question

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?

answer

Brand name

question

Which of the following statements about marketing is the most accurate?

answer

Marketers recognize the need to learn as much as possible about customers and do everything possible to satisfy them.

question

A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests.

answer

Psycographic

question

A firm that uses ___________ segmentation divides a market into groups based on life stage, race, or profession.

answer

Demographic

question

The most important technological change likely to affect the marketing success of many firms is the:

answer

growth of consumer databases, blogs, and social networking.

question

Firms that adopt a relationship marketing strategy attempt to:

answer

develop products that meet the specific requirements of individual customers.

question

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?

answer

Production Era

question

__________ consists of information that has already been researched by others and is published in journals or books, or has been made available online.

answer

Secondary Data

question

___________ is a process used to test consumer reactions about a product among potential users.

answer

Test Marketing

question

__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.

answer

Target

question

Which of the following represents an example of demographic segmentation?

answer

An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels.

question

The goal of __________ is to keep individual customers over time by offering them new products that exactly meet their requirements.

answer

Relationship marketing

question

The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.

answer

Marketing Concept

question

A consumer's decision-making process is influenced by his/her _________, consisting of those people who help shape the consumer's beliefs, attitudes, values or behavior.

answer

reference group

question

The first step in the marketing research process is to:

answer

define the problem and determine the present situation

question

A key element of customer relationship management is to:

answer

learn as much as possible about customers

question

__________ consists of all the techniques sellers use to persuade consumers to buy their goods and services.

answer

Promotion

question

A ________ marketing strategy develops products and promotions designed to please large groups of people.

answer

mass

question

A firm that uses ___________ segmentation divides a market into groups based on age, income, or level of education.

answer

demographic

question

A firm's marketing mix refers to the combination of:

answer

strategies regarding product, price, place, and promotion.

question

__________ marketers include manufacturers, intermediaries, institutions, and the government.

answer

B2B

question

Which of the following would best benefit the development of niche marketing?

answer

a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers

question

After years of using a mass marketing strategy, Digital Print Shops has responded to new competition from national chain stores by focusing on small market segments that have been ignored by their larger competitors. Digital believes that by offering these market segments personalized customer services it can attract a loyal group of customers willing to pay premium prices. Digital's strategy to improve profits is known as:

answer

niche marketing.

question

A firm gathers ___________ data by conducting surveys, interviewing customers, or mailing out questionnaires.

answer

primary

question

A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.

answer

focus

question

Compared to consumer markets, B2B markets:

answer

rely less on marketing intermediaries.

question

Business-to-business markets tend to be:

answer

geographically concentrated.

question

____________ is the process of identifying factors that can affect marketing success.

answer

Environmental scanning

question

Andre is a real estate agent who has an idea for a software program that will help perform real estate appraisals more quickly and more accurately. He has worked with a buddy who is good at programming to develop a detailed description of what the software will do and how it differs from existing applications. Now Andre has taken this description and shown it to a number of fellow real estate agents to see if his idea appeals to them. Andre is engaging in:

answer

concept testing.

question

People with unsatisfied wants and needs who have both the ability and the willingness to buy are:

answer

a market.

question

The number of units of a product that must be sold for total revenue to equal total costs is called the:

answer

break-even point

question

Which of the following products would most likely be classified as a specialty good or service?

answer

a limited-edition print signed by the artist

question

According to the product life cycle model, sales are expected to peak in the _________ stage.

answer

maturity

question

Department stores often use _________ pricing in which they have regular prices which are relatively high, but offer special sales where prices are set lower than competitors.

answer

high-low

question

A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

answer

brand

question

__________ goods and services represent those products that consumers are unaware of or haven't thought of buying.

answer

Unsought

question

Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public.

answer

costs

question

Brand __________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name.

answer

equity

question

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

answer

total product offer.

question

Product screening is designed to:

answer

reduce the number of new-product ideas being worked on at any one time.

question

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents:

answer

demand-oriented pricing

question

Brand __________ refers to the linking of a brand to other favorable images, such as a celebrity.

answer

association

question

A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.

answer

price leadership

question

_______ costs are those costs that increase as the level of production increases.

answer

Variable

question

The best product development strategy for most firms is to:

answer

constantly monitor consumer wants and needs and be willing to develop new products and adapt policies and services as those consumer needs begin to change.

question

Products that carry the name of a distributor or a retailer instead of the manufacturer's name are called:

answer

dealer (private) brands

question

The _________ pricing strategy maintains low prices and avoids the use of special sales.

answer

everyday low pricing (EDLP)

question

A brand that has been given exclusive legal protection, such as the McDonald's golden arches is a:

answer

trademark.

question

Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

answer

brand awareness

question

In marketing today, packaging carries the added responsibility of:

answer

promotion and sales

question

___________ is the stage of new product development that involves promoting a product to distributors, and developing advertising and sales campaigns in order to generate and maintain consumer interest.

answer

Commercialization

question

The product life cycle model helps marketers realize that:

answer

different stages in the life cycle call for different marketing strategies.

question

Knockoff brands are ________ copies of national brand-name goods.

answer

illegal

question

The purpose of __________ is to create real or perceived product differences.

answer

product differentiation

question

A leading cause of new-product failure is:

answer

product promises that are not delivered.

question

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

answer

product line

question

A skimming pricing strategy:

answer

establishes a high price in order to earn the highest possible profit while there is little competition.

question

Products that are used in the production of other goods and services are called ________ goods.

answer

industrial

question

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

answer

brand loyalty

question

Sales of cell phones in the United States are still increasing, but the rate of growth has slowed. Sales are expected to peak somewhat soon in the U.S. Based on this information, cellular phones are in what stage of the product life cycle in the U.S.?

answer

maturity

question

Direct mail, telemarketing, and catalog sales are all common examples of:

answer

direct marketing.

question

___________ are merchant wholesalers who perform all of the distribution functions.

answer

Full-service wholesalers

question

When firms manage the return of goods from consumers either because they are defective or for recycling purposes, they are involved in:

answer

reverse logistics

question

__________ warehouses are used to gather and redistribute products.

answer

Distribution

question

_________ involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.

answer

Logistics

question

____________ put many small shipments together to create a single large shipment that can be transported more cost-efficiently to the final destination.

answer

Freight forwarders

question

___________ means selling goods and services to ultimate consumers over the Internet.

answer

Electronic retailing

question

Companies who send salespeople to customers' homes or places of work are making use of __________ selling.

answer

direct

question

The types of utility commonly provided by marketing intermediaries include:

answer

time, place, possession, information, and service.

question

A(n) ___________ distribution strategy distributes a product through only a preferred group of retailers in a given area.

answer

selective

question

Placing ads in newspapers and having knowledgeable salespeople to answer customers' questions are ways marketing intermediaries can provide:

answer

information utility

question

In a(n) __________ distribution system the producer manages all of the marketing functions at the retail level.

answer

administered

question

__________ deals with moving finished products and information to business buyers and ultimate consumers.

answer

Outbound logistics

question

__________ manages the movement of raw materials, parts, work in progress, finished goods and related information throughout the supply chain, as well as managing the return of goods when necessary and the recycling of goods when appropriate.

answer

Supply chain management

question

__________ warehouses are used to hold products for a relatively long time.

answer

Storage

question

_________ utility adds value to goods by having them available where people want them.

answer

Place

question

A firm that wants to distribute its products as widely in a market as possible would use a(n) ___________ distribution strategy.

answer

intensive

question

In multilevel marketing, independent contractors who sell a product can increase their own incomes by recruiting _________ to also sell the product.

answer

downliners

question

____________ wholesalers are independently owned and take title to the goods they handle.

answer

Merchant

question

Which of the following activities would a drop shipper be most likely to perform?

answer

Solicit orders from a retailer and arrange for the producer to make the deliveries

question

When marketing intermediaries perform the steps necessary to transfer ownership from one party to another, they are providing _________ utility.

answer

possession

question

__________ brings raw materials, packaging, other goods and services, and information from suppliers to producers.

answer

Inbound logistics

question

__________ utility is usually provided by producers rather than marketers.

answer

Form

question

A _________ is a marketing intermediary that sells products to other organizations.

answer

wholesaler

question

__________ is the term used to describe the use of outside firms to help move their goods through the supply chain.

answer

Third party logistics

question

In a(n) ____________ distribution system all of the organizations in the channel of distribution are owned by one firm.

answer

corporate

question

__________ is the value or want-satisfying ability that is added to products by organizations that make the product more useful or accessible to consumers.

answer

Utility

question

Pipelines are used primarily to transport:

answer

petroleum and petroleum products

question

A(n) ______________ distribution strategy uses only one retail outlet in a given geographic area.

answer

exclusive

question

A good public relations program recognizes that the:

answer

firm must be willing to make changes in its policies and procedures.

question

Which of the following is required to build meaningful relationships with customers?

answer

Tracking customer purchases

question

The use of promotional tools to persuade wholesalers and retailers to stock and sell merchandise represents a:

answer

push strategy.

question

In evaluating the best advertising medium to reach a specific target market the clear choice is:

answer

direct mail.

question

_________ refers to any paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.

answer

Advertising

question

When marketing to consumers in the global population, it's important for companies to remember that promoting products:

answer

calls for attention to cultural differences and possible translation problems.

question

The combination of advertising, personal selling, public relations, and sales promotion activities traditionally used by an organization represents its:

answer

promotion mix.

question

Future promotional efforts will likely be:

answer

custom-designed to reach smaller audiences

question

The activity that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance is called:

answer

public relations.

question

________ refers to the face-to-face presentation and promotion of goods and services. This also includes searching for prospects and providing follow-up services.

answer

Personal selling

question

Creating a positive brand image by using all the promotional tools in a comprehensive, unified promotional strategy is called:

answer

integrated marketing communication

question

In terms of total dollars spent, the number one and two advertising media are:

answer

broadcast and cable television along with direct mail

question

People with an unmet need, the authority to buy, and the willingness to listen to a sales message represent a firm's:

answer

prospects.

question

Which of the following statements is most accurate?

answer

Sales promotions are targeted both internally and externally.

question

The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities, such as trade shows, event sponsorships, and contests, is known as:

answer

sales promotion.

question

The final step of the selling process involves:

answer

follow up.

question

The distribution method for audio and video programs via the Internet that lets users subscribe to a number of files or feeds is called a:

answer

podcast

question

Which of the following is a consumer sales promotion activity?

answer

Contests

question

__________ refers to such tactics as paying people to say good things about a product on the Internet or setting up multilevel selling schemes that reward people for directing their friends to a company's website.

answer

Viral marketing

question

The primary purpose of a pull strategy is to:

answer

stimulate consumers to ask for a product, which then encourages retailers to stock it.

question

Which of the following is a major strength of direct mail advertising?

answer

Ability to accurately target specific markets

question

Interactive promotion:

answer

attempts to create a dialogue between buyers and sellers.

question

Companies can implement global marketing by developing a product and promotional strategy that:

answer

cam be implemented worldwide.

question

One way to see that publicity is handled well by the media is to:

answer

establish a friendly relationship with media representatives.

question

Which of the following is a B2B sales promotion activity?

answer

Conventions

question

After prospects have been identified and qualified, the next step in the selling process is _________. This step requires the salesperson to learn as much as possible about the potential customers' wants and needs.

answer

the preapproach

question

The primary purpose of a push strategy is to:

answer

push the product down the distribution channel to retail stores.

question

A _________ is an endorsement from a customer praising a firm's product.

answer

testimonial

question

TV programs devoted exclusively to promoting goods and services are called:

answer

infomercials

question

________ advertising supports a particular view or position on an issue.

answer

Advocacy

question

The area of accounting that provides managers inside the organization with information they need to make decisions is called:

answer

Managerial accounting.

question

Rent, depreciation, and salaries are examples of:

answer

Operating expenses

question

The "bottom line" of an income statement shows the firm's:

answer

Net income or net loss.

question

The financial ratios that measure a firm's ability to pay its short-term debts are called:

answer

liquidity ratios

question

Debts that are due in one year or less are classified on the Balance Sheet as:

answer

Current liabilities

question

Patents and copyrights are classified as ___________ on the Balance Sheet.

answer

Intangible assets

question

An accountant who works for a single business or government agency is referred to as a:

answer

Private accountant

question

_________ refers to how quickly an asset can be converted into cash.

answer

Liquidity

question

A(n) ___________ is an evaluation and unbiased opinion of the accuracy of a firm's financial statements.

answer

independent audit

question

The three important financial statements prepared by accountants are:

answer

Balance sheet, income statement, and statement of cash flows.

question

A _________ summarizes all the data from the account ledgers to verify that they are correct and balanced.

answer

trial balance

question

A firm's ________ reports the profit or loss for the firm over a specified time period.

answer

income statement

question

Leverage ratios indicate the extent to which ________ has been used to fund a business's operations.

answer

debt

question

The current ratio is a type of ________ ratio.

answer

liquidity

question

Financial ratios that reflect the degree to which a firm relies on borrowed funds are called ________ ratios.

answer

leverage

question

The _____ shows the assets, liabilities, and owners' equity of a firm, at a specific point in time.

answer

balance sheet

question

Net Profit refers to:

answer

The net earnings after the deduction of all expenses, including tax expense.

question

The __________ is an accounting statement that reports the financial condition of a firm at a specific point in time.

answer

balance sheet

question

The __________ is a six-step procedure that results in the preparation and analysis of the major financial statements.

answer

accounting cycle

question

When companies owe money to creditors, suppliers, and others, these outstanding amounts are recorded on the balance sheet as _________.

answer

Liabilities

question

A(n) _________ is a yearly published statement of the financial condition, progress and expectations of an organization.

answer

annual report

question

Depreciation is a systematic write-off of the cost of a tangible asset that is listed on __________.

answer

The Income Statement

question

The fundamental accounting equation states: Assets = _________.

answer

liabilities plus owners' equity

question

_______ refers to the value that stockholders or owners have in a company.

answer

Owners' equity

question

The use of computerized accounting systems _____________.

answer

allows firms to generate financial information almost instantly and whenever the organization needs it.

question

__________ involves the review and evaluation of the records that are used to prepare the organization's financial statements.

answer

Auditing

question

The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of:

answer

Financial accounting

question

Earnings per share, return on sales, and return on equity are examples of:

answer

profitability ratios

question

The accounting profession is divided into 5 key working areas, two of which are:

answer

Auditing and managerial accounting.

BUS 135 Ch. 13, 14, 15, 16,17 – Flashcards

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