McKenzie MyBizLab Ch.11 Quiz

Your friend has decided to buy and sell​ high-end jewelry online with the goal of eventually quitting her day job as an accountant.​ She's heard that you know something about business and the importance of the marketing​ mix, so​she's asked you for the BEST way to differentiate her business without competing on price. Which of the following would you​ suggest? A.) Distribution B.) Promotion C.) Discounting D.) Product placement E.) Advertising

A.) Distribution

The Federal Reserve System suddenly raises the federal discount​ rate, resulting in significantly higher interest rates for consumers and businesses that want to purchase​ property, vehicles,​ machinery, or other items on credit. Which factor in the​ firm's external environment does this BEST​ reflect? A.) Economic environment B.) Competitive environment C.) Sociocultural environment D.) Political-legal environment E.) Demographic environment

A.) Economic environment

Which of the following would be considered a source of primary​ data? A.) Focus group interviews B.) Industry sales data C.) Published market research report D.) Survey data conducted by a trade association E.) U.S. Census Bureau population census

A.) Focus group interviews

Your friend has decided to buy and sell​ high-end jewelry online with the goal of eventually quitting her day job as an accountant.​ She's heard that you know something about​ business, so​ she's asked you for the BEST mode of promotion to identify in her business plan that she plans to submit to the bank for financing. Which of the following would you​ suggest? A.) Personal selling B.) Product placement C.) Advertising D.) Public relations E.) Sales promotions

A.) Personal selling

You recently received your real estate sales​ license, and you now represent a seller in a popular new subdivision where buyers have many choices. As an​ agent, your job is to get the highest competitive market price for the seller. In creating your marketing plan for this​ house, which element of the marketing​ mix, other than​ pricing, would be the BEST​ focus? A.) Promotion B.) Place C.) Time D.) Financing E.) Product differentiation

A.) Promotion

Which of the following involves​ one-time direct inducements to buyers to purchase a​ company's products, such as coupons and package​ inserts? A.) Sales promotions B.) Public relations C.) Marketing research D.) Product positioning E.) Advertising

A.) Sales promotions

The ratio for determining value is BEST described as​ _______. A.) Value​ = Benefits ÷ Costs B.) Value​ = Utility ÷ Benefits C.) Value​ = Benefits − Costs D.) Value​ = Costs + Benefits E.) Value​ = Costs ÷ Benefits

A.) Value​ = Benefits ÷ Costs

​_______ is a form of marketing that focuses on spreading information and opinions about a product or service from person to​ person, often through email or social media sites. A.) Viral marketing B.) Customer relationship management C.) Target marketing D.) Integrated marketing E.) Relationship marketing

A.) Viral marketing

Your friend wants to start a small business so she can eventually quit her day job as an accountant. She​ doesn't care what it​ is, as long as​ she's in charge.​ She's heard that you know something about​ business, so​ she's asked you for the BEST component to evaluate when starting her marketing plan. A.) Product placement B.) Identification of a product need or a want C.) Promotion D.) Location E.) Pricing

B.) Identification of a product need or a want

Which of the following is a key element of customer relationship​ management? A.) Focus on single transactions for products and services in order to build a broader customer base. B.) Learn as much as possible about your customers so that you know what they want and will buy. C.) Create features or images that differentiate your product from existing products in order to attract more customers. D.) Price products as low as possible so that customers do not turn to​ competitors' products. E.) Offer as wide a variety of goods as possible so that customers always have multiple choices.

B.) Learn as much as possible about your customers so that you know what they want and will buy.

Which of the following is NOT a B2B​ market? A.) Reseller market B.) Mercantile market C.) Services companies market D.) Institutional market E.)Industrial market

B.) Mercantile market

A state passes a law requiring major appliances sold in the state to meet energy consumption standards. Which factor in the​ firm's external environment does this BEST​ reflect? A.) Competitive environment B.) Political-legal environment C.) Technological environment D.) Sociocultural environment E.) Economic environment

B.) Political-legal environment

A car dealership offers a​ "sign it and drive​ it" promotional event in which eligible buyers can purchase a vehicle with​ $0 down,​ $0 due at​ signing, and​ $0 first​ month's payment; all they have to do is sign the papers and drive away. This BEST reflects which form of​ utility? A.) Place B.) Possession C.) Time D.) Form E.) Product

B.) Possession

A producer of camping gear such as​ tents, sleeping​ bags, and camp stoves has identified its target market as outdoor adventurers or enthusiasts. Which type of variable does this reflect in segmenting the​ market? A.) Demographic B.) Psychographic C.) Behavioral D.) Sociocultural E.) Geographic

B.) Psychographic

Which of the following factors determines whether a product is characterized as a consumer good or an industrial good? A.) Whether the item is used or new B.) The end user of the product C.) The price of the product D.) Whether the product is tangible or intangible E.) Whether it is sold by the manufacturer or an intermediary such as a retailer

B.) The end user of the product

You go to the store to buy cereal for your​ breakfast, but you​ can't find your favorite​ brand, so you buy English muffins instead. This is an example of​ _______. A.) form utility B.) a substitute product C.) emotional motives D.) product positioning E.) social influences

B.) a substitute product

To coincide with the release of the movie Minions​, ​McDonald's offered a Minions Happy Meal featuring a dozen different minion​ toys, along with a new flavor of yogurt in its Happy Meals that also featured minions on the packaging. This is an example of​ _______. A.) data mining B.) sales promotions C.) public relations D.) personal selling E.) relationship marketing

B.) sales promotions

Lindar Property Development specializes in developing luxury condominium communities for​ "empty nesters" who are​ 55+ years old and have an annual income in excess of​ $100,000 per year. Which type of variable does this reflect in segmenting the​ market? A.) Geographic B.) Psychological C.) Demographic D.) Behavioral E.) Psychographic

C.) Demographic

Brittni uses​ semi-precious gemstones,​ beads, clasps, and cord to make​ one-of-a-kind Southwestern-inspired jewelry. What type of utility does Brittni​ create? A.) Task B.) Time C.) Form D.) Possession E.) Place

C.) Form

After her recent flight to​ Paris, Linda received an email from Delta​ Airlines, asking her to rate the flight​ crew's performance and her satisfaction with her flight experience. What form of marketing research is Delta​ using? A.) Interview B.) Focus group C.) Surveys D.) Observation E.) Experimentation

C.) Surveys

Market segmentation is BEST described as​ _______. A.) identifying the planned marketing activities that a business will use to achieve its marketing goals B.) the study of​ customers' needs and wants and how best to meet those needs and wants C.) dividing a broader market into subsets of customer types having similar​ needs, interests, and priorities D.) the process of​ fixing, adapting, and communicating the nature of the product itself E.) creating features or images that make a product different from existing products in order to attract customers

C.) dividing a broader market into subsets of customer types having similar​ needs, interests, and priorities

Louella has been shopping for a new car for several weeks. She narrowed her selection down to a few​ models, and has been doing extensive research on the Internet to determine which car would be the best match for her in terms of​ price, gas​ mileage, features, etc. Which stage of the consumer buying process does this BEST​ represent? A.) Purchase decision B.) Information seeking C.) Problem or need recognition D.) Evaluation of alternatives E.) Postpurchase evaluation

D.) Evaluation of alternatives

Participants in a marketing research study are given a sum of money to purchase products in a simulated store. Researchers then change the shelf location of the product to determine what effect it has on sales volume. What form of marketing research are the researchers​ using? A.) Focus group B.) Surveys C.) Observation D.) Experimentation E.) Secondary data

D.) Experimentation

Courtney's Gourmet Cupcakes creates​ _______ utility by combining​ flour, eggs,​ sugar, cocoa,​ nuts, and numerous other ingredients into delectable cupcakes. A.) possession B.) task C.) time D.) form E.) place

D.) form

In terms of the amount of business​ conducted, the B2B market is​ _______ the U.S. consumer market. A.) insignificant compared to B.) significantly smaller than C.) slightly smaller than D.) larger than E.) approximately the same size as

D.) larger than

Which of the following is the BEST description of industrial​ goods? A.) Goods that have been completed in the manufacturing process but have not yet been sold or distributed to the end user B.) Tangible goods purchased by consumers for personal use C.) Finished goods that are bought by intermediaries and sold to other companies or consumers D.) Products with intangible​ (nonphysical) features E.) Physical items used by companies to produce other goods or services

E.) Physical items used by companies to produce other goods or services

Marketing research conducted by a consumer products producer reveals that some consumers buy toothpaste to whiten their​ teeth, while others buy it because it freshens their​ breath, makes their teeth less sensitive to heat​ and/or cold, or even because it has a certain flavor. If the company decided to segment the market based upon this​ data, it would be using​ _______ segmentation. A.) sociocultural B.) demographic C.) demographic D.) psychographic E.) behavioral

E.) behavioral

A​ well-established automobile dealership just hired you as an intern in the back office. Since you​ started, you have discovered that the company is losing market share. In a management​ meeting, the talk is focused on what has worked in the past. During a lull in the​ conversation, the owner of the company asks for your opinion. Your BEST input would be a suggestion to create​ a(n) _______. A.) product matrix B.) advertising campaign C.) Gantt chart D.) mission statement E.) marketing plan

E.) marketing plan

Louella's evaluation of the cost of a new​ car, how many miles per gallon it​ gets, and whether there is enough room for her growing family represents her​ _______ motives; how the car makes her feel when​ she's driving it and whether she thinks her friends will be impressed when they see her behind the wheel reflect her​ _______ motives. A.) emotional; rational B.) subjective; objective C.) psychological; psychographic D.) evoked; logical E.) rational; emotional

E.) rational; emotional

Ted was just promoted to a managerial position and feels that he needs to buy a new luxury car and join the country club in order to​ "fit in" with his new colleagues at the company. This is an example of​ _______ influences. A.) personal B.) psychological C.) cultural D.) psychographic E.) social

E.) social