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Study Resources (Business Management)

  171.The pricing objectives of a firm should be set independently of the other elements of their marketing mix. 172.Gill's Gadgets establishes the price it charges for its products by determining the cost of production and then adding on a desired profit margin. Gill's strategy is known as target costing. 173.Rather than having.
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  101.Event sponsorship like the FedEx Orange Bowl football game helps improve brand awareness. 102.Price, appearance, and reputation can influence a consumer's perceptions of quality. 103.Endorsements by sports or movie celebrities can help create a favorable brand association. 104.Brand association is the linking of a brand to other favorable images such as a celebrity.
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  181.Community Catering Services, Inc. advertises that they are the "friendliest caterers in town." Their prices are no lower than the rates charged by competing caterers, but they put a lot of emphasis on getting to know the needs of their customers. They tailor their efforts to meet these needs, providing.
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  211.Which of the following would a firm most likely use to differentiate its product? A. financial differencesB. increased productionC. elaborate packagingD. manual warehousing 212.Which of the following products would normally be classified as a shopping good or service? A. laptop computersB. newspapersC. fur coatsD. chewing gum 213.As reported on NPR online feed:  A 1981 self-portrait of celebrated photographer Cindy Sherman sold at.
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  201.The purpose of __________ is to create real or perceived product differences. A. niche marketingB. product differentiationC. product mixingD. target marketing 202.For small businesses, product differentiation: A. is more difficult than it is for larger firms because of the high cost of product research and development.B. usually concentrates on the pricing component of the total product offer.C. can be an.
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  141.Consumer perceptions of product quality are affected by promotions and packaging, but not by the price of the product. 142.Successful firms coordinate pricing objective strategies with decisions regarding product design, packaging, branding, distribution, and promotion. 143.Successful firms always try to maintain consistency in the short-run and long-run pricing objectives. 144.Cost-based pricing adds a.
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  261.The job performed by brand managers: A. is mainly concerned with the promotion of the entire product mix of their firm.B. involves broad responsibilities for the marketing of a specific brand or product line.C. is likely to become less important in firms that utilize the Internet.D. focuses more on the pricing and promotion of established.
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  51.Accessory equipment consists of capital items that cost less and are shorter lived than installation items. 52.The two types of industrial goods are production goods and unsought goods. 53.Equipment maintenance and repair of equipment used by businesses is an industrial support good. 54.Paper clips, stationery, and other office supplies used by businesses are.
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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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  221.Contacting customers after a sale to reassure them that they made the right decision is intended to offset: A. reverse satisfaction.B. cognitive dissonance.C. doubt resolution.D. relationship conflict. 222.Consumer decisions regarding the products they buy are often influenced by their nationality, religion, or ethnic origin. Marketers realize that the consumer decision-making process is impacted by the consumers': A. subcultures.B. four.
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  151.The Bay Street Bakery (BSB) has a respected following.  When it moved the business to a famous resort area, it took a big risk; however, the owners were confident that its unique European style cookies and pastries would win customer raves.  And  they were right!  Fortunately, one of the members.
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  121.In business-to-business markets, sellers rely on wholesalers and retailers to efficiently distribute their products. 122.The number of customers in business-to-business markets is quite large compared to the number of customers in the consumer market. 123.Buyers in the B2B market tend to make more rational decisions than buyers in the consumer market. 124.There is.
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  71.The process of identifying the factors that can affect marketing success is called environmental scanning. 72.Population growth and changing demographics are two elements of a firm's socio-cultural environment. 73.Consumer databases, blogs, and social networking are some of the technological factors that are used by marketers to develop goods and services. 74.Successful marketers adjust.
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  131.Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle. 132.Profits peak during the maturity stage of the product life cycle. 133.While the product life cycle is a good theory, it's not important for marketers to recognize what life cycle stage a product is in. 134.Successful businesses develop a.
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  271.A leading cause of new-product failure is: A. insufficient competition.B. product promises that are not delivered.C. the automation of the product development process.D. excessive product differentiation. 272.Which of the following is considered a stage of the new-product development process? A. automationB. media screeningC. commercializationD. selective perception 273.__________ presents an idea for a new product to potential customers to test their reactions. A. Idea generationB. Concept.
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  249.Describe the steps involved in conducting marketing research. 250.Identify and discuss the four eras of the evolution of marketing. Multiple Choice Questions  Mini-CaseCallie is a successful executive who is also a fitness enthusiast. For years she worked out at Big Jim's Gym, the only gym in her small hometown. However, she felt that.
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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 traditional McDonald's and.
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  31.Creative product differentiation can enable a small business to increase market share. 32.The most common classification of consumer goods and services is based on producer or manufacturer behavior in the market. 33.One common way of classifying consumer goods is based on consumer purchasing behavior. 34.The uniqueness of convenience goods and services stimulate consumers.
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  161.Which of the following describes a word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors? A. brand nameB. product designationC. prototype nameD. generic name 162.The last step in the marketing process often includes: A. collecting the cash from sales to consumers.B. developing a written report to summarize.
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  101.Relationship marketing is rather easy to implement in the B2B market but almost impossible to use in the consumer market due to the sheer size of the consumer market. 102.Firms adopting a relationship marketing strategy often establish a database of information about each customer. 103.Relationship marketing depends on understanding individual consumers and.
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  91.Psychographic segmentation involves dividing a market into segments based on lifestyle, values, attitudes, or interests. 92.Separating a market by the amount of the product consumed is known as volume segmentation. 93.The strategy of focusing on small but profitable market segments is called micro marketing. 94.One-to-one marketing refers to developing a unique mix of.
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  91.Most manufacturers hope that their brand names will become a generic name. 92.Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands. 93.The legal protection offered to an established brand name prevents that name from being used as a generic name for a product. 94.The use.
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  231.By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to: A. use radio and television advertising to attract new customers.B. work closely with existing customers to better satisfy their wants and needs.C. target large market segments of potential customers by working closely with a variety.
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  151.Competition-based pricing is a strategy based on what all the other competitors are doing. 152.Price leadership is a demand based pricing strategy. 153.Price leadership occurs when one or more dominant firms set pricing practices that other firms in the market follow. 154.The purpose of break-even analysis is to determine the lowest price a.
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  251.One reason many large consumer-product companies make use of __________ is to have greater control over new-product development and product promotion. A. brand equity teamsB. equity specialistsC. product consultantsD. brand management teams 252.The use of the Folgers's ________ allows customers to easily identify this product from other coffee products. A. patentB. trade symbolC. brand nameD. brand equity 253.The Pillsbury Doughboy is an.
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  211.One factor that influences the consumer decision-making process is __________, which refers to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society. A. cognitive dissonanceB. the legal environmentC. group behaviorD. culture 212.A consumer's decision-making process is influenced by his/her __________, consisting of those people who.
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  241.Knockoff brands are ________ copies of national brand-name goods. A. exactB. Web-basedC. illegalD. licensed 242.Brand __________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name. A. equityB. identificationC. positioningD. ownership 243.The degree to which customers are satisfied and are committed to future purchases of a desired brand is called: A. brand awareness.B. brand relations.C. brand loyalty.D. brand intensity. 244.The rainbow colored apple.
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  181.Which of the following represents a technique used to obtain primary data? A. gaining access to an unpublished government report from the Federal Trade CommissionB. conducting personal interviews with potential customersC. establishing a database to store and cross-index articles from leading academics and researchersD. reviewing the best selling trade and textbooks that present marketing principles 182.A.
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  201.Which of the following refers to the process of dividing the total market into several groups with similar characteristics? A. Market segmentationB. Market differentiationC. Market determinantsD. Market partitioning 202.__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably. A. ObjectiveB. DepartmentalizedC. TargetD. Subjective 203.A firm that uses __________ segmentation divides a market into groups.
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  81.Helen, a manager for Marshall Manufacturing, spends much of her time reviewing the global, technological, socio-cultural, competitive, and economic factors that can influence the success of her firm's marketing efforts. Helen's efforts indicate that she is involved with environmental scanning. 82.A cup of yogurt is an example of a product that.
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  61.Consumers are best served by providing specialty goods in convenient locations. 62.Gabe intends to visit a variety of retailers of sound equipment comparing features, quality, and prices of different brands at each store. This behavior indicates that for Gabe a sound system is a shopping good. 63.Stella strongly prefers a specific brand.
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  61.In the marketing research process, marketers should examine all the implications of alternative solutions before making a recommendation. 62.Marketing research needs to be an ongoing process at a firm since changes in the marketplace and among consumers is a continuous process. 63.Government publications, such as the Annual Survey of Manufacturers and Survey.
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  161.Firms utilizing an everyday low pricing (EDLP) strategy establish a policy of special sales on a regular basis. 162.A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices. 163.As the Internet grows in popularity, it is likely that more firms will adopt a high-low.
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  191.One of the social trends that marketers must monitor to maintain their close relationship with customers is the: A. increase in the number of competitors servicing the target market.B. amount of unemployment in the target market.C. number of people who can use computers with proficiency.D. increase in the number of older Americans. 192.People with unsatisfied wants.
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  221.Which of the following products would most likely be classified as a specialty good or service? A. a microwave ovenB. a limited-edition print signed by the artistC. a sports coat, slacks, and tieD. a car insurance policy 222.June lives in the southern part of Alabama where winters are normally fairly mild. Last January, during an unusually.
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  41.Successful marketing of convenience and specialty goods require different marketing mixes. 42.Most consumers view specialty goods as having a variety of acceptable substitutes. 43.The classification of goods or services into a particular class depends on the individual consumer. 44.A shopping good for one consumer could be a specialty good for another consumer. 45.Specialty goods.
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  171.Several years ago, Canadian Sam Holman realized there may be a need for a stronger, more durable wood baseball bat.  He went through the process of developing the SamBat™, a maple bat of precise dimensions. He set a price with a reasonable margin, he decided to take special orders and.
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  121.Interactive Web sites are useful in the commercialization process for new products. 122.New-product commercialization includes promoting the product to distributors and retailers as well as developing strong advertising and sales campaigns. 123.SnackAttack has found that an effective technique to generate ideas for new consumer products is to carefully listen to employees and.
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  51.Marketing research helps determine what customers have purchased in the past, what situational changes have occurred to change consumer preferences, and what consumers are likely to want in the future. 52.Effective marketing research involves listening to customers, employees, shareholders, and other stakeholders. 53.The first step in the marketing research process is to.
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  81.A brand includes practically all means of identifying a product. 82.The purpose of a brand name is to establish an image of generic goods or services. 83.Brand names can significantly impact consumer perceptions of a product. 84.A trademark is a brand that has been given exclusive legal protection for both the brand name.
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  131.Which of the following marketing eras refers to the time period from our country's first settlers through the early 1900s? A. production eraB. selling eraC. marketing eraD. customer relationship era 132.The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras? A. production eraB. selling.
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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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  111.Beth works for Champion Industries overseeing the marketing mix for the firm's line of calculators. Beth serves as a brand manager for Champion Industries. 112.Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified. 113.New-product failures are most often.
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  141.Which of the following is a part of the marketing concept? A. a consumer orientationB. avoidance of riskC. financial return orientationD. emphasis on efficient production 142.Which of the following statements is most consistent with today's views on effective marketing? A. "There's a sucker born every minute."B. "Find out what your competition does and do it better."C. "A good promotional campaign.
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  231.Comet Computer Company is creating a new splash with psychedelic laptop cover designs scheduled for release next year.  The computers do not reveal any other feature differences from what Comet currently offers.  This effort is an example of using __________________ to differentiate a product as new. A. packagingB. incremental coloringC. incremental channelingD. brand extension 232.The evaluation.
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  111.Using advances in technology to maintain databases of customer information is more important for firms involved in mass marketing than it is for those firms using relationship marketing. 112.Melanie is a sales representative for a college textbook publisher. She spends a great deal of time visiting college professors who have already.
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  191.When consumers decide to purchase a particular product, they: A. will search for the retailer that offers the lowest price.B. consider the total collection of benefits that the product offers.C. base their decision on a brand name nearly all of the time.D. initially evaluate the product's package. 192.Which of the following is the best example of.
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  71.Changes in packaging can transform the product in the minds of consumers and open larger market opportunities. 72.While packaging innovations benefit the consumer, they have vastly increased the workload of retailers. 73.While the packaging of services has not yet captured the attention of businesses, technological improvements will likely create new opportunities. 74.The exclusive.
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