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Study Resources (Business Management)

  119. If a customer has moderate loyalty toward Heinz ketchup, she likely will a. buy the product in greater quantities. b. shop around for the best price for that good. c. perceive the product as having the same quality level as competitive brands. d. never buy another brand of ketchup. e. purchase other.
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1. What are the commonly used distribution channels for consumer products? 2. Compare and contrast intensive, selective, and exclusive distribution. Give an example of a product that normally would be distributed in the way for each type of market coverage. 3. What is supply chain management, and what are its benefits? 4. How.
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  96. Advertising whose purpose is to increase the demand for all brands of a good or service is called       . a. institutional advertising b. publicity c. selective-demand advertising d. primary-demand advertising e. public relations 97. Advertising that is used to sell a particular brand of product is known as       . a. primary-demand advertising b..
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  249. Random discounting is often predictable so consumers wait to make purchases until they can benefit from the price reductions. a. True b. False 250. Psychological pricing strategies encourage purchases to be based on economically rational responses rather than on emotional responses. a. True b. False 251. Odd-number pricing is limited to low-priced items. a. True b..
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  146.      is essential to the selling process because it leaves a good impression and eases the way toward future sales. a. Answering objections b. Making the presentation c. Closing the sale d. Prospecting e. Following up 147. When has Natalie, an industrial supplies salesperson, completed her job with a particular client? a. When she.
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  6. Describe the two broad targeting approaches in business, and give an example of each. 7. What four main elements does the marketing mix contain? 8. What are the major forces in the marketing environment? 9. Describe the purpose of an executive summary, environmental analysis, and SWOT analysis, the first three components of.
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  126. Susan Smith, ad campaign manager for Coca-Cola, is making final changes to the content of an ad's message. She is talking with network distribution companies about when the ad will air, and she is discussing expected effects of the ad on consumers with commercial artists. Thus, she is in.
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  175. Examples of product ingredients of the marketing mix include design of the product and trade names, packaging, and warranties. a. True b. False 176. The pricing ingredient is concerned primarily with the producer's costs of design. a. True b. False 177. The distribution ingredient is concerned only with transportation and storage. a. True b. False 178..
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  89. In a meeting to generate new products, the advisory committee felt that it had come up with some excellent ideas. Now that there is a list of product ideas, the next step is a. business analysis. b. product development. c. screening. d. test marketing. e. commercialization. 90. Hillary has a new product idea that.
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  165. The evolution of customer orientation started with businesses having a strong sales orientation, followed by a production orientation, and finally a customer orientation. a. True b. False 166. The Whirlybird Vacuum Cleaner Company has a field sales team of 1,000 that goes door-to-door giving in-home demonstrations of the company's products. The product.
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  76. Jessica decides to order smaller amounts of inventory at a time for her arts and crafts store. She is obviously concerned about                costs. a. processing b. stock-out c. warehousing d. stocking e. holding 77. A clothing retailer has been striving to reduce the costs of its inventory, but many of its customers.
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  149. If a company invests $1,000,000 to develop and market a new product with a goal of earning $1,200,000 on the product by the end of the year, it will price the product based on a. profit expectations. b. market-share goals. c. return on investment goals. d. survival goals. e. objectives. 150. Which of.
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  106. Advertising geared toward attracting not only customers but also potential investors and employees is classified as advertising. a. institutional b. personal c. selective-demand d. political e. comparative 107. JCPenney ran a newspaper ad stating, "We are the friendliest store in town." This is an example of advertising. a. institutional b. primary-demand c. comparative d. cooperative e. long-term 108..
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  49. Which business product classification is most appropriate for the wire used inside a stereo system? a. Raw material b. Major equipment c. Accessory equipment d. Component part e. Process material 50. Automobile fenders are an example of a. accessory equipment. b. raw materials. c. process materials. d. component parts. e. supplies. 51. become(s) a part of the physical.
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  66. Which type of store has high sales volume, little service, and prices 20-40 percent lower than supermarkets? a. Specialty store b. Superstore c. Warehouse club d. Off-price retailer e. Convenience store 67. Gap, Radio Shack, Bath and Body Works, and Foot Locker are examples of       . a. convenience stores b. warehouse clubs c. supermarkets d..
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  239. Costs that depend on the number of units produced are called variable costs. a. True b. False 240. The sum of the fixed costs and the variable costs attributed to the units produced is the selling price. a. True b. False 241. Competition-based pricing is important if competing products are similar and the.
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  185. Sales forecasts are used by managers in different divisions of an organization. a. True b. False 186. Accurate and timely information is the foundation of effective marketing, especially of the marketing concept. a. True b. False 187. A marketing information system is computer-based and uses information from both internal and external sources. a..
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  219. The three levels of brand loyalty are preference, recognition, and insistence. a. True b. False 220. Brand equity refers to making all of a company's brands approximately equal with respect to brand loyalty. a. True b. False 221. Aspirin, yo-yo, and escalator were all brand names at one time. a. True b. False 222. The.
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  156. A return of part of the purchase price to the consumer is known as a       . a. premium b. rebate c. sample d. point-of-purchase coupon e. discount 157. All of the following are examples of sales promotion except: a. rebate. b. sample. c. premium. d. point-of-purchase display. e. direct-response advertising. 158. Sales promotion methods include all of.
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1. Would a new car equipped with a bumper jack, jack handle, spare tire, and warranty be the same product as the same car without these features? Explain. 2. Give the characteristics of shopping products, specialty products, and convenience products. Illustrate those characteristics with examples of products that fit the categories. 3. Identify.
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  129. All of the following are functions of packaging except a. consumer convenience. b. product protection. c. entertainment. d. promotion. e. added benefits. 130. All of the activities involved in developing and providing a container with graphics for a product are called a. packaging. b. advertising. c. labeling. d. containerization. e. parceling. 131. Multiple-unit packaging does.
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  69. A product usually declines because of technological advances or environmental factors or because a. the item is very popular. b. the price is too low. c. consumers have switched to competing brands. d. the price is too high. e. no ads or sales incentives have been used. 70. General Mills has been able.
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  59. All of the following are characteristics of the introduction stage of the product life-cycle except a. usually, a low profit or even a loss. b. the appearance on the market of refinements or extensions of the original product. c. relatively few competitors. d. often, high price. e. low consumer awareness and acceptance of.
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  229. The same price will be charged no matter what pricing objective is used. a. True b. False 230. Management must set pricing objectives based on the primary objective of making a profit. a. True b. False 231. Some pricing objectives include surviving, maximizing profit, obtaining market-share goals, and maintaining status quo. a. True b. False 232..
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  209. Entirely new products are innovations. a. True b. False 210. Innovations are much less common than imitations and adaptations. a. True b. False 211. Screening ideas for feasibility is the first stage of the new product development process. a. True b. False 212. A brand mark is the part of a brand that consists of.
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  155. CRM technology allows companies to make an investment in building long-term relationships with their customers. a. True b. False 156. The power of a good or service to satisfy a human need is called utility. a. True b. False 157. Form utility is created by making a product available at a location where.
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  189. A pricing strategy in which a manufacturer pays for the shipping cost of its merchandise to the wholesaler is called pricing. a. geographic b. FOB origin c. trade discount d. FOB destination e. postage-stamp 190. A deduction from the price of an item is called a a. discount. b. variable reduction. c. trade-in. d. line. e..
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  11. Explain the difference between marketing research and marketing information systems. 12. What are the major steps in the consumer buying decision process? Describe the factors that are believed to affect this process. 13. Is the business buyer or the individual consumer more likely to know more about the product being purchased? 14..
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  86. When the United Way sends out brochures discussing the charitable activities and organizations it supports, it is using                . a. media relations b. promotion c. integrated marketing communications d. infomercials e. solicitation 87. In the past, Tupperware used only personal selling to sell its products; it now uses other methods as well.
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  199. During the decline stage of the product life-cycle, the sales volume decreases sharply because of an increase in the number of competing firms. a. True b. False 200. In the decline life-cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses. a. True b. False 201..
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  136. Vicky works as a salesperson for Lands' End. Her duties consist of taking customer orders over the telephone and ensuring that the information is properly entered so that customers will receive the products they need. Vicky is a(n) _____. a. order getter b. missionary salesperson c. prospector d. outside order taker e..
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  79. The redesign of a bicycle to improve its safety is an example of a(n)      modification. a. visual b. functional c. quality d. aesthetic e. texture 80. What type of product modification is likely to make the greatest impact on a food product? a. Quantity b. Aesthetic c. Functional d. Versatility e. Texture 81. After.
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  99. The stage in the evolution of new products in which the product is introduced in a limited way to determine buyers' reactions is called a. test marketing. b. screening. c. business analysis. d. commercialization. e. product development. 100. During which phase of the product development process can marketers experiment with advertising, pricing, and.
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  Your Way, Inc.   Eric buys companies that are small or companies in financial trouble. He helps these companies turn around and develop a competitive advantage. The company that he recently purchased is called Your Way, Inc. The company sells men's clothing and accessories. Your Way keeps the sewing machines for clothes.
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  29. Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a a. package. b. contract. c. product. d. trade. e. warranty. 30. A good or service that is intended primarily for personal or household use is called a(n)     product. a. convenience b. business c. specialty.
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  25. Walmart has its own trucks that ship merchandise to its warehouses from the supplier for backstock purposes. Walmart is carrying out which of the following functions? a. Contracting with suppliers b. Standardizing and grading its facilities c. Buying and selling d. Risking obsolescence of its products e. Transporting and storing 26. Car dealers are.
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  45. Between the 1920s and the 1950s, business had a strong orientation, in which emphasis was placed on increased advertising, enlarged sales forces, and occasionally high-pressure selling techniques. a. production b. sales c. marketing d. customer e. organizational 46. An approach to marketing that involves the entire business organization in the process of satisfying customers' needs.
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  Caroline's Crafts 'N Things   Sarah works for a retail shop called Caroline's Crafts 'N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause.
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  169. Price differentiation attempts to sell a. different products with different features at the same price. b. identical products at different times at different prices. c. products at lower prices, due to economies of scale unintentionally resulting in lower net income for the company. d. products to customers based on their ability to.
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