Answer the Following multiple choice questions:

Question 1

The company's offering is defined as

Select one:

a. the price of the product

b. the product's warranty

c. the entire bundle consisting of the tangible good, the intangible service, and the price

d. the advertising message

Question 2

This concept is at the center of everything Marketing tries to accomplish

Select one:

a. Make a profit

b. Increase sales

c. Defeat the competition

d. Provide value to the customer

Question 3

According to the Boston Consulting Group Matrix, a company's product that has high market share in a low-growth market would be classified as:

Select one:

a. A star

b. A question mark

c. A dog

d. A cash cow

Question 4

When Tim Hortons decided to add breakfast sandwiches to its menu that was mainly just coffee and donuts, it was an example of this marketing strategy.

Select one:

a. market penetration

b. market development

c. diversification

d. product development

Question 5

Your marketing department is currently researching the size, life-cycle stage, age, gender, and educational levels of your target market. What type of information are they gathering?

Select one:

a. cultural

b. geographic

c. demographic

d. psychographic

Question 6

A company's external environment is comprised of:

Select one:

a. the competition, economy, political and legal forces

b. the firms financial and human resources

c. the natural resources needed to produce the product

d. the firm's marketing and research and development departments

Question 7

This marketing concept requires that marketers seek to satisfy customer wants and needs

Select one:

a. Production concept

b. Selling concept

c. Marketing concept

d. Promotion concept

Question 8

A common tool used is marketing to perform a situational analysis is:

Select one:

a. a SWOT analysis

b. the company's customer relationship management software

c. an income statement

d. a break-even analysis

Question 9

Although the product offering is created by the company, the value is determined by who?

Select one:

a. government officials

b. the customer

c. the CEO

d. the accounting department

Question 10

When Walmart places snack foods near the checkout they are hoping that customers will engage in this type of buying behaviour:

Select one:

a. impulse buying

b. alternative evaluation

c. cognitive dissonance

d. high involvement purchasing

Question 11

This factor refersto the stages families go through over time and how it affects people's buying behavior.

Select one:

a. lifestyle

b. family life cycle

c. demographics

d. psychographics

Question 12

During this stage of the New Offering Development Process, it is important to remember that no screening of the idea should take place. The goal is to develop as many ideas as possible.

Select one:

a. Idea screening

b. Launch

c. Idea generation

d. Testing

Question 13

The 4 P's of Marketing are:

Select one:

a. Product, Price, Place & Promotion

b. Priority, Patience, Professional, Price

c. Perception, Price, Product, Place

d. Product, Price, Persuasion, Promotion

Question 14

During this stage of the Consumer Buying Process, buyers consider which criteria is most important to them when deciding between competing products:

Select one:

a. Need recognition

b. Search for product information

c. Product evaluation

d. Product choice and purchase

Question 15

This type of business buying situation typically requires the greatest involvement of a company's sales team.

Select one:

a. New buy

b. Straight rebuy

c. Modified rebuy

d. Low-involvement purchases

Question 16

This term describes all the organizations that figure into any part of the process of producing, promoting, and delivering an offering to its user

Select one:

a. supply chain

b. promotion mix

c. value proposition

d. cash cow

Question 17

B2B is different than B2C in all the following criteria except:

Select one:

a. more buying professionals in B2B

b. fewer buying influences in B2B

c. higher levels of demand fluctuations in B2B

d. demand is more concentrated in B2B

Question 18

Which marketing strategy is McDonald's Restaurants most likely using when it offers coupons to its customers?

Select one:

a. Product Development

b. Diversification

c. Market Penetration

d. Market Development

Question 19

The BCG growth-share matrix classifies four types of products. They are ________, ________, ________, and ________.

Select one:

a. market penetration; market development; product development; diversification

b. stars; cash cows; question marks; dogs

c. sales; market share; price; promotion

d. product; price; promotion; placement

Question 20

Outsourcing work to companies abroad is called:

Select one:

a. downstream partnering

b. distribution

c. offshoring

d. sourcing

Question 21

Which one of these forces is not part of a company's external environment?

Select one:

a. Human Resource Forces

b. Economic Forces

c. Demographic Forces

d. Technological Forces

Question 22

Which type of market segmentation would make the most sense for a company that sells camping equipment and hiking boots?

Select one:

a. Differentiation segmentation

b. Psychographic segmentation

c. Demographic segmentation

d. Geographic segmentation

Question 23

The various firms a company partners with to actively promote and sell a product as it travels through it marketing channel is defined as:

Select one:

a. Channel members

b. Suppliers

c. Competitors

d. Upstream partners

Question 24

An effective value proposition answers the question

Select one:

a. Why should I buy your brand rather than a competitor's?

b. What are the benefits of being a loyal consumer of your brand?

c. How does your brand benefit me and society?

d. What kind of experience will I have with products and services associated with this brand?

Question 25

Many critics charge that the North American marketing system causes ________ to be higher than they would be under more "sensible" systems.

Select one:

a. imports

b. customer satisfaction

c. prices

d. exports

Question 26

A company's value proposition answers this question for the customer:

Select one:

a. Why should I buy from you?

b. Are there any sales promotions for your product?

c. Where do I buy your product?

d. How much does your product cost?

Question 27

Managing the flow of products and materials backwards through the supply chain to extract value from them is called:

Select one:

a. inbound logistics

b. sourcing

c. reverse logistics

d. procurement

Question 28

When a automobile manufacturer like Toyota advertises the benefits of its warranty, resale vale and low financing rates, they are focusing their message on:

Select one:

a. the core product

b. the unsought product

c. the tangible product

d. the augmented product

Question 29

Products/services such as life insurance and pre-paid funeral arrangements would most likely be classified as this type of product.

Select one:

a. Convenience

b. Unsought

c. Specialty

d. Shopping

Question 30

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called ________.

Select one:

a. market segmentation

b. positioning

c. marketing strategy

d. target marketing