Julia Dubois
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Quiz on Marketing exam 1 quiz supplementation, created by Julia Dubois on 09/24/2017.

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Marketing exam 1 quiz supplementation

Marketing exam 1 quiz supplementation

Question 1 of 178

1

Marketing is __________

Select one of the following:

  • Manipulation

  • Exchange

  • Unnecessary

  • Inefficient

Explanation

Question 2 of 178

1

No money is exchanged in ___________, the process of exchanging goods and services between two parties.

Select one of the following:

  • non-market trading

  • market clearing

  • barter

  • product marketing

Explanation

Question 3 of 178

1

Marketing exists because people have ________________ that they are willing to give up things of value to satisfy.

Select one of the following:

  • preferences

  • needs and wants

  • desires and preferences

  • cravings

Explanation

Question 4 of 178

1

When an individual donates money to a charity, a ____________ transaction has taken place.

Select one of the following:

  • non-marketing

  • primary

  • post-marketing

  • marketing

Explanation

Question 5 of 178

1

When an individual “sells” her time and labor to an organization, a marketing transaction takes place.

Select one of the following:

  • true

  • false

Explanation

Question 6 of 178

1

With_________________, individuals find exchange partners to obtain the items that they need.

Select one of the following:

  • standardized exchange

  • decentralized exchange

  • self-sufficiency

  • none of the above

Explanation

Question 7 of 178

1

The evolution of marketing proceeds in which of the following orders:

Select one of the following:

  • centralized exchange, decentralized exchange, self-sufficiency

  • self-sufficiency, decentralized exchange, standardized exchange

  • decentralized exchange, standardized exchange, self-sufficiency

  • self-sufficiency, decentralized exchange, centralized exchange

Explanation

Question 8 of 178

1

Which of the following types of markets includes a middleman (that is, a merchant)?

Select one of the following:

  • decentralized exchange

  • centralized exchange

  • standardized exchange

  • self-sufficiency

Explanation

Question 9 of 178

1

Which of the following types of markets is least efficient?

Select one of the following:

  • decentralized exchange

  • centralized exchange

  • standardized exchange

  • self-sufficiency

Explanation

Question 10 of 178

1

Exchange brings ___________

Select one of the following:

  • teamwork

  • new opportunities

  • efficiency

  • inefficiency

Explanation

Question 11 of 178

1

___________________ is the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement.

Select one of the following:

  • Marketing

  • Marketing discipline

  • Marketing management

  • Marketing strategy

Explanation

Question 12 of 178

1

A product is a good, service, or idea to _______ the customer’s needs.

Select one of the following:

  • create

  • influence

  • satisfy

  • reduce

Explanation

Question 13 of 178

1

__________ is/are the means of communication with the customer

Select one of the following:

  • Process

  • People

  • Price

  • Promotion

Explanation

Question 14 of 178

1

Robert Louis Stevenson once said that “Everyone lives by _________ something.”

Select one of the following:

  • marketing

  • producing

  • building

  • selling

Explanation

Question 15 of 178

1

If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.

Select one of the following:

  • true

  • false

Explanation

Question 16 of 178

1

It is important that any employees that interact with a company’s customers carry “marketing” as part of their job titles.

Select one of the following:

  • true

  • false

Explanation

Question 17 of 178

1

Roughly ___ % of the dollar price paid by consumers for a product goes to cover the cost of marketing.

Select one of the following:

  • 10

  • 25

  • 50

  • 75

Explanation

Question 18 of 178

1

There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions?

Select one of the following:

  • physical distribution

  • matching

  • producing the physical product

  • promotion

Explanation

Question 19 of 178

1

Which company is generally credited with originating the marketing concept?

Select one of the following:

  • General Electric

  • IBM

  • Kodak

  • Ford

Explanation

Question 20 of 178

1

Which of the following management orientations makes profits through sales volume?

Select one of the following:

  • marketing concept

  • selling concept

  • production concept

  • societal marketing concept

Explanation

Question 21 of 178

1

The __________ concept recognizes that people don’t really buy products, they buy solutions to problems.

Select one of the following:

  • marketing

  • selling

  • management

  • solutions

Explanation

Question 22 of 178

1

Which of the following types of needs would likely be satisfied LAST if other types of needs were present?

Select one of the following:

  • physiological needs

  • social needs

  • personal needs

  • safety needs

Explanation

Question 23 of 178

1

Which of the following types of needs reside at the lowest level in the PSSP Hierarchy of Needs?

Select one of the following:

  • physiological needs

  • social needs

  • personal needs

  • safety needs

Explanation

Question 24 of 178

1

A ______ is the recognition of any difference between a consumer’s actual state and some ideal or desired state.

Select one of the following:

  • want

  • desire

  • problem

  • need

Explanation

Question 25 of 178

1

Which type of need would most food and beverage companies primarily attempt to satisfy?

Select one of the following:

  • physiological needs

  • social needs

  • personal needs

  • safety needs

Explanation

Question 26 of 178

1

Allstate Insurance has traditionally focused its advertising on which type of consumer need?

Select one of the following:

  • social needs

  • physiological needs

  • safety needs

  • personal needs

Explanation

Question 27 of 178

1

Marketers can create core needs.

Select one of the following:

  • true

  • false

Explanation

Question 28 of 178

1

Marketers are most effective at influencing consumer _______.

Select one of the following:

  • needs

  • wants

Explanation

Question 29 of 178

1

Which of the following companies recently identified a pain point faced by business travelers?

Select one of the following:

  • DUFL

  • United Airlines

  • Marriott Hotels

  • Hertz Rentals

Explanation

Question 30 of 178

1

The consumption chain is the sequence of stages that comprise the customer’s __________ with a product or service.

Select one of the following:

  • sales process

  • service recovery process

  • consumption process

  • experience

Explanation

Question 31 of 178

1

Which of the following is not a reason that marketing needs data?

Select one of the following:

  • To prove its contribution to the rest of the organization

  • To improve upon its efforts

  • To know how effective its efforts are

  • All of the above are reasons that marketing needs data.

Explanation

Question 32 of 178

1

Data and measurements can be used to prove the effectiveness of marketing efforts.

Select one of the following:

  • True

  • False

Explanation

Question 33 of 178

1

Which of the following offers a solution to the problem that everyone has an opinion about the quality of marketing’s efforts?

Select one of the following:

  • Six sigma quality programs

  • Marketing analytics

  • Competitive espionage

  • Customer insight research

Explanation

Question 34 of 178

1

Which of the following is not a benefit of marketing analytics?

Select one of the following:

  • They build marketing’s credibility

  • They help improve marketing performance

  • They keep marketing focused on objectives

  • They require very low resource investment

Explanation

Question 35 of 178

1

Companies that have no marketing analytics process, make decisions by instinct, and view marketing as an expense might be referred to as _________________.

Select one of the following:

  • typical of 85% of companies.

  • “rollercoaster marketing companies”

  • “flying blind”

  • None of the above.

Explanation

Question 36 of 178

1

“Pseudo Analytics” are marketing analytics that rely on proxy data from external sources.

Select one of the following:

  • True

  • False

Explanation

Question 37 of 178

1

Most companies are “flying blind” when it comes to marketing analytics.

Select one of the following:

  • True

  • False

Explanation

Question 38 of 178

1

The first step in the Marketing Analytics Process is to

Select one of the following:

  • analyze the available metrics.

  • take improvement actions.

  • identify the right metrics.

  • None of the above.

Explanation

Question 39 of 178

1

One outcome of taking improvement actions (as a stage in the Marketing Analytics Process) is identifying the right metrics.

Select one of the following:

  • True

  • False

Explanation

Question 40 of 178

1

The “right” marketing analytics metrics are typically related to:

Select one of the following:

  • Expenses

  • Revenues

  • The balance sheet

  • Costs

Explanation

Question 41 of 178

1

Marketing’s objectives are ________ derived from the overall business objectives.

Select one of the following:

  • Rarely

  • Sometimes

  • Usually

  • Always

Explanation

Question 42 of 178

1

A business’s culture might function as a barrier when it encourages
employees to

Select one of the following:

  • Play politics

  • Work on what’s urgent

  • Punish mistakes

  • All of the above are correct.

Explanation

Question 43 of 178

1

One of the ways in which a company’s culture can serve as a catalyst is when it encourages employees to trust data.

Select one of the following:

  • True

  • False

Explanation

Question 44 of 178

1

There are two sources of marketing data, internal data and external data. Which of the following types of data come from an external source?

Select one of the following:

  • Sales orders

  • Shipment data

  • Retailer POS

  • None of the above types of data comes from an external source.

Explanation

Question 45 of 178

1

Marketing analytics data can be used both internally and externally.

Select one of the following:

  • True

  • False

Explanation

Question 46 of 178

1

Sales orders, inventory data, and shipment information are examples of sources of ___________.

Select one of the following:

  • Business intelligence

  • Competitive intelligence

  • Investor relations

  • Market research

Explanation

Question 47 of 178

1

Competitive intelligence uses external data for external uses.

Select one of the following:

  • true

  • false

Explanation

Question 48 of 178

1

______________________ uses internal data to get external people such as shareholders, the media or the government to support and protect the company and its views.

Select one of the following:

  • Business intelligence

  • Competitive intelligence

  • Investor relations

  • Market research

Explanation

Question 49 of 178

1

If a company has the technical ability to acquire and analyze data, it is always legal for it to do so.

Select one of the following:

  • True

  • False

Explanation

Question 50 of 178

1

Ethical decisions are the responsibility of ____________________.

Select one of the following:

  • Company executives.

  • Marketing analytics professionals.

  • Frontline employees.

  • All of the above.

Explanation

Question 51 of 178

1

_____________ is a simple field experiment in which two versions of some marketing element are randomly assigned to subjects in the field and then compared on outcomes of interest.

Select one of the following:

  • An A/B test

  • An analytic test

  • Big data

  • A sub-optimization study

Explanation

Question 52 of 178

1

According to Johnnie Hurns, Chief Operating Officer of Interworks, “Data without a question is pretty useless…it’s just ___________.”

Select one of the following:

  • wasted effort

  • taking up space

  • waiting for the right question

  • more data

Explanation

Question 53 of 178

1

Interworks wants to help companies through which of the following progressions?

Select one of the following:

  • Data -> Information -> Insight

  • Information -> Data -> Insight

  • Insight -> Data -> Information

  • Data -> Insight -> Information

Explanation

Question 54 of 178

1

Which of the following is an example of primary data?

Select one of the following:

  • Operational data used to identify errors in manufacturing

  • Election data from preliminary rounds of voting, typically restricted to candidates from a single political party

  • Survey data collected to measure customer satisfaction

  • Analytics used to isolate operational factors that influence firm revenue

Explanation

Question 55 of 178

1

Exploratory research is used to find final answers to research problems.

Select one of the following:

  • True

  • False

Explanation

Question 56 of 178

1

Exploratory research has several characteristics. Which of the following is not typically one of those characteristics?

Select one of the following:

  • Flexible

  • Small scale

  • Concerned with cause and effect

  • Each of the above characteristics is typically true of exploratory research

Explanation

Question 57 of 178

1

Data mining is a quantitative form of exploratory research.

Select one of the following:

  • True

  • False

Explanation

Question 58 of 178

1

Most of the seven types of primary data are used to predict what type of data?

Select one of the following:

  • Attitudes

  • Awareness/ knowledge

  • Purchase intentions

  • Behavior

Explanation

Question 59 of 178

1

Building a survey is _____________ than most people think it is.

Select one of the following:

  • much simpler

  • more difficult

  • more fun

  • a shorter process

Explanation

Question 60 of 178

1

The past twenty years have witnessed an explosion in the use of ______________.

Select one of the following:

  • focus groups

  • personal interview surveys

  • online surveys

  • telemarketing

Explanation

Question 61 of 178

1

Developing a customer insight survey is a _________ process.

Select one of the following:

  • simple

  • 10-step

  • low-level

  • none of the above

Explanation

Question 62 of 178

1

In a recall task, respondents are asked to retrieve the target object (e.g., a brand name) from memory.

Select one of the following:

  • True

  • False

Explanation

Question 63 of 178

1

For which of the following tasks is the respondent presented with a target object (e.g., a brand name) and asked whether or not s/he has seen the object?

Select one of the following:

  • Recall task

  • Surface memory task

  • A/B test

  • Recognition task

Explanation

Question 64 of 178

1

The _________________________ uses a single item to group respondents into two categories, “detractors” and “promoters.”

Select one of the following:

  • net promoter score

  • traditional satisfaction measure

  • promotion assessment measure

  • SERVQUAL measure

Explanation

Question 65 of 178

1

Having a point of comparison for a rating scale score on a variable such as satisfaction is important for understanding the meaning of the score.

Select one of the following:

  • True

  • False

Explanation

Question 66 of 178

1

A _________________ norm compares scores on a measure for different entities at a single point or over time.

Select one of the following:

  • time-based

  • population-based

  • routinized

  • none of the above

Explanation

Question 67 of 178

1

If the Target Corporation routinely assesses customer satisfaction at each of its stores, thereby allowing a store manager to track customer satisfaction at her store over time, the manager is utilizing a ___________________.

Select one of the following:

  • time-based

  • population-based

  • routinized

  • none of the above

Explanation

Question 68 of 178

1

Although there are many things that managers must consider when evaluating the results of research projects, there are four primary areas of concern. Which of the following is not one of those areas of concern?

Select one of the following:

  • Missing information

  • False precision

  • Assumed causation

  • Biased samples

  • Each of the above is a primary area of concern

Explanation

Question 69 of 178

1

In customer insight research, it is appropriate to assume that if two variables are correlated with one another, one of the variables has caused the other variable to occur.

Select one of the following:

  • True

  • False

Explanation

Question 70 of 178

1

Which of these is not part of the process of consumption?

Select one of the following:

  • Information search

  • Alternative Evaluation

  • Reverse Marketing

  • Need Recognition

Explanation

Question 71 of 178

1

What is an example of a social need?

Select one of the following:

  • Relationships

  • Food

  • Health

  • Achievement

Explanation

Question 72 of 178

1

Which of these is not a physiological need?

Select one of the following:

  • Food

  • Beverage

  • Safety

  • Rest

Explanation

Question 73 of 178

1

Needs and desires are preexisting and unchangeable.

Select one of the following:

  • True

  • False

Explanation

Question 74 of 178

1

The role of marketing is solely to observe the needs and desires of consumers.

Select one of the following:

  • True

  • False

Explanation

Question 75 of 178

1

Marketing is crucial for triggering ____ cues within the consumer base.

Select one of the following:

  • Internal

  • External

  • Peer-influenced

  • Inherent

Explanation

Question 76 of 178

1

Which of these factors does not influence how much time consumers spend searching for information?

Select one of the following:

  • Loyalty to brand

  • Packaging

  • Risk involved with purchase

  • Purchasing habits

Explanation

Question 77 of 178

1

What would be an objective attribute for the purchase of a first car?

Select one of the following:

  • Favorite color

  • Comfort

  • Design

  • Gas mileage

Explanation

Question 78 of 178

1

_________ is defined as the set of products or services that comes to mind when a consumer recognizes a need.

Select one of the following:

  • Objective Attributes

  • Subjective Attributes

  • Alternative Evaluation

  • Consideration Set

Explanation

Question 79 of 178

1

Two crucial questions consumers must determine after deciding to purchase a product are:

Select one of the following:

  • When and How much

  • When and Where

  • Where and Why

  • What and Where

Explanation

Question 80 of 178

1

Sarah is on her way to a job interview when it suddenly starts to rain. Which of these purchase decision criteria is likely the biggest driver for her decision to buy an umbrella on her way to the interview?

Select one of the following:

  • Discounts

  • Warranty

  • Peer-influence

  • Urgency

Explanation

Question 81 of 178

1

Where do consumer expectations come from?

Select one of the following:

  • Other consumers (friends and family, etc)

  • Celebrity endorsements of the product

  • The amount of time spent researching the product

  • Enthusiasm of the salesperson

Explanation

Question 82 of 178

1

What is the last stage of the Process of Consumption?

Select one of the following:

  • Purchase

  • Reaction

  • Alternative Evaluation

  • Finality

Explanation

Question 83 of 178

1

Most evaluation with services takes place:

Select one of the following:

  • While researching the service

  • While discussing the service with others

  • During and after consumption

  • Before consumption

Explanation

Question 84 of 178

1

How does the Process of Consumption for products differ from the Process of Consumption for services?

Select one of the following:

  • For Products, Information Search appears before Need Recognition

  • For Services, Need Recognition appears after Purchase

  • For Services, Evaluation of Alternatives appears after Purchase

  • There is no difference between the Processes.

Explanation

Question 85 of 178

1

Services are riskier purchases than products.

Select one of the following:

  • True

  • False

Explanation

Question 86 of 178

1

Josh is getting his haircut in Stillwater for the first time. A haircut is defined as a ____, therefore he will rely most heavily on _______ when making his decision of where to go.

Select one of the following:

  • Product; Information Search

  • Product; Recommendations from personal sources

  • Service; Information Search

  • Service; Recommendations from personal sources

Explanation

Question 87 of 178

1

The consideration set for services is ________ when compared to the consideration set for products

Select one of the following:

  • Larger

  • Smaller

  • The same size

Explanation

Question 88 of 178

1

Buyers are less loyal to services than they are to products of equal value.

Select one of the following:

  • True

  • False

Explanation

Question 89 of 178

1

The consumer experience is exactly the same for all consumers.

Select one of the following:

  • True

  • False

Explanation

Question 90 of 178

1

In Business-to-Business transactions, the main focus is on:

Select one of the following:

  • Efficiency

  • Price

  • The customer relationship

  • The product itself

Explanation

Question 91 of 178

1

It is more likely that individual consumers will be willing to bargain than larger companies.

Select one of the following:

  • True

  • False

Explanation

Question 92 of 178

1

Goodyear is looking to sell tires to both Walmart and individual consumers. Goodyear’s marketing team is expecting to need a different strategy for each of these two groups. Which of these is not a reason for them to expect these differences?

Select one of the following:

  • Consumers are more likely to buy spontaneously

  • Businesses are more concerned with the brand image

  • Businesses are generally more informed than consumers

  • Consumers buy what they want, not always what they need

Explanation

Question 93 of 178

1

How does business purchasing differ from consumer purchasing?

Select one of the following:

  • B2B purchasing requires a qualified expert

  • B2C products are more customized

  • More buying units exist in B2B markets

  • Businesses are very concerned with a product’s appearance

Explanation

Question 94 of 178

1

Why is transaction size so crucial for B2B transactions?

Select one of the following:

  • One or two deals can make a huge difference

  • The spending range of businesses is limited

  • More buying units exist in B2B transactions

  • Transaction size is not important

Explanation

Question 95 of 178

1

Anna has been promoted to Head of Advertising in her company’s marketing department. The company currently allocates the same amount of money for advertising to individual consumers and advertising to businesses. Should Anna change this advertising budget, and if so, how?

Select one of the following:

  • Yes; she should give more money to B2B advertising

  • Yes; she should give more money to B2C advertising

  • Yes; she should decrease the advertising budget altogether and give more money to sales

  • No; advertising should be equal for B2B and B2C marketing

Explanation

Question 96 of 178

1

What is an example of relationship marketing?

Select one of the following:

  • Personalized advertising

  • Customized products

  • Taking a customer to lunch

  • Offering discounts

Explanation

Question 97 of 178

1

B2B companies put ______ effort into trying to retain customers than B2C companies.

Select one of the following:

  • Less

  • More

  • An equal amount

  • This is irrelevant to B2B transactions

Explanation

Question 98 of 178

1

SOW is defined as

Select one of the following:

  • The amount of a customer’s spending captured by the business

  • The surplus product produced by a business

  • The opportunities for future profit earned by advertising

  • The amount of a customer’s spending spent in a single purchase

Explanation

Question 99 of 178

1

If a family purchases 2 season tickets for the Dallas Cowboys and 4 season tickets for the Oklahoma City Thunder, what is the SOW of season tickets for this family from OKC’s perspective?

Select one of the following:

  • 48%

  • 54%

  • 67%

  • 83%

Explanation

Question 100 of 178

1

What makes a word-of-mouth recommendation more valuable to potential consumers?

Select one of the following:

  • A celebrity endorsement

  • Many variations of the advertisement

  • Familiarity with the same advertisement over time

  • A belief that the recommendation is non-commercial

Explanation

Question 101 of 178

1

From a marketing perspective, how does a business succeed in the long run?

Select one of the following:

  • Building up cash stores

  • Satisfying customer needs

  • Efficient supply chain

  • Direct advertising

Explanation

Question 102 of 178

1

A business can attempt to increase its SOW for individual consumers by

Select one of the following:

  • Increasing repeat business

  • Increasing positive word of mouth

  • Implementing more coupons and discounts

  • Directing more individual advertising

Explanation

Question 103 of 178

1

Market segmentation is defined as ______.

Select one of the following:

  • Segmenting consumers in order to market to the groups more efficiently

  • Segmenting consumers into age ranges only

  • Segmenting products so consumers can pick what they prefer

  • Segmenting products based on quality

Explanation

Question 104 of 178

1

What is the goal of market segmentation?

Select one of the following:

  • To have segments that are as internally homogeneous as possible

  • To retain significant diversity in the market segments

  • To make the market segments clear using color coding

  • To use the same marketing strategy for all groups

Explanation

Question 105 of 178

1

What is mass marketing?

Select one of the following:

  • Offering the same marketing mix to all potential consumers

  • Campaigning against the trend of market segmentation

  • Assembly-line production

  • Creating a large quantity of advertisements

Explanation

Question 106 of 178

1

Which of these is not a part of the Market Segmentation Process?

Select one of the following:

  • Create distinct products for each target segment

  • Identify distinct segments

  • Create marketing mix for each target segment

  • Consider who, what, how, when, where, and why

Explanation

Question 107 of 178

1

What kind of company might be most interested in separating market segments based on age?

Select one of the following:

  • Life insurance

  • Automobile manufacturer

  • Cable and streaming

  • Retail

Explanation

Question 108 of 178

1

Which of these is not a demographic criterion used to separate market segments?

Select one of the following:

  • Marital status

  • Gender

  • Annual household income

  • Ethnicity

Explanation

Question 109 of 178

1

Separating market segments based on demographics is entirely subjective

Select one of the following:

  • True

  • False

Explanation

Question 110 of 178

1

Mariah has a new job at a rock climbing supply store. Her store has a range of equipment to fit everyone from recreational climbers to elite professionals. What specific market segmentation strategy might Mariah be most interested in using?
Lifestyle (Activity)
Lifestyle (Opinions)
Demographics (Age)
Demographics (Location)

Select one of the following:

  • Lifestyle (Activity)

  • Lifestyle (Opinions)

  • Demographics (Age)

  • Demographics (Location)

Explanation

Question 111 of 178

1

As an Aspen barista, James is convinced that 25% of his regular customers account for nearly 60% of the store’s weekly orders. He wants to speak with his manager about a rewards program as a way to continue marketing specifically to these customers. James’ hunch and subsequent plan are best defined as ______

Select one of the following:

  • Usage Rate Segmentation

  • Demographics Segmentation

  • Lifestyle Segmentation

  • Value Segmentation

Explanation

Question 112 of 178

1

A local mall only advertises during the months of November-January, but advertises aggressively for that entire span of time. What best describes this marketing strategy?

Select one of the following:

  • Usage Situation Segmentation

  • Usage Rate Segmentation

  • Geographic Location Segmentation

  • Income Segmentation

Explanation

Question 113 of 178

1

What is the point of Target Marketing?

Select one of the following:

  • Focusing the firm’s marketing efforts more specifically

  • Decreasing overall marketing

  • Cautious spending in unpredictable markets

  • Marketing only high-quality products

Explanation

Question 114 of 178

1

Which of these is not a trait of desirable target markets?

Select one of the following:

  • Limited size

  • Clearly defined

  • Stable

  • Accessible

Explanation

Question 115 of 178

1

Why is stability so important a trait to look for in potential target markets?

Select one of the following:

  • Dynamic markets require frequent change, and change is expensive

  • Dynamic markets are high-risk, high-reward, and therefore fully saturated

  • Stable markets are rare

  • Dynamic markets have many new entrants, making the marketing environment too risky

Explanation

Question 116 of 178

1

Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities beyond the campus. What feature does their current target market lack?

Select one of the following:

  • Accessibility

  • Identifiability

  • Stability

  • Congruency

Explanation

Question 117 of 178

1

Which of these is not a Target Market Strategy?

Select one of the following:

  • Value-Weighted

  • Undifferentiated

  • Differentiated

  • Concentrated

Explanation

Question 118 of 178

1

A firm with excellent Product-Market Fit will always be the market leader

Select one of the following:

  • True

  • False

Explanation

Question 119 of 178

1

From a marketing standpoint, satisfying needs is more important than selling products.

Select one of the following:

  • True

  • False

Explanation

Question 120 of 178

1

Product-Market Fit is only profitable in large markets

Select one of the following:

  • True

  • False

Explanation

Question 121 of 178

1

Is using a Buyer Persona more helpful than using basic demographics, and if so, why?

Select one of the following:

  • Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target

  • Yes, a Buyer Persona lets companies better determine income

  • No, basic demographics and Buyer Persona are equally helpful for marketers

  • No, demographics are more helpful because they are objective and empirical

Explanation

Question 122 of 178

1

Positioning has more to do with what a company does with its products than what it does in marketing to potential customers

Select one of the following:

  • True

  • False

Explanation

Question 123 of 178

1

Positioning is defined as _____

Select one of the following:

  • Developing a market strategy to influence how a specific segment views the company

  • Developing specific variations of a product to fit each segment

  • Determining the easiest market segments for focused marketing efforts

  • Jostling for market position with other corporations in the industry

Explanation

Question 124 of 178

1

The real power in positioning lies with the __________. Why?

Select one of the following:

  • Consumer; no one can ultimately control what the consumer thinks about products and companies

  • Competition; a company’s position is only in comparison to the other industry leaders

  • Production manager; quality of product is the most important factor in positioning

  • Marketing manager; specific advertisements are persuasive

Explanation

Question 125 of 178

1

Your friend, an avid reader, gives you a list of her favorite science fiction books. The fact that these books are her “favorite” implies what?

Select one of the following:

  • These books hold a more positive position in your friend’s mind when compared to other books of the same genre

  • These books are objectively better than any other science fiction novels

  • All avid readers have the same opinions about which science fiction books are best

  • These books were marketed to your friend’s market segment

Explanation

Question 126 of 178

1

Your grandfather’s first car was a Ford, and though he has bought several cars over his lifetime, he only ever purchases from this manufacturer. This is an example of what?

Select one of the following:

  • The importance of pioneering in building brand loyalty

  • The importance of ingenuity in automobile design

  • The brand loyalty ingrained in older generations

  • The failures of other car manufacturers

Explanation

Question 127 of 178

1

The Pioneering advantage is always easily overcome by later competitors

Select one of the following:

  • True

  • False

Explanation

Question 128 of 178

1

After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day’s experience to his usual experience with coffee. Why?

Select one of the following:

  • Coffee is the “pioneer” in this situation, and therefore Brett will use coffee as the standard

  • Coffee is more caffeinated than tea

  • Changes in the market are generally scorned by existing consumers

  • Culture differences change a product’s position in consumers’ minds subconsciously

Explanation

Question 129 of 178

1

Lehcar Diamond Jewelers, a French company, recently entered the U.S. market by pointing out several favorable characteristics of Tiffany & Co., an industry leader, and noting how it also possessed those characteristics. Which of the following positioning strategies is Lehcar Diamond Jewelers attempting to pursue?

Select one of the following:

  • Alignment

  • Anti-Alignment

  • Divide and Conquer

  • Confidence Marketing

Explanation

Question 130 of 178

1

What is a benefit of alignment marketing strategies?

Select one of the following:

  • Companies can tell the truth about their performance

  • Companies can connect themselves with the good reputations of better-known firms

  • Companies can use comparisons with their competition for their own benefit

  • All of these are benefits

Explanation

Question 131 of 178

1

When an industry as a whole has a negative reputation, what strategy might a firm use to work this to their advantage?

Select one of the following:

  • Anti-Alignment

  • Alignment

  • Divide and Conquer

  • Market Defying

Explanation

Question 132 of 178

1

A recent example of the anti-alignment positioning strategy was carried out by ____________.

Select one of the following:

  • A firm in the phone carrier industry

  • A firm in the restaurant industry

  • A Division 1 university

  • A professional athletic team

Explanation

Question 133 of 178

1

What is a niche market?

Select one of the following:

  • A narrowly defined segment of consumers with specific needs

  • A market that has not yet been fully defined

  • An unchangeably small market segment

  • A segment of consumers disgruntled with current market offerings

Explanation

Question 134 of 178

1

Blue Spruce in downtown Stillwater provides craft coffee and a range of higher-end brewing methods. The majority of Stillwater residents are content with standard drip coffee from either their home or one of the other coffee sellers in town. What kind of market does Blue Spruce cater to, compared to these other sellers?

Select one of the following:

  • A niche market

  • An income-segmented market

  • A location-segmented market

  • An activity-segmented market

Explanation

Question 135 of 178

1

Why do many firms that “come in second” resort to the Divide and Conquer strategy when entering the market after a pioneer?

Select one of the following:

  • Finding and growing niche markets is a good way to ensure survival

  • Using reviews of the pioneer’s performance allows the second firm to tailor its products/services to better fit needs

  • Not every consumer is generally fully satisfied with the pioneer’s performance

  • All of these are good reasons for Divide and Conquer

Explanation

Question 136 of 178

1

Rachel’s younger sister is beginning to look at universities she might like to attend. Rachel is extremely interested in having her sister attend Oklahoma State University, but her sister is expressing interest in attending a different Big 12 school. If Rachel begins to mention negative attributes of that other school –things that her sister didn’t previously know –what positioning strategy is Rachel using?

Select one of the following:

  • Competitive Repositioning

  • Divide and Conquer

  • Alignment

  • Anti-Alignment

Explanation

Question 137 of 178

1

Marginal products can still reach excellent market position with good advertising

Select one of the following:

  • True

  • False

Explanation

Question 138 of 178

1

Advertisements that use competitive repositioning can include information about product ingredients, product origin, and firm authenticity (or lack thereof).

Select one of the following:

  • True

  • False

Explanation

Question 139 of 178

1

Which of these is not a reason why a company should try to reposition its product?

Select one of the following:

  • The firm becomes a market leader

  • Consumer tastes change

  • Competitors’ product offerings change

  • The overall marketing environment changes

Explanation

Question 140 of 178

1

What is marketing myopia?

Select one of the following:

  • When a firm thinks too narrowly about its products

  • When a firm is too focused on the competition

  • When a firm focuses too much on marketing and not enough on production

  • When marketing fails

Explanation

Question 141 of 178

1

Anna is a recent graduate, unhappy with her current job. She is looking to re-apply to some companies that she tried to work for previously, and understands that she will need to dress and act much more professionally this time around if she wants them to hire her. If Anna begins to focus on her personal organization, email etiquette, and writing style while applying to jobs, she is essentially _______

Select one of the following:

  • Repositioning herself in the minds of potential employers

  • Competitively repositioning herself when compared to her peers

  • Repositioning herself in the minds of her peers

  • Competitively repositioning herself when compared to job incumbents

Explanation

Question 142 of 178

1

The example of BeneFIT scrubs is an example of

Select one of the following:

  • Finding and growing a niche market within an existing market

  • Aligning an unknown product with reputable brands

  • Competing with market leaders head-on

  • Creating a brand-new product

Explanation

Question 143 of 178

1

What is the definition of the Product/Service Bundle?

Select one of the following:

  • The collection of benefits and attributes of a product or service

  • A list of future improvements for a product or service

  • Research on a competitor’s innovation, production, and customer service

  • Selling products and services together (e.g., selling and installing washing machines)

Explanation

Question 144 of 178

1

The ingredients list on a package of food could best be described as a list of the:

Select one of the following:

  • Attributes of the food

  • Benefits of the food

  • Customer Target Segment

  • Market Research

Explanation

Question 145 of 178

1

The lightweight design of an iPad is an example of:

Select one of the following:

  • Add-on Attribute

  • Expected Attribute

  • Core Benefit

  • Design Superiority

Explanation

Question 146 of 178

1

Consumers buy ________, not _________.

Select one of the following:

  • Benefits; Attributes

  • Attributes; Benefits

  • Products; Services

  • Production; Innovation

Explanation

Question 147 of 178

1

Add-on Attributes can become Expected Attributes over time.

Select one of the following:

  • True

  • False

Explanation

Question 148 of 178

1

Jessie just bought a new TV, and is curious to see how well it performs when it is positioned in her home (she is concerned about glare from the windows). When she evaluates the quality of the picture in her home, what type of attribute of the TV is she evaluating?

Select one of the following:

  • Experience

  • Shopping

  • Believability

  • Quality

Explanation

Question 149 of 178

1

Jake is a photographer looking to purchase a new lens. When he is comparing different lenses before making this purchase, what kind of attribute is he evaluating?

Select one of the following:

  • Shopping

  • Price

  • Quality

  • Experience

Explanation

Question 150 of 178

1

Services are most likely to be judged based on Shopping Attributes.

Select one of the following:

  • True

  • False

Explanation

Question 151 of 178

1

Credence attributes are those attributes that can be evaluated within five years of consuming the product or service

Select one of the following:

  • True

  • False

Explanation

Question 152 of 178

1

What should be the main goal for a marketing manager whose company makes convenience products?

Select one of the following:

  • Make the product widely available

  • Make the product high quality

  • Lower the price of the product

  • Run advertisements that use Competitive Repositioning

Explanation

Question 153 of 178

1

What should a marketing manager whose company makes shopping products do with information about the products?

Select one of the following:

  • Make it available and easy for the consumer to find

  • Refrain from publishing so competitors can’t see

  • Publish only the minimum amount of information

  • Ensure salespeople are vague but encouraging

Explanation

Question 154 of 178

1

In 2014, Porsche released a 50th anniversary edition of its Porsche 911. The company only made a select number of these models, making this a _________ product.

Select one of the following:

  • Specialty

  • Shopping

  • Off-market

  • Expensive

Explanation

Question 155 of 178

1

Durable products are more likely to be Shopping Products than nondurable products

Select one of the following:

  • True

  • False

Explanation

Question 156 of 178

1

Brands tend to be extremely important to consumers purchasing staple products.

Select one of the following:

  • True

  • False

Explanation

Question 157 of 178

1

What is the difference between CPGs and FMCGs?

Select one of the following:

  • There is basically no difference

  • CPGs are more likely to be shopping products

  • FMCGs sit on the shelves longer

  • CPGs are picked based on brand awareness

Explanation

Question 158 of 178

1

What is derived demand?

Select one of the following:

  • Demand that comes from the sale of consumer products

  • Demand created and manipulated by advertising

  • An equation to determine the marketing mix

  • Analysis used by managers to research new products

Explanation

Question 159 of 178

1

Apple mainly sells phones and computers, but also sells accessories for these products. These chargers, protective cases, and other accessories are best described as what?

Select one of the following:

  • Support Products

  • Derived Products

  • Raw Materials

  • Convenience Products

Explanation

Question 160 of 178

1

Starbucks receives a shipment consisting of coffee beans and coffee cups – materials that the store will need in order to sell coffee in the upcoming weeks. What type(s) of business products and services are these products?

Select one of the following:

  • Coffee beans are components; coffee cups are support products

  • Coffee beans are support products; coffee cups are components

  • Both are components

  • Both are support products

Explanation

Question 161 of 178

1

Which of these is not a stage in the life cycle of a successful product?

Select one of the following:

  • Innovation

  • Introduction

  • Maturity

  • Development

Explanation

Question 162 of 178

1

When does the Introduction stage for a product start?

Select one of the following:

  • Directly following commercialization

  • When the product is introduced to investors

  • Directly following test completion

  • When warehouses agree to stock the product

Explanation

Question 163 of 178

1

New technology products and new medications are generally extremely expensive when first released to the market. These companies are using which kind of pricing?

Select one of the following:

  • Skimming

  • Penetration

  • Derived

  • Market-driven

Explanation

Question 164 of 178

1

Why does competition tend to decrease in the Maturity stage of a product’s life cycle?

Select one of the following:

  • Weaker competitors leave the industry

  • Monopolies are unavoidable

  • In this stage, the product is no longer valuable

  • Consumers no longer purchase the product

Explanation

Question 165 of 178

1

Polaroid cameras first broke into the market in the 20th century, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polaroid cameras have seen an increase in sales again. What variation of the product life cycle does this fall under?

Select one of the following:

  • Fashion product

  • Fad product

  • Nostalgic product

  • Re-introduced product

Explanation

Question 166 of 178

1

Amazon, a popular online shopping website, is currently in the beginning stages of expanding its business into the more rural parts of India. Executives are hoping that this will allow Amazon to continue growing and retain its dominance in the industry. What is this expansion an example of?

Select one of the following:

  • Modifying markets

  • Modifying the offering

  • Product innovation

  • Customer service

Explanation

Question 167 of 178

1

When do most companies look to extend the life of their product’s life cycle?

Select one of the following:

  • In the maturity phase

  • In the growth phase

  • All throughout the life cycle

  • It is impossible to change the life cycle of a product

Explanation

Question 168 of 178

1

Profits are both high and unchanging in the maturity stage of the product life cycle

Select one of the following:

  • True

  • False

Explanation

Question 169 of 178

1

The greatest amount of competition exists while in the maturity stage.

Select one of the following:

  • True

  • False

Explanation

Question 170 of 178

1

Which of these is the best example of Product Innovation?

Select one of the following:

  • The first iPod compared to a Walkman

  • Gluten-free bread compared to regular

  • Offering the product in new colors

  • Juice marketed as “organic” compared to regular

Explanation

Question 171 of 178

1

The comparison between the iPhone 7 and the iPhone 6 is best described as an example of _____, and the comparison between the first iPhone and its predecessors is best described as ______.

Select one of the following:

  • Continuous Innovation; Discontinuous Innovation

  • Discontinuous Innovation, Continuous Innovation

  • Maturity Stage; Product Development Stage

  • Innovation; Design

Explanation

Question 172 of 178

1

What is a danger of introducing a Discontinuous Innovation?

Select one of the following:

  • Consumers will likely have difficulty learning how to use your product

  • Consumers might find other products that perform the same tasks

  • It is low risk and therefore low in potential rewards

  • Consumers change too quickly and you will get left behind

Explanation

Question 173 of 178

1

A Protocol statement should identify all of the following except:

Select one of the following:

  • The expected initial sales of the product

  • The target market

  • Customer needs, wants, and preferences

  • How the product will satisfy customers

Explanation

Question 174 of 178

1

Which of these is not part of the New Product Development Process?

Select one of the following:

  • Price Gouging

  • Business Analysis

  • Market Testing

  • Commercialization

Explanation

Question 175 of 178

1

Pioneers in product development are always the most successful

Select one of the following:

  • True

  • False

Explanation

Question 176 of 178

1

What is the goal of Idea Generation?
To generate as many ideas as possible
To solidify one “best fit” idea
To make a short list of feasible products
To take all ideas directly to production

Select one of the following:

  • To generate as many ideas as possible

  • To solidify one “best fit” idea

  • To make a short list of feasible products

  • To take all ideas directly to production

Explanation

Question 177 of 178

1

Who is in charge of idea generation?

Select one of the following:

  • Ideas come from many places, both inside and outside the company

  • A select, small group of engineers

  • Internal R&D only

  • A research team focused on other firms’ products

Explanation

Question 178 of 178

1

Idea Generation is primarily concerned with what?

Select one of the following:

  • Developing a pool of concepts (ideas)

  • Assessing the practicality of potential products

  • Choosing an idea to pursue

  • Finding new uses for the product

Explanation

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