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Study Resources (Business Management)

  221.Which of the following represents an example of demographic segmentation?  A. A firm producing recreational equipment divides its market into groups by region of the country, designing different products for people in different parts of the country. B. An automobile manufacturer offers different types of cars designed to appeal to different age groups and.
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  41.Intermediaries are firms in the middle of a series of organizations that distribute goods from producers to consumers.  42.Promotion includes personal selling, publicity, and word-of-mouth efforts to persuade people to buy a firm's goods or services.  43.Unlike advertising, which is part of the promotional component of the marketing mix, personal selling is.
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  51.Capital items are industrial goods that are expensive and last a long time.  52.Industrial goods and services are used to produce other products.  53.Accessory equipment consists of capital items that cost less and are shorter lived than installation items.  54.The two types of industrial goods are production goods and unsought goods.  55.Equipment maintenance and.
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  21.While service providers offer product lines, they are unable to offer product mixes.  22.Whole grain breads, bagels, bread sticks, sandwiches, soup, and pastries are products that would be included in the product mix of El Trovodor's Bread Company.  23.Car dealers realize that consumers focus exclusively on price and warranty.  24.A bank's product line.
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  True / False Questions 1.Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large.  2.The activities of marketers depend on what needs to be done to satisfy consumer wants and needs, in other words,.
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  171.With help from the marketing department, engineers at Easy Electronics have designed a new type of cable modem that is easier to install in computers and more reliable than any cable modems currently in use. The marketing managers want to find a way to identify the new modem in the.
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  11.Price, store surroundings, service, and brand name are all elements that consumers evaluate in a total product offer.  12.Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.  13.The critical component of a total product offer.
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  131.Marketing goods and services to the B2B market relies more heavily on advertising than marketing efforts aimed toward the consumer market.  132.While most students find marketing an interesting and meaningful subject, one drawback of majoring in marketing is that it prepares students for only a narrow range of career options.  133.Jose has.
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  61.Marketers use very detailed surveys to gather secondary data.  62.The final step of the marketing research process involves selecting from several alternative strategies, and performing follow-up research to see if results were as expected.  63.Marketing research is a process that most firms complete once a year, in order to gather information for.
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  71.One function of effective packaging is to provide information regarding warranties, benefits, and uses of the good inside the package.  72.More than any other component of a total product offer, technology has reduced the importance of packaging.  73.Changes in packaging can transform the product in the minds of consumers and open larger.
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  91.Chevrolet is an example of a generic name in the automobile market.  92.Manufacturers' brands carry the brand name of the producers that distribute the products nationally.  93.Most manufacturers hope that their brand names will become a generic name.  94.Sales of generic products are decreasing because consumers prefer the higher quality of the nationally.
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  211.Which of the following correctly identifies the motivation of firms using a market segmentation strategy?  A. Firms can avoid the government's anti-trust laws by selecting a small slice of a larger market. B. This strategy enables a firm to identify common traits in different consumer groups. C. With limited resources, firms can better satisfy the wants.
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  61.Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus. His largest competitors are large nationally known organizations. The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.  62.Since Kazam Cleaners offers home and office cleaning.
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  51.Marketing is a one-time activity, performed when a business is first established and introducing product in the market. Once a firm has fine-tuned its marketing activities, it can turn its attention elsewhere.  52.Apps, like WeReward, engage users by combining the most basic elements of social media. These apps are a great.
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  71.Eavesdrop Communications just finished a telephone survey of several of their current customers. They plan to conduct in-depth personal interviews with about twenty additional customers. Both the telephone survey and the interviews are sources of primary data for Eavesdrop.  72.Peggy, a fitness instructor at the local YMCA, has been invited by.
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  31.The primary factors involved in the marketing mix are sometimes called the 5 intangibles of marketing.  32.The marketing manager's job is to design a program that effectively combines the ingredients of the marketing mix.  33.The four elements of the marketing mix are product, production, price, and predictability.  34.Providing people with a description of.
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  231.Kelly buys only high-priced jeans and expensive sport shoes endorsed by her favorite entertainers. Also, her attitudes and values are shaped by specific statements made by these celebrities. She also supports causes and charities the celebrities endorse. This illustrates how consumer decision making is influenced by:  A. marketing mix variables. B. cognitive dissonance. C. a reference.
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  91.Target marketing is a business strategy that focuses a firm's marketing efforts toward a potentially profitable segment of a larger market.  92.Because consumers differ in age, educational level, income, and tastes, firms will be more likely to succeed if they target a segment of a market and develop goods and services.
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  141.According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.  A. stakeholder relationship B. consumerism C. marketing D. demand-side 142.Firms that have adopted _________ seek to do more.
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  21.Social media is not having an effect on the emerging era of mobile/on-demand marketing.  22.The Seeking Sustainability box shows us that consumer relationship building can mean many different things. In this case, Campbell's and the Food Bank of South New Jersey are showing their great examples of being socially responsible and.
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  131.The four stages in the product life cycle are introduction, market, exchange, and disposal.  132.While some products remain in the introductory stage of the product life cycle for years, other products may go through the entire cycle in a few months.  133.Knowledge of the product life cycle model can help firms develop.
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  201.A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests.  A. demographic B. benefit C. psychographic D. normative 202.A firm that uses ___________ segmentation divides a market into groups based on age, income, or level of education.  A. demographic B. psychographic C. perceived value D. econometric 203.A firm that uses ___________ segmentation divides a market into groups based on life stage,.
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  141.A long-run pricing objective of almost all firms is to optimize profit.  142.Sometimes a firm will lower prices below their costs in order to build a customer base.  143.In order to achieve a social objective, firms use low prices to enable people with low incomes to buy their product.  144.Consumer perceptions of product.
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  161.The last step in the marketing process often includes:  A. collecting the cash from sales to consumers. B. developing a written report to summarize the results of the period's marketing activities. C. deciding the best way to distribute the product. D. building relationships with customers. 162.__________ consists of all the techniques sellers use to persuade consumers to buy their.
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  181.Which of the following is considered a step in the marketing research process?  A. Designing a product to meet the need based on research B. Defining the question and determining the present situation C. Planning for product modifications and test advertising D. Setting the price for a product 182.In the past, companies have designed intricate products that markets did.
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  31.In order for product differentiation to be effective, real product differences must be identified so that one product is clearly better than others.  32.Marketers use pricing, advertising, and packaging to differentiate their products from competitors' products even when actual differences are quite small.  33.Creative product differentiation can enable a small business to.
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  41.The marketing efforts for convenience and specialty goods are essentially the same.  42.Shopping goods and services are purchased only after consumers compare value, quality, style, and price of competing goods and services.  43.Successful marketing of convenience and specialty goods require different marketing mixes.  44.Most consumers view specialty goods as having a variety of.
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  151.As the campaign manager for a candidate for the U.S. Senate, Pete works to learn as much as possible about potential voters. With this information, he hopes to focus the campaign on the issues most important to voters. This represents:  A. the use of marketing by a nonprofit organization. B. a nonprofit application of.
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  291.Last year, a retired schoolteacher moved her parents from Michigan to northern Illinois to live with her. For the past year, she was traveling two times each month to provide care for this 86-year-old couple, including coordinating medical services and meals. In conversations with her family members, the teacher remarked,.
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  241.After years of selling in the consumer market, Dave accepted a job as a salesperson for a firm that markets its products in the B2B market. As he considers his new responsibilities, it's likely that he will:  A. find little difference between buyers in the consumer market and those in the business-to-business.
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  121.Jason bought an expensive new sports car last week. Immediately after the purchase, he worried that he paid too much, and that a less expensive model with better gas mileage would have been a wiser choice. Marketers refer to the doubts Jason is experiencing as post-purchase stress syndrome.  122.La Shawna is.
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  101.Mass marketing means developing products and promotions using little segmentation.  102.A basic principle of relationship marketing is that firms should concentrate on producing and promoting products that appeal to large groups of people.  103.Relationship marketing makes heavy use of media such as television, radio and newspapers, to convince large groups of customers.
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  101.Although their names are similar, brand loyalty and brand equity are unrelated.  102.When consumer loyalty reaches the point of brand insistence, the product becomes a specialty good.  103.Event sponsorship like the Tostito's Fiesta Bowl football game helps improve brand awareness.  104.Price, appearance, and reputation can influence a consumer's perceptions of quality.  105.Endorsements by sports.
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  81.Price is the determining factor as to whether a good is classified as a consumer product or a B2B product.  82.The purchase of a cash register is likely a B2B product.  83.The consumer market consists of all the individuals or organizations that want goods and services in order to produce other goods.
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  121.In the new-product development process, product analysis is completed prior to the product screening stage.  122.The product analysis stage of the new-product development process considers the sales forecasts and cost estimates of a new-product idea.  123.Concept testing involves taking a product idea to consumers to test their reactions.  124.Interactive websites are useful in.
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  81.While the UPC improves efficiency at the retail checkout counter, it has increased problems in controlling inventory.  82.Healthy Pick designed a new type of packaging that significantly improves taste and texture of food when defrosted. Unfortunately, firms seldom find that improvements in packaging impact market share and profits.  83.A brand includes practically.
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  299.Explain the difference between closed, open, union, and agency shop agreements. What impact did the Taft-Hartley Act have on the use of closed and union shop arrangements?  300.Identify and describe the major tactics used by unions and management when collective bargaining efforts break down.      .
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  151.Target costing is a cost-based pricing strategy.  152.The target costing strategy establishes a selling price that consumers are willing to pay for a product, and then subtracts a desired profit margin to determine a target cost of production.  153.In the long run, the cost of production and the length of the firm's.
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  111.According to the box Reaching Beyond Our Borders, brand names must hold great meaning or customers will not acknowledge them.  112.Papa's Market offers customers tissues, canned vegetables, napkins, and dishwashing detergent in basic packaging with no identified brand. These goods are popular with Papa's cost-conscious shoppers because they are significantly less.
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  11.The marketing concept emphasizes that everyone from the president of the firm to the delivery people should be customer oriented.  12.The marketing concept was used heavily by business when it was first suggested in the 1950s.  13.Customer relationship management (CRM) is the process of learning as much as possible about customers and.
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  111.A reference group is society's accepted values, attitudes, and ways of doing things that consumers have to learn.  112.Cognitive dissonance refers to the confusion and frustration people experience when they compare different products they rarely use before making a purchase.  113.In order to be successful, marketers avoid small market segments in favor.
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  191.The two major types of markets are the:  A. primary market and the secondary market. B. B2B market and the C2C market. C. consumer market and the business-to-business market. D. target market and the niche market. 192.Which of the following describes individuals that want goods and services for personal consumption and have the resources to buy them?  A. secondary market B. business-to-business market C. market.
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  True / False Questions 1.When consumers calculate the value of a product, they look at the benefits and then subtract the cost.  2.Successful businesses constantly monitor consumer wants and needs.  3.To satisfy consumers managers must learn to listen better than they do now and to adapt constantly to changing market demands.  4.Once an organization.
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