be competitive, but will not give you a competitive advantage b. Opportunities to differentiate your product based on industry standards c. Areas that are more important to your customers than to your competitors' customers d. Products you do not need to carry because there are planty of businesses who will provide them e. A place to go to overhear conversations about your competitors' products.

Areas where you need to be competitive, but will not give you a competitive advantage

In the three circles positioning framework presented in class, what does "the bar" represent? Select one: a. Areas where you need to be competitive, but will not give you a competitive advantage b. Products you do not need to carry because there are planty of businesses who will provide them c. Opportunities to differentiate your product based on industry standards d. A place to go to overhear conversations about your competitors' products. e. Areas that are more important to your customers than to your competitors' customers

Areas where you need to be competitive, but will not give you a competitive advantage

Zach loves the sport of soccer. He is a huge fan of the Brazilian national team. He collects pictures of the team and wears the Brazilian team colors during world cup soccer matches. He hopes to be good enough to play on the Brazilian soccer team some day. For Zach, the Brazilian soccer team is a(n) ____________? Select one: a. Consideration set b. Membership group c. Conformity group d. Dissociative group e. Aspirational group

Aspirational group

Frodo was a massage therapist. He was very good at dealing with lower back pain. In his waiting room, he had a framed photograph of Sylvester Stallone along with a letter from the celebrity saying that Frodo was the best massage therapist in the world. Sylvester Stallone appeared in all of Frodo's print and radio advertisements as well. Frodo was using the ___________ approach to making his service seem 'real'? Select one: a. Visualization b. Association. c. Documentation d. Word of mouth e. Physical representation

Association.

Kris decided to go shopping for a pair of tennis shoes. She went to the mall where there were several stores selling shoes. The first store was poorly lit, seemed to be kind of dirty and was very crowded. The second store was brightly lit, sparkning clean and had the shoes attractively displayed on shelves. She walked past the first store and into the second store in order to shop for shoes. Kris was influenced by ___________ Select one: a. Time of day b. Her mood at the time. c. The buying task d. Personality e. Atmospherics

Atmospherics

A(n) _____________ is a learned predisposition to respond to an object or a class of objects in a consistently favorable or unfavorable way? Select one: a. Market b. Education c. Motivation d. Product e. Attitude

Attitude

Which of the following statements about attitudes is FALSE? Select one: a. Attitudes must have an object b. Attitudes are learned c. Attitudes are relatively stable d. Attitudes become more favorable over time e. Attitudes can be favorable or unfavorable

Attitudes become more favorable over time

Arwen wanted to open a donut shop where customers could design their own donuts and have them made to order at the time. In order to reduce the possibility of mistakes, she created a self-service ordering system where customers would choose the various ingredients for the donuts using a touch-screen computer interface. Then they would follow along the glass-enclosed production line and watch while her highly skilled workers cooked the donuts from scratch. By using a computer rather than a person to initiate the process, Arwen was using _____________ to make the best use of her highly trained donut makers? Select one: a. Price rationing b. The Dolly Parton Solution c. Productization d. Automation e. Mediation

Automation

In order to get an individual to adopt a new product the first thing you need to create is? Select one: a. Interest b. Confirmation c. Evaluation d. Awareness e. Desire

Awareness

One of the issues facing _______________, people born between 1946 and 1964 is coming to terms with growing older? Select one: a. Generation Y'ers b. Baby boomers c. Co-generators d. Generation X'ers e. Generational marketers

Baby boomers

Bruce went into an appliance store to purchase a 32" HD tv for $249 as advertised online. When he got to the store, he was told that all of the $249 tv's had been sold, but there was a 32" HD tv available for $299 that he could purchase today. Bruce may have been a victim of? Select one: a. Price discrimination b. Price fixing c. Bait and switch pricing d. Reference pricing e. advertised pricing

Bait and switch pricing

When goods and services are exchanged for other goods and services, rather than for money, it is referred to as __________? Select one: a. B2B b. Off-book. c. Non-revenue d. Trade e. Barter

Barter

Which of the following statements about Maslow's Hierarchy of Needs is TRUE? Select one: a. Ego-centric people are more concerned about their self image than whether they have enough to eat. b. Risk avoiders are motivated by safety needs rather than ego needs. c. Basic needs such as Physiological and safety should be satisfied before higher-level needs become motivators. d. Risk takers are motivated by ego needs rather than by safety needs. e. All of these statements about Maslow's Hierarchy of needs are true.

Basic needs such as Physiological and safety should be satisfied before higher-level needs become motivators.

Why is it so important to take complaints about service so seriously? Select one: a. Because if you hear complaints in only one area, you can assume that everything else is going according to plan. b. Because it will tell you which products you need to discontinue. c. Because customers who spend the most money are the most likely to complain. d. Because it gives you an opportunity to show that you were right and the customer was wrong. e. Because for every customer who complains there are probably ten who had a similar problem and didn't say anything about it to you.

Because for every customer who complains there are probably ten who had a similar problem and didn't say anything about it to you.

Why is it that many businesses may be unaware of how they are actually perceived in the market place. Select one: a. Because customers may not be aware of their true feelings about a company or product. b. Because sales information does not reflect peoples opinions about a company. c. Because dissatisfied customers usually keep their feelings to themselves. d. Because market positions change rapidly and information is frequently out of date. e. Because much of the information executives get is from people who are paid by the company.

Because much of the information executives get is from people who are paid by the company.

Why is it that many businesses may be unaware of how they are actually perceived in the market place. Select one: a. Because dissatisfied customers usually keep their feelings to themselves. b. Because sales information does not reflect peoples opinions about a company. c. Because customers may not be aware of their true feelings about a company or product. d. Because market positions change rapidly and information is frequently out of date. e. Because much of the information executives get is from people who are paid by the company.

Because much of the information executives get is from people who are paid by the company.

Why is demand inelastic for many industrial goods? Select one: a. Because industrial products are less fashion-oriented so demand doesn't change when fashion trends change. b. Because buying agents for business products are trained negotiators which limits the impact of price increases on demand. c. Because large changes in price result in small changes in the quantity demanded. d. Because the component cost is so small relative to the cost of the end product that large changes in the price for the component will have little impact on demand for the end product. e. Because when component prices are lower, manufacturers will use more component parts in their products.

Because the component cost is so small relative to the cost of the end product that large changes in the price for the component will have little impact on demand for the end product.

According to Michael Porter, there are three fundamental marketing strategies. Why is this important to understand in a discussion of market segmentation? Select one: a. Because all strategies require appropriate market segmentation in order to be successful. b. Because there is only room for one low-cost producer in an industry, everyone else will need to segment their markets in order to keep their costs competitive with the low cost producer. c. Because there is only room for one low-cost producer and one differentiated product in an industry, businesses need to use segmentation to determine which strategy will be best for their product. d. Because there is only room for one low-cost producer in an industry, everybody else will need to use a differentiation or focus strategy. Market segmentation is a tool you can use to help differentiate your product.

Because there is only room for one low-cost producer in an industry, everybody else will need to use a differentiation or focus strategy. Market segmentation is a tool you can use to help differentiate your product.

The last group in the diffusion of innovations process, non-adopters, represent people who will never buy the new product. Why is it important to remember this group when dealing with new product introductions? Select one: a. Because you need to take these people into account in order to understand the true market potential for your new product. b. Because it is fun to say there are 6 stages in a 5 stage process. c. Because these people can be converted to late adopters if you change your advertising method. d. Because these people will be the innovators for the next generation of the new product. e. because these people may be converted to customers if the word of mouth or 'buzz' about the new product is good enough.

Because you need to take these people into account in order to understand the true market potential for your new product.

The two components of quality are? Select one: a. Reliability, warranty b. Features, benefits. c. Cost of obtaining the benefit, benefits received. d. Benefits received, consistency. e. Price, benefits received.

Benefits received, consistency

Which of the following statements comparing the consumer buying process to the business buying process is TRUE? Select one: a. Businesses are more likely to make a purchase based on an emotional reactin to the product than consumers are. b. Consumers are more analytical about their purchases than businesses are. c. Both businesses and consumers purchase products for their personal enjoyment. d. Both businesses and consumers are trained to consider factors such as the reliability of the supplier when making the purchase decision. e. Both businesses and consumers solve problems using a five-step process.

Both businesses and consumers solve problems using a five-step process.

Which of the following assumptions about using ethnicity as a segmentation variable is correct? Select one: a. It is easy to create products that meet the needs of different ethnic groups b. Both race and culture play a role in consumption patterns. c. Ethnic segmentation is not economically viable. d. Stereotyping is a useful tool to use in making assumptions about consumption patterns of ethnic groups. e. People within an ethnic group are generally similar to each other.

Both race and culture play a role in consumption patterns.

A(n) _____________ is a name, term, design, symbol, or any other feature that identifies one seller's goods or services as distinct from those of other sellers? Select one: a. Copyright b. Patent c. Brand d. Attribute e. Advertising slogan

Brand

Kendra runs a wholesale distribution center for candy. Each week she receives a truckload of candy from her supplier and unpacks it so that her customers only have to buy a case at a time. Kendra is adding value by ___________? Select one: a. Transporting b. Creating assortment c. Breaking bulk d. Grading. e. Storing

Breaking bulk

Bruce is considering adding dinosaur slippers to his novelty sleepware line. But first, he needs to determine if there is adequate market potential to justify the expense. Bruce is in the _________ stage of the new product development process. Select one: a. Idea generation b. Commercialization c. New product strategy d. Business analysis e. Market testing

Business analysis

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company define the marketing strategy for and determine the projected income from a new product? Select one: a. Technical development b. Business analysis c. New-product strategy d. Screening and evaluation e. Commercialization f. Idea generation g. Market Testing

Business analysis

Baking soda is an ingredient in cooking. It also has the property of absorbing odors. The Dwight and Church company found that many people were leaving an open box of baking soda in their refrigerator to absorb food odors. In order to take advantage of this opportunity, they developed a special package with many air vents specifically for use as a refrigerator deodorant. Arm and hammer used ______________ segmentation to develop this product? Select one: a. Geographic. b. Demographic c. Psychographic. d. Business versus consumer e. Buying Behavior

Buying Behavior

The most attractive market segment for fast food restaraunts is heavy users (no pun intended). These customers visit fast food restaraunts 14 or more times per month on average. This is an example of _______________ segmentation in the fast food industry? Select one: a. Demographic b. Buying behavior c. Statistical d. Psychographic. e. Geographic.

Buying behavior

The group of people in an organization who become involved in the purchase decision are a(the) _________? Select one: a. Customer council b. Decision makers c. Component parts. d. Professional buyer e. Buying center

Buying center

Time has an impact on purchase behavior both from a "ticking clock" perspective and from a ____________ perspective? Select one: a. Punctuality b. Calendar c. Egg timer d. Terms of service e. Annual

Calendar

Hewlett Packard makes a variety of inkjet printers for personal computers. You can buy a basic 'all in one' printer that scans, copies and prints for less than $99. Replacement ink cartridges from Hewlett Packard cost between $30 and $60 depending on whether it is black and white or color ink. This is an example of _____________? Select one: a. Prestige pricing b. Convenience pricing c. Yield management pricing. d. Price bundling e. Captive pricing

Captive pricing

The Senseo coffee maker is a machine that makes one cup of coffee at a time from specially prepared 'pods' of coffee. You can get the coffee maker at a very reasonable price. However, you can only get refill pods from the manufacturer and they tend to be expensive. This is an example of? Select one: a. Yield management pricing. b. Prestige pricing c. Price bundling d. Captive pricing e. Convenience pricing

Captive pricing

When it comes to carrying inventory in the fashion industry, which approach tends to be the most profitable. Select one: a. Carry just enough inventory to meet anticipated demand. This will allow you to capitalize on the demand that has been created for the product without the expense of getting rid of excess inventory at a discount. That may hurt the brand's image. b. Carry a lot of inventory to be sure that everyone who desires the product can get it while it is still in fashion, even though there will be excess inventory when the fashion is no longer in vogue. c. Carry a small inventory to make sure there is no excess inventory after the fashion is out of vogue. The fact that some customers, who desire to buy the product, will not be able to do so will only add to the perception that the fashion is hot. d. To keep unsold merchandise in your warehouse until the next season and re-introduce it as part of next year's line e. Wait until the fashion season is over and purchase your inventory at a discount

Carry just enough inventory to meet anticipated demand. This will allow you to capitalize on the demand that has been created for the product without the expense of getting rid of excess inventory at a discount. That may hurt the brand's image.

In marketing channels where there are both large players and small players, a(n) ___________, usually the largest member of the channel will assume responsibility for coordinating activities in the channel? Select one: a. Intermediary b. Channel captain c. Opinion leader. d. System administrator e. Vertical marketing system

Channel captain

___________ occurs when there is a clash of goals and methods between distribution channel members. Select one: a. Channel conflict b. Disintermediation c. Administered systems d. Cognitive dissonance e. Whining.

Channel conflict

The _______________ concept recognizes that there are a set of functions that need to happen in order to move a product from the producer to the consumer? Select one: a. Utility b. Value c. Four "P's" d. Channel flow e. Intermediary

Channel flow

Intel corporation created the Intel Inside campaign to make consumers aware that an important component of any computer is the quality of the microprocessor (computer chip) that makes the machine work. They negotiated with computer manufacturers to include a sticker on the outside of the computer - regardless of the brand - showing that there was an Intel chip inside. This is a classic example of _____________? Select one: a. Cannibalization b. Joint venture branding c. Thinking outside of the box. d. Licensing. e. Co-branding

Co-branding

The idea behind _____________ is that people of the same generation have many experiences in common, therefore are similar in some of their attitudes and behaviors? Select one: a. Co-generation b. Baby boomers c. Generation Y d. Cohort marketing e. Generation X

Cohort marketing

The idea behind _____________ is that people of the same generation have many experiences in common, therefore are similar in some of their attitudes and behaviors? Select one: a. Cohort marketing b. Co-generation c. Generation X d. Generation Y e. Baby boomers

Cohort marketing

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company introduce the new product into the company's overall product mix? Select one: a. Commercialization b. Screening and evaluation c. Idea generation d. Technical development e. Market Testing f. New-product strategy g. Business analysis

Commercialization

One of the ironies in brand management is that if you are very successful at creating a branded product so that people start referring to the brand name instead of the product name, you risk losing the right to the brand name. This use of the brand name as the product name is called _______________? Select one: a. Mistaken identity b. Common usage c. The last laugh. d. Infringement e. Cannibalization

Common usage

In a(n) _____________ situation, multiple suppliers are invited to submit proposals for a contract to supply a good or service to a business customer? Select one: a. Modified re-buy. b. Competitive bidding. c. Reciprocal selling. d. Environmental scanning. e. Open outcry auction.

Competitive bidding

A major drawback to every day low pricing is? Select one: a. There are no sale periods. b. Customers don't like the concept of every day low pricing. c. There is confusion over what the actual price of yoru products actually is. d. Competitors can offer their products at a price slightly lower than yours. e. Many consumers, especially women, prefer to enter into price negotiations.

Competitors can offer their products at a price slightly lower than yours.

Which of the following sources of information is frequently ignored when determining a company's actual market position? Select one: a. Information provided by retailers who sell your product. b. The judgment of top executives. c. Information provided by the company's advertising agency. d. Complaints from dissatisfied customers. e. Information about how the product is selling.

Complaints from dissatisfied customers.

Which of the following sources of information is frequently ignored when determining a company's actual market position? Select one: a. Information provided by the company's advertising agency. b. Complaints from dissatisfied customers. c. Information provided by retailers who sell your product. d. Information about how the product is selling. e. The judgment of top executives.

Complaints from dissatisfied customers.

The LOWER the ___________ the more likely people will be to adopt your new product? Select one: a. Observability b. Relative advantage c. Compatibility d. Trialability e. Complexity

Complexity

BruceCo's marketing information system is powered by a Tianhe-2 supercomputer and features a wireless intranet that is available 24/7 for any manager equipped with a company-issued smartphone. This is an example of the ___________ component of a marketing information system? Select one: a. Internal information b. Acquired databases/internet c. Routine reporting d. Computer hardware and software e. Decision makers Feedback The correct answer is: Computer hardware

Computer hardware and software

Which of the following is NOT a source of information for a typical Marketing Information System? Select one: a. Acquired databases b. Computer systems c. Internal data d. Marketing research e. Marketing intelligence

Computer systems

Which of the following is NOT an example of an intermediary? Select one: a. Broker b. Retailer c. Distributor d. Agent e. Consumer

Consumer

What do we mean when we say demand for industrial goods is derived? Select one: a. Transportation issues make a significant difference in a company's ability to use industrial goods in its products. b. Many business customers use contracts to establish purchase quantities. c. A product can be considered to be either a consumer product or an industrial product depending on how it is used. d. Consumers buy industrial goods indirectly when they purchase consumer goods that use industrial goods as components. e. Business customers consider other things than simply price when deciding to purchase an industrial good.

Consumers buy industrial goods indirectly when they purchase consumer goods that use industrial goods as components.

Which of the following statements about a consumer is FALSE? Select one: a. Consumers have similar tastes b. All of these statements about consumers are true c. A consumer is a person with unmet needs d. A consumer receives a personal benefit from the product e. A consumer purchases things for personal consumption

Consumers have similar tastes

Adam had an idea for a new smartphone accessory. He showed his idea to ten of his friends. Three of them loved the idea, four of them thought it was OK, but nothing special and three of them hated the idea. If he develops the product, he will need to sell at least 10,000 in order to make money. He was wondering whether or not to develop the product when he remembered the law of large numbers from Professor Robertson's marketing class. Based on that, he decided to __________? Select one: a. Continue to develop the product knowing that because there are millions of smartphone users, there will probably be a large enough group who like the product for it to be successful. b. Modify the product so that seven or more of his friends like it and nobody hates it before introducing it to the market. This way there will be a larger group of potential customers for the product. c. Discontinue the product because if a large percentage of people dislike the product they will talk others out of buying it. d. Continue with the idea, but add two additional accessories so that each of his friends will have something they like. It will be easier to introduce a large number of products than just one. e. Find new friends because if they are too stupid to appreciate his great idea, they don't deserve to have him as a friend.

Continue to develop the product knowing that because there are millions of smartphone users, there will probably be a large enough group who like the product for it to be successful.

Which of the following research techniques is most likely to be used in Causal research? Select one: a. Video observation b. Ethnography c. Focus groups d. Case studies. e. Controlled experiment

Controlled experiment

Companies frequently develop new products by combining two different technologies to come up with a product that represents a dynamically continuous innovation. This is known as _____________? Select one: a. Convergence b. Continuum c. Construction. d. Feature creep e. Brainstorming

Convergence

___________ is used in situations where the final cost of a good or service may not be available at the time the agreement is reached? Select one: a. Price floor pricing b. Standard markup pricing c. Price ceiling pricing d. Cost plus pricing e. Flexible pricing.

Cost plus pricing

When dealing with logistics there is a fundamental trade-off between ________ and ________. The goal is to keep one high and the other low, but they tend to increase together. Select one: a. Service, responsiveness b. Profit, revenue c. Cost, service level d. Upstream, downstream. e. Cost, efficiency

Cost, service level

The __________ to setting prices is based on understanding an organization's cost structure and profit requirements? Select one: a. Quantitative approach. b. Cost-based approach c. Statistical approach d. Competition-based approach e. Demand-based approach

Cost-based approach

The disadvantage to the __________ to setting prices is that it doesn't take into account whether customers are willing to pay the price you need to charge? Select one: a. Quantitative approach. b. Statistical approach c. Subjective-approach d. Demand-based approach e. Cost-based approach

Cost-based approach

Roxanne has completed her positioning analysis and has decided that there is an opportunity to create an adult milk beverage that is enhanced with vitamins. Currently, her company does not make such a product, nor for that matter do any of her competitors. Roxanne has the opportunity to? Select one: a. Save on advertising costs because there are no competitors in her segment. b. Charge higher prices because there are no competitors in this segment c. She can do all of these things. d. Reposition the industry around vitamin enhanced milk beverages. e. Create a new category by introducing a product that is different from anything else on the market.

Create a new category by introducing a product that is different from anything else on the market.

Which of the following typically a responsibility of the marketing function in an organization? Select one: a. Create the organization's mission statement. b. Create need-satisfying offerings c. Maintain an accurate mailing list of the company's stockholders. d. All of these. e. Prepare the organization's financial statements.

Create need-satisfying offerings

The goal of a marketing channel is to? Select one: a. Create the most efficient way to move products from producer to consumer b. Create a network of suppliers, intermediaries and customers to support long-term sales of the product. c. Identify groups of people with needs that are similar to each other and different from everyone else d. Communicate with groups of people who are similar to each other and different from everyone else. e. Create economies of scale for the producer.

Create the most efficient way to move products from producer to consumer

Which of the following statements about creating a brand is true? Select one: a. Creating a brand is very different from positioning. b. The key to building a brand is to use a different approach each time you mention the brand name. c. It is important not to let the customer confuse product benefits with benefit with the brand name. d. Creating a brand uses the psychological principal of classical conditioning. e. It is relatively inexpensive to create a national brand when the product sells for less than $1

Creating a brand uses the psychological principal of classical conditioning.

Kendra runs a wholesale distribution center for candy. Each week she receives candy from all of the major manufacturers and repackages it so that a retailer can buy a case of candy bars and have some from every manufacturer in the case. Kendra is adding value by ___________? Select one: a. Transporting b. Storing c. Disintermediating d. Grading. e. Creating assortment

Creating assortment

Hermione was the office manager for a small business in the city. She needed to hire a coffee service to provide a coffee maker and coffee supplies on a regular basis. Social responsibility was a high priority for the company so she knew that whatever coffee company she used, it had to be socially responsible. She went online and found three coffee companies that provided equipment and made regular deliveries. The company she chose claimed to be socially responsible. All of the coffee was certified to be fair trade coffee by the Fair Trade Coffee association. Hermione was familiar with the Fair Trade Association and knew that fair trade certification meant the coffee was purchased from small farmers who were paid a fair price for their coffee. Hermione used ____________ to evaluate the quality of the service? Select one: a. Comparatives b. Experiential attributes c. Credence attributes d. Intangibles e. Search attributes

Credence attributes

A ____________ is a set of values, ideas and attitudes that are shared among members of a group. Select one: a. Personality b. Market c. Attitude d. Culture e. Decision

Culture

A person's food preferences, rituals, and even a sense of what is right and what is wrong can be strongly influenced by his/her ___________? Select one: a. Advertising b. Culture c. Decision d. Fashion sense e. Market

Culture

Which of the following is NOT information that is available categorized by NAICS codes? Select one: a. Employment data b. Salary data c. Current price data d. Industry sales data e. Number of firms in an industry

Current price data

Doc Robertson Designs is a high end fashion boutique for professional men. As part of their data mining program, they identified customers who had spent more than $1,000 on merchandise in the past and who had not made a purchase in the past 18 months. These customers were invited to an invitation-only sales event where they could purchase anything in the store for 35% off. This is an example of using data mining for _________? Select one: a. Market basket analysis b. Customer abandonment c. Customer retention d. New product development e. Customer acquisition

Customer retention

Which of the following statements about value is FALSE? Select one: a. One can increase value by reducing the cost of acquiring a benefit b. In order to have value, the benefits must outweigh the cost of acquiring them c. Value is entirely based on the customer's perceptions d. Customers who fail to perceive the benefit a manufacturer designed into a product may have an incorrect perception of its value to them. e. No two people will value the same product in exactly the same way.

Customers who fail to perceive the benefit a manufacturer designed into a product may have an incorrect perception of its value to them.

Lands End was traditionally a mail order catalog company. In order to expand their business, they decided to open retail outlets where customers could visit and actually see the merchandise. By analyzing the zip codes from past mail order shipments, they were able to locate new stores in areas where many of their customers already lived. This is an example of? Select one: a. Environmental scanning b. GIGO c. Data manipulation d. Exception analysis e. Data Mining

Data Mining

____________ attempts to identify new business opportunities by analyzing data from past transactions? Select one: a. Environmental scanning b. Quarterly reporting c. Exception reporting d. Routine reporting e. Data mining

Data mining

A(n) ___________ is a conscious choice from among two or more alternatives? Select one: a. Dilemma b. Inference. c. Option d. Research finding e. Decision

Decision

Niles is the marketing manager for Hang Five, a manufacturer of half-price surfboards. He just learned that the largest supplier of surfboard blanks has just declared bankruptcy and that in 30 days the supplier would no longer be able to provide surfboard blanks for Hang Five. Niles is likely to rely on the ___________ feature of the company's marketing information system to help solve this problem? Select one: a. Acquired databases/internet b. Exceptions reporting c. Legacy systems d. Decision Support System e. Data mining

Decision Support System

Sandra is running an online bookstore. Her market research shows her that many people visit the site, look at several books, add one or more books to the shopping cart but never actually purchase anything. Based on what she learned about the consumer buying process, Sandra decided to offer free delivery. She felt that this would make it easier for the customer in the ___________ stage of the consumer buying process. Select one: a. Problem recognition stage. b. Decision stage c. First stage. d. Impulse purchase stage. e. Evaluate alternatves stage.

Decision stage

Bruce worked for the Northwest Table Pad company. The table pad industry was created in the early 20th century and became very profitable in the post world war II economic boom. In recent years, the number of table pad manufacturers had declined and fewer customers were buying table pads because formal dining rooms were out of fashion and new protective finishes made the need for table pads less obvious to consumers. Table pads were in the ____________ stage of the product life cycle? Select one: a. Growth b. Decline c. Rebirth d. Introductory e. Maturity

Decline

The goal at the ______________ stage of the product life cycle is to maximize profit without investing a lot of resources in the product. Select one: a. Rebirth b. Maturity c. Growth d. Introductory e. Decline

Decline

One of the ways intermediaries create value is to? Select one: a. Invest in trucks that are much more expensive than other companies in the channel can afford. b. Provide a buffer between consumer and producer so individuals don't feel like they are dealing with a large corporation. c. These are all ways that intermediaries create value. d. Decrease the number of transactions needed to create an efficient market. e. Increase the amount of money customers are willing to pay for a good or service.

Decrease the number of transactions needed to create an efficient market.

When dealing with tangible products, consistency is usually measured in terms of? Select one: a. Attributes. b. Systems c. Features d. Cost/benefit analysis. e. Defects

Defects

Jiwon is thinking of developing a candy specifically for college students. Before she begins manufacturing, she has decided to conduct some research to determine whether or not she should include caffeine in the candy. If the results show students prefer caffeine, she will market it as a caffeine product. If the results show students don't care about caffeine, she will market it as an energy product. Jiwon is probably in the __________ stage of the market research process? Select one: a. Define the problem b. Answer specific questions c. Develop the research plan d. Take action based on the findings e. Set research objectives

Define the problem

What is the most important stage of the market research process? Select one: a. Take action based on the findings b. Answer specific questions c. Define the problem d. Develop the research plan e. Set research objectives

Define the problem

The __________ to setting prices weighs consumer tastes and preferences more heavily than costs and profits. Select one: a. Demand-based approach b. Qualitative approach c. Competition based approach d. Subjective-approach e. Cost-based approach

Demand-based approach

Bruce recently went to the eye doctor because he couldn't see clearly enough to do the sudoko puzzle on his iPad. He could see well enough to drive, just not well enough to do the puzzle. His eye doctor said he had presbyopia, a condition that is common in people who are middle aged. The doctor said that Bruce could continue to do the crossword puzzle, but he would need to wear reading glasses. Clearly, a manufacturer of reading glasses would benefit from using a ______________ segmentation approach. Select one: a. Buying Behavior b. Demographic c. Psychographic. d. Statistical e. Geographic.

Demographic

Traditionally, which of the bases for segmentation was most frequently used by marketers? Select one: a. Statistical b. Psychographic. c. Buying behavior d. Demographic e. Geographic.

Demographic

Have you ever noticed that when you fill out a warranty form after making a purchase, the manufacturer frequently asks questions such as how old you are, what your ethnicity is and how much money you earn. These questions suggest that the manufacturer is using __________ to segment the market. Select one: a. Buying situation b. Demographics c. Geography d. Psychographics e. Satisfaction

Demographics

Many complicated products such as computers or automobiles are assembled using many component parts. Once a sales forecast for the main product has been established, it is relatively easy to estimate sales of the component products because of the ____________ characteristic of business markets? Select one: a. Buying center b. Inelastic demand c. Derived demand d. Market structure e. Acceleration principle

Derived demand

Jiwon is thinking of developing a candy specifically for college students. She thinks that college students would buy candy if it had caffeine in it. Before she invests a lot of money in candy making equipment, she conducts ___________ research to find out if there is a relationship between caffeine and candy sales for college students? Select one: a. Descriptive b. Causal c. Pseudo d. Experimental e. Exploratory

Descriptive

The first step in using the levels of the product concept is to: Select one: a. Determine what is the core benefit the consumer will receive from the product. b. Decide which of the four "p's" will be the primary focus of this product c. Develop a market-product grid to determine which segments to target with this product d. Decide on the packaging that will be used with the product. e. Develop an advertising campaign that will reach the largest number of market segments.

Determine what is the core benefit the consumer will receive from the product.

Which of the following is NOT a way perceptual maps can help you with your positioning strategy? Select one: a. Determine how crowded a market position might be. b. Understand where your products are positioned relative to competitive produtcts. c. Identify changes that can be made to product attributes to improve your competitive position d. Identify areas where there unmet needs e. Determine which of two alternative products your customers will prefer.

Determine which of two alternative products your customers will prefer.

Which of the following is NOT a way perceptual maps can help you with your positioning strategy? Select one: a. Determine which of two alternative products your customers will prefer. b. Determine how crowded a market position might be. c. Understand where your products are positioned relative to competitive produtcts. d. Identify areas where there unmet needs e. Identify changes that can be made to product attributes to improve your competitive position

Determine which of two alternative products your customers will prefer.

What is the easiest way to become the category leader for a product category? Select one: a. Start at the back of the category and develop a plan to surpass each product in the category until you are the leader. b. Identify the weakest attributes of the category leader and design a product that is better than the category leader c. Spend more on advertising than the category leader. d. Make your packaging look the same as the category leader to gain spillover benefits from the category leaders advertising. e. Develop a brand new product that is different from anything else on the market.

Develop a brand new product that is different from anything else on the market.

Nick is thinking of conducting some market research to help him determine the best colors to use for the cover of his new hip-hop CD to be released in February. He decides that he can invest up to $500 in this research, but he needs to get it done in the next three weeks. Nick is probably in the _______________ stage of the market research process? Select one: a. Define the problem b. Answer specific questions c. Set research objectives d. Take action based on the findings e. Develop the research plan

Develop the research plan

Sometimes technology can make it difficult to create organizational intelligence. For example? Select one: a. Department databases have huge egos and refuse to cooperate with other databases. b. Computers can make mistakes processing data. c. Different departments may have different databases that are independent of each other. d. Database consolidation can eliminate legacy systems. e. Computer databases can be designed to make data entry simple and fast.

Different departments may have different databases that are independent of each other.

One of the main DISADVANTAGES of interactive data collection is? Select one: a. Response rates tend to be very low. b. You are unable to follow up with specific questions c. It is much less expensive than other data collection techniques. d. Different interviewers may be inconsistent in how they ask the questions. e. You have the ability to restate the question if the participant doesnt understand it.

Different interviewers may be inconsistent in how they ask the questions.

Which of the following statements about the consumer buying process is FALSE? Select one: a. The consumer buying process deals with the way human beings solve problems. b. Different people will go through the stages of the consumer buying process in a different order. c. Not everybody who starts consumer buying process ends up buying a product. d. The consumer buying process deals with people who are purchasing things for personal consumption. e. The consumer buying process deals with human behavior.

Different people will go through the stages of the consumer buying process in a different order.

According to Michael Porter's theory, which is best strategy to use when you are not the low cost producer in an industry? Select one: a. Become the second lowest cost producer. b. Go after the mass market. c. Reduce your marketing expenditures to compensate for your increased costs. d. Create economies of scale through advertising. e. Differentiate your product.

Differentiate your product.

Bruce wanted to open a coffee shop. He knew his coffee was way better than anything Starbucks could do because he ran taste tests with people in the neighborhood. He found that people in his area preferred their coffee with just a hint of cinnamon in it. When he opened his first store across the street from a Starbucks store, he ran advertisements claiming "Bruce's Brew is the spice of life," and offered a coupon good for a free cinnamon grinder with purchase of Bruce's Best. Bruce is using a _______________ positioning strategy. Select one: a. Differentiation b. Follow the leader c. More is better d. Flanker e. Head to head

Differentiation

Bruce wanted to open a coffee shop. He knew his coffee was way better than anything Starbucks could do because he ran taste tests with people in the neighborhood. He found that people in his area preferred their coffee with just a hint of cinnamon in it. When he opened his first store across the street from a Starbucks store, he ran advertisements claiming "Bruce's Brew is the spice of life," and offered a coupon good for a free cinnamon grinder with purchase of Bruce's Best. Bruce is using a _______________ positioning strategy. Select one: a. More is better b. Follow the leader c. Head to head d. Differentiation e. Flanker

Differentiation

_____________ looks at how new products are adopted by entire populations. Select one: a. Diffusion of innovations b. Cognitive dissonance c. New product development process d. Adoption process e. Trickle across theory

Diffusion of innovations

Zach hates the sport of soccer. He especially dislikes the Brazilian national team. He makes it a point never to wear anything that looks like soccer clothing, especially if it is in the colors of the Brazilian team. For Zach, the Brazilian soccer team is a(n) ____________? Select one: a. Membership group b. Aspirational group c. Conformity group d. Dissociative group e. Consideration set

Dissociative group

A ______________ or _______________ is usually the property of the retailer that distributes and/or sells a product? Select one: a. Manufacturer's Brand, producer brand b. Trade name, trademark c. Distributor's brand, Private-label brand d. Generic brand, no-name brand e. Brand name, service mark.

Distributor's brand, Private-label brand

Frodo was a massage therapist. He was very good at dealing with lower back pain. The walls of his waiting room were covered with framed documents. Some of them were diplomas from the massage schools he had attended. Others were copies of testimonial letters from well known people. Still others were reprints of favorable news articles that had been published in newspapers and magazines. Frodo was using the ___________ approach to making his service seem 'real'? Select one: a. Visualization b. Documentation c. Association d. Physical representation e. Word of mouth

Documentation

The value of having a lot of offerings within a product line is? Select one: a. A way to achieve economies of scale and allow you to become the low cost producer within a product category. b. Each product satisfies slightly different needs which allows you to target different market segments within the product category. c. A way to avoid product cannibalization because a customer can select exactly the product she desires. d. All of these reflect the value of having a lot of offerings in a product line. e. A way to maintain high inventory levels because a customer who can't find the product she desires will always be able to find something almost as good.

Each product satisfies slightly different needs which allows you to target different market segments within the product category.

When a new product is being adopted by the ____________ , you could say it has reached the mass market. Select one: a. Late adopters b. Early adopters c. Early majority d. Late majority e. Innovators

Early majority

BruceCo makes novelty products such as whoopee cushions and plastic vomit. The company sells about $2 million dollars worth of product. The major customers for BruceCo products are small independent novelty shops that will typically order less than $200 worth of product at a time. Adding an intermediary to the marketing channel could add value through _________? Select one: a. Disintermediation b. Omnichannel distribution c. Humor d. Specialization e. Economy of transactions

Economy of transactions

The basic trade-off in logistics is between ________ and ________? Select one: a. Time and money b. Upstream and downstream c. Revenue and costs d. Efficiency and responsiveness. e. Storage and transportation.

Efficiency and responsiveness.

Wal-Mart's basic strategy is to provide products to customers at rock bottom prices. Thus their slogan, "Always Low Prices." In order to achieve this strategy, Wal-Mart's Supply chain is designed to maximize ___________? Select one: a. Upstream activities b. Efficiency. c. Variety d. Responsiveness e. Downstream activities

Efficiency.

One of the dimensions customers use to evaluate service quality is _____________, or caring, individualized attention to customers? Select one: a. Price b. Reliability c. Responsiveness d. Empathy e. Assurance

Empathy

Which of the following is NOT a requirement of a market segment? Select one: a. Similar to each other with respect to your product b. Different from everybody else with respect to your product c. Economically viable d. Reachable e. Environmentally responsible

Environmentally responsible

Erik is going to buy a pair of running shoes. Which of the following factors would lead you to believe that buying running shoes is a HIGH involvement decision for Erik? Select one: a. Erik doesn't really like to run. He only does it because his parents make him. b. All of these would lead you to believe purchasing running shoes is a high involvement decision for Erik. c. Erik has purchased many pairs of running shoes in the past and has a favorite brand. d. Erik will be running in the State championships next week and the team provides the shoes he will wear in the race. e. Erik really isn't into running but a friend told him that he needed to have the right kind of footwear or he would be perceived as a loser by his friends

Erik really isn't into running but a friend told him that he needed to have the right kind of footwear or he would be perceived as a loser by his friends

Yuli is the California regional manager for a suntan lotion company. Each morning a routine report identifies cities whose sales are 15% below projection for the previous day. This ____________ report allows Yuli to focus on stores that may need personal attention. Select one: a. Ad-hoc b. Exception c. Decision support d. Quarterly e. Progress

Exception

Caterpillar makes heavy equipment for the construction industry. These machines are used hard and need fast reliable service to keep them running once a customer has purchased one. Because of this, there is only one Caterpillar dealer in any market. This is an example of __________ distribution? Select one: a. Heavy-duty b. Intensive c. Exclusive d. Selective e. Exhaustive

Exclusive

BruceCo sells medical devices used in surgical operations. It requires a great deal of training to be able to use these medical devices properly and there is a potential liability to BruceCo if they are used improperly. Because each product has to be numbered and monitored for quality and sanitation, the products must be handled carefully and are expensive. Which of these market coverage strategies would be best for BruceCo? Select one: a. Exclusive distribution b. Invasive distribution c. Selective distribution d. Intensive distribution e. Excessive distribution

Exclusive distribution

One of the strategies during the decline stage of the product life cycle is to sell the product to another company or simply to stop producing the product. This strategy is called? Select one: a. Leaving the scene of an accident. b. Harvesting the product. c. Shaking the product. d. Milking the product. e. Exiting the market.

Exiting the market.

Even if you have never seen a product before, you may have a sense of what it should sell for based on similar products that you have experienced in the past. Marketers need to be aware of this ___________ when they set prices for new products? Select one: a. Premium price b. Expected price c. Skimming price d. Value indicator e. Penetration price

Expected price

Hermione was the office manager for a small business in the city. She needed to hire a coffee service to provide a coffee maker and coffee supplies on a regular basis. Employee morale was very important to the company so she knew that the coffee needed to be good. She went online and searched for several coffee services. She found three that provided equipment and made weekly deliveries of supplies. She called all three and asked them to come in and put on a demonstration so that the employees could decide which coffee they liked best. The winner of the taste test would get the contract Hermione used ____________ to evaluate the quality of the service? Select one: a. Intangibles b. Search attributes c. Comparatives d. Experiential attributes e. Credence attributes

Experiential attributes

Every time Jiwon goes to the candy counter at the bookstore, they never have exactly what she wants and she believes that there is an opportunity to develop a candy specifically for college students. Because she is not sure what features college students look for in candy, she should conduct __________ research to better understand how college students feel about candy? Select one: a. Pseudo b. Descriptive c. Causal d. Experimental e. Exploratory

Exploratory

Rafael is applying to graduate schools for admission to the MBA program. If he goes part time, it will take four years and cost several thousand dollars. Rafael believes that he needs the advanced degree to get a promotion at his job. Rafael is likely to engage in _________ problem solving as he makes this decision? Select one: a. Limited b. Consumer c. Low effort d. Routine e. Extensive

Extensive

Bruce ordered a test bank from teachersupplies.com. The cost of the package was $39.95 plus sales tax (you are responsible for California sales tax, even if you order online). He chose to have the product shipped via UPS ground because it was the least expensive shipping option. Teachersupplies.com is using a ___________ approach to geographic pricing? Select one: a. Freight absorption b. Uniform delivered price c. Promotional allowance. d. Zone delivered price e. FOB (free on board)

FOB (free on board)

A selective market coverage approach works best for shopping products that have a distinctive brand. Select one: True False

False

An inexpensive package shows the customer that you focus on making quality products rather than making pretty packages. Select one: True False

False

Attitudes are permanent Select one: True False

False

Buyer's remorse affects business customers as well as consumers Select one: True False

False

Customers control the features that are available in the products they buy.

False

During the idea generation stage of the new product development process, it is important to evaluate new product ideas as they come in to avoid being overloaded with unusable ideas. Select one: True False

False

From a channel flow perspective, ownership of a product changes from producer to consumer when the consumer takes physical possession of the product. Select one: True False

False

Frontline users need technical training in order to get the most out of marketing analytics programs. Select one: True False

False

Giving a customer an opportunity to try the product before making the purchase decreases the likelihood of an eventual purchase. Select one: True False

False

Human beings always choose the best available product when making a purchase. Select one: True False

False

Ideally each of the channel flows is performed by a separate business that specializes in that function.

False

In the United States, the federal government monitors the marketplace for possible infringement on registered brand names. Select one: True False

False

It is better to wait for a long time and raise prices significantly than it is to have regular smaller price increases? Select one: True False

False

It is more important to evaluate positive information than it is to evaluate negative information when trying to understand how customers perceive your product. Select one: True False

False

Keeping inventory levels low decreases the chance of a stock out. Select one: True False

False

Market research only costs money if it uses primary data. Select one: True False

False

Most new products are successful, at least for a short while. Select one: True False

False

People put a lot of effort into routine purchases, even though they would rather not. Select one: True False

False

Stereotyping is a useful tool to use when creating segments based on ethnicity. Select one: True False

False

The "look and feel" or design of an e-commerce website is especially important during the Problem recognition stage of the consumer buying process. Select one: True False

False

The "trickle down" theory suggests fashion trends originate with lower classes and migrate upward. Select one: True False

False

The fact that people different people might use the same product for different reasons is a problem when it comes to segmentation based on buyer behavior. Select one: True False

False

The intent of federal price regulation is to discourage excessive competition. Select one: True False

False

Under the Robinson-Patman act, it is considered price discrimination to charge different customers different prices for the same product in consumer markets. Select one: True False

False

Up until 2006, it was legal for manufacturers to dictate the prices at which retailers can sell their products. Select one: True False

False

When a customer actually purchases a new product for the first time, we can say that person has adopted the product. Select one: True False

False

When making purchases, it really doesn't matter how you feel emotionally. Select one: True False

False

When retrieving memories, most people access the exemplar and up to two additional memories in the category. Select one: True False

False

Campbell's soup has dozens of different flavors and packages of soup. All of them have the same distinctive red and white packaging. You have to read the label to tell the varieties of soup apart. This is an example of: Select one: a. Private branding. b. Individual product branding c. Generic branding d. Family branding e. Excessive branding.

Family branding

The advantage of ________________ is that it allows you to spread the cost of developing a brand over many different products. Select one: a. Generic branding b. Excessive branding. c. Family branding d. Private branding. e. Individual product branding

Family branding

_________ is when a business uses one brand name to cover a variety of products? Select one: a. Rubber branding. b. Private branding. c. Generic branding d. Individual product branding e. Family branding

Family branding

Wilma is developing a website where people can buy or sell gently used baby clothes. Wilma will certainly include include ___________ as a segmentation variable. Select one: a. Buying behavior b. Psychographics c. Price sensitivity d. Geographic region e. Family life cycle

Family life cycle

A ____________ is an accepted and popular style? Select one: a. Trend b. Attribute c. Product life cycle d. Fashion e. Bundle

Fashion

The three steps for developing a market position (or for developing any strategy, really) are? Select one: a. Determine which positions look attractive, select the position you want to achieve, develop a plan to achieve the position. b. Ready, fire, aim. c. Define the problem, hire consultants, implement their recommendations. d. Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be. e. Determine your current situation, do a cost/benefit analysis of the desirability of changing, implement and evaluate the plan.

Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be.

The three steps for developing a market position (or for developing any strategy, really) are? Select one: a. Determine your current situation, do a cost/benefit analysis of the desirability of changing, implement and evaluate the plan. b. Define the problem, hire consultants, implement their recommendations. c. Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be. d. Determine which positions look attractive, select the position you want to achieve, develop a plan to achieve the position. e. Ready, fire, aim.

Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be.

Bruce Company is a small startup with just enough money in the bank to get it through the end of the month. Which market entry strategy might work best for Bruce Company? Select one: a. Testing the waters, Bruce Company should spend more time in the test market stage of the new product development process before attempting to commercialize an unproven product. b. Second mover strategy, it would be smarter to let a well capitalized company introduce the product and once it was established, Bruce Company could safely imitate it. c. First mover strategy, it is riskier and Bruce Company has little to lose if it doesn't work out. d. Third mover strategy, Bruce company should wait until there are two competitors in the market and then pursue a niche strategy during the growth stage. e. Wait and see approach. Bruce Company cannot afford to make a mistake so they should wait until they are sure the product will be successful before entering the market.

First mover strategy, it is riskier and Bruce Company has little to lose if it doesn't work out.

In automating a manufacturing plant, which of these would definitely increase in the short run? Select one: a. Price b. Variable cost c. All of these would increase d. Total revenue e. Fixed cost

Fixed cost

In automating a manufacturing plant, which of these would definitely increase in the short run? Select one: a. Total revenue b. Fixed cost c. All of these would increase d. Price e. Variable cost

Fixed cost

My friend who works at a major airline told me that they change their fares once every 3 minutes, on average. They are always monitoring how many seats are sold and how many are available (load factor) and how many days until the flight is scheduled. Customers sometimes feel that they are being treated unfairly because no two people on the same flight have paid the same price for their tickets. The airline does this because ____________ are so high that they need to maximize the amount of revenue they can get from every seat. Select one: a. Fixed costs b. Reservations c. Capacity d. Altitudes e. Disintermediation

Fixed costs

__________ are the costs of production that do not change with the number of units produced? Select one: a. Total costs b. Variable Costs c. Opportunity costs d. Marginal costs e. Fixed costs

Fixed costs

A(n) ______________ targeting strategy focuses on one specific marketing segment with one marketing mix? Select one: a. Focus b. Pretentious c. One-to-one d. Multisegment e. Undifferentiated

Focus

Which of the following is NOT a requirement for causal research? Select one: a. Probability sample b. Independent variable c. Theoretical framework d. Control group e. Focus group

Focus group

Which of the following statements about fashion is FALSE? Select one: a. Forecasting is less important for fashion products than it is for other products. b. Fashion products with very short product life cycles are called fads c. Fashion products can have a product life cycle of from a few months to several years. d. Fashion marketing uses 'style obsolescence' to make products seem out of date. e. Fashion marketing works because we want to be unique and at the same time we want to be part of a group

Forecasting is less important for fashion products than it is for other products.

_____________ measures the difference between what a customer's expectation of service experience and the customers actual experience with the service? Select one: a. The critical incident technique b. Recovery strategy c. Gap analysis d. Service shortfall e. Credence qualities

Gap analysis

Bruce is trying to contact the purchasing agent for Starbucks Coffee in order to sell them his new "Bruce's Blend" of coffee. However, each time he calls the buyer, he gets a receptionist who asks him his name and then forwards his call to the buyer's voice mail. This has happened several times now and Bruce is beginning to think that the buyer will never call back. The buyer's receptionist performing the role of _________? Select one: a. Decider b. Buyer c. Gatekeeper d. user e. Influencer

Gatekeeper

Tracy is thinking of marketing a new energy drink. Her target market will be parents of young children who need an energy boost in the car while driving from dance lessons to soccer games. She plans on testing whether or not parents will like her new energy drink by offering free samples to students outside of the student union. If the majority of students say they like her product, she will go ahead with the product launch. Tracy may have a problem with the ___________ of her findings in this market research project. Select one: a. Information b. Measurement c. Validity d. Reliability e. Generalizability

Generalizability

A ______________ or _______________ tries to create the perception of value by eliminating the advertising expense associated with many consumer products? Select one: a. Distributor's brand, private-label brand b. Manufacturer's brand, producer's brand c. Brand name, service mark. d. Generic brand, no-name brand e. Trade name, trademark

Generic brand, no-name brand

Marketers recognize that people living in one part of the country may have tastes that are different than people in other parts of the country. For example, when traveling in the southern United States, Iced tea is served with the sweetener already in it while in the Northern states, iced tea is served unsweetened. These differences are the reason that __________ segmentation can be useful for many products. Select one: a. Psychographic. b. Statistical c. Buying situation d. Demographic e. Geographic.

Geographic.

Shamiya is the marketing manager for a leading mattress manufacturer. She is in the process of developing a market segmentation scheme for her company. Because delivery costs are very high for mattresses, she is likely to consider ______________ along with other variables as she develops her plan? Select one: a. Psychographics b. Cultural differences c. Lifestyle. d. Usage rates e. Geography

Geography

Many national magazines such as Time or Business Week contain advertising that is different depending on where in the country the magazine is purchased. These regional editions are useful for marketers trying to communicate with customers who have been segmented according to ____________? Select one: a. Psychographics b. Lifestyle c. Business versus consumer d. Geograpy e. Demographic

Geograpy

Which of the following is NOT a source of internal data used in a marketing information system? Select one: a. Google searches b. Sales data c. Cost information d. Customer service logs e. Scheduling information

Google searches

Kendra runs a wholesale distribution center for candy. Each week she receives candy from all of the major manufacturers. She stamps a date sticker on each package so the retailers will know how fresh the candy is. She also provides information on how much cocoa is in the chocolate from the various manufacturers. Kendra is adding value by ___________? Select one: a. Creating assortment b. Transporting c. Storing d. Breaking bulk e. Grading.

Grading

The goal at the ______________ stage of the product life cycle is to build market share and differentiate the product. Select one: a. Decline b. Rebirth c. Growth d. Maturity e. Introductory

Growth

Bruce wanted to open a coffee shop. He knew his coffee was way better than anything Starbucks could do so he opened his first store across the street from a Starbucks Store. He ran advertisements in the local paper claiming "Bruce's Brew is better than Starbucks Stuff" and offered a money back guarantee to any Starbucks customer who was willing to try a cup of Bruce's Coffee. Bruce is using a _______________ positioning strategy. Select one: a. More is better b. Follow the leader c. Different attributes d. Head to head e. Differentiation

Head to head

For a store using ______________, many items will go on sale each week? Select one: a. Dynamic pricing b. Flexible pricing c. Odd-even pricing d. Price discrimination e. High-low pricing

High-low pricing

A storage warehouse creates value by? Select one: a. Creating possession utility for producers b. Act as a transshipment point as products move from manufacturer to retailer. c. Holding inventory closer to where customers are likely to use it. d. Providing a place for last minute assembly. e. A storage warehouse does all of these things.

Holding inventory closer to where customers are likely to use it.

A storage warehouse creates value by? Select one: a. Creating possession utility for producers b. Holding inventory closer to where customers are likely to use it. c. Act as a transshipment point as products move from manufacturer to retailer. d. A storage warehouse does all of these things. e. Providing a place for last minute assembly.

Holding inventory closer to where customers are likely to use it.

Tami owned the Subway franchise in Centennial Village at San Francisco state University. She heard that another franchisee had been granted permission to open a Subway in the student union. She immediately complained to whoever would listen to her that the new store would take away most of her business. This is an example of? Select one: a. Horizontal conflict b. Disenfranchisement c. A price war d. Vertical conflict. e. Vertical integration

Horizontal conflict

Perception deals with...? Select one: a. The physical environment in which we live b. How we interpret the world around us c. Our understanding of our true motivation. d. The number of alternatives we are able to consider during the information search stage of the consumer buying process. e. Our ability to communicate without words.

How we interpret the world around us

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company be seeking input from customers, following up on complaints, listening to employees, analyzing market research and monitoring competitors? Select one: a. Technical development b. Market Testing c. Idea generation d. New-product strategy e. Commercialization f. Screening and evaluation g. Business analysis

Idea generation

Desiree knows that she does not have very much money. Yet she dreams of being rich and famous like one of those Hollywood stars you see on television all the time. Her one luxury is to buy fashionable designer dresses just like those worn on her favorite television shows. Desiree's desire to be seen as a high-fashion person is motivated by her ____________? Select one: a. Need for safety. b. Actual self-concept. c. External motivation. d. Value consciousness. e. Ideal self-concept

Ideal self-concept

Grocery stores frequently put new products in high visibility locations such as the end of an aisle or near the checkout lanes. This makes consumers who might be thinking about buying a similar product aware of the new product. This tactic affects consumers who are in the _________ stage of the consumer buying process? Select one: a. Getting hungry. b. Internal or memory based search strategy. c. Identify alternatives. d. Decision. e. Problem recognition.

Identify alternatives

The law of demand (which is the basis of the demand curve) says? Select one: a. If prices increase, customers will buy less b. If prices increase, customers will buy elsewhere c. If prices increase, customers will buy more d. If prices increase, customers will spend less e. If prices decrease, customers will spend less

If prices increase, customers will buy less

What is the 80-20 rule? Select one: a. All of these statements about the 80-20 rule are true b. Relationships are more profitable than transactions c. 80% of your business should come from customer relationships d. 20% of you business should come from individual transactions e. In general, 80% of your business comes from 20% of your customers

In general, 80% of your business comes from 20% of your customers

Which of the following is NOT a reason a company might want to have more than one marketing channel? Select one: a. In order to earn back money that otherwise would have been earned by your retail network. b. Because you sell the same product to two completely different customer groups c. To avoid becoming dependent on a single middleperson d. To provide local service to customers in different areas of the country. e. To serve customers in different industries.

In order to earn back money that otherwise would have been earned by your retail network.

Younjin is a purchasing agent for Acme enterprises. Currently, the company makes a line of fire-proof file cabinets that are well regarded by its customers. One of her responsibilities is to purchase brochures explaining the benefits of the Acme file cabinets. She was recently authorized to purchase a computerized document management system for the company at the cost of several million dollars. With this new technology, she may be able to print the brochures in the factory rather than ordering them from a printing company as in the past. Younjin will probably treat this as a ___________ decision? Select one: a. Make or break b. New task buy c. Straight rebuy d. In-house versus outsourcing e. Modified rebuy

In-house versus outsourcing

The decision to hold inventory is critical to providing customer service through the supply chain. There are both costs and benefits. Which of these is NOT a cost of holding inventory? Select one: a. The need to purchase inventory insurance b. Inventory taxes c. Increased number of stock outs d. Materials handling costs e. The risk of damage or spoilage

Increased number of stock outs

Which of the following statements about the growth stage of the product life cycle is FALSE? Select one: a. Increasing numbers of customers creates the opportunity to develop profitable market segments. b. Increasing demand and decreasing competition lead to higher profits. c. All of the other statements about the growth stage of the product life cycle are false. d. Branding is an important tool to use in differentiating the product. e. Increasing demand and high profits encourage competitors to enter the market.

Increasing demand and decreasing competition lead to higher profits.

A major disadvantage of _________________ is that it can be very expensive to create a unique brand identity for each product. Select one: a. Family branding b. Individual product branding c. Private branding. d. Excessive branding. e. Generic branding

Individual product branding

Proctor & Gamble frequently creates a separate brand identity for each product they bring to market. This strategy is called _______________. Select one: a. Individual product branding b. Family branding c. Private branding. d. Excessive branding. e. Generic branding

Individual product branding

___________ are business customers who purchase goods to incorporate them into other products for other businesses to use. Select one: a. Resellers b. Facilitators c. Governments d. Industrial Markets e. Institutions

Industrial Markets

Bruce is trying to sell his new "Bruce's Blend" of coffee to Starbucks. He met with the buyer and the buyer arranged for Bruce to serve a sample of his new blend to a group of 'tasters' who will taste the coffee and tell the buyer whether or not they think it is any good. These tasters are performing the role of ___________? Select one: a. Gatekeeper b. Decider c. Initiator d. Influencer e. Buyer

Influencer

Most of the functions that need to happen in order to move a product from producer to consumer deal with? Select one: a. Products b. Transportation c. Money d. Information e. All of the above

Information

Thomas Friedman wrote a book about the impact of new technologies and other trends impacting the way business is conducted in the world called The World is Flat. One of the basic premises is that widespread adoption of internet protocols and the seamless connection of computer systems along the value chain allowing for the efficient flow of ___________ to help smooth the flow of goods from raw materials to end user. Select one: a. Information b. Technology c. Payment d. Permission e. Intermediation

Information

When I order a book from Amazon.com, an online marketplace, I receive an order confirmation that tells me when my package will leave the Amazon warehouse, the name of the shipper, and a link to the shipper's website that allows me to track the progress of my package from the warehouse to my home. This way I know exactly when to expect my package. This is an example of the use of ____________ to smooth the flow of goods and services through the channel of distribution? Select one: a. Information b. Permission c. Intermediation. d. Warehousing e. Payment

Information

Sabrina was running a day care center for pre-school children. She decorated the walls with images from the motion picture "Finding Nemo." One day she received a letter from attorneys representing Pixar and the Disney Corporation asking her to stop using images from "Finding Nemo." Pixar and the Disney Corporation were defending their brand against _______________? Select one: a. Brand dilution b. Abuse c. Imitation d. Infringement e. Fingerprints

Infringement

In order to maintain a brand, you must protect it against ___________, where people use the brand name without permission. Select one: a. Pasteurization b. Poaching c. Infringement. d. Abuse e. Cannibalization

Infringement.

According to diffusion of innovations theory, the first 2.5% of the population to adopt a product are called __________? Select one: a. Innovators b. Early Adopters c. Early majority d. Laggards e. Suckers

Innovators

The basic issue when you are dealing with the __________ characteristic of services is that the customer and the service provider have to be together in order for the service to be produced? Select one: a. Variability b. Perishability c. Intangibility d. Inseparability e. Invisibility

Inseparability

_____________ are business customers who purchase products primarily to run the organization. Select one: a. Industrial markets b. Institutions c. Facilitators d. Manufacturers e. Resellers

Institutions

When you are dealing with the ___________ characteristic of a service, one approach to marketing services is to make the service seem 'real' ? Select one: a. Perishability b. Variability c. Inseparability d. Intangibility e. Derogatory

Intangibility

Which of the following is NOT one of the levels of attributes customers use to evaluate service quality? Select one: a. These are all dimensions of service quality. b. Experience attributes c. Search attributes d. Credence attributes e. Intangible attributes

Intangible attributes

Starbucks recently announced that it intends to grow from 21,000 to 30,000 stores world wide by the year 2020. Even though it seems as if there is a Starbucks on every corner in America, the company feels there is a need for more outlets. This is an example of ___________ distribution. Select one: a. Exhaustive b. Selective c. Intensive d. Exclusive e. Caffeinated

Intensive

A(n) ____________ is an entity that assists in the movement of products through the channel? Select one: a. Supplier b. Principal c. Customer d. End user e. Intermediary

Intermediary

Jill has been sitting through Professor Robertson's class for almost an hour now. She didn't have time for breakfast because... well just because. It is now almost eleven o'clock and she realizes that she is very hungry. This is an example of _________ problem recognition? Select one: a. Internal b. Impulse c. Consumer d. External. e. Social

Internal

The concept of ___________ recognizes that before an organization can effectively take care of customers' needs, it must focus on its employee's needs? Select one: a. Internal marketing b. Internal rate of return c. Component branding d. Empathy e. Positioning

Internal marketing

Annabelle is in a hurry. She is on her way home from school and has to prepare for a job interview the next day. In addition, she has a term paper due in her "Philosophy of Pure Reasoning" class that is due the next day. When she is almost home, her roommate calls her on her cell phone and asks her to pick up some laundry detergent - it doesn't matter what kind - on her way home. Based on what you learned about the consumer buying process, which search strategy is Annabelle likely to use in the identifying alternatives stage of this purchase decision? Select one: a. External search because her roommate is a personal source of information. b. External search because she already has too much on her mind to think about laundry detergent. c. External search because she will rely on point of purchase advertising to identify her alternatives. d. Internal or memory based search because it usually produces the best results. e. Internal or memory based search because it requires the lease effort.

Internal or memory based search because it requires the lease effort.

One common strategy to extend the life of a product in the maturity stage of the product life cycle is to ____________? Select one: a. Skim the product. b. Divest the product. c. Harvest the product d. Stop advertising the product. e. Introduce incremental innovations

Introduce incremental innovations

The goal at the ______________ stage of the product life cycle is to get people to try the product for the first time. Select one: a. Introductory b. Maturity c. Decline d. Rebirth e. Growth

Introductory

Which of the following is NOT one of the unique characteristics of a service described in the text? Select one: a. Intangibility b. Inseparability c. Invisibility d. Variability e. Perishability

Invisibility

_________ affects the amount of time and effort a buyer invests in the consumer buying process. Select one: a. Decision making b. The legal/political environment c. Involvement d. Cognitive Dissonance e. Market potential

Involvement

One of the questions you need to ask when identifying the data needed for a research project is? Select one: a. Should we conduct an experiment, or a quasi-experiment? b. Who will be responsible for collecting the data? c. Is the information worth what it will cost us to obtain it? d. Which segments will we use for a probability sample? e. All of these are questions that should be asked when identifying the data needed for a research project.

Is the information worth what it will cost us to obtain it?

The main advantage of primary data is that? Select one: a. It is more convenient than secondary research. b. All of these are advantages of primary data collection. c. It addresses your specific research question. d. It will be error free. e. It is less expensive than survey data.

It addresses your specific research question.

The value of having a wide product mix is? Select one: a. It allows you to feature both tangible and intangible products in the same product category. b. Having wider packages allows you to take up more shelf space in retail stores, increasing the chances that a customer will notice your product. c. It is easier to manage several different product lines than it is to manage only one because you have fewer decisions to make. d. It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers. e. It allows you to run several different advertising themes at the same time, increasing the chances of finding an advertisement that really works.

It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers.

Which of the following statements about a decision support system is FALSE? Select one: a. The person using the decision support system needs to be able import information into the software used to make the decision. b. There is always a time constraint when making business decisions. c. It is better to wait until after you know what decision you have to support to begin developing the information to support it. d. The information needs to be in the network in order for decision makers to use it. e. The broader the scope of information available in a decision support system, the better.

It is better to wait until after you know what decision you have to support to begin developing the information to support it.

A major disadvantage to introducing a new product that represents a continuous innovation is that? Select one: a. It is difficult to gain a sustainable competitive advantage with incremental changes. b. It more difficult to modify an existing product than it is to come up with an entirely new product. c. You can only use continuous innovation when a competitor copies your existing product. d. The customer may not understand how to use the product anymore. e. These are all disadvantages of continuous innovations.

It is difficult to gain a sustainable competitive advantage with incremental changes.

The major advantage of secondary data is that? Select one: a. It is immediately available. b. It is external to the organization c. Gives you control over the methodology d. It is up to date e. It answers your specific research question

It is immediately available

Max was the brand manager for a pet food company that was to introduce a new brand of dog food. Through research, they had discovered that many dogs do not get enough exercise and this new dog food had stimulants added to give these sedate dogs energy. He thought of the brand name "Jump Start Your Fat, Lazy, Puppy" and asked your opinion. You said? Select one: a. It is a good brand name because it is catchy and has lots of words. b. It is not a good brand name because it is too long. c. It is a good brand name because it is true. d. It is not a good brand name because it doesn't suggest a product benefit. e. It is not a good brand name because it is easy to pronounce.

It is not a good brand name because it is too long.

The Trethaway Study showed profit leaders generate 39% of sales from new products while profit laggards generate 23% of sales from new products. What would this tell you as you develop your own business? Select one: a. The vast majority of new product ideas fail. b. You should aim to have between 23% and 39% of your revenue from new products based on these benchmarks. c. It is important for students to be able to critically evaluate research. d. Businesses would be even more profitable if they didn't waste a lot of time and effort developing new products. e. It is really important for businesses to develop new products.

It is really important for businesses to develop new products.

What do we mean when we speak of a "defensible" decision? Select one: a. It was the best alternative given the information available at the time. b. A decision taken in response to a competitor's action. c. A decision that ends up being a "good" decision d. These are all what we mean when we speak of "defensible" decisions. e. There is a written record of the decision and who is responsible for it.

It was the best alternative given the information available at the time.

A brand can be thought of as a promise you make to your customers. In order for the brand to be successful, the promise must be _____________? Select one: a. Changed as circumstances change. b. A warranty c. Implied d. Kept. e. In writing

Kept.

___________ in the diffusion of innovations process are less influenced by advertising and more likely to consider word of mouth information when deciding to adopt a new product. Select one: a. Innovators b. Laggards c. Late majority d. Late adopters e. Early majority

Late majority

One of the issues in order processing is ________ which recognizes that customer orders cannot always be filled immediately? Select one: a. Communication b. Flexible manufacturing c. Dependability d. Lead time e. Variability

Lead time

One of the ways to leverage brand equity is to engage in ____________ where you allow others to use your brand name for a fee or other compensation? Select one: a. Co-branding. b. Ingredient branding c. Cross-marketing d. Licensing e. Larceny.

Licensing

Many small businesses choose to segment their customers geographically because they can effectively communicate with their customers using __________? Select one: a. Cultural differences. b. NAICS codes. c. Trade publications d. Local media e. Shelter magazines.

Local media

__________ deals with the flow of physical goods and related information through the value chain? Select one: a. Efficiency b. Logistics c. Marketing d. Channeling e. Promotion

Logistics

People may not be conscious of their true motivation for purchasing a specific product. This is especially true for socially consumed products such as luxury cars and designer fashions. They may say they are purchasing these products because they are of high quality or an excellent value. The real reason is more likely to be: Select one: a. They are on a company expense account and don't have to purchase these products with their own money. b. They perceive these products to be investments that will be much more valuable in the future than they are right now. c. Luxury products are a way for them to maintain their self image. d. They know that many people will lose their jobs if nobody purchases luxury products. e. They are not aware of how expensive these products actually are.

Luxury products are a way for them to maintain their self image.

In an oligopoly situation, where the demand curve for the product is kinked, what is the best strategy to increase profits? Select one: a. Increase price to decrease revenues. b. Decrease price to increase revenues. c. Increase price to increase revenues. d. Decrease price to decrease revenues. e. Maintain price and reduce costs.

Maintain price and reduce costs.

According to Ries and Trout, consumers organize products into categories in their minds. The goal of positioning is to? Select one: a. Convince consumers that other products in the category are not as good as yours. b. Make it so that your product is the first thing that comes to mind when a category is mentioned. c. Cross-index the categories so consumers are reminded of your product when thinking of something else. d. Find the strongest category in a consumer's mind and make sure your product has a position somewhere in that category. e. Enter your product into as many categories as possible to increase the chance it comes up with a category.

Make it so that your product is the first thing that comes to mind when a category is mentioned.

According to Ries and Trout, consumers organize products into categories in their minds. The goal of positioning is to? Select one: a. Find the strongest category in a consumer's mind and make sure your product has a position somewhere in that category. b. Enter your product into as many categories as possible to increase the chance it comes up with a category. c. Convince consumers that other products in the category are not as good as yours. d. Cross-index the categories so consumers are reminded of your product when thinking of something else. e. Make it so that your product is the first thing that comes to mind when a category is mentioned.

Make it so that your product is the first thing that comes to mind when a category is mentioned.

A ______________ or _______________ is usually the property of the business that manufactures a product? Select one: a. Private-label brand, distributor brand b. Trade name, trademark c. Manufacturer's brand, producer brand d. Brand name, service mark. e. Generic brand, no-name brand

Manufacturer's brand, producer brand

____________ is(are) the systematic gathering, recording, and analyzing data with respect to a specific customer group in a specific geographic area? Select one: a. Market research b. Marketing analytics c. Marketing fundamentals d. Marketing e. Segmentation

Market research

By definition, _____________ is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large? Select one: a. Management b. Exchange c. Advertising d. Marketing e. Selling

Marketing

A ________________ is all of the organizations and activities associated with moving the product from producer to end user? Select one: a. Marketing Channel b. Sales organization c. Market segment d. Business e. Cartel

Marketing Channel

BruceCo is a company that makes products for the coffee industry. They subscribe to a clipping service that monitors newspapers in major cities around the world for articles related to the coffee industry. This is an example of _____________ in a marketing information system? Select one: a. Marketing intelligence b. Acquired databases/internet c. Computer hardware and software d. Internal information e. Decision makers

Marketing intelligence

Most established brands are in the ____________ of the product life cycle? Select one: a. Introductory b. Decline c. Maturity d. Growth e. Rebirth

Maturity

The goal at the ______________ stage of the product life cycle is to maintain market share and extend the life of the product. Select one: a. Introductory b. Maturity c. Growth d. Decline e. Rebirth

Maturity

When it comes to services, quality is measured in terms of? Select one: a. Meeting or exceeding the customer's expectations. b. Number of complaints c. Repeat business d. Conformance to specifications. e. Strength of the relationship.

Meeting or exceeding the customer's expectations.

One of the strategies during the decline stage of the product life cycle is to stop spending money on advertising continue to sell the product as long as customers are willing to buy it. This strategy is called? Select one: a. Shaking the product. b. Milking the product. c. Skimming the product. d. Divesting the product. e. Repositioning the product.

Milking the product.

Younjin is a purchasing agent for Acme Enterprises. One of the products she is responsible for is copier paper for the company's copiers. The company makes lots and lots of copies so they use more than 60 cases of copier paper each week. Recently, one of her colleagues, Bruce has been complaining that the copiers are jamming a lot. She thinks it might be because the paper is the wrong kind for the company's copiers. Also, the chairman of the board made a speech to all of the employees stating that the company is going to become environmentally sensitive and there will be bonuses for people who can improve the company's environmental record. Younjin had heard that some recycled paper is as good or better than standard copier paper. She decides to re-think where she is buying her copier paper. Younjin will probably treat copier paper as a __________ decision? Select one: a. Modified rebuy b. New task buy c. Don't fix if it's not broken d. Make or buy e. Straight rebuy

Modified rebuy

Perla is trying to decide which of two big screen television sets she should purchase. One is more expensive than the other, but it has better resolution. Sound quality is the same on both television sets. They both come with remote controls, but Perla rarely uses a remote control so it is not a factor in her decision. Perla is using __________ to make the decision? Select one: a. Consideration set b. Multiple criteria c. Price d. Sound quality. e. Single criteria

Multiple criteria

Many airlines advertise low prices on the internet. When you actually book the ticket, you may find that there are destination charges, service, fees and other costs that significantly increase the cost of the ticket. The airlines use this _________ tactic to make their prices appear to be lower to customers who are comparing prices. Select one: a. Discount price b. Captive price c. Flexible price d. Single price e. Multiple price

Multiple price

Many television infomercials advertise a product at a very low price. After you order the product, you find there is a fairly substantial shipping and handling charge. When you figure in the extra charges, the product may be more expensive than other, similar products that you were considering. This is an example of a ________tactic? Select one: a. Flexible price b. Discount price c. Multiple price d. Single price e. Captive price

Multiple price

A(n) ______________ targeting strategy develops more than one distinct marketing mix? Select one: a. Concentrated b. Undifferentiated c. Pretentious d. One-to-one e. Multisegment

Multisegment

One way to segment markets for business customers is by industry type. This approach is attractive because of __________ which makes it cost effective to measure the number of potential customers in an industry? Select one: a. Zip codes b. Local media. c. Cable television d. Salespeople e. NAICS codes

NAICS codes

Which of these statements about needs vs. wants is TRUE? Select one: a. All of these statements about needs vs. wants are true. b. Needs deal deal with strong motivations while wants deal with weaker motivations. c. Needs deal with basic drives while wants are influenced by a person's social environment. d. The greater the sense of urgency, the more likely a person is dealing with a need rather than a want. e. Professional marketers make a careful distinction between needs and wants.

Needs deal with basic drives while wants are influenced by a person's social environment.

The _________________ channel flow involves two-way communication between producer and consumer? Select one: a. Ordering b. Risking c. Promotion d. Negotiation e. Ownership

Negotiation

Which of these theories explains how individuals decide to adopt new products? Select one: a. New product adoption b. Special relativity c. Diffusion of innovations d. New product development e. Consumer buying process

New product adoption

Younjin is a purchasing agent for Acme Enterprises. She is responsible for the company's copiers. The company makes lots and lots of copies so they spend more than $10 million on copies each year. Younjin is considering replacing all of the company's copiers with a networked solution that digitizes all documents and prints them on demand at designated workstations. This system will have to be custom designed for the company and will cost several million dollars. Younjin will probably treat this as a __________ decision? Select one: a. Modified rebuy b. Boom or bust c. Straight rebuy d. New task buy e. Make or buy

New task buy

Marketers of ___________ and __________ products have to use intrusive advertising in order to make consumers aware of them at the appropriate point in the consumer buying process? Select one: a. Familiar, repeat purchase b. Memory based, commercial c. Brand name, hard to find d. Marketers should use intrusive advertising for all products. e. New, unsought

New, unsought

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company typically determine the relative importance of new product development to the overall goals of the organization? Select one: a. Commercialization b. Idea generation c. Market Testing d. Technical development e. Business analysis f. Screening and evaluation g. New-product strategy

New-product strategy

Bruce has always wanted to own a Ferrari automobile. For him it will always be a dream because he will never be able to afford to buy one unless gets a better job and saves his money for several years. Is Bruce part of the potential market for Ferrari automobiles? Select one: a. Yes because he sees the benefit of owning a Ferrari. b. No because he does not have the authority to buy a Ferrari. c. No because he does not have the money to buy a Ferrari. d. Yes, because he believes the Ferrari is a great luxury car even though he feels luxury cars are a waste of money. e. No because if he really perceived benefit of owning a Ferrari, he would find the money to buy it

No because he does not have the money to buy a Ferrari

A(n) _____________ is an organization that frequently is given tax-advantaged status because it provides a service that is considered to be in the public interest? Select one: a. Oligopoly b. Non-government organization c. Intangible organization d. Vendor e. Accounting firm

Non-government organization

In many market situations, such as an oligopoly or monopolistic competition, there is a very strong expectation of what the price for a product should be. In these situations, many businesses engage in ____________ by using advertising, free-product offers or bonus packaging to differentiate their product. Select one: a. Loss-leader pricing b. Oligopoly pricing. c. Non-price pricing d. Price line pricing e. Above or below pricing

Non-price pricing

The first source people turn to for information when making a purchase is...? Select one: a. Trusted friends b. Blogs c. None of these are the first source people turn to for information when making a purchase. d. Social media e. Commercial information provided by marketers

None of these are the first source people turn to for information when making a purchase.

A(n) ______________ is an organization created to provide a public or mutual benefit other than the pursuit or accumulation of profits for investors. Select one: a. Service provider b. Small business c. Not-for-profit d. Not-so-smart e. Informal organization

Not-for-profit

A(n) ______________ is an organization whose business purpose has been designated as being in the public interest and may have received preferential tax status? Select one: a. Not-for-profit b. Not-for-nothing c. Quasi-governmental agency d. Interest group e. Fundraiser

Not-for-profit

One of the biggest differences between a for-profit service company and a not-for-profit service company is that? Select one: a. Not-for-profit companies are expected to lose money while for-profit companies are expected to make money. b. Not-for-profit companies receive tax dollars from the government while for-profit companies pay taxes to the government. c. Not-for-profit companies satisfy a need in society while for-profit companies do not satisfy societal needs. d. These are all differences between not-for-profit companies and for-profit companies. e. Not-for-profit companies have multiple constituencies that could be considered to be customers.

Not-for-profit companies have multiple constituencies that could be considered to be customers.

Experience has shown that customers perceive a price of $99.99 to be significantly lower than a price of $100. The pricing strategy that takes advantage of this phenomenon is called ___________ Select one: a. Price line pricing b. Odd-even pricing c. Penetration pricing. d. Price bundling e. Yield management pricing

Odd-even pricing

Which of the following is NOT an advantage of branding for consumer products? Select one: a. A successful brand is an intangible asset. b. There is an opportunity to leverage the brand through licensing or co-branding. c. A brand can be an assurance of quality for a customer d. Once a brand has been established, you do not have to maintain it e. You can create a barrier to entry for other competitors

Once a brand has been established, you do not have to maintain it

The reason people experience buyer's remorse after making a major purchase is because? Select one: a. People are so happy with their new purchase that they regret no longer being able to shop for something new. b. All of these are reasons people experience buyer's remorse. c. People frequently spend more money than they can afford to on major purchases, especially when they buy using credit cards. d. People naturally dislike making decisions. e. Once you have made a choice between two attractive alternatives, you experience a sense of loss over the alternative that you didn't choose.

Once you have made a choice between two attractive alternatives, you experience a sense of loss over the alternative that you didn't choose.

In the three circles positioning framework presented in class, which area represents the area for creating an attractive new position in the marketplace? Select one: a. Opportunity to strengthen position b. Their unique position c. All of these are areas for creating an attractive new position in the marketplace. d. Your unique position e. The "bar"

Opportunity to strengthen position

The Myers-Briggs personality inventory is one typology discussed in class. Which of the following is NOT one of the dimensions of the Myers Brigs personality inventory? Select one: a. Extrovert-Introvert b. Thinking-feeling c. Sensing-Intuitive d. Judgment-perception e. Optimist-pessimist

Optimist-pessimist

A(n) ________________ is the container used to protect, promote, transport, and/or identify a product. Select one: a. Master pack b. Instruction manual c. Box d. Package e. Wrapper

Package

Nintendo chose a ___________ approach to pricing for a new game console because they felt the market for this product was price sensitive, there are major economies of scale to be achieved, and both Sony and Microsoft would be introducing new game systems shortly? Select one: a. Variable price b. Game theory c. Skimming d. Penetration e. Trial pricing

Penetration

The ____________ approach to new product pricing sets prices low in order to gain market share and discourage competitors from entering the market? Select one: a. Variable price b. new and improved c. Trial pricing d. Skimming e. Penetration

Penetration

The introductory stage pricing strategy that attempts to gain as much market share as possible, even though it may mean more time before the product becomes profitable is called? Select one: a. Penetration pricing. b. Skimming. c. Discounting. d. Cost-plus pricing. e. Introductory pricing.

Penetration pricing.

One of the main ADVANTAGES of observational data collection is? Select one: a. People frequently are unaware or unable to say what their true motivation is. b. The data collection is done by machines such as a video camera or tape recorder. c. You have the ability to ask follow up questions. d. Observational data is less expensive than questionnaire data e. It is easy to interpret observational data.

People frequently are unaware or unable to say what their true motivation is.

Age cohorts are an effective basis for market segmentation because? Select one: a. Baby boomers were born after World War II b. It is easy to determine a person's age c. People in the same generation share many similar experiences which could affect their consumption patterns d. Children have more disposable income now then they did after World war II e. Age is a better indicator of consumption patterns than is gender.

People in the same generation share many similar experiences which could affect their consumption patterns

Which of the following statements about the result of cognitive miserliness is TRUE? Select one: a. Once a problem has been solved, people will make one last effort to come up with a better solution. b. People are always thinking about new and better solutions to existing problems. c. People will not think about a product unless marketers pay them to do so. d. People will choose the first acceptable solution to a problem rather than choosing the best solution to a problem. e. People in groups will identify fewer acceptable solutions to a problem than will one person working alone.

People will choose the first acceptable solution to a problem rather than choosing the best solution to a problem.

What is the essence of the loss aversion principle? Select one: a. People prefer to discard obsolete products when newer products are available. b. People will double their bet after taking a loss in order to win their money back. c. People will enjoy spending money more if they earned it than if they received it as a gift. d. People will be angry if they find out they paid too much money for a product. e. People will work harder to avoid a loss than they will to achieve an equivalent gain.

People will work harder to avoid a loss than they will to achieve an equivalent gain.

A brand can be thought of as a promise you make to your customers. In order for the brand to be successful, the promise must be _____________? Select one: a. Legally binding b. Perceived as valuable to your customers. c. Printed on the package or in the instructions d. Changed as circumstances change. e. Implied

Perceived as valuable to your customers.

______________ is a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing action? Select one: a. Point of purchase display b. Mental picture c. Brand family d. Market position e. Perceptual map

Perceptual map

Chez Bruce is the fanciest restaurant in the city. If you want to make a reservation, you have to make it before 5:00 pm or after 10:00 pm. There is so much demand for seats at the restaurant that you have to wait in line during peak hours. Bruce is using this strategy to deal with the __________ characteristic of service provision. Select one: a. Intangibility b. Perishability c. Variability (Inconsistency) d. Inseparability e. Invisibility

Perishability

The basic issue when you are dealing with the __________ characteristic of services is that the time or capacity to provide services is limited and fixed? Select one: a. Insufferability b. Invisibility c. Variability d. Intangibility e. Perishability

Perishability

Which of the following is NOT a situational influence on the consumer buying process? Select one: a. The buying task b. Personality c. Atmospherics d. A person's mood e. The time of day

Personality

Which of the following is NOT a social influence on the consumer buying process? Select one: a. Family b. Social Class c. Personality d. Culture e. Reference Groups

Personality

One of the ways personality is useful to marketers is to use ___________, or enduring characteristics such as innovativeness, self-confidence, sociability, which will vary from person to person; as segmentation variables. Select one: a. Motivations b. benefits c. National characters d. Personality traits e. Features

Personality traits

The ____________ channel flow deals with the movement of the actual product from producer to consumer? Select one: a. Ownership b. Payment c. Promotion d. Ordering e. Physical possession

Physical possession

Frodo was a massage therapist. He was very good at dealing with lower back pain. He gave his clients a book that they could use to keep a record of their visits to his practice and record their thoughts and feelings about the therapy. In the front of the book was a beautiful picture and an inspiring poem that would remind his clients that lower back pain can be treated with a visit to Frodo. By using the book, Frodo's patients could benefit from his practice even if he wasn't with them personally. Frodo was using the ___________ approach to making his service seem 'real'? Select one: a. Visualization b. Association c. Physical representation d. Documentation e. Word of mouth

Physical representation

The two basic sources of motivation for the consumer buying process are? Select one: a. Consumers, businesses b. Drives, Influences c. Needs, wants d. Products, services e. Physiological, Psychological

Physiological, Psychological

Carlina operates an oil refinery in Houston Texas. She gets her crude oil from the largest oilfield in Texas. Because the product is more or less fluid and because she knows exactly where the raw material is coming from and where it has to go, Carlina uses _________ transportation for this part of her business? Select one: a. Water b. Air c. Rail d. Truck e. Pipeline

Pipeline

A marketing channel helps to create ______ utility? Select one: a. Form b. Place c. Electric d. Time e. Image

Place

_________ utility exists when a product is readily accessible where potential customers need it Select one: a. Form b. Place c. Image d. Time e. Posession

Place

In addition to determining the amount of money you will receive for your product, price serves as a __________ tool, signaling to customers where your product stands in relation to similar product offerings? Select one: a. Value b. Advertising c. Intangible d. Positioning e. Financial

Positioning

___________ is understanding how customers perceive your product and managing their perceptions relative to competing products? Select one: a. Rebranding b. Positioning c. Target marketing d. Segmentation. e. Deception

Positioning

____________ is understanding how customers perceive your product and managing their perceptions relative to competing products? Select one: a. Positioning b. Segmentation. c. Deception d. Target marketing e. Rebranding

Positioning

Manny opened a coffee shop right across the street from a Barstucks coffee shop. Manny had studied the market and he knew that it cost Barstucks, a national chain, $1.40 to make a cup of coffee that sold for $2.50. Manny could make the same cup of coffee for $1.10 and could sell it profitably for $2.25. The day he opened his shop, the Barstucks across the street offered a 99cent cup of coffee special. No customers came to Manny's store and he had to close. The day he closed his store, the Barstucks 99 cent special ended and the price of a cup of coffee went up to $2.75. This was probably? Select one: a. Predatory pricing b. A coincidence. c. Price discrimination d. Bait and switch pricing. e. Price fixing.

Predatory pricing

Which of the following is NOT one of the dimensions customers use to evaluate service quality? Select one: a. Empathy b. Reliability c. Price d. Assurance e. Responsiveness

Price

_________ is the amount of money or other consideration, which is exchanged or offered for a product, or other desired outcome. Select one: a. Barter b. Revenue c. Expense d. Value e. Price

Price

Colgate Palmolive created a special package that included a free regular-sized tube of toothpaste when you purchase a family-sized tube of toothpaste at the regular price. This is an example of? Select one: a. Trial pricing. b. target-cost pricing c. Price bundling d. Captive pricing e. Odd-even pricing

Price bundling

Colgate Palmolive developed a new line of Colgate brand mouthwash. As part of the introduction, they included a free sample of Colgate mouthwash with every tube of Colgate toothpaste. This is an example of? Select one: a. Price bundling b. Target profit pricing. c. Multiple pricing d. Anti-cavity pricing. e. Captive pricing

Price bundling

For companies operating in an oligopoly market structure, prices tend to be very stable. In these situations, the company with the largest market share might raise its prices in hopes that other, smaller companies will follow. If this happens, the price will increase. This is called the ____________ to setting prices? Select one: a. Price leadership approach b. Price line approach c. Above or below approach d. loss-leader approach e. Customary pricing approach

Price leadership approach

Mordred had been sued by a former business partner. The partner was seeking $1,000,000 in damages. Mordred felt that this claim was totally unfair. He went to the law firm of Merlin, Guinevere, and Arthur, LLC. He was told that a junior associate could handle his case for $300 and hour or a senior partner could handle the case for $700 and hour. When he asked why there was such a difference in the rates, he was told that the senior partners were in such high demand that they were trying to discourage new clients. This is an example of _____________? Select one: a. Automation b. Price rationing c. Productization d. Dive up window e. Visualization

Price rationing

Huyen wanted to answer the research question, "what causes students to be unhappy with Marketing 431". Because nobody had done any research even remotely related to this particular question, Huyen needed to collect __________ data? Select one: a. Experimental b. Random c. Pseudo d. Secondary e. Primary

Primary

The VALS system identifies eight consumer segments based on (1) ____________ and (2) _______________? Select one: a. Primary motivation, resources b. Primary motivation, personality type c. Psychographics, buying patterns d. Primary motivation, secondary motivation e. Psychographics, demographics

Primary motivation, resources

Typically, ______________ is done by the retailer of a product rather than by the manufacturer. Select one: a. Individual product branding b. Excessive branding. c. Private-label branding. d. Generic branding e. Family branding

Private-label branding.

A _____________ sample means that every person in the population of interest has a known chance of being included in the research. Select one: a. Probability b. Biased c. Convenience d. Intercept e. Snowball

Probability

Sergio is the head designer for 'Robertson House' a high-fashion clothing company. Each year, Sergio completely changes the colors of the clothes he designs so that it will be obvious to anyone who has fashion sense that last years colors are out of date. This "planned obsolescence" tends to affect consumers at the _________ stage of the consumer buying process. Select one: a. Point of purchase b. Problem recognition c. Internal motivation d. Problem solving e. Decision

Problem recognition

Stores frequently put items such as candy bars or chewing gum next to the check-out lines. The reason is that simply seeing the candy display may make a consumer hungry for a candy bar. This tactic tends to affect consumers at the ________ stage of the consumer buying process. Select one: a. Postpurchase behavior b. Time-sensitive c. Problem recognition d. Internal motivation e. External motivation

Problem recognition

A ____________ is a bundle of tangible and intangible attributes that provide value to customers in exchange for money (or something else of value). Select one: a. Feature b. Featurette c. Product d. Market e. Segment

Product

Which of the following is NOT a typical application of data mining as discussed in class? Select one: a. Customer retention b. Customer acquisition c. Market basket analysis. d. Customer abandonment e. Product abandonment

Product abandonment

Which of the following is NOT a cost typically associated with logistics? Select one: a. Materials handling b. Stockout. c. Product development d. Storage e. Order processing

Product development

Each of the individual ____________ in a product line are frequently assigned a unique SKU number. Select one: a. Customer segments b. Categories c. Attributes d. Price ranges e. Product items

Product items

The _________________ is a concept that explains how products go through four distinct stages from birth to death. Select one: a. Heimlich maneuver b. marketing perspective c. Adoption process. d. Diffusion process. e. Product life cycle.

Product life cycle.

The four 'P's are? Select one: a. Product, positioning, promotion and packaging. b. Product, people, positioning, profits. c. Product, price, place, and promotion d. Bashful, Doc, Dopey, Grumpy, Happy, Sleepy, Sneezy. e. Product, potential, peripherals and purchase.

Product, price, place, and promotion

Yuli is the California regional manager for a suntan lotion company. Tomorrow morning she must meet with her supervisor for her annual performance review. In preparation for the meeting, she prints a copy of a routine ____________ showing her performance for the year compared to her goals. Select one: a. Exception report b. Decision analysis c. Colbert report d. Progress report e. Ad-hoc analysis

Progress report

Which of the following scenarios would probably be considered to be deceptive reference pricing? Select one: a. Buying merchandise at 50% lower than usual and putting it on sale for 30% off comparable prices as a special purchase. b. These could all be considered to be deceptive reference pricing. c. Putting a brand new product in a store and marking it at 30% off manufacturer's suggested retail price. d. Putting a brand new product in a store and marking it at 30% off regular prices. e. Taking merchandise that hasn't sold as well as hoped and putting it on sale at 30% off regular prices.

Putting a brand new product in a store and marking it at 30% off regular prices.

Which of the following research techniques is most likely to be used in exploratory research? Select one: a. Longitudinal research. b. Qualitative data collection c. Mail survey d. Quasi-experiment e. Survey questionnaire

Qualitative data collection

Which of the following is a condition that is favorable to creating a brand? Select one: a. Consumers are unwilling to pay premium prices for similar products. b. The product is a similar to competitive products. c. There is limited availability of the product. d. Quality and value are easy to maintain consistently. e. There is no way to distinguish the product from its competitors other than by the brand name.

Quality and value are easy to maintain consistently.

Sometimes it is not feasible to conduct causal research because meeting all of the conditions (for example a probability sample when you aren't sure how many people are in the population). In these cases researchers may conduct ____________ research which is almost as good. Select one: a. Bogus b. Quasi-experimental c. Ethnographic d. Stratified random sample e. Psuedo

Quasi-experimental

Carlina operates a wholesale lumber business serving contractors in her Midwestern city. She takes orders from a central location and delivers the lumber and other building materials to the contractor's jobsite using her own trucks. She orders her lumber from a mill in Washington State. Because the lumber is bulky and she orders large quantities she uses _________ transportation to ship the lumber from Washington? Select one: a. Truck b. Pipeline c. Rail d. Air e. Water

Rail

Which of the following IS a probability sample? Select one: a. Free sample b. Convenience sample c. Mall intercept sample d. Snowball sample e. Random sample

Random sample

In the maturity stage of the product life cycle, profits can be increased by? Select one: a. Increasing sales b. Skimming. c. Raising prices d. Reducing your costs. e. Reducing market share

Reducing your costs.

A _______________ is an actual or imaginary group that has a significant impact on a person's evaluations, aspirations or behavior? Select one: a. Personality b. Consideration set c. Reference group d. Buying center e. Attitude

Reference group

The three circles positioning framework presented in class suggests using all of the following EXCEPT ___________ to help clarify a market position? Select one: a. Customer needs b. Points of difference c. Company's offerings d. Related industries e. Competitor offerings

Related industries

Bruce is afraid he is gaining weight. He got on the scale this morning and he was 10 pounds heavier than he was last night. He got on the scale again after breakfast and he had lost 10 pounds. Just before leaving for school he got on the scale again and he was 5 pounds lighter than he was after breakfast. Clearly, there is a problem with the _________ of Bruce's weight measurements? Select one: a. Validity b. Measurement c. Representativeness d. Trend e. Reliability

Reliability

Roxanne has completed her positioning analysis and believes she understands why her adult milk beverage has been performing so badly. Her product was the first product to use aseptic packaging, which allows milk to be stored at room temperature for long periods of time. Introduced in 1999, the product was positioned as a survival food because everybody was worrying about Y2K problems at the turn of the century. Today people are more concerned about nutrition and her aseptic milk is very low in fat. To take advantage of this, she changes her advertising slogan from "It will keep you alive in the next century" to "A healthy beverage, ready and waiting". Roxanne is trying to? Select one: a. Reposition her product against the competition b. Reduce her production costs c. She is trying to do all of these things. d. Make people believe that the market leader is selling an unhealthy drink e. Reposition her product against itself

Reposition her product against itself

Roxanne has completed her positioning analysis and believes she understands why her adult milk beverage has been performing so badly. Her product was the first product to use aseptic packaging, which allows milk to be stored at room temperature for long periods of time. Introduced in 1999, the product was positioned as a survival food because everybody was worrying about Y2K problems at the turn of the century. Today people are more concerned about nutrition and her aseptic milk is very low in fat. To take advantage of this, she changes her advertising slogan from "It will keep you alive in the next century" to "A healthy beverage, ready and waiting". Roxanne is trying to? Select one: a. Reposition her product against the competition b. She is trying to do all of these things. c. Reposition her product against itself d. Reduce her production costs e. Make people believe that the market leader is selling an unhealthy drink

Reposition her product against itself

Roxanne has completed her positioning analysis and now understands why her line of adult milk beverages has been performing so badly. There are too many competitors out there and she hasn't been able to gain market share from the category leader - Bruce's Power Gulp, a vitamin enhanced milk beverage. She believes there are people out there who would prefer a less-processed product at a lower price. She decides to change her advertising slogan to "The Fresh Alternative to enhanced milk beverages". Roxanne is trying to? Select one: a. Reduce her production costs b. She is trying to do all of these things. c. Reposition her product against the competition d. Make people believe that the market leader is selling an unhealthy drink e. Reposition her product against itself

Reposition her product against the competition

Roxanne has completed her positioning analysis and now understands why her line of adult milk beverages has been performing so badly. There are too many competitors out there and she hasn't been able to gain market share from the category leader - Bruce's Power Gulp, a vitamin enhanced milk beverage. She believes there are people out there who would prefer a less-processed product at a lower price. She decides to change her advertising slogan to "The Fresh Alternative to enhanced milk beverages". Roxanne is trying to? Select one: a. Reposition her product against the competition b. Reduce her production costs c. She is trying to do all of these things. d. Make people believe that the market leader is selling an unhealthy drink e. Reposition her product against itself

Reposition her product against the competition

One common strategy to extend the life of a product in the maturity stage of the product life cycle is to ____________? Select one: a. Go back to market testing. b. Reposition the product to appeal to a new market segment c. Skim the product. d. Use subliminal advertising. e. Divest the product.

Reposition the product to appeal to a new market segment

What is pseudo-research? Select one: a. Research that is not conducted according to scientific principles. b. Research that is conducted to support a decision that has already been made. c. Research conducted on issues that are not important enough to justify the investment. d. Research that is conducted on the zombie apocalypse and in other pseudo sciences. e. Psuedo-research is when the researchers do not actually collect the data, but they present their findings as if they had actually done the research.

Research that is conducted to support a decision that has already been made.

_____________ include retail and wholesale businesses. Select one: a. Institutions b. Industrial Markets c. Governments d. Facilitators e. Resellers

Resellers

Coca Cola's basic strategy is they you should never be more than an arms length away from a cold, refreshing Coke. In order to achieve this strategy they try to make Coke products available for sale through as many outlets as possible. You can buy bottled Coke in the grocery store, fountain coke at a restaurant, single cans and bottles at convenience stores and gas stations, and individual cans from vending machines while you are waiting in line for a ride at an amusement park. Because the goal of the supply chain is to maximize __________, Coke is willing to bear the expense of having several different channels of distribution? Select one: a. Variety b. Upstream activities c. Efficiency. d. Downstream activities. e. Responsiveness

Responsiveness

Which of these is NOT a tool used in materials handling? Select one: a. Conveyor belts b. RFID (radio frequency identification) c. Forklifts d. Safety stock e. Bar code scanners

Safety stock

Which of these is NOT a tool used in materials handling? Select one: a. RFID (radio frequency identification) b. Safety stock c. Bar code scanners d. Conveyor belts e. Forklifts

Safety stock

The product life cycle consists of two curves which show the expected _________ and ________ of a product over time. Select one: a. profits, losses. b. Sales, market share. c. Sales, profits. d. Sales, revenue. e. Units, dollars

Sales, profits

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company identify feasible ideas and turn them into product concepts? Select one: a. Business analysis b. Commercialization c. Screening and evaluation d. Market Testing e. New-product strategy f. Idea generation g. Technical development

Screening and evaluation

Hermione was the office manager for a small business in the city. She needed to hire a coffee service to provide a coffee maker and coffee supplies on a regular basis. She went online and searched for several coffee services. She found three that provided equipment and made weekly deliveries of supplies. She chose the supplier that advertised the lowest price. Hermione used ___________ to evaluate the quality of this service? Select one: a. Experiential attributes b. Search attributes c. Credence attributes d. Credence Clearwater Revival e. Intangibles

Search attributes

Huyen wanted to answer the research question, "What causes students to be unhappy with Marketing 431?" Although no one had conducted research on marketing 431, there were hundreds of studies that had been done about why students are unhappy with college classes. Huyen was able to take advantage of this __________ data to answer her research question? Select one: a. Random b. Secondary c. Experimental d. Primary e. Pseudo

Secondary

Many retail stores use "secret shoppers," people who pretend to be customers, go into a store and do all sorts of things. They take notes and are able to report back what is really happening in the stores. This technique is used for _____________? Select one: a. Identifying differences between quality standards and service delivery b. Secret shoppers are used for all of these things. c. Gap analysis d. Measuring service quality e. Identifying differences between management perception of quality and written quality standards

Secret shoppers are used for all of these things.

Sameer does not smoke. Every day he walks past a billboard advertising Camel cigarettes. In class, the instructor was talking about how much cigarette advertising is around us and described the billboard advertising Camel cigarettes as an example. Sameer was surprised by this. He had walked by the billboard every day, yet he had never noticed that it was an advertisement for cigarettes. This is an example of _____________? Select one: a. Selective attention b. Selective memory c. Selective service d. Selective interpretation e. Selective retention

Selective attention

Bruce is a fan of the Minnesota Vikings Football team. He was watching a game between the Minnesota Vikings and the San Francisco Fortyniners on San Francisco television station. He expected that the announcers would favor the local team and it appeared that he was right. Even though a national media agency gave the local announcers an award for the most unbiased coverage ever in a televised football game, Bruce remained convinced that the announcers had favored the local team. This is an example of ______________? Select one: a. Selective selection b. Selective retention c. Selective attention d. Selective interpretation e. Selective memory

Selective interpretation

Confirmation bias recognizes that people will be more likely to believe someone who agrees with what they already think than someone who disagrees with what they think. This is the result of: Select one: a. Selective cognition b. Natural selection c. Selective retention d. Selective attention e. Selective interpretation

Selective interpretation

Which of the following would be considered a higher-level need according to Maslow's hierarchy of needs? Select one: a. Shelter. b. Food and water. c. Safety d. Self Actualization e. Physiological

Self Actualization

Which of the following is NOT a good source of information to use in understanding your current market position? Select one: a. Self knowledge b. A SWOT analysis. c. Critical articles published in newspapers. d. Complaints from unhappy customers. e. The results of market research studies.

Self knowledge

A ____________ is a product that consists of primarily intangible attributes? Select one: a. Fiction b. Service c. Pseudo-product d. Transaction e. Role play

Service

One of the challenges we face in managing services is that both the customer and the service provider work together to create the service. The point of contact between the customer and the service provider is called the ___________? Select one: a. Service Zone b. Introduction c. Service encounter d. Moment of truth e. Commercial interface

Service encounter

Roxanne has completed her positioning analysis and has decided that she needs to reposition her product to a more attractive segment. In order to do this she needs to consider? Select one: a. What changes she will need to make to the product b. Does she have the money to make the change c. What are her competitors likely to do when they notice she is changing her strategy d. Whether the organization can support the new product position e. She needs to consider all of these things.

She needs to consider all of these things.

One of the advantages of ____________ is that they can be moved from one platform to another without having been loaded or unloaded. Names such as piggyback, fishyback relate to the variety of transportation options? Select one: a. Packages b. Shipping containers c. Trucks d. Conveyer belts e. Forklifts

Shipping containers

One of the advantages of ____________ is that they can be moved from one platform to another without having been loaded or unloaded. Names such as piggyback, fishyback relate to the variety of transportation options? Select one: a. Shipping containers b. Conveyer belts c. Packages d. Forklifts e. Trucks

Shipping containers

Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union looking for a snack. He noticed that he could buy ice cream for $3 including tip. He thought that he could save a lot of money if he had a refrigerator in his office. They are sort of expensive and take up space so he would probably have to do some looking. He went online and found a number of small refrigerators. Armed with the information about what should be available and what a good price would be, he stopped at three appliance stores before selecting a refrigerator for his office. In terms of product classification, a refrigerator is a(n) for Bruce? Select one: a. Unsought product b. Sought product. c. Convenience product d. Shopping product e. Specialty product

Shopping product

Consumers might put significant effort into purchasing a _____________? Select one: a. Unobtainable product b. Specialty product c. Shopping product d. Convenience product e. Unsought product

Shopping product

Eseffisue Company has developed a portable solar-powered global positioning (GPS) device. There is a high demand for the product and until now, there wasn't anything like it on the market at any price. The company has a patent and the most important attribute for a GPS device is quality. Eseffisue Company should use a ____________ approach to pricing this new product? Select one: a. Skimming b. Variable price c. Penetration d. Trial pricing e. Environmental

Skimming

The ____________ approach to new product pricing sets prices high in order to recover development costs more quickly? Select one: a. Penetration b. new and improved c. Skimming d. Variable price e. Trial pricing

Skimming

Huyen wanted to conduct market research to find out why students were unhappy with Marketing 431, probably the finest course ever to be offered by a university. In order to do this she needed to find people who were unhappy with the course. Figuring that these people would talk to each other, she used a sampling technique where she found one person who was unhappy with the course and, after asking her research questions, asked this person for the name of another person who was unhappy with the course. This technique is called _____________ sampling? Select one: a. Random b. Snowball c. Focus group d. Probability e. Stratified random.

Snowball

Which of the following sampling techniques is a nonprobability sample? Select one: a. Stratified random sample b. Random sample c. Systematic sample d. Iceberg sample e. Snowball sample

Snowball sample

Why is it important to understand the assumptions that went into the research when you are making recommendations? Select one: a. Because assumptions allow you to make inferences beyond what is indicated by a strict analysis of the data. b. Because you can't use assumptions with advanced statistical techniques c. All of these are reasons why it is important to understand the assumptions that go into a research project. d. Because if you understand the assumptions, you can use them as excuses if the results dont come out the way you had hoped. e. So you don't overgeneralize - or read more into the data than is actually there

So you don't overgeneralize - or read more into the data than is actually there

________________ consists of the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests and behavior can be grouped. Select one: a. Culture b. Social class c. Target market d. Market segment e. Reference group

Social class

One of the barriers to creating intelligence within an organization is? Select one: a. Computer databases make it difficult to retrieve information in a timely manner. b. Sometimes people don't do the paperwork asked of them. c. When an organization has only one database it can be difficult to retrieve information in a timely manner. d. Not all organizations have intelligent people working for them. e. These are all barriers to intelligence within an organization.

Sometimes people don't do the paperwork asked of them.

A dynamically continuous innovation is? Select one: a. Somewhere in the middle of the new product continuum. b. A way to create distance between your product and a competitor's product position. c. Frequently characterized by the words "new and improved" on a familiar package. d. A product that represents a major change to the way we live. e. A dynamically continuous innovation is all of these things.

Somewhere in the middle of the new product continuum.

One of the ways intermediaries create value is to? Select one: a. Increase the amount of money customers are willing to pay for a good or service. b. Provide a buffer between consumer and producer so individuals don't feel like they are dealing with a large corporation. c. Specialize in one or more channel functions in order to become better at it than others in the channel. d. Invest in trucks that are much more expensive than other companies in the channel can afford. e. These are all ways that intermediaries create value.

Specialize in one or more channel functions in order to become better at it than others in the channel.

A ______________ is one for which a customer will accept no substitute? Select one: a. Specialty product b. Unsought product c. Shopping product d. Unobtainable product e. Convenience product

Specialty product

Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union for a bowl of ice cream. All they had was Dreyers Ice Cream and Bruce was really in the mood for Haagen Daz. So he walked over to Stonestown mall in order to get a bowl of Haagen Daz Ice Cream even though he really didn't have the time. In terms of product classification, Haagen Daz ice cream could best be described as a(n) for Bruce? Select one: a. Shopping product b. Specialty product c. Unsought product d. Convenience product e. Sought product.

Specialty product

Chun has developed a line of insect repellent with no bad chemicals in it. She used psychographic segmentation to define her primary segment as environmental activists. Which of the following is the WORST way that Chun could communicate with this segment? Select one: a. Sponsor a tree planting event in the Everglades Swamp in Florida. b. Advertise in the Sierra club magazine, a magazine sent to all members of the environmentally conscious sierra club. c. Create a website for her insect repellent and exchange links with environmental websites. d. Sponsor a fishing tournament where the first prize is a sport utility vehicle e. Sponsor a television program on the earth-friendly cable network.

Sponsor a fishing tournament where the first prize is a sport utility vehicle

Many large retail stores use ____________ because it would be impractical to calculate the correct price for thousands of items individually? Select one: a. Cost plus pricing b. price ceiling pricing c. Price floor pricing d. Flexible pricing. e. Standard markup pricing

Standard markup pricing

Which of the following was NOT one of the bases for market segmentation discussed in class? Select one: a. Geographic b. Statistics c. Behavior d. Psychographic e. Demographic

Statistics

Kendra runs a wholesale distribution center for candy. Each month she receives a shipment of candy from her supplier. She always has enough inventory on hand so that her retail customers can buy cases of candy whenever they need it. Kendra is adding value by ___________? Select one: a. Creating assortment b. Breaking wind c. Storing d. Transporting e. Grading.

Storing

Younjin is a purchasing agent for Acme Enterprises. One of the products she is responsible for is the copier paper for the company's copiers. The company makes lots and lots of copies so they use more than 60 cases of copier paper each week. Younjin will probably treat copier paper as a ____________ decision? Select one: a. New task buy b. Repetitive c. Modified rebuy d. Make or buy e. Straight rebuy

Straight rebuy

A ___________ is a distinctive mode of presentation or performance? Select one: a. Attribute b. Attitude c. Feature d. Style e. Fashion

Style

The last stage of the market research process involves all of the following EXCEPT? Select one: a. Submitting expense reports b. Acting on the findings of the research c. Evaluating the quality of the decision d. Evaluating the quality of the research e. These are all activities associated with the last stage of the market research process.

Submitting expense reports

Which of the following research techniques is most likely to be used in descriptive research? Select one: a. Focus group b. Survey questionnaire c. Observation study d. Ethnography e. One-on-one depth interviews

Survey questionnaire

When _____________ is low, customers are likely to abandon your product if you raise prices? Select one: a. Perceived cost b. Switching cost c. Variable cost d. Inflationary pressure e. Morale

Switching cost

BruceCo is a company that makes products for the coffee industry. They subscribe to IRI's (Information Research incorporated) marketwatch newsletter to help them understand what is happening with coffee in retail stores. This is an example of _____________ in a marketing information system? Select one: a. Decision makers b. Blogs c. Internal information d. Computer hardware and software e. Syndicated reports

Syndicated reports

Which of the following is an example of a source of data you might acquire in marketing analytics? Select one: a. Syndicated research b. Location data c. Customer service history d. Customer data e. All of these are sources of data you might acquire in marketing analytics.

Syndicated research

The biggest difference between a merchant wholesaler and an agent or broker is that the merchant wholesaler? Select one: a. Doesn't bring buyers and sellers together. b. Deals with more than one company's products. c. Doesn't have to call on customers. d. Is paid a commission on what it sells e. Takes ownership of the products it carries.

Takes ownership of the products it carries.

The biggest difference between a merchant wholesaler and an agent or broker is that the merchant wholesaler? Select one: a. Is paid a commission on what it sells b. Takes ownership of the products it carries. c. Doesn't have to call on customers. d. Deals with more than one company's products. e. Doesn't bring buyers and sellers together.

Takes ownership of the products it carries.

The Broyhill furniture company designed a sofa that retailers could sell for $699 and still make a profit. This was because retailers had told the company they needed a promotional sofa that would cost less than the $1000 or more for a typical sofa. They would feature the promotional sofa in their advertisements to bring customers into the store. This is an example of? Select one: a. Prestige pricing. b. Penetration pricing c. Flexible pricing. d. Target profit pricing e. Captive pricing

Target profit pricing

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company typically first create a physical prototype of a new product? Select one: a. Screening and evaluation b. Idea generation c. Business analysis d. New-product strategy e. Commercialization f. Market Testing g. Technical development

Technical development

Which of the following is NOT a characteristic of a product line? Select one: a. Sold to the same customer group b. Have some uses in common. c. Satisfy a class of needs d. Tend to be the same from company to company e. Used together

Tend to be the same from company to company

What is the point you instructor was trying to make when discussing the law of "truly large" numbers Select one: a. No matter how large the group, people are individuals. b. That it is easier to become wealthy by making a small amount of profit on a large number of transactions than by making a large amount of money on a small number of transactions. c. That if you have a large enough group of people there will probably be subgroups who are similar to each other at least in the way they perceive your product. d. That in order to be successful, your product needs to appeal to everybody. e. That no two people are exactly alike.

That if you have a large enough group of people there will probably be subgroups who are similar to each other at least in the way they perceive your product.

What do we mean when we speak of the price/value heuristic? Select one: a. That in general, price is the most important component of value. b. That price is only one factor people use to determine a product's value c. That in general, the higher the price, the higher the value of the product d. That in general, people perceive a product with a higher price to be a better product e. That for socially consumed goods, price is part of the product.

That in general, people perceive a product with a higher price to be a better product

What did your instructor mean when he mentioned the concept of cognitive miserliness? Select one: a. That people naturally seek the lowest cost alternative. b. That people carefully evaluate all of the information available in order to make the best decision. c. That many consumers who spend money freely actually perceive themselves to be misers. d. That people do as little 'thinking' as possible when making a decision. e. That people are unwilling to share information when they have discovered a real bargain.

That people do as little 'thinking' as possible when making a decision.

The augmented product in the levels of the product concept refers to: Select one: a. The actual product along with other features such as a service guarantee and cool packaging that enhance the value of the core benefit delivered to the customer. b. The intangible attributes that along with the tangible attributes deliver the core benefit to the consumer. c. The core benefit disguised by fancy packaging because the customer may not be aware of what the core benefit really is. d. The core feature set as determined by the manufacturer.

The actual product along with other features such as a service guarantee and cool packaging that enhance the value of the core benefit delivered to the customer.

Two things to consider when developing a brand are? Select one: a. The cognitive and the intellectual components. b. Initial market entry and follow-on strategies. c. Early adopters and the development gap. d. The size of the target market and competitive intensity. e. The brand experience and the brand expression.

The brand experience and the brand expression.

Warranties can be either expressed or implied. An expressed warranty means that? Select one: a. A company will not be responsible for a product deficiency unless you complain in person. b. A company will not be responsible for a product deficiency unless you complain in writing. c. A company may be responsible for a product defect whether there is anything in writing or not. d. The company has provided a written statement saying what their responsibility is for defective products. e. You can resolve a claim very quickly if your product has six defects or less.

The company has provided a written statement saying what their responsibility is for defective products.

The consumer buying process deals with how human beings __________ ? Select one: a. Make decisions b. Buy products c. Feel about a purchase after buying something. d. The consumer buying process deals with all of these. e. Solve problems

The consumer buying process deals with all of these.

The central level of the levels of the product concept consists of: Select one: a. The tangible component of the product offering. b. These are all related to the central layer of the layers of the product concept. c. The bundle of tangible and intangible attributes that satisfy a consumer's need d. The consumer's internal motivation for purchasing a product e. The core benefit that a consumer will get from the product.

The core benefit that a consumer will get from the product.

In order to understand a customer's wants, a marketer must understand __________? Select one: a. Demographics b. The customer's education and employment history. c. The four P's of the marketing mix. d. Psychographics e. The cultural and social environment in which a customer makes purchasing decisions.

The cultural and social environment in which a customer makes purchasing decisions.

Which of the following statements about the consumer buying process is TRUE? Select one: a. The first stage of the process is when the consumer makes up his/her mind to buy the product. b. There is a separate process consumers use to solve non-product related problems. c. Once a need has been identified, the consumer will purchase a product to satisfy it. d. The customer decides whether he/she is truly satisfied with the product after the decision has been made. e. The final stage of the process is when the consumer makes up his/her mind to buy the product.

The customer decides whether he/she is truly satisfied with the product after the decision has been made.

One of the main ADVANTAGES of a questionnaire for collecting data is? Select one: a. Good at capturing exactly what people want to say. b. Allow you to ask follow-up questions c. Response rates are usually very high. d. The data is easy to tabulate e. You have control over what the person is doing when completing the questionnaire

The data is easy to tabulate

In a market with four producers and six retailers, the addition of a wholesaling middleman can decrease the number of transactions needed to have an efficient market form 24 to 10. This is an example of? Select one: a. Economies of scale b. Selective distribution c. The economy of transactions d. Disintermediation e. Disruptive innovations

The economy of transactions

What do marketers mean when they speak of involvement as it relates to the consumer buying process? Select one: a. The amount of time the person is likely to spend making the decision b. Once a person has begun the consumer buying process, that person is committed to making a purchase. c. The financial, social and physical risk of the purchase to the person d. The number of friends a person will ask for advice before making a purchase e. When a person chooses to shop in person for a product rather than shopping online or choosing from a catalog.

The financial, social and physical risk of the purchase to the person

The supply chain centers on the producer. Downstream activities consist of? Select one: a. Actions that will allow the company to exit from an unattractive market. b. The flow of finished product from the producer to the end user c. Quality control and service monitoring after production begins d. The flow of raw materials from the supplier to the producer e. The channel flows that deal with the physical product

The flow of finished product from the producer to the end user

The supply chain centers on the producer. Upstream activities consist of? Select one: a. Gaining permits and licenses in order to be able to operate the business. b. The flow of finished product from the producer to the end user c. Market research and product concept testing before production begins d. The channel flows that deal with information. e. The flow of raw materials from the supplier to the producer

The flow of raw materials from the supplier to the producer

Which of the following statements about professional buyers is FALSE? Select one: a. Professional buyers are frequently trained in negotiation techniques. b. Professional buyers are people and have personal as well as professional reasons for making decisions. c. The goal of the professional buyer is get the lowest purchase price. d. Professional buyers may know more about the product they are buying than the person selling it to them. e. Professional buyers usually deal with a limited range of products.

The goal of the professional buyer is get the lowest purchase price.

What is the relationship between the law of truly large numbers and market segmentation? Select one: a. The law of large numbers is an abstract concept that helps us understand why market segmentation works. b. The law of large numbers deals with people while market segments deals with products. c. The law of large numbers is the same thing as market segmentation. d. There has to be a large number before you can have a market segment. e. The law of large numbers determines how many market segments will be possible.

The law of large numbers is an abstract concept that helps us understand why market segmentation works.

What is the relationship between the law of truly large numbers and market segmentation? Select one: a. The law of large numbers is an abstract concept that helps us understand why market segmentation works. b. There has to be a large number before you can have a market segment. c. The law of large numbers determines how many market segments will be possible. d. The law of large numbers is the same thing as market segmentation. e. The law of large numbers deals with people while market segments deals with products.

The law of large numbers is an abstract concept that helps us understand why market segmentation works.

Warranties can be either express or implied. An implied warranty means that? Select one: a. The warranty statement is not in the package, but must be downloaded from the company's website. b. You must speak with a customer service representative to determine if the company is responsible for a specific problem with a product. c. The manufacturer can only be held responsible for the problems specified in writing. d. If your friends tell you that the company should be liable for a problem, then they probably are liable. e. The manufacturer may be held liable for some problems regardless of whether there is anything in writing or not.

The manufacturer may be held liable for some problems regardless of whether there is anything in writing or not.

Which of the following is a condition that must be met before you can consider a group of people to be a market segment? Select one: a. The market potential of the group must be large enough to make it economically viable. b. They must be able to communicate with each other. c. They must be the same as each other. d. They must be from a similar ethnic background.. e. There must be a large number of people in the segment.

The market potential of the group must be large enough to make it economically viable.

The four 'P's are? Select one: a. The marketing mix variables we use to create need-satisfying offerings. b. All of these. c. A tool marketers use to create exciting advertising campaigns. d. The final phase of the marketing concept e. A formula for creating successful new products.

The marketing mix variables we use to create need-satisfying offerings.

The threshold level of perception is...? Select one: a. The minimum time a person has to be exposed to a stimulus before it will be recorded in memory b. The maximum level of difference in a stimulus that a person will notice c. The minimum difference in a stimulus that a person will notice d. The maximum amount of information a person can absorb e. The minimum amount of information a person can absorb

The minimum difference in a stimulus that a person will notice

One critical issue to consider when developing a marketing channel that may not be covered in marketing textbooks is...? Select one: a. Whether or not to outsource channel flows b. The need to prove your product is a good fit for your channel partners c. Whether or not to accept credit cards d. How many intermediaries to include in the channel e. The nature of the product being distributed

The need to prove your product is a good fit for your channel partners

What do we mean when we speak of the length of a product line? Select one: a. we mean all of these when we speak of product line length. b. The number of different kinds of products carried by a business c. The age of the inventory for a particular product d. The number of choices within a product category e. The range of prices associates with a particular group of products

The number of choices within a product category

How many segments should a company target? Select one: a. You should target one market segment for each product the company offers. b. The number that allows you to maximize profits with the resources available to you. c. You can only 'target' one segment. The rest are secondary markets. d. You should determine what is the normal number of segments targeted by companies sharing the same NAICS code with you and use that at a guideline for how many segments to target. e. As many segments as you can afford to target with existing financial resources.

The number that allows you to maximize profits with the resources available to you.

What do we mean when we say a customer has the resources to buy a product? Select one: a. The person would really like to buy the product but doesn't have the money right now. b. There are no laws restricting the sale of that particular product. c. The person has the time, money and authority to make the purchase. d. The product is in stock and the customer can purchase it immediately. e. The person is aware of the features of the product and recognizes the value.

The person has the time, money and authority to make the purchase.

Which of the following statements about the product life cycle is TRUE? Select one: a. All of these statements about the product life cycle are true. b. The product life cycle deals with aggregate demand over the lifetime of a product. c. The product life cycle shows that a product begins life profitable and will last until it is no longer profitable. d. The product life cycle can only be used to understand individual brands. e. The product life cycle is not useful for understanding products such as fashion, which are expected to have a short life.

The product life cycle deals with aggregate demand over the lifetime of a product.

Which of the following conditions make it favorable for a retailer to launch a store-brand? Select one: a. The retailer has filed for bankruptcy and can no longer afford national brands. b. The retailer has a solid reputation for quality products c. The retailer also sells manufacturer's brands d. The retailer has a very small advertising budget e. The retailer does not sell manufacturer's brands

The retailer has a solid reputation for quality products

With _________________ the roles of the various channel partners are specified by a formal contract. Select one: a. Vertical marketing systems b. The roles of the channel partners are specified by contract in all of these situations. c. Franchises d. Co-operative associations

The roles of the channel partners are specified by contract in all of these situations.

What do marketers mean when they speak of a "consideration set" ? Select one: a. Fashion-forward thinkers who people ask for advice when purchasing socially consumed goods. b. The amount of time a consumer spends evaluating each alternative in the 'awareness set' c. The subset of the alternatives identified during the identify alternatives phase that the consumer evaluates before making a decision. d. The set of criteria used to evaluate alternatives. e. The feelings of remorse a consumer may have following a major purchase involving multiple items.

The subset of the alternatives identified during the identify alternatives phase that the consumer evaluates before making a decision.

Raul purchased a microwave oven. He brought it home, plugged it in and nothing happened. Bummer. So he immediately returned it. The customer service representative was unwilling to let Raul return the microwave saying that they did not allow returns on electronic merchandise. Raul pointed out that even though there is nothing in writing, _________________ means that if the microwave doesn't work he can return it. Period. End of story. Select one: a. The principle of informed consent b. The squeaky wheel principle c. The warranty of merchantability d. Common sense. e. The express warranty

The warranty of merchantability

What do we mean when we say a market segment is "reachable"? Select one: a. There is a way of communicating with people in the segment. b. People in the segment use social media. c. People in the segment are open to new ideas. d. There is a way for people in the segment to contact the manufacturer in case there is a problem. e. We mean all of these things when we say a market segment is "reachable."

There is a way of communicating with people in the segment.

Which of these statements about Porter's fundamental strategies is true? Select one: a. In order to be the low cost producer, you have to differentiate. b. In order to succeed, a company has to differentiate and become the low cost producer. c. There are three fundamental strategies, demographics, behavioral, and geographic. d. There is only room for one company to differentiate itself in a market. e. There is only room for one low cost producer in a market.

There is only room for one low cost producer in a market.

Which of the following is a condition that must be met before you can consider a group of people to be a market segment? Select one: a. They must be geographically close to each other. b. They must appreciate your product for different reasons. c. There must be a way to communicate with them. d. They must be the same as each other. e. They must be wealthy.

There must be a way to communicate with them.

Which of the following is an example of a direct marketing channel? Select one: a. These are all direct channels of distribution. b. The Avon Corporation which has company-paid salespeople sell cosmetics door to door c. My brother in law Don who custom builds homes for customers on their property. d. The Dell Corporation which sells computers to consumers through its company owned website. e. My niece Polly who sells hand-made jewelry at tables she rents at craft shows and art fairs.

These are all direct channels of distribution.

A successful brand adds value to a product because...? Select one: a. it increases the value of a company's common stock. b. customers are willing to pay a premium price for the product. c. it is a barrier to entry for competitive products. d. These are all expressions of the value of brand equity. e. of increased customer loyalty.

These are all expressions of the value of brand equity.

Which of the following is a form of price? Select one: a. These are all forms of price b. An insurance premium c. The annual salary of professional athlete d. A salesperson's commission e. Tuition for Marketing 431

These are all forms of price

Subcultures can be powerful segmentation variables because people have more choice about the subcultures they choose to identify with. This means? Select one: a. They are more likely to have money to spend on luxury products. b. They are more likely to seek out products that affirm their membership in the subculture c. The law of supply and demand does not apply to a subculture. d. They will only buy goods and services from members of their subculture. e. Everyone who is a member of a subculture will want similar products.

They are more likely to seek out products that affirm their membership in the subculture

Not-for-profit organizations need to use complementary positioning because...? Select one: a. Not-for-profit organizations may not be allowed to segment. b. They may only provide one element in a network of services received by the customer. c. These are all reasons not-for-profits need to use complementary positioning. d. Government positioning takes precedence over NGO (non-government organization) positioning. e. Not-for-profits don't compete against each other.

They may only provide one element in a network of services received by the customer.

Which of the following is a condition that must be met before you can consider a group of people to be a market segment? Select one: a. They must be able to communicate with each other. b. They must like each other. c. They must be different from each other in every way that is not related to your product. d. They must be similar to each other, at least with respect to you product. e. They must be similar to each other in age.

They must be similar to each other, at least with respect to you product.

Reference groups are important to Marketers because... Select one: a. Reference groups are important to marketers for all of these reasons. b. They serve as information sources and influence opinions c. They are an important market segment d. Aspriational groups tend to have more disposable income e. They are realtively stable over time

They serve as information sources and influence opinions

Iago and Desdemona were merchants selling a variety of goods in Venice Beach. They felt they had saturated the local market and were thinking of expanding their business to a nearby community. What factors should they consider as they decide which geographic segment to enter next? Select one: a. Is there a market for their products in the new community? b. Can they save money by serving both communities out of the same warehouse? c. Are there competitors already in place in the new market? d. They should consider all of these factors. e. Is the community growing or shrinking?

They should consider all of these factors.

Two of the major constraints on any market research project are... Select one: a. The availability of information and the cost of acquiring that information. b. Stakeholders, investors, and customers c. Time and money d. Clients and managers e. Uncertainty over methods and probabalistic variables.

Time and money

The decision to hold inventory is critical to providing customer service through the supply chain. There are both costs and benefits. Which of these is NOT a benefit of holding inventory? Select one: a. Make it possible to save money buy buying in volume. b. Serve as a hedge against inflation for price-sensitive goods. c. To create possession utility for producers d. Serve as a buffer against supply interruptions e. To create time utility for customers

To create possession utility for producers

Which of the following is one of the three typical uses for information in a marketing information system as described in class? Select one: a. To create jobs for information technology professionals b. To make ad-hoc changes in the competitive environment c. To serve as a resource for investors d. To generate routine reports showing progress toward meeting marketing goals. e. These are all uses for information in a typical marketing information system.

To generate routine reports showing progress toward meeting marketing goals.

Which of the following is NOT a motive for a business customer to purchase a product? Select one: a. To ensure that the products the firm uses meet the end user's quality requirements. b. To maximize profits for the firm. c. To be able to demonstrate she is the best purchasing agent in the company. d. To negotiate a price so low that the supplier actually loses money on each transaction.

To negotiate a price so low that the supplier actually loses money on each transaction.

One of the ways business buyers can be proactive in identifying alternatives is...? Select one: a. To search the internet to discover potential Sales leads. b. To contract with freight auditing firms to make sure transportation costs are appropriate for the quantity purchased c. To enter into long-term supply contracts with reliable vendors to minimize purchasing costs. d. All of these are ways business buyers can be proactive. e. To put out a RFP (request for proposals) inviting suppliers to design an offering specific to the firm's needs.

To put out a RFP (request for proposals) inviting suppliers to design an offering specific to the firm's needs.

Which of the following is one of the three typical uses for information in a decision support system as described in class? Select one: a. To create jobs for information technology professionals b. To manipulate data in order to make the financial reports look better. c. To justify decisions that have already been made d. To persuade potential customers to try your product e. To support ad-hoc or one of a kind decisions.

To support ad-hoc or one of a kind decisions

When dealing with order processing, there is a trade-off between ____________ and ____________? Select one: a. Transaction costs, inventory levels b. Speed of delivery, cost c. Financial cost, risk-related costs d. Storage, distribution intensity e. Speed of delivery, damage

Transaction costs, inventory levels

Kendra runs a wholesale distribution center for candy. Each week she receives candy from all of the major manufacturers at her warehouse. She then puts cases of each brand of candy in her delivery trucks so that her drivers can visit her retail customers and resupply their candy racks. Kendra is adding value by ___________? Select one: a. Creating confusion. b. Transporting c. Storing d. Breaking bulk e. Grading.

Transporting

Unlike a storage warehouse, a distribution center is primarily for? Select one: a. Reintermediation b. Transshipment of products c. Climate control d. Vertical integration e. Storage

Transshipment of products

The ____________ approach to new product pricing sets prices low for a while in order to encourage people to try the product and then raises the price once the new product gained traction in the marketplace? Select one: a. Trial pricing b. Variable price c. Skimming d. new and improved e. Penetration

Trial pricing

For new products that have a major benefit to the customer, but the benefit is not obvious by casual inspection, ____________ becomes an important factor in whether customers will adopt the new product? Select one: a. All of these are important when a major benefit is not obvious by casual inspection. b. Compatibility. c. Observability d. Trialability e. Relative advantage

Trialability

Carlina operates an automobile parts manufacturing plant in Chillicothe, Ohio. She has automotive customers in Michigan, Ohio, Tennessee, Georgia and Indiana. Because most of her customers insist on Just In Time inventory management she needs to know exactly when the shipments of her product to the customer will arrive. Carlina uses _________ transportation for this part of her business? Select one: a. Air b. Rail c. Truck d. Pipeline e. Water

Truck

A distributor is simply a wholesaler serving the B2B (business to business) market. Select one: True False

True

A durable good is a consumer product that is expected to last three years or more. Select one: True False

True

A memorandum of understanding summarizes key points in a business agreement. Select one: True False

True

A temporary price cut is an investment in promotion? Select one: True False

True

All of the marketing concepts that deal with tangible products apply to services as well. Select one: True False

True

Availability or having a product in stock is a primary distribution concern for convenience products. Select one: True False

True

Companies that take a proactive approach to new product development see new product development as critical to their success. Select one: True False

True

Compared to the size of the business market in dollars, the consumer market is much smaller. Select one: True False

True

Every time you compare your product to a competitor's, you are promoting your competitor's product. Select one: True False

True

From a retail pricing perspective, $999.99 is significantly lower than $1000. Select one: True False

True

If you are the first to use a brand name in business you have the right to use that name even if another company later trademarks the same brand name. Select one: True False

True

It helps to keep your brand name from falling into the common usage if you use the brand name as an adjective, rather than as a noun or verb. Select one: True False

True

It is more common to use negotiated prices in B2B markets than it is in consumer markets? Select one: True False

True

Large corporations use crowdsourcing campaigns to fund new product development, even if they don't need the money raised through crowdsourcing to develop the product idea. Select one: True False

True

Manufacturers of inherently dangerous products may be held liable for damages even when they did nothing wrong. Select one: True False

True

Many of the concepts covered in marketing apply to your personal life as well as to your professional career.

True

Many products don't make it past the introductory stage of the product life cycle because late stage buyers are not as forgiving as innovators when there are imperfections in the new product. Select one: True False

True

Marketing analytics is a general term that could be applied to any attempt to use data to inform decisions? Select one: True False

True

One drawback to adopting an intensive market coverage strategy is that there is no incentive for channel partners to promote your product because it isn't "special". Select one: True False

True

One of the advantages of the three circles positioning framework is that it shows you where your competitors are wasting their time. Select one: True False

True

One of the functional benefits of packaging might be that a customer could re-use the package for other things after the product has been consumed. Select one: True False

True

One of the ways our perceptions are biased is that we don't see things that are really there. Select one: True False

True

One of the ways our perceptions are biased is that we see things that aren't really there. Select one: True False

True

Relationships are the result of many exchanges with a customers over time. Select one: True False

True

Some businesses engage in pseudo-research to generate public support for a controversial issue. Select one: True False

True

The "look and feel" or design of an e-commerce website is especially important during the EVALUATE ALTERNATIVES stage of the consumer buying process. Select one: True False

True

The "trickle up" theory suggests fashion trends originate with lower classes and migrate upward. Select one: True False

True

The comprehensive exam you score highest on is worth 70% of your comprehensive exam score. Select one: True False

True

The fact that people feel short of time limits the effort they put into making purchases. Select one: True False

True

The goal of positioning is to have your product become the exemplar for its category. Select one: True False

True

The purpose of the purchase determines the amount of effort a person will put into the decision. Select one: True False

True

There is no such thing as a good decision or a bad decision at the time you make it. Select one: True False

True

There is no such thing as a price that is too high if someone is willing to pay it. Select one: True False

True

There is no such thing as a purely tangible or a purely intangible product. Select one: True False

True

Volunteers are a tool not-for-profits can use to promote the organization. Select one: True False

True

When reporting on research in the mass media, reporters emphasize the parts of the research that make for a good story. Select one: True False

True

You don't have to have a product that appeals to everyone in order to have a successful business. Select one: True False

True

Which of the following statements about value is TRUE? Select one: a. Two different customers might have different perceptions of the value of the same product. b. The higher the quality of a product, the more valuable it will be. c. Value is the actual cost minus the perceived cost of a product. d. Customers might not be able to perceive the full value of a product unless the manufacturer explains how to use the product. e. Value is engineered into a product at the design stage.

Two different customers might have different perceptions of the value of the same product.

You have ____________ to take each mini test. Select one: a. Two weeks b. Three attempts c. One day d. One week e. All semester

Two weeks

A(n) ______________ targeting strategy uses a mass market approach to reach as many people as possible with the same marketing mix. Select one: a. Undifferentiated b. Multisegment c. One-to-one d. Focus e. Pretentious

Undifferentiated

The San Francisco Municipal Railway (MUNI) Charges $2.50 for an adult passenger. Once you have purchased a fare (and taken a transfer as proof of payment) you can ride anywhere on the system for the next 90 minutes. This is an example of __________ geographic pricing. Select one: a. Promotional allowance. b. Freight absorption c. Zone delivered price d. Uniform delivered price e. FOB factory

Uniform delivered price

For prestige products - products that are consumed socially and confer status on their owners? Select one: a. Value can be increased by reducing price. b. Demand elasticity is inverted. c. Unit sales of the product can decrease if prices are lowered. d. Demand increases when consumer income decreases e. An increase in price will increase unit sales and decrease average revenue.

Unit sales of the product can decrease if prices are lowered.

Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union looking for a snack. On his way he noticed someone had set up a table with information on data plans for cellular phones. As he tried to walk past the table, a salesperson stopped him and asked him if he would like to buy a data plan for a very low introductory rate. In terms of product classification, a cell phone could best be described as a(n) for Bruce? Select one: a. Unsought product b. Specialty product c. Sought product. d. Shopping product e. Convenience product

Unsought product

What is the hard way to become the category leader? Select one: a. Spend money on advertising to make consumers think your product is superior when, in fact, it is not. b. To acquire the leading products in the category through merger and acquisition. c. Find an attribute that nobody else is talking about and develop a market position featuring that unique attribute. d. Use the marketing mix to improve your position in an existing category. e. To close your eyes and wish really, really hard that you are the category leader; then open your eyes and see if you have become the category leader.

Use the marketing mix to improve your position in an existing category.

What is the hard way to become the category leader? Select one: a. Spend money on advertising to make consumers think your product is superior when, in fact, it is not. b. To close your eyes and wish really, really hard that you are the category leader; then open your eyes and see if you have become the category leader. c. To acquire the leading products in the category through merger and acquisition. d. Use the marketing mix to improve your position in an existing category. e. Find an attribute that nobody else is talking about and develop a market position featuring that unique attribute.

Use the marketing mix to improve your position in an existing category.

Bruce is very frustrated. He trying to make copies of a handout for his 9:30 principles of marketing class and the copier is jammed. The copier is always jammed. He has complained to the purchasing agent several times, asking them to get a copier that works. Bruce is performing the buying center role of _________? Select one: a. User b. Buyer c. Influencer d. Decider e. Gatekeeper

User

_________ is the usefulness or the benefit that a customers receive when they use your product. Select one: a. Need b. Exchange c. Satisfaction d. Cost e. Utility

Utility

Tracy is thinking of marketing a new energy drink. Her key selling proposition will be that her product tastes just as good at room temperature as it does when it is ice cold. She plans on testing whether or not students will like her new energy drink by showing pictures of her drink and the other leading brands to students outside the student union. If the majority of students prefer the picture of her product, she will go ahead with the product launch. Tracy may have a problem with the ___________ of her measurement in this market research project. Select one: a. Reliability b. Validity c. Probability d. Generalizability e. Information

Validity

__________ is a function of benefits received and their cost

Value

A _____________ includes all of the activities involved with taking a raw material, turning it into a finished product, and getting it into the hands of the customer? Select one: a. Channel strategy b. Channel flow c. Supply network d. Marketing channel e. Value chain

Value chain

Gandalf opened a tobacco shop in the Haight/Ashbury District. He wanted to create a distinctive brand personality for the store, so he insisted that all of the employees wear purple robes and long, pointed hats while they were on duty so they would all look like wizards to customers. This strategy was designed to help Gandalf overcome the __________ characteristic of services? Select one: a. Perishability b. Intangibility c. Invisibility d. Inseparability e. Variability

Variability

When you are dealing with the ____________ characteristic of a service, one approach is to institute procedure manuals and training programs so that your service employees will know how they are supposed to deal with customers. Select one: a. Perishability b. Invisibility c. Intangibility d. Variability e. Inseparability

Variability

___________ are the costs of production that are tied to and vary with the number of units produced? Select one: a. Marginal costs b. Variable Costs c. Opportunity costs d. Fixed costs e. Total costs

Variable Costs

I can't believe it, said Wiley Coyote, I am the president of Acme enterprises and we make $200,000 a year profit with me working my tail off. Our distributor, Road Runner Representatives, made over $800,000 in commissions. I don't understand why they are making all of that money when all they do is run around all day and say beep-beep to customers. I think we should lower the commission rate to bring their income down to a more reasonable level. This is an example of? Select one: a. Horizontal conflict b. Vertical conflict. c. A price war d. Suspended animation e. Vertical integration

Vertical conflict.

What is the difference between the supply chain and the value chain? Select one: a. The supply chain concept is used with tangible products while the value chain concept is used with services. b. Supply chain is a term used in marketing textbooks while value chain is a term used in Management textbooks. c. The supply chain deals with the cost side of the product while the value chain deals with the revenue side of the product. d. Very little. The supply chain is the part of the value chain. e. the supply chain refers to activities around the physical product while the value chain deals with information flows associated with distribution.

Very little. The supply chain is the part of the value chain.

Which of these is NOT one of the four "V's" of Big Data? Select one: a. Velocity (real-time) b. Variety (multiple data sets) c. Variety (data from multiple sources) d. Visibility (can be displayed graphically) e. Veracity (reliable and valid)

Visibility (can be displayed graphically)

Frodo was a massage therapist. He was very good at dealing with lower back pain. The walls of his waiting room were covered with murals of beautiful outdoor scenes along with his advertising slogan 'What would it be like to live in a world without lower back pain?. There was soft, relaxing music playing in the background. He used these same themes in his print and radio advertisements. Frodo was using the ___________ approach to making his service seem "real"? Select one: a. Association b. Documentation c. Word of mouth d. Physical representation e. Visualization

Visualization

A _____________ is a statement that a product is fit for the purpose being claimed and describing what the seller will do if the product performs below expectations or is defective? Select one: a. Warranty b. Label c. Brand promise d. Warning. e. Liability

Warranty

Carlina operates a tofu making factory in Taiwan. She uses soybeans grown in Northwest Ohio for her tofu because they are very high quality and the prices are low. Soybeans will keep for a very long time without spoiling. Because her main concern is how to get the thousands of bushels of soybeans to her factory for the least cost, Carlina uses _________ transportation for this part of her business? Select one: a. Air b. Pipeline c. Truck d. Water e. Rail

Water

Carlina operates a tofu making factory in Taiwan. She uses soybeans grown in Northwest Ohio for her tofu because they are very high quality and the prices are low. Soybeans will keep for a very long time without spoiling. Because her main concern is how to get the thousands of bushels of soybeans to her factory for the least cost, Carlina uses _________ transportation for this part of her business? Select one: a. Truck b. Pipeline c. Rail d. Water e. Air

Water

When it comes to managing services, some people find it helpful to think of it as a service encounter with roles for both the service provider and for the customer. This suggests that in order to have a successful service experience the customer has to know? Select one: a. The difference between options standard features. b. What he or she is expected to do in order to create the service. c. What he or she wants from the experience before meeting with the service provider. d. How much the service will cost. e. What his or her rights are in case something goes wrong.

What he or she is expected to do in order to create the service.

Before you can measure the quality of a service, you need to understand? Select one: a. Process versus outcome measures b. What the customer expects from the service. c. What the training program for employees was intended to accomplish. d. Social metrics e. Whether there are contingency plans in place.

What the customer expects from the service.

One of the major issues in designing computer systems to support a marketing information system discussed in class is? Select one: a. Whether to rely on free information from the internet or to purchase proprietary information. b. Acquiring licenses for syndicated market research reports. c. How many data silos will be needed to support the functional areas in the company. d. Who has permission to enter and/or edit information in the database. e. Which environments will be covered in the environmental scan.

Who has permission to enter and/or edit information in the database.

___________ refers to the number of product lines in a company's product mix. Select one: a. Count b. Scope c. Market basket d. Depth e. Width

Width

Which of the following is NOT a factor a business customer is likely to consider when making the decision to purchase an industrial product? Select one: a. Financial terms b. Will the product clash with his/her home decor c. Whether the company can manufacture the product internally d. Single source or multiple sources e. Delivery schedule

Will the product clash with his/her home decor

BruceCo makes novelty products such as whoopee cushions and plastic vomit. The company sells about $2 million dollars worth of product. The major customers for BruceCo products are small independent novelty shops that will typically order less than $200 worth of product at a time. Which of these marketing channels would be the best for BruceCo to adopt? Select one: a. Work with a distributor who carries a variety of products sold in novelty shops. b. Hire a manufacturer's representative to call on independent novelty shops and send the orders into the factory. c. Set up a series of regional warehouses to keep inventory nearer to the customer. d. Recruit junior high school students to demonstrate the product during lunch. e. Work with a broker to negotiate deals with each of the novelty shops who wish to carry BruceCo products.

Work with a distributor who carries a variety of products sold in novelty shops.

It has been said that no two people on an airplane pay the same price for a ticket. Prices tend to be lower if you are willing to book you trip well in advance and tend to be much higher if you have to book your trip on short notice. A non-refundable ticket costs less than a refundable ticket. Airlines use this ___________ in order to maximize the revenue they earn from each flight? Select one: a. Yield management pricing. b. Price bundling c. Prestige pricing d. Captive pricing e. Flexible pricing

Yield management pricing.

Of the three ways to satisfy a need, which one is used to create exchanges? Select one: a. You can buy it. b. All of these are used to create exchanges. c. You can fake it. d. You can steal it. e. You can make it.

You can buy it

Price elasticity is the slope of the demand curve. When price elasticity is HIGH? Select one: a. You can increase profits by cutting prices b. You can decrease profits by decreasing prices c. You can increase revenues by cutting prices. d. You can decrease revenues by cutting prices e. You can increase revenue by increasing prices

You can increase revenues by cutting prices.

Price elasticity is the slope of the demand curve. When price elasticity is LOW? Select one: a. You can decrease revenues by increasing prices b. You can increase revenues by increasing prices c. You can decrease profits by decreasing prices d. You can increase revenues by cutting prices. e. You can increase profits by cutting prices

You can increase revenues by increasing prices

The point of discussing the different bases for segmenting markets was? Select one: a. You should start with demographic segmentation and move on to more advanced techniques only if necessary. b. Most businesses find it useful to use one or two segmentation variables at the most in order to keep their segmentation schemes simple. c. You can use any combination of segmentation variables to develop market segments that work for your organization. d. You should start with demographic segmentation and then use other segmentation variables to refine your segments. e. Demographic segments are more useful than segments developed with other variables.

You can use any combination of segmentation variables to develop market segments that work for your organization.

What happens if you score 44 or more points on the mid-term exam? Select one: a. You don't have to take the final and the mid term will be 100% of your comprehensive exam score. b. You can take the final exam early c. You have something to brag about with your friends. d. The world will come to an end

You don't have to take the final and the mid term will be 100% of your comprehensive exam score.

One of the disadvantages of bringing a discontinuous innovation to market is? Select one: a. You may have to spend a lot of effort helping customers understand the value of the new product. b. The product is so innovative that it may change the way we live. c. There is less risk associated with discontinuous innovations than with incremental innovations. d. You can develop a significant competitive advantage if it works. e. All of these are disadvantages of discontinuous innovations

You may have to spend a lot of effort helping customers understand the value of the new product.

Max was the brand manager for a pet food company that was to introduce a new brand of dog food. Through research, they had discovered that many dogs do not get enough exercise and this new dog food had stimulants added to give these sedate dogs energy. He thought of the brand name "Playful Puppy" and asked your opinion. You said? Select one: a. It is a good brand name because it suggests a product benefit. b. It is a good brand name because it is simple and easy to pronounce. c. It is not a good brand name because it isn't clear that it is about dog food. d. It is a good brand name because it is memorable. e. You said all of these things, and meant them.

You said all of these things, and meant them.

The only way you can get remediation for a missed mini test is? Select one: a. If you misunderstood when the due date or the last chance to re-take the test was. b. You had planned on taking it during the second week it was available, but had to leave the country because of work and couldn't take it when you planned to. c. You tried to take the test, but the computer wasn't working that day. d. If missing a test will cause you not to pass the class. e. You were physically unable to take the test from the time it was due until after the last chance to re-take it and can prove it with a doctor's excuse or other external documentation.

You were physically unable to take the test from the time it was due until after the last chance to re-take it and can prove it with a doctor's excuse or other external documentation.

In the three circles positioning framework presented in class, what area of the chart indicates how you are currently differentiated in the marketplace? Select one: a. Your unique position b. Competitor unique position c. The "bar" d. Your products e. Customers' needs

Your unique position

In the three circles positioning framework presented in class, what area of the chart indicates how you are currently differentiated in the marketplace? Select one: a. Your unique position b. Your products c. The "bar" d. Competitor unique position e. Customers' needs

Your unique position

The Bay Area Regional Transit Authority (BART) operates a light rail system in the San Francisco Bay area. Passengers purchase a ticket with a magnetic strip that keeps track of how much money is on the ticket. The cost for a ride is anywhere from about $4 to about $15 depending on how far you are going. You can go to any of the downtown stops for the same price. BART is using ___________ geographic pricing? Select one: a. FOB factory b. Uniform delivered price c. Zone delivered price d. Freight absorption e. Promotional allowance.

Zone delivered price

What is a need? Select one: a. unleaded gasoline b. a status product c. food and shelter d. all of these are needs e. a perceived lack of something

a perceived lack of something

Companies that have several products in the same category might use ____________ as a way to establish different positions for each product in the category in the mind of the consumer? Select one: a. prestige Pricing b. yield management pricing c. multiple pricing d. a price line strategy e. penetration pricing

a price line strategy

Many consumer products include a toll-free number on the package that you can call if you experience any problems with the product. In addition to assuring customers during the decision stage, this customer service number helps consumers during the ________ stage of the consumer buying process? Select one: a. Postpurchase behavior b. Information search c. Problem recognition d. Purchase e. Involvement

a. Postpurchase behavior

A feature is...? Select one: a. a major motion picture b. the most important part of a product c. permission to manufacture a specific product d. something that is determined by the customer e. an attribute of a product or offering

an attribute of a product or offering

What is an attribute? Select one: a. The perception a person has about a feature of a product. b. A quality or characteristic inherent in or ascribed to someone or something. c. A product that has made it through the alternative identification stage, but has not yet been evaluated. d. An evaluation of a product. e. A speech in praise of a person or an event.

b. A quality or characteristic inherent in or ascribed to someone or something.

The _________________ is the customer's perceptions of, and interactions with the brand? Select one: a. brand extension b. brand expression c. brand name d. brand experience e. family brand

brand experience

The second stage of the consumer buying process is? Select one: a. Postpurchase behavior b. Create dissatisfaction with current products c. identifying potential solutions to the problem. d. Creation of the 'consideration set' e. Where the consumer recognizes there is a problem needing a solution.

c. identifying potential solutions to the problem.

_________ is a function of the social, financial and safety risk associated with a purchase decision. Select one: a. The legal/political environment b. Income c. Competition d. Involvement e. Market potential

d. Involvement

What is the difference between a relationship and an exchange? Select one: a. Relationships lose money in the short-run; exchange transactions make money in the short run. b. In a relationship, people will make it up to you later if there is a problem with a transaction; in an exchange the problems have to be resolved at the time of the transaction. c. Relationships are profitable, exchanges can lose money. d. It may be good business to lose money on a transaction in a relationship, it is rarely good business to lose money on a transaction in an exchange. e. Relationships are profitable in the long-run, exchanges are profitable in the short run.

d. It may be good business to lose money on a transaction in a relationship, it is rarely good business to lose money on a transaction in an exchange.

If you need to communicate with the instructor about the class, the only "official" mode of communication is? Select one: a. Mental telepathy b. All of these are "official" ways to contact the instructor about a class-related issue. c. Instant messaging d. e-mail e. Telephone

d. e-mail

During the _____________ stage of the fashion cycle, new styles are sought by trendsetters? Select one: a. excitement b. emulation c. economic d. distinctiveness

distinctiveness

Which of the following is NOT a concern during the decision stage of the consumer buying process? Select one: a. How do I pay for the product. b. Which product will best serve my needs. c. How do I take possession of the product. d. Can I trust the person who is selling me the product. e. Identifying all of the alternative products available.

e. Identifying all of the alternative products available.

During the _____________ stage of the fashion cycle, mass produced fashions are available at lower prices. Select one: a. emulation b. excitement c. economic d. distinctiveness

economic

In ________________, competitors in the same industry meet to negotiate the price they all will charge to their customers? Select one: a. price leadership b. diagonal price fixing c. bait and switch pricing d. vertical price fixing e. horizontal price fixing

horizontal price fixing

One of the reasons the examples in class may seem obscure to you is that your instructor was born between 1946 and 1964 and most of the students in marketing 431 are members of ______________, born between 1995 and 2012? Select one: a. Co-generation b. iGen c. Generation X d. Baby boomers e. The Republican Party

iGen

In general, you have more flexibility in setting your prices in the _________ stage of the product life cycle than in the _________ stage of the product life cycle? Select one: a. introductory, maturity b. decline, disaster c. maturity, introductory d. growth, introductory e. maturity, growth

introductory, maturity

A(n) _____________ specifically excludes things, such as damage caused by the customer, from warranty coverage? Select one: a. limited warranty b. express warranty c. lack of accountability d. implied warranty e. liability

limited warranty

For many products such as candy bars, there is a price consumers expect to pay for the product. Retailers using the _____________ to setting prices will offer the product at a very low price in order to attract customers into their store? Select one: a. loss-leader approach b. Price leadership approach c. Customary pricing approach d. Price line approach e. Above or below approach

loss-leader approach

The Boston Consulting Group matrix is a 2x2 matrix with ___________ on one axis and ___________ on the other axis. This creates four positions: cash cows, stars, problem children (or question marks) and dogs. Select one: a. Product growth rate, market growth rate b. product lines, prices c. market attractiveness, competitive position d. market growth rate, inflation e. market attractiveness, relative market share

market attractiveness, relative market share

A company using a ____________ strategy creates several individual brands in the same product category? Select one: a. fighting brand b. multibrand c. cannibalization d. line extension e. family brand

multibrand

Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union and bought a big bowl of ice cream. In terms of product classification, ice cream could best be described as a(n) for Bruce? Select one: a. durable good. b. High calorie product c. non-durable good d. Impulsive product e. Business good.

non-durable good

___________ are factors that limit the range of prices a firm may set for its products? Select one: a. organizational constraints b. pricing objectives c. price heuristics d. price/value continuum e. social responsibilities

organizational constraints

Value is a function of ___________ and ___________? Select one: a. Output, input b. Benefits, cost c. perceived benefits, actual cost d. perceived benefits, perceived cost e. Observed benefits, perceived cost

perceived benefits, perceived cost

In order for a firm to have an increase in market share as a pricing objective, it is assumed that the firm has? Select one: a. social responsibility b. no competition c. leading market share d. value. e. profits

profits

Because price can be considered a ___________ attribute, it can be used to position your offering relative to those of your competitors? Select one: a. search b. credence c. experiential d. feature e. tangible

search

For ____________ products, an increase in demand for one product leads to a decrease in demand for the other product? Select one: a. shopping b. complementary c. B2B d. convenience e. substitute

substitute

Bruce decided to add Apple Pay as an option for the customers who regularly buy coffee at his coffee shop. From a levels of the product perspective, this would be an example of...? Select one: a. a product extension b. add-on service c. the core benefit d. the augmented product e. the actual product

the augmented product

A benefit is...? Select one: a. negotiated between buyer and seller b. determined by the producer of a product c. determined by the market place d. the usefulness a customer receives from using your product e. part of your employment package

the usefulness a customer receives from using your product

You may take each mini test ___________ time(s) during the period it is available.

unlimited