AGEC 327 review quiz

What is the purpose of exploratory research?

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

Which of the following companies uses a direct marketing channel?

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

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

Idea generation

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

captive product pricing

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

consumer

All products are services but not all services are products.

false

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

false

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

false

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

false

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

false

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

false

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

false

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

full-service retailer

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

market-penetration pricing

After-sale service is part of the ______

Augmented product

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

False

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

Both use everyday low pricing.

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

Brokers; agents

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

Consistency

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

Data may not be quantitative

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

Experimental research

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

Intermediaries

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

Marketing information system

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

Order-routine specification

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

Predatory pricing

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

Product development

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

Product research was too extensive.

Which of the following is true with regard to services?

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

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

The market for the products is highly price sensitive.

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

Value-based pricing

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

meet consumers' expectations

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

true

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

true

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

true

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

true

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

true

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

true

Product bundle pricing combines several products at a reduced price.

true

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

true

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

vertical