Final Review murphy

Question 24 (1 point) The stage of the new-product development process in which marketers evaluate the firm's strengths, weaknesses, and objectives is ______. a screening b development c commercialization d idea generation e idea evaluation

a

Question 25 (1 point) During the development step of new product development, a firm could develop a ______, an early sample or model built to test a concept. a prototype b ideatype c creation d embryo concept e concept test

a

Question 25 (1 point) ______ refers to a firm's obligation to improve its positive effects on society and reduce its negative effects. a Social responsibility b The micro-macro dilemma c Legal obligations d Marketing ethics e The nonprofit orientation

a

Question 25 (1 point) When a producer has won brand insistence in its target market-and just wants to keep the product's name before the public-it can use: a comparative advertising. b pioneering advertising. c direct-action advertising. d reminder advertising. e institutional advertising.

d

Question 10 (1 point) When looking for attractive opportunities, a marketing manager should consider: a the firm's producing capability and flexibility. b whether the firm has good relations with established intermediaries. c the firm's marketing strengths. d the firm's financial strengths. e All of these should be considered.

e

Question 1 (1 point) Underlying any economic environment is technology which affects: a how fast consumer attitudes change. b how competitors react to each other. c how aggressive competitors are in planning new marketing strategies. d how the economy's resources are converted to output. e how quickly technological developments lead to new consumer protection laws.

d

Question 11 (1 point) A ________ is the salesperson's request for an order. a prospect b proposal c job description d close e sales quota

d

Question 12 (1 point) Which of the following products would have the lowest transporting costs as a percentage of the selling price? a Sand and gravel b Manufactured food c Chemicals and plastics d Pharmaceuticals e Electronic equipment

d

Question 14 (1 point) The marketing concept is a strategic way of approaching business that contrasts sharply with ______. a the profit orientation b the marketing orientation c macro-marketing d the production orientation e the triple bottom line

d

Question 18 (1 point) The source of buying information trusted by the least percentage of consumers is ________. a brand sponsorships b online banner ads c ads on social networks d text ads on mobile phones e ads on radio

d

Question 19 (1 point) Which of the following is a quantitative screening criterion for evaluating opportunities? a Kinds of business the firm wants to exclude b Kinds of business the firm wants to be in c Resources the firm should build on d Return on investment (ROI) target for the firm e Weaknesses the firm should avoid

d

Question 20 (1 point) Advertising which tries to develop primary demand for a product category rather than a specific brand is called ______________ advertising. a competitive b institutional c comparative d pioneering e Persuading

d

Question 21 (1 point) Industry sales are highest in which of the following product life cycle stages? a Market introduction b Market development c Market growth d Market maturity e Sales decline

d

Question 21 (1 point) Product-market screening criteria should be: a realistic and achievable. b quantitative. c qualitative. d all of these are correct.

d

Question 23 (1 point) What is the objective of a target return strategy? a A specific share of the market. b A specific sales volume. c A specific mindshare of consumers. d A specific level of profit. e A specific share of competitors' sales.

d

Question 24 (1 point) According to the text, marketing means ______. a selling b selling and advertising c producing and selling d much more than selling and advertising e Advertising

d

Question 20 (1 point) Price is a rough measure of ______. a customer value b market supply c economic inflation d company profit e company costs

a

Question 10 (1 point) The complete set of firms, facilities and logistics activities that are involved in procuring materials, transforming them into intermediate or finished products, and distributing them to customers is called the ________. a supply chain b physical distribution group c logistics partnership d just-in time team e Strategic logistics partnership

a

Question 11 (1 point) A manufacturer that transports products to retail outlets directly instead of using a distribution center is most likely to encounter which of the following? a Faster delivery speed at higher cost b Faster delivery speed at equivalent cost c Equivalent delivery speed at lower cost d Slower delivery speed at equivalent cost e Slower delivery speed at lower cost

a

Question 12 (1 point) A(n) ______ is a person's point of view toward a product, an advertisement, a salesperson, a firm, or an idea. a attitude b impression c cue d belief e Preference

a

Question 12 (1 point) Which of the following is true of the economic environment? a It can change very rapidly. b It never requires marketing managers to make immediate changes in strategy. c It refers to micro-economic factors that do not affect business spending. d It has no relationship to the technological environment. e It is not affected by the way all of the parts of the macro-marketing system interact

a

Question 13 (1 point) Since individual firms cannot perform all marketing functions, ______ often play a role in the exchange process. a intermediaries b government regulators c marketing managers d consumers e Nonprofits

a

Question 14 (1 point) Which of the following sources of buying information is trusted by 68 percent of consumers? a Consumer opinions posted online b Ads on TV c Ads on radio d Ads in magazines e Branded websites

a

Question 15 (1 point) A product assortment is: a the set of all product lines and individual products that a firm sells. b a particular product within a product line. c a set of products that are closely related. d something offered by manufacturers but not by retailers. e None of these alternatives is correct.

a

Question 15 (1 point) The source of buying information trusted by 57 percentage of consumers is ________. a billboards and other outdoor advertising b brand sponsorships c TV program product placements d online banner ads e online consumer opinions

a

Question 16 (1 point) Speeding the flow of products and avoiding unnecessary storing costs is the primary function of a ________. a distribution center b public warehouse c merchant wholesaler d commodity warehouse e private warehouse

a

Question 17 (1 point) "Nationalism" is an issue in the ________ environment. a political b technological c competitive d cultural e Economic

a

Question 17 (1 point) The ________ concept says that all transporting, storing, and product-handling activities of a business and a channel system should be thought of as part of one system—one system that seeks to minimize the cost of distribution for a given customer service level. a physical distribution b distribution center c PERT d unique marketing e product-market

a

Question 18 (1 point) A "dealer brand" is sometimes called a __________ brand. a private b regional c national d manufacturer e Local

a

Question 19 (1 point) A group of customers joined around a particular brand or common set of shared interests is called ________. a brand community b local community c web group d case group e paid media

a

Question 19 (1 point) The Federal Fair Packaging and Labeling Act: a requires that consumer goods be clearly labeled to give consumers more information. b requires food manufacturers to use a labeling format that allows consumers to compare the nutritional value of different products. c says that producers must provide a clearly written warranty if they choose to offer a warranty. d ensures that all labels list the "green benefits" of using the product. e spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them.

a

Question 2 (1 point) The regrouping activity which involves putting together a variety of products to give a target market what it wants is called ________. a assorting b bulk-breaking c accumulating d wholesaling e Sorting

a

Question 20 (1 point) A(n) ________ involves making small payments for a product over time—usually with interest payments built in. a installment b rebate c quantity discount d investment e stocking allowance

a

Question 4 (1 point) Gross national income (GNI) is the: a total market value of goods and services provided in an economy in a year by residents of that country. b total market value of goods (but not services) produced in an economy in a year. c manufacturers' selling price of goods (but not services) produced in a year. d total market value of goods and services consumed in a year. e None of these definitions of GNI is correct.

a

Question 4 (1 point) Which of the following is not a valid criterion of a "good" market segment? a Remarkable b Homogeneous within c Heterogeneous between d Operational e Substantial

a

Question 5 (1 point) ______________ (as a way to enter foreign markets) means selling the right to use some process, trademark, patent, or other right for a fee. a licensing b Exporting c Direct investment d Joint venturing e Management contracting

a

Question 6 (1 point) An intermediary ______. a is someone who specializes in trade rather than production b tends to make the exchange process more difficult and costly c usually increases the number of transactions required d is a wholesaler-not a retailer e None of these answers is correct.

a

Question 6 (1 point) The source deciding what it wants to say and translating it into words or symbols that will have the same meaning to the receiver is termed as a decoding. b encoding. c exposition. d recoding. e transmutation.

a

Question 7 (1 point) The universal functions of marketing do NOT include ______. a producing b transporting and storing c buying and selling d standardization and grading e financing and risk taking

a

Question 8 (1 point) ________ means selling the right to use some process, trademark, patent, or other right for a fee or royalty. a licensing b Joint venturing c Management contracting d Direct investment e Exporting

a

Question 9 (1 point) The three basic tasks of ALL managers, according to the text, are: a planning, implementation, and control. b marketing, production, and finance. c execution, feedback, and control. d planning, staffing, and evaluating. e hiring, training, and compensating.

a

Question 1 (1 point) Communicating with customers is known as the ________________ portion of the marketing mix. a Pricing b Promotion c Positioning d Place e Production

b

Question 11 (1 point) When a consumer puts much effort into deciding how to satisfy a need, he engages in ______. a limited problem solving b extensive problem solving c intensive problem solving d critical problem solving e routinized response behavior

b

Question 13 (1 point) The social media platform where customers can "Follow," "Tweet," "Re-Tweet," and comment to demonstrate support is called ________. a LinkedIn b Twitter c Pinterest d Ning e Instagram

b

Question 14 (1 point) A(n) _____ is a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs. a gateway for inventory b distribution center c UPC storage facility d shopping mall e RFID warehouse

b

Question 15 (1 point) In a ______ the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. a production-oriented economy b market-directed economy c mixed economy d command economy e controlled economy

b

Question 16 (1 point) Marketing ______. a begins with the production process b tries to accomplish a company's objectives by anticipating customers' needs and trying to satisfy them c tries to make the whole economic system fair and effective d is a social process involving all producers, intermediaries, and consumers e involves persuading customers to buy your product

b

Question 16 (1 point) When a firm considers the key words used by target customers in search and designs a website so that it ranks high in a search engine's unpaid results, it is called ________. a process regularization b search engine optimization c product optimization d search engine query e online search regularization

b

Question 18 (1 point) The ________ bans "unfair or deceptive acts in commerce." a Emblems Act b Wheeler-Lea Amendment c Excessive Punishment Act d Trade Name Amendment e Excessive Bail Act

b

Question 22 (1 point) When an online ad is delivered to a person's computer based on previous websites that person has visited, this is called: a pay-per-click targeting. b behavioral targeting. c copy thrust targeting. d pioneering targeting. e pay-per-view targeting.

b

Question 24 (1 point) ______________ is the words and illustrations of an ad message that actually communicate information to the target customer. a Copy text b Copy thrust c Copy objective d Copy edits e Copy proof

b

Question 3 (1 point) In general, marketers that seek greater control over their marketing mixes in the international environment will: a choose to export or license. b invest more financial resources and take greater risks. c set up traditional global channels. d hire more marketing managers. e use intensive distribution.

b

Question 4 (1 point) Which of the following involves intentional coordination of every communication from a firm to a target customer to convey a consistent and complete message? a Digital marketing b Integrated marketing communications c Product positioning d Branding e Online marketing

b

Question 5 (1 point) The AIDA model includes all of the following promotion jobs except ______. a obtaining action b increasing demand c arousing desire d holding interest e getting attention

b

Question 6 (1 point) "Positioning" is a marketing management aid that refers to: a a firm's ability to distribute products through intermediaries who are in the right position to reach target customers. b how a firm approaches customer relationship management. c a product's ability to provide both immediate satisfaction and social responsibility. d how customers think about proposed and/or present brands in a market. e all of these alternatives are true.

b

Question 8 (1 point) Marketing ______. a consists only of personal selling and advertising b tries to anticipate and satisfy customer needs and accomplish an organization's objectives c applies only to profit organizations d is concerned with whether the whole economic system is fair and effective e is a social process only

b

Question 10 (1 point) A firm's sales training should cover a product information. b professional selling skills. c company policies and practices. d building relationships with customers. e all of these alternatives are correct.

e

Question 1 (1 point) ______ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes. a Strategic planning b Market positioning c Market segmentation d Mass marketing e Implementation

c

Question 12 (1 point) Price reductions given to channel members to encourage them to advertise or otherwise promote a firm's products locally are called ________. a push money allowances b quantity discounts c advertising allowances d trade incentives e brokerage allowances

c

Question 13 (1 point) Use this information for question that refer to the United Tools case. Terry Harter is marketing manager for United Tools and Mike O'Reilly is the firm's logistics manager. They work together to make decisions about how to get United's hand and power tools to its customers-a mix of manufacturing plants and final consumers (who buy United tools at a hardware store). United Tools does not own its own transport facilities and it works with wholesalers to reach its business customers. Together, Harter and O'Reilly try to coordinate transporting, storing, and product handling activities to minimize cost while still achieving the customer service level their customers and intermediaries want. This usually requires that United keep an inventory of most of its products on hand, but demand for its products is fairly consistent over time so inventory is easy to manage. Harter has identified four options for physical distribution systems she could use to reach two of her key wholesalers, Ralston Supply and Ricotta Tool Co. The total cost for each option-and the distribution service levels that can be achieved-are as follows: Main feature of system Total Cost Distribution Service Level 1. Airfreight $1,000,000 95 percent 2. Inland Waterways $300,000 60 percent 3. Trucks $500,000 70 percent 4. Rail and regional warehouses $650,000 80 percent Ralston Supply expects a very high level (90 percent) of distribution customer service. Ricotta Tool Co. is willing to settle for a 70 percent customer service level, even if that means some products will occasionally be out of stock, if it gets products at a lower price. For its large retail hardware customers (like Home Depot), United regularly ships smaller orders directly to individual stores or in some cases to the retail chain's warehouses. Cross-country shipments usually go by rail while regional shipments usually go by truck. United's shipments to international markets often rely on containerization. The likely reason for this is that a containerization is very useful for small, frequent shipments. b the tools are shipped by airfreight. c it makes it easier to move shipments between different transportation modes. d containerization allows a firm to carry less inventory. e all of these are benefits of containerization.

c

Question 13 (1 point) Which of the following is NOT a major step in the learning process? a Drive b Cues c Dissonance d Response e Reinforcement

c

Question 14 (1 point) According to the text, "product": a refers to goods but not services. b means a physical good. c means the need-satisfying offering of a firm. d includes all the elements of a marketing mix. e All of these choices are good answers.

c

Question 15 (1 point) The physical distribution ________________________ is how rapidly and dependably a firm can deliver merchandise in demand through the appropriate channels. a product service level b trade-offs service level c customer service level d standard service level e efficiency service level

c

Question 17 (1 point) The unpaid form of nonpersonal presentation of ideas, goods, or services is called ________. a profit b productivity c publicity d customization e personal selling

c

Question 18 (1 point) In the political environment, an emphasis on a single country's interests before everything else is called: a Regionalism. b Elitism. c Nationalism. d Extremism. e Socialism.

c

Question 19 (1 point) Some customers encourage the use of ________ by paying more attention to supposed price discounts than to the actual prices (and values). a fix prices b fair trade prices c phony list prices d unchanging list prices e basic list prices

c

Question 2 (1 point) The traditional communication process does NOT include a feedback. b receiver. c response. d encoding. e source.

c

Question 2 (1 point) Which of the following countries' governments passed a soda tax to restrict the production and sale of sugary soft drinks? a India b The Netherlands c France d Australia e Germany

c

Question 20 (1 point) The product life cycle is divided into four major stages. They are ______. a ideation, market growth, market maturity, and investment decline b market introduction, profit growth, market maturity, and profit decline c market introduction, market growth, market maturity, and sales decline d market penetration, market growth, market maturity, and sales decline e concept introduction, market decline, market maturity, and sales decline

c

Question 21 (1 point) Indirect competitive advertising seeks: a immediate buying action. b to develop primary demand. c to develop selective demand-to affect future buying decisions. d to develop goodwill for a company-so target customers will eventually buy one or more of its products. e None of these alternatives is correct.

c

Question 21 (1 point) When individual firms set their own prices-sometimes holding them steady for long periods of time-rather than letting daily market forces determine prices, such prices are called ________ a fixed prices b parallel prices c administered prices d equilibrium prices e flexible prices

c

Question 22 (1 point) By law, a firm may call a new product "new" for only a stipulated period of time. Such regulations are established by the ______. a Consumer Product Safety Commission (CPSC) b Environmental Protection Agency (EPA) c Federal Trade Commission (FTC) d US Department of Justice (DOJ) e Food and Drug Administration (FDA)

c

Question 24 (1 point) Almost any business transaction in a modern economy involves ________. a "dumping" b a loss of consumer surplus c an exchange of money-the money being the Price-for something of value d an exchange in which price serves as a measure of quality e an exchange at a list price

c

Question 3 (1 point) A useful tool for organizing the competitor analysis is ________. a the oligopoly chart b rivals chart c a competitor matrix d a competitor grid e the table of competitive rivals

c

Question 4 (1 point) The 80/20 rule-that 80 percent of a company's sales often come from just 20 percent of its customers-is a good reason for marketers to use ________. a multichannel distribution b intensive distribution c selective distribution d exclusive distribution e international distribution

c

Question 5 (1 point) Gross domestic product (GDP) is the: a manufacturers' selling price of goods (but not services) produced in a year. b total market value of goods and services consumed in a year. c total market value of goods and services provided in an economy in a year by both residents and nonresidents of that country. d total market value of goods (but not services) produced in an economy in a year. e None of these definitions of GDP is correct.

c

Question 5 (1 point) ______________segmenting dimensions are those which actually affect a person's purchase of a specific product type or brand in a product-market. a Qualifying b Customer-related c Determining d Operational e Situation-related

c

Question 6 (1 point) Marketers need to foster cooperation with various members of a channel system to prevent ________. a channel changing b channel confusion c channel conflict d channel competition e channel surfing

c

Question 7 (1 point) Direct ________ involves personal sales contact between a representative of the company and an individual consumer. a pricing b marketing c selling d servicing e Distribution

c

Question 8 (1 point) Sales jobs are a major part of the U.S. economy. About what percentage of employed workers in the U.S. are in some type of sales job? a 2 percent b 20 percent c 10 percent d 5 percent e 15 percent

c

Question 9 (1 point) "Discrepancies of quantity" means: a some consumers buy more products than others. b some manufacturers can produce more products than others. c the difference between the quantity of products it is economical for an individual producer to make and the quantity normally wanted by individual consumers or users. d that demand is greater than what a company can supply. e there are more consumers than producers.

c

. Question 3 (1 point) Merging two or more submarkets into one larger target market as a basis for one strategy is known as the ____ target market approach. a particular b compound c blended d combined e Multiple

d

Question 25 (1 point) Which of the following is a disadvantage of flexible pricing? a It results in broadcasting a price that the competition can undercut. b It allows a salesperson to adjust the price depending on his customer. c It leaves opportunities for sales by not adjusting to customers. d It can cause discontent among customers who realize they have paid a higher price than others. e It allows a salesperson to adjust the price in response to competition.

d

Question 3 (1 point) Which of the following promotional objectives is most likely being accomplished when a window company compares its windows to those of a competitor to show homebuilders why its products are superior? a Reminding b Informing c Rebutting d Persuading e Planning

d

Question 7 (1 point) The process of marketing strategy planning is about ______. a identifying as many market opportunities as can be imagined b figuring out how to offer products at the lowest possible price c creating products that managers like d narrowing down possible market opportunities to the most attractive ones e choosing the most profitable market opportunity, regardless of the firm's current abilities and resources

d

Question 7 (1 point) Which of the following are the basic types of promotion? a only mass selling and personal selling b only personal selling and publicity c only sales promotion and personal selling d personal selling, mass selling, sales promotion, and publicity e only mass selling and sales promotion

d

Question 9 (1 point) A salesperson who seeks possible buyers with a well-organized sales presentation designed to get new business is________. a a technical specialist b an order taker c a supporting salesperson d an order getter e a missionary salesperson

d

Question 10 (1 point) The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people is called a(n) ______. a opinion set b personal environment c motivation d learned set e Culture

e

Question 1 (1 point) "Discrepancies of assortment" means: a there are more producers than wholesalers. b some consumers buy more products than others. c some producers can produce more products than others. d consumers want more output than producers can make. e the difference between the product lines the typical producer makes and the assortment wanted by final consumers or users.

e

Question 11 (1 point) Which of the following is an example of the "micro-macro dilemma?" a A homeowner purchases a ladder but falls off it because he didn't set up the ladder according to the safety instructions posted on it. b A person drives without fastening his seat belt even though a warning light and chime remind him to "buckle up." c A person gets a speeding ticket because she was talking on her cell phone while driving and didn't notice a speed limit sign. d A person is injured while using a power lawn mower because of a small stone that is hurled from the discharge chute. e A restaurant owner uses plastic containers to keep "take-out" food warm for customers, but the containers cannot be reused or recycled.

e

Question 16 (1 point) Product line length indicates: the ______. a total number of products that the company has to offer its customers b the total customer lifetime value associated with the offerings in a product line. c the number of intermediaries involved in the distribution of all the offerings in a product line. d the number of product lines that the company has to offer its customers. e the number of individual offerings in a product line.

e

Question 17 (1 point) Brand recognition, brand preference, and brand insistence are various levels of ______. a brand equity b brand rejection c brand marks d branding e brand familiarity

e

Question 2 (1 point) "Good" market segments are those which are: a operational. b heterogeneous between. c homogeneous within. d substantial. e All of these choices are correct

e

Question 22 (1 point) Which of the following is not an example of price? a interest on a loan b apartment rent c college tuition d doctor's fee e All of these are examples of price.

e

Question 22 (1 point) ________ is the expected earnings stream of a firm's current and prospective customers over some period of time. a Earnings b Net value c Operating profit d Profit e Customer equity

e

Question 23 (1 point) The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called ________. a management by objective b marketing strategy planning c market planning d marketing programming e strategic (management) planning

e

Question 23 (1 point) Total advertising expenditures by 2015: a were about 15 percent of all firms' sales. b were larger in Asia than in the U.S. c were larger in Europe than in the U.S. d were under $25 billion. e were more than $200 billion.

e

Question 23 (1 point) Which of the following statements does not accurately characterize new-product development? a New-product development is costly. b Some companies move too slow to launch a new product. c Some companies move too fast to launch a new product. d New-product development has a high risk of failure. e New-product development has a low risk of failure.

e

Question 8 (1 point) The PSSP four-level hierarchy of needs includes ______. a psychological needs, safety needs, social needs, and personal needs b physiological needs, psychological needs, safety needs, and personal needs c psychological needs, financial needs, social needs, and personal needs d physiological needs, psychological needs, social needs, and financial needs e physiological needs, safety needs, personal needs, and social needs

e

Question 9 (1 point) Consumers remembering only what they want to remember is called ______. a selective perception b conscious response c selective retention d cognitive learning e selective exposure

e