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Study Resources (Business Management)

    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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    41.Unlike advertising, which is part of the promotional component of the marketing mix, personal selling is considered to be part of the distribution function.          42.The last step in the marketing process often includes building a continuing relationship with customers.          43.Marketers are concerned with selling goods and services, and therefore are not involved.
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    311.__________ is the process used to determine the profitability of a product at various levels of sales.    A.Cost-based pricing   B.Break-even analysis   C.Demand-based pricing   D.Competition-based pricing         312.Costs incurred regardless of the number of units of a product that are produced or sold are called:    A.mixed costs.   B.controllable costs.   C.fixed costs.   D.variable costs.         313._______ costs are those costs that increase as the.
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    61.Marketing research is a process that most firms complete once a year, in order to gather information for the firm's budgeting process.          62.In the marketing research process, marketers should examine all the implications of alternative solutions before making a recommendation.          63.Marketing research needs to be an ongoing process at a firm since.
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    301.With a looming recession in 2008, department store owner Richard A. Baker decided to make a gutsy move with his high-end, Lord & Taylor Stores™. Rather than focus on the upscale, luxury market that the store attracted earlier in the decade, he focused on bringing in clothing with more mass.
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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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    31.The four elements of the marketing mix are product, production, price, and predictability.          32.Providing people with a description of a potential new good or service and asking if the idea appeals to them are key parts of the marketing process.          33.Concept testing involves placing a product in a place where consumers will.
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    171.One way firms can gain a competitive advantage without relying on low prices is by developing close, friendly relationships with their customers.          172.The pricing objectives of a firm should be set independently of the other elements of their marketing mix.    Pricing objectives should be influenced by other marketing decisions regarding product design,.
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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 name   B.Product designation   C.Prototype name   D.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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    341.Barker Brothers Pens utilizes a strategy of low priced pens to attract customers and discourage competition. This represents a _______ strategy.    A.high-low   B.bundling   C.skimming   D.penetration A penetration strategy is one in which a product is priced low in order to attract customers and discourage competitors.       342.Derek's company was bidding on the construction of a new penguin.
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    151.In the long run, the price of a product is determined by the cost of production and the length of the firm's supply chain.          152.Competition-based pricing is a strategy based on what all the other competitors are doing.          153.Price leadership is a demand based pricing strategy.          154.Price leadership occurs when one or more.
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    131.Imaginex Toys, Inc. produces toys designed to stimulate the imaginations of young children. In order to control all of the marketing operations, Imaginex owns all of the organizations in the channel of distribution for its toys, including a chain of Imaginex retail stores. The approach taken by Imaginex is known.
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    131.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.    Marketing offers a wider variety of career choices than most business disciplines.       Multiple Choice Questions  132.________ is the activity, set of institutions, and processes.
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    161.A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.          162.Firms utilizing an everyday low pricing (EDLP) strategy establish a policy of special sales on a regular basis.          163.A high-low pricing strategy may condition consumers to avoid paying.
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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.    Different products offered by El Trovodor's make up the company's product mix that it.
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    121.Concept testing involves taking a product idea to consumers to test their reactions.          122.Interactive Web sites are useful in the commercialization process for new products.          123.New-product commercialization includes promoting the product to distributors and retailers as well as developing strong advertising and sales campaigns.          124.SnackAttack has found that an effective technique to generate.
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    141.Firms that have adopted _________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time.    A.nonprofit marketing   B.customer relationship management   C.management by objectives   D.the marketing mix         142.A ___________ orientation refers to the process of.
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    281."If you create a better mouse trap, the world will beat a path to your door." This statement ignores the need for which step in the new-product development process?    A.Commercialization   B.Screening   C.Idea generation   D.Development This statement ignores the fact that even good products won't necessarily succeed unless consumers know about them and understand their benefits..
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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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    31.Marketers use pricing, advertising, and packaging to differentiate their products from competitors' products even when actual differences are quite small.          32.Creative product differentiation can enable a small business to increase market share.          33.The most common classification of consumer goods and services is based on producer or manufacturer behavior in the market.          34.One common.
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    321.Charging high prices to earn large profits during a time when there is little competition represents a ________ strategy:    A.penetration   B.bundling   C.skimming   D.cost-based         322.A competition-based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as:    A.market fixing.   B.price penetration.   C.price leadership.   D.primary pricing.         323.Which of the following.
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    121.Franchise systems, wholesaler-sponsored chains, and retail cooperatives are all forms of contractual distribution systems.          122.One advantage of a franchise system of distribution is that it results in a consistent level of quality and service.          123.In retail cooperatives, the members of the distribution system are bound to cooperate by a contractual agreement.          124.Wholesaler-sponsored chains.
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    131.Knowledge of the product life cycle model can help firms develop marketing strategies and anticipate market changes.          132.Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.          133.Profits peak during the maturity stage of the product life cycle.          134.While the product life cycle is a good theory, it's not.
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    101.Because so many people work outside the home and aren't at home during the day, companies that use direct selling are sponsoring parties at workplaces to sell their products.          102.In multilevel marketing, salespeople not only sell the product, they also recruit other people to sell the product.          103.In multilevel marketing "upliners" recruit.
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    111.Travelwell manufactures and sells luggage and briefcases. Their marketing research indicates that durability is the attribute that consumers most desire in their luggage and briefcases. Travelwell now emphasizes durability in all of their promotional efforts. This strategy is intended to build brand equity.    Perceived quality is an important part of brand.
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  True / False Questions  1.Organizations that assist in moving goods and services from producers to business and consumer users are called supply-side transition specialists.          2.Agents and brokers and wholesalers are types of marketing intermediaries.          3.Wholesalers are marketing intermediaries who sell goods or services to ultimate consumers.          4.A channel of distribution consists of the marketing.
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    71.Environmental scanning is a green concept that involves the tracking of pollution generated by a firm and its impact on society.          72.The process of identifying the factors that can affect marketing success is called environmental scanning.          73.Population growth and changing demographics are two elements of a firm's socio-cultural environment.          74.Consumer databases, blogs, and.
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    101.When consumer loyalty reaches the point of brand insistence, the product becomes a specialty good.          102.Event sponsorship like the FedEx Orange Bowl football game helps improve brand awareness.          103.Price, appearance, and reputation can influence a consumer's perceptions of quality.          104.Endorsements by sports or movie celebrities can help create a favorable brand association.          105.Brand association.
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    331.Phar-out Pharmacy will advertise a price of an over-the-counter drug at or below their cost. The intended goal of this loss leader strategy is to:    A.achieve a target profit.   B.reduce the break-even quantity.   C.build traffic and increase the customer base.   D.create an upscale image. Charging low prices for certain products is a way firms attempt.
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    151.Pipelines move liquid products very efficiently and can even move products like coal.          152.Railroads are an energy-efficient mode of transporting many types of goods.          153.Although air transport currently accounts for only a small percentage of all shipments, it has become a critical mode in many industries.          154.The air freight industry is starting to.
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  353.Discuss the role of packaging in a firm's total product offer.        354.What is a brand? What is a brand name? What is meant by brand equity?      Multiple Choice Questions  Mini-CaseGourmet Pets is an innovative competitor in the billion-dollar pet food industry. In fact, two of its products, Kitty Sirloin and McDog T-bone, each.
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    161.Seasonal goods are kept in storage warehouses.          162.Suppliers to large retailers like Target and Wal-Mart may soon be required to use RFID tags when shipping products to these companies.          163.Because some of its key suppliers have been late with their shipments of materials and parts, Marnex Enterprises has had to shut down.
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    51.Industrial goods and services are used to produce other products.          52.Accessory equipment consists of capital items that cost less and are shorter lived than installation items.          53.The two types of industrial goods are production goods and unsought goods.          54.Equipment maintenance and repair of equipment used by businesses is an industrial support good.          55.Paper clips,.
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    81.Producers of shopping goods such as furniture, appliances, and clothing usually rely on an exclusive distribution strategy.          82.An advantage of a selective distribution strategy is that consumers are able to find a popular product at a wide variety of retailers.          83.Retailers that participate in an exclusive distribution strategy will have a strong.
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    111.Fancy Feet sells high quality socks and stockings by sending catalogs to customers and offering them a toll-free telephone number so that they can call in their orders 24 hours a day any day of the year. Fancy Feet uses telemarketing.    Telemarketing is the sale of goods and services by telephone.       112.Direct.
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    141.In order to achieve a social objective, firms use low prices to enable people with low incomes to buy their product.          142.Consumer perceptions of product quality are affected by promotions and packaging, but not by the price of the product.          143.Successful firms coordinate pricing objective strategies with decisions regarding product design, packaging,.
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    71.More than any other component of a total product offer, technology has reduced the importance of packaging.          72.Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.          73.While packaging innovations benefit the consumer, they have vastly increased the workload of retailers.          74.While the packaging of services.
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    91.Firms that rely on electronic retailing are almost guaranteed success because they give companies easy access to literally millions of consumers all over the world.          92.Electronic retailing is selling goods and services over the Internet to the final consumer.          93.Some Web sites are trying to improve their service by providing assistance from.
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    91.Manufacturers' brands carry the brand name of the producers that distribute the products nationally.          92.Most manufacturers hope that their brand names will become a generic name.          93.Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands.          94.The legal protection offered to an established brand name prevents.
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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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    51.The marketing mix provides a detailed market analysis to determine opportunities and challenges as well as information needed to make good decisions.          52.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.
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    121.The B2B market involves fewer trades and fewer dollars spent than the consumer market because there are so many more consumers than there are businesses.          122.Marketing strategies used effectively in the business-to-business markets are exactly the same as strategies used by marketers in consumer markets.          123.In business-to-business markets, sellers rely on wholesalers.
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    61.Since Kazam Cleaners offers home and office cleaning services no different from competitors, the company can not utilize a product differentiation strategy.    Service firms can provide real differences in the quality or type of services they offer, and can also use advertising, pricing, and other techniques to create real and perceived.
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    141.Inverted logistics is the term used for the activities involved in bringing products back to the producer due to defects or for recycling of materials.          142.Third-party logistics is the term used to describe the use of outside firms to help move goods from here to there.          143.Logistics is concerned with the flow.
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    21.The marketing efforts at Rotary Enterprises place a great deal of emphasis on marketing goods that will earn the firm a profit. This focus on profit orientation shows that Rotary's has not yet adopted the marketing concept that emphasizes a customer orientation rather than a profit orientation.    The marketing concept has.
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    41.Shopping goods and services are purchased only after consumers compare value, quality, style, and price of competing goods and services.          42.Successful marketing of convenience and specialty goods require different marketing mixes.          43.Most consumers view specialty goods as having a variety of acceptable substitutes.          44.The classification of goods or services into a particular class.
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    291.Which of the following is a stage in the product life cycle?    A.Commercialization   B.Decline   C.Peak   D.Acceptance         292.As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires:    A.adifferent marketing strategy.   B.a consistent application of fundamental marketing practices.   C.an increase in the amount spent on advertising.   D.more emphasis on personal selling.         293.When reviewing.
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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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    81.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.    Packaging has become a critical part of product design by performing many promotional functions. The text cites many examples of.
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  Essay Questions  351.From a marketing management perspective, what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?      352.Consumer goods and services are generally classified into four specific categories. What are the four categories, and how do they differ?.
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