Question 1(1 point)

Saved

One of Wal-Mart's advertising campaigns featured a round smiling yellow decimal point that looked like a happy face. This ad concentrated on showing that the large retailer offered its customers the lowest possible prices. Wal-Mart is pursuing a(n) _____ strategy).

Question 1 options:

overall cost leadership

mass marketing

niche marketing

focus

Question 2(1 point)

Saved

As discussed in Professor McCarthy's video, __________ is the act of dividing the market into meaningful and measurable segments according to customer needs, past behaviors, demographic information, and psychological profiles.

Question 2 options:

Differentiation

Promotion

Value Proposition

Positioning

Market Segmentation

Question 3(1 point)

Saved

The business strategic planning process requires a feedback and control step because:

Question 3 options:

the firm's strategic fit with its environment will change

clear strategies and solid supporting programs are worthless without the support of top management

the firm's mission statement is too broad to be treated as a corporate directive

internal stakeholders accept and expect evaluation

time horizons for strategies tend to be very short

Question 4(1 point)

Saved

The Hispanic community's buying power in the state of Georgia has grown as more Hispanics have migrated to the state. This is an example of how changes in the _____ environment impact the _____ environment.

Question 4 options:

social-cultural; natural

demographic; economic

economic; social-cultural

political-legal; economic

natural; political-legal

Question 5(1 point)

The impact of macro-environmental factors only need to be considered if their impact occurs in the next 12 months.

Question 5 options:

True

False

Question 6(1 point)

Saved

The value that the use of 3D printing brings to a bicycle firm in the MarketPlace Simulation includes all of the following EXCEPT:

Question 6 options:

The bike shop would be physically larger to accommodate for the 3D printer to allow bikes to be made while the customer waits in-store.

Eliminates most of the normal inventory that would need to be held in bike stores, at the factory, and in various distribution centers around the world.

A bike can be custom built to the size, shape, and performance requirements for each customer.

Eliminates shipping costs to move the bike products from the factory to the store.

The bike shop can be physically smaller as few bikes would need to be on display.

Question 7(1 point)

Saved

Ideas for new products can come from:

Question 7 options:

customers and channel members

scientists and engineers

examining competitors

top management

all of the above

Question 8(1 point)

Saved

A potential marketer of new shower enclosures coated with Teflon asks consumers, "Do you understand how the addition of Teflon will benefit you?" and "Would this type of shower enclosure solve a cleaning problem for you?" This marketer is in the _____ stage of new-product development.

Question 8 options:

concept development and testing

business analysis

product development

idea generation

market testing

Question 9(1 point)

In the MarketPlace Simulation, each team is judged based on their results on the Cumulative Balanced Scorecard.This scorecard includes all but the following scores:

Question 9 options:

Financial Performance

Marketing Effectiveness

Customer Service Scorecards

Market Performance

Creation of Wealth

Question 10(1 point)

Saved

Which kind of consumer-goods market testing involve consumers who initially try the product at no cost then who are reoffered the product, or a competitor's product, at a slightly reduced price.

Question 10 options:

Sales-Wave Research

Simulated Test Marketing

Controlled Test Marketing

Test Markets

Alpha Testing

Question 11(1 point)

Saved

Which of the following is the most expensive step of the new product development process?

Question 11 options:

concept testing

business analysis

product development

commercialization

idea generation

Question 12(1 point)

A zero-level channel:

Question 12 options:

may also be called a backward channel

is the same as a direct marketing channel

has only one intermediary between producer and consumer

has three members

refers to intensive distribution channels where there are an indeterminate number of channel members

Question 13(1 point)

Saved

A dog food that is only available at veterinarians' offices is an example of a product that is sold using _____ distribution.

Question 13 options:

geographic

intensive

restrictive

exclusive

invasive

Question 14(1 point)

Saved

A highly respected manufacturer of a sought after perfume has retailers willing to carry the manufacturer's complete cosmetic product line. This is an example of _____ power.

Question 14 options:

legitimate

reward

referent

coercive

expert

Question 15(1 point)

Saved

Channels need to be reviewed for possible modification when:

Question 15 options:

consumer buying patterns change

new competition enters the market

the product changes stages in the product life cycle (PLC)

the distribution system is not working as planned

any of the above occur

Question 16(1 point)

Saved

The mode of making and selling bicycles in the MarketPlace Simulation would represent what kind of channel per the Kotler and Keller textbook?

Question 16 options:

Zero level channel

One level channel

Two level channel

Three level channel

Multi-level channel

Question 17(1 point)

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Direct selling would be more appropriate in all but the following situations.

Question 17 options:

When cash flow is of concern

Small number of customers

When products involve custom design

When utilizing an exclusive distribution policy

When products have a high unit value

Question 18(1 point)

Saved

In which stage of the Product Life Cycle would a firm focus on a more intensive distribution strategy?

Question 18 options:

Growth

Introduction

Maturity

Decline

In all four stages a firm would focus on a more intensive distribution strategy.

Question 19(1 point)

Saved

The marketing concept assumes:

Question 19 options:

consumers will favor products that offer quality, performance, and innovation

a company has a social responsibility for the effects of its products

if left alone, consumers will ordinarily not buy enough of the organization's products

consumers do not have to be compelled by promotions to buy what a company is selling

the key to achieving organizational goals is the company being more effective than the competition at creating, delivering, and communicating to its target market

Question 20(1 point)

In the MarketPlace Simulation, a firm can select to go into all five regions of the world as part of 20 potential sites to choose from.Though each site represents different market opportunities, what they do have in common includes which of the following:

Question 20 options:

Many bike riders in the community

Similar cultures

Similar price sensitivity

Similar uses for the bikes

A trading area of 30 kilometers across

Question 21(1 point)

Saved

An intensive growth strategy of _________ would be when a firm develops or acquires new products for the current markets.

Question 21 options:

market-development

market-penetration

integrative growth

product-development

diversification

Question 22(1 point)

With a S-shaped market response function, there must be a certain number of sales outlets in a market in order to reach a critical mass and there is a synergy in having more than a few sales outlets.Thus, some competition may help increase overall demand.

Question 22 options:

True

False

Question 23(1 point)

In the MarketPlace Simulation, the largest segment of the bicycle market is which of the following?

Question 23 options:

Youth

Recreation

Mountain

Work

Speed

Question 24(1 point)

If Amazon conducted intense all-day meetings with representative buyers and sellers and at these meetings, they discussed various aspects of the services Amazon provides and what Amazon could do to enhance those services. These meetings would be considered part of Amazon's _____ system.

Question 24 options:

sales reporting

marketing research

experiential research data

accountability information system (AIS)

marketing intelligence

Question 25(1 point)

Saved

Per Warren Buffet, the single most important decision in evaluating a business is pricing power.

Question 25 options:

True

False

Question 26(1 point)

An auto manufacturer of wants to know the effect rebates have on sales. It plans on dividing its dealerships into three regions. One group will offer consumers who buy a certain brand of car a $2500 cash rebate. One will offer buyers of the car $5000 worth of "free" upgrade options. A third region will offer buyers a $4000 credit towards maintenance services. The results of this market research will provide the firm with _____ data.

Question 26 options:

observational

survey

secondary

experimental

descriptive

Question 27(1 point)

Saved

Respondents are asked to rate an attitude object on a number of multiple-point rating scales bounded at each end by one of two bipolar adjectives or phrases. This type of question is called:

Question 27 options:

dichotomous

a semantic differential

multiple choice

rating scale

a Likert scale

Question 28(1 point)

The manufacturer of the line of Eastman industrial meat slicers wants to identify all of the supermarkets, delis, and restaurants that are potential customers for its products in each of its market areas. Then, it wants to estimate which model each will need to buy. What method of assessing market potential will the manufacturer need to use?

Question 28 options:

the multiple-factor index method

the market-buildup method

the total market potential formula

the market-demand breakdown

a multi-regression analysis

Question 29(1 point)

Saved

Which of the following is NOT a possible communication objective per the AIDA model?

Question 29 options:

Awareness

Action

Desire

Interest

Attention

Question 30(1 point)

Saved

Which of the following is the most influential primary reference group?

Question 30 options:

family

social class

friends

coworkers

celebrities

Question 31(1 point)

If WOM marketing is done correctly, salespeople would voluntarily pass your marketing message along to friends and associates via face to face and/or email and the internet.

Question 31 options:

True

False

Question 32(1 point)

Saved

The first step in the buying process is the:

Question 32 options:

information search

evaluation of alternatives

purchase decision

location of alternatives

recognition of the need or problem

Question 33(1 point)

The basis for segmentation that recognizes that not everyone who buys the product has the same needs or wants the same benefits from it.

Question 33 options:

Psychographic segmentation

Demographic segmentation

Needs-Based segmentation

market concentration

Geographic segmentation

Question 34(1 point)

Saved

A(n) _____ market is characterized by a fairly narrowly defined market with a complete / and distinct set of needs, and a willingness to pay a premium to meet those needs.

Question 34 options:

local

niche

individual

derived

homogeneous

Question 35(1 point)

Which of the following is an example of a demographic segmentation variable?

Question 35 options:

social class

personality

attitude toward the product

lifestyle

user status

Question 36(1 point)

Saved

Which of the following is an example of a psychographic segmentation variable?

Question 36 options:

occupation

education level

readiness stage

lifestyle

usage rate

Question 37(1 point)

Saved

Which of the following is an example of a behavioral segmentation variable?

Question 37 options:

generation

user status

personality

religion

social class

Question 38(1 point)

A marketer who selected a _________ segmentation strategy would find

this segmentation strategy has the greatest amount of risk associated

with it despite firms typically having a strong knowledge of the

segment's needs and operating economies.

Question 38 options:

selective specialization

single-segment concentration

full market coverage

market specialization

product specialization

Question 39(1 point)

Saved

Which of the following statements is true about positioning strategies?

Question 39 options:

Not all products can be differentiated.

A product that is not positioned as superior, distinctive, preemptive, or affordable will succeed if it is implemented correctly.

The end result of positioning is the successful creation of a customer-focused value proposition.

Positioning strategies must stress real benefits or they will fail.

All brand differentiation strategies are meaningful and worthwhile.

Question 40(1 point)

Saved

_____ is the act of designing the company's offerings and image so they occupy a meaningful and distinct competitive position in the target customers' minds.

Question 40 options:

Product differentiation

Positioning

Image differentiation

Maximarketing

Integrated marketing

Question 41(1 point)

Saved

Profits improve substantially during the _____ stage of the product life.

Question 41 options:

introduction

repositioning

growth

maturity

decline

Question 42(1 point)

Saved

The stage of the life cycle characterized by low sales, heavy promotion, low profit, and minimal competition is the _____ stage.

Question 42 options:

introduction

growth

repositioning

maturity

decline

Question 43(1 point)

The first thing any business should do when setting pricing policy is to:

Question 43 options:

determine demand

estimate costs

determine their target market

select a pricing method

select a pricing objective

Question 44(1 point)

With the Customer Value Hierarchy, which of all the following does NOT represent consequences of what the product does for the user?

Question 44 options:

Product features

Realization, benefits, desired outcomes

Sacrifices, costs, undesired outcomes

Subgoals which are met through product/service use

All of these represent consequences

Question 45(1 point)

When Rooms-to-Go furniture store offers customers "Nothing down, and no payments until 2022!" in order to entice customers to buy now, the furniture chain is using:

Question 45 options:

cash discounts

promotional pricing

trade allowances

functional discounts

loss-leader pricing

Question 46(1 point)

Saved

A _____ combines successive stages of production and distribution under single ownership.

Question 46 options:

horizontal marketing system

conventional marketing system

corporate vertical marketing system

multichannel marketing system

contractual vertical marketing system

Question 47(1 point)

Zoe was reading the newspaper while she watched television. An article in the newspaper on the new women's football league caused Zoe to miss commercials for Mountain Dew, Claritin, and KFC. In terms of the communication process for the ads, the article that caught Zoe's attention is an example of:

Question 47 options:

a feedback inhibitor

an unanticipated decoder

encoding

noise

a reception barricade

Question 48(1 point)

The first step in the development of effective communication is:

Question 48 options:

identifying the target audience

determining the communication objectives

designing the message

setting the budget

selecting the communication channels

Question 49(1 point)

The ________ is practiced most aggressively with unsought goods, goods that buyers normally do not think of buying, such as insurance, encyclopedias, and funeral plots.

Question 49 options:

marketing concept

holistic marketing concept

product concept

production concept

selling concept

Question 50(1 point)

The three objectives of profit, growth, and cash, while possibly incompatible in the short-term, can be come compatible in the long-term to create shareholders' value.

Question 50 options:

False

True

Question 51(1 point)

The most formal definition of marketing is ________.

Question 51 options:

the 4Ps (Product, Price, Place, Promotion)

meeting needs profitably

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

identifying and meeting human and social needs

improving the quality of life for consumers

Question 52(1 point)

________ marketing has the aim of building mutually satisfying long-term relations with key parties such as customers, suppliers, distributors, and other marketing partners in order to earn and retain their business.

Question 52 options:

Synthetic

Relationship

Holistic

Direct

Demand-based

Question 53(1 point)

______ is the ability of a company to meet each customer's requirements - to prepare on a mass basis individually designed products, services, programs, and communications.

Question 53 options:

market targets

customer cliques

single-segment concentration

macromarkets

mass customization

Question 54(1 point)

A good way to describe the ________ would be discuss all the activities involved in building deeper understanding, relationships, and offerings to individual customers.

Question 54 options:

customer acquisition process

customer equity process

customer relationship management process

customer prospecting process

customer fulfillment management process

Question 55(1 point)

Per Professor McCarthy, while using customer profiles (personas) can help inform your company and partners about who the target customer is, it cannot help with market planning.

Question 55 options:

False

True

Question 56(1 point)

Per Professor McCarthy, what answers the crucial question - where and how will the customer obtain the product and service?

Question 56 options:

Strategic Goals

Value Proposition

Positioning

Promotion

Channels of Distribution

Question 57(1 point)

________ consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

Question 57 options:

A marketing intelligence system

A marketing database

A marketing research system

A marketing information system

A promotional campaign

Question 58(1 point)

Marketing managers rely on internal reports. By analyzing this information, they can spot ________.

Question 58 options:

macro-markets

micro-markets

consumer demographic units

competitive strategies

opportunities and problems

Question 59(1 point)

The heart of the internal records system is the ________.

Question 59 options:

database

order-to-payment cycle

information liquidity ratio

service consideration

asset acquisition process

Question 60(1 point)

A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment.

Question 60 options:

vertical system

marketing intelligence system

marketing research system

marketing information system

product management system

Question 61(1 point)

________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.

Question 61 options:

MIS (marketing information system)

Marketing management

Marketing intelligence

Marketing research

Demographics

Question 62(1 point)

Which of the following types of marketing research firms would best be described as being one that gathers consumer and trade information which they sell for a fee (e.g., Nielsen Media Research)?

Question 62 options:

Syndicated-service research firms.

Non-profit marketing research firms.

General-line marketing research firms.

Specialty-line marketing research firms.

Custom marketing research firms.

Question 63(1 point)

The first step in the marketing research process is to ________.

Question 63 options:

contact a professional consultant

analyze the internal environment

develop a research plan

read marketing research journals

define the problem and research objectives

Question 64(1 point)

________ are data that were collected for another purpose and already exist somewhere.

Question 64 options:

Ordinate

Tertiary data

Primary data

Inordinate

Secondary data

Question 65(1 point)

Customer relationship management (CRM) is the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize customer ________.

Question 65 options:

profitability

equity

satisfaction

loyalty

value

Question 66(1 point)

In which stage of the Product Life Cycle is there a slowdown in sales growth and profits stabilize or decline due to increased competition?

Question 66 options:

Introduction

Decline

Growth

mass customization

Maturity

Question 67(1 point)

A customer touch point in the airline industry would include an item such as ________.

Question 67 options:

reservations

mechanics ability to service the airplanes

the value of air travel versus surface transportation

competency of a travel agent

ease of access to the airport

Question 68(1 point)

Another term for high customer ________ is customer churn.

Question 68 options:

defection

perception

retention

value

belief

Question 69(1 point)

A(n) ________ is a descriptive thought that a person holds about something.

Question 69 options:

desire

feeling

attitude

emotion

belief

Question 70(1 point)

The expectancy-value model of attitude formation posits that consumers evaluate products and services by combining their ________.

Question 70 options:

desires

wants

consuming attitudes

brand beliefs

needs

Question 71(1 point)

Customer value analysis reveals the company's strengths and weaknesses relative to various competitors. Which of the following would be considered to be the first step in this process?

Question 71 options:

Assess the company and competitors' performances on customer values.

Assess the quantitative importance of the different attributes.

Identify the major attributes customers value.

Examine customer ratings of the company and competitors.

Monitor customer values over time.

Question 72(1 point)

Which of the following is not one of the three keys steps of Marketing Communication per Professor McCarthy?

Question 72 options:

Pick the marketing communication tool that is the best fit.

Determine your communication objective.

Choose your message.

All of the choices listed above.

None of the above.

Question 73(1 point)

A ________ consists of a group of customers who share a similar set of needs and wants.

Question 73 options:

market level

market group

market target

market segment

market slice

Question 74(1 point)

Which is NOT a criteria that could determine whether a brand association could truly function as a point-of-difference?

Question 74 options:

Differentiating from competitors

Desirable to consumer

Straddle frame of reference

All are criteria that would apply.

Deliverable by the company

Question 75(1 point)

Marketers usually identify niches by ________.

Question 75 options:

conducting VALS tests

dividing a segment into subsegments

producing products that can be used in a variety of ways

examining the demographics section ofThe Handbook of Marketing

allowing consumers to gravitate toward product brands

Question 76(1 point)

When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats?

Question 76 options:

Consumer marketing

Grassroots marketing

Differentiated marketing

Partner marketing

Instructional marketing

Question 77(1 point)

From a marketing management perspective, there are three main sets of brand equity drivers. Which of these drivers was most applicable when McDonald's decided to use the "golden arches" and Ronald McDonald as symbols of their brand?

Question 77 options:

The service and all accompanying marketing activities and supporting marketing programs.

Associations indirectly transferred to the brand by linking it to some other entity.

The initial choices for the brand elements or identities making up the brand.

The product and all accompanying marketing activities and supporting marketing programs.

The profitability associated with brand development.

Question 78(1 point)

________ are those trademarkable devices that serve to identify and differentiate the brand.

Question 78 options:

Brand perception

Brand image

Brand elements

Brand tracks

Brand value

Question 79(1 point)

If a brand element can be used to introduce new products in the same or different categories, the brand element is said to be ________.

Question 79 options:

memorable

adaptable

likeable

meaningful

transferable

Question 80(1 point)

With respect to powerful brand elements, a ________ is an extremely efficient means to build brand equity. The element can function as useful "hooks" or "handles" to help consumers grasp what the brand is and what makes it special.

Question 80 options:

spokesperson

slogan

patent

product shape

promotional descriptor

Question 81(1 point)

All marketing strategy is built on STPsegmentation, targeting, and ________.

Question 81 options:

planning

performance

product

positioning

promotion

Question 82(1 point)

The result of positioning is the successful creation of ________, a cogent reason why the target market should buy the product.

Question 82 options:

a customer-focused value proposition

an award winning promotional campaign

every-day-low-pricing

a demand channel

strategic window of opportunity

Question 83(1 point)

Which of the following is NOT one of the ways to convey a brand's category membership?

Question 83 options:

None of the above address the main ways to convey a brand's category membership

relying on the product descriptor

comparing to exemplars

Points-of-difference

announcing category benefits

Question 84(1 point)

Associations that make up points-of-difference may be based on _____________.

Question 84 options:

brand values

brand partitions

brand specifications

brand categories

brand attributes or benefits

Question 85(1 point)

A company's costs take two forms. ________ are costs that do not vary with production or sales revenue.

Question 85 options:

Fixed

Adjusted

Attributed

Variable

none of these

Question 86(1 point)

Today's companies try to adapt their offers and terms to different buyers. ________ accounting tries to identify the real costs associated with serving each customer. It allocates indirect costs to the activities that use them and are tagged back to each customer.

Question 86 options:

Cost accounting

Direct product profitability

Experience cost

Activity-based cost

Target costing

Question 87(1 point)

Value pricing is not a matter of simply setting lower prices; it is a matter of reengineering the company's operations to become a low-cost producer without sacrificing quality; and lowering prices significantly to attract a large number of ________ customers.

Question 87 options:

expert customers

price-orientated

product-orientated customers

value-conscious

none of these

Question 88(1 point)

When a firm charges the same, more, or less than its major competitors do, it is using a pricing strategy that is called ________.

Question 88 options:

perceived value pricing

everyday low pricing

going-rate pricing

value pricing

high-low pricing

Question 89(1 point)

Intermediaries who buy, take title to, and resell the merchandise are called ________.

Question 89 options:

retailers

facilitators

marketers

agents

merchants

Question 90(1 point)

Transportation companies, independent warehouses, banks, and advertising agencies assisting in the distribution process but neither take title to goods nor negotiate purchases or sales are called ________.

Question 90 options:

facilitators

none of the store

marketers

merchants

agents

Question 91(1 point)

A ________ strategy involves the manufacturer using its sales force and trade promotion money to induce intermediaries to carry, promote, and sell the product to end users.

Question 91 options:

promote

push

provide

none of these

pull

Question 92(1 point)

Generally speaking, the use of peripheral cues, such as a celebrity endorser, would best attract what kind of shopper?

Question 92 options:

High value deal seekers

Habitual shoppers

Variety-loving shoppers

High-involvement shoppers

Low-involvement shoppers

Question 93(1 point)

Communication tools vary in cost-effectiveness at different stages of buyer readiness. ________ and publicity play the most important role in the awareness-building stage.

Question 93 options:

publicity

"buzz"

direct marketing

advertising

sales promotion

Question 94(1 point)

The appeal of public relations and publicity is based on three distinctive qualities. These include, ________, the ability to catch buyers off guard, and dramatization.

Question 94 options:

invitation

low cost

exposure

high credibility

"free"

Question 95(1 point)

Many companies set promotion expenditures at a specified percentage of sales (either current or anticipated) or of the sales price. This method of budgeting is called ________.

Question 95 options:

objective-and-task method

none of these

percentage-of-sales method

affordable method

competitive parity method

Question 96(1 point)

Any discussion about the effectiveness of mass communication has to take into account the dramatic changes that have ________ the effectiveness of the mass media.

Question 96 options:

expanded

all of these

eroded

increased

supplemented

Question 97(1 point)

What kind of creative strategy would attempt to stir up emotions to motivate purchase?

Question 97 options:

informational appeals

reverse engineering

transformational appeals

none of these

objective and task appeals

Question 98(1 point)

What aspect of designing the communication would be focused on deciding what celebrity to use in advertising?

Question 98 options:

none of these

Choice of personal communication channels

creative strategy

message source

communication objectives

Question 99(1 point)

The new-product development process starts with the search for ________.

Question 99 options:

products that can be improved upon

overseas products

strategy

new concepts

ideas

Question 100(1 point)

A ________ occurs when the company dismisses an otherwise good idea.

Question 100 options:

GO-error

product failure

dual error

DROP-error

brand failure