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Andy Sanders owns a sporting goods store that appeals to hunters and fishermen. The market that Andy is trying to appeal to is called his: A) focal market B) objective market C) target market D) critical market E) intention market
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C
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The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called: A) market positioning B) market splitting C) market targeting D) market subdividing E) market segmentation
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E
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Which of the following is the correct sequence of events in regard to the process of selecting a target market and position strategy? A) creating a unique positioning strategy, selecting a target market, segmenting the market B) segmenting the market, creating a unique positioning strategy, selecting a target market C) segmenting the market, selecting a target market, creating a unique positioning strategy D) selecting a target market, creating a unique positioning strategy, segmenting the market E) creating a unique positioning strategy, segmenting the market, selecting a target market
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C
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Brenda Berry is thinking about starting a computer company. After doing some research, she has decided that the computer industry can be divided into the following product categories: handheld computers, laptops, tablet computers, PCs, minicomputers, and mainframes. She is now trying to decide which product category she is the most interested in competing in. The process that Brenda is going through is called: A) market splitting B) market subdividing C) market segmentation D) market dividing E) market separating
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C
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Once a firm has segmented the market, the next step is to: A) decide on a position within the segment B) select a critical market C) select a target market D) select a focal market E) immediately decide on the "4Ps" of the marketing strategy
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C
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A ________ is a place within a market segment that represents a narrower group of customers with similar interests. A) position market B) niche market C) slot market D) spot market E) gap market
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B
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Research in Motion (RIM) is a handheld computer company that focuses specifically on business users that need dependable access to e-mail and the Internet while away from their office. For RIM, this specific type of user within the large business market segment is referred to as its: A) gap market B) task market C) position market D) hole market E) niche market
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E
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A(n) ________ is the set of attributes—positive or negative—that people associate with a company. A) emblem B) logo C) symbol D) brand E) trade name
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D
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Which of the following selections is incorrect regarding a firm's "positioning" strategy? A) Position is concerned with how the firm is situated relative to its competitors. B) A firm's decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research. C) Position is concerned with how a firm is situated relative to competitors. D) Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created. E) After selecting a positioning strategy, the firm's next step is to select a target market.
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E
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A ________ illustrates a firm's positioning strategy relative to its major rivals. A) product attribute map B) positioning analysis grid C) positioning plot D) competitive analysis grid E) positioning diagram
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A
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A product attribute map is used to help a firm determine: A) if it is emphasizing benefits rather than features B) if its branding strategy is appropriate C) if its market segmentation is correct D) if its positioning strategy is appropriate E) if its target market is appropriate
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D
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Nike's familiar phrase "Just do it" is an example of a(n): A) attention-line B) tagline C) notice-line D) catchline E) grabline
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B
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InstyMed's phrase "We make patients better quicker" is an example of a(n): A) tagline B) grabline C) notice-line D) catchline E) attention-line
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A
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Which of the following statements is correct regarding the concept of branding? A) Brands cannot be built through advertising, public relations, sponsorships, social media, or similar techniques. B) A company doesn't normally want its customers to identify with its brand. C) Startups usually start with an established brand. D) A brand can be one of a company's most valuable assets. E) A brand can denote a negative impression of a company.
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D
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Some companies monitor the integrity of their brands through a program of: A) brand administration B) brand persistence C) brand determination D) brand resolution E) brand management
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E
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According to the textbook, a brand is all of the following except: A) reputation B) collection of memories C) a pledge D) a promise E) a written warranty
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E
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Creating ________ means creating awareness and a sense of anticipation about a company and its offerings. A) ruckus B) noise C) clatter D) clamor E) buzz
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E
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Which of the following statements is incorrect regarding the process of building a company's brand? A) A firm's name, logo, Web site design, and even its letterhead are part of its brand. B) One of the keys to effective branding is to create a strong personality for a firm. C) Some companies monitor the integrity of their brands through brand management. D) Startups must build a brand from scratch, which starts with selecting the company's name. E) Most experts recommend a heavy reliance on advertising in building a firm's brand.
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E
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________ is a term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation. A) Trademark equity B) Brand equity C) Logo equity D) Trademark value-added E) Trade name strength
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B
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According to the textbook, a successful brand can increase the market value of a company by: A) 5 to 10 percent B) 20 to 30 percent C) 40 to 50 percent D) 50 to 75 percent E) 75 to 100 percent
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D
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A firm's ________ is the set of controllable, tactical marketing tools that it uses to produce the response it wants in the target market. A) tactical mix B) promotional blend C) organizational mix D) marketing mix E) selling mix
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D
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Which of the following is not one of the four elements that constitute a firm's marketing mix? A) price B) promotion C) passion D) place (or distribution) E) product
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C
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A firm's marketing mix consists of the following four elements: A) product, price, promotion, and place B) passion, pride, promotion, and place C) passion, pleasure, product, and price D) enthusiasm, passion, product, and price E) place, promotion, passion, and product
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A
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A firm's ________, in the context of its marketing mix, is the good or service it offers to its target market. A) conception B) idea C) formation D) product E) invention
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D
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A ________ is something that takes on a physical form, such as an MP3 player or a laptop computer. A ________ is an activity or benefit that is intangible, such as an airplane trip or advice from an attorney. A) product, service B) service, component C) component, service D) formation, service E) service, product
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A
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A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product. A) tribute account B) reference account C) approval report D) appreciation account E) acknowledgment report
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B
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Before Kim Green opened her jiffy print store, she processed several large print jobs for local merchants for free, to demonstrate the quality of her service and to solicit feedback. Two of the merchants wrote favorable reviews of Kim's service, and agreed to let Kim post the reviews on her company's Web site. The companies that wrote the favorable reviews are referred to as: A) appreciation reports B) acknowledgement accounts C) referent accounts D) tribute reports E) approval reports
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C
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The amount of money consumers pay to buy a product is its: A) price B) fee C) value D) cost E) charge
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A
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Which element of the marketing mix is the only one that produces revenue? A) product B) place (or distribution) C) advertising D) price E) promotion
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D
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In ________, the list price of an item is determined by adding a markup percentage to a product's cost. A) cost-based pricing B) compliance-based pricing C) value-based pricing D) competitive-based pricing E) economic-based pricing
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A
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Pat Walker owns an environmental services company. The way Pat prices her services is to figure her cost and then add a 22 percent markup. The method that Pat uses to determine her prices is called: A) economic-based pricing B) value-based pricing C) competitive-based pricing D) cost-based pricing E) conformity-based pricing
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D
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In ________, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion. A) value-based pricing B) tactical pricing C) strategic pricing D) cost-based pricing E) economic-based pricing
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A
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Michael Jones owns a Web design firm. The way Michael prices his products is to determine what consumers are willing to pay, and then he backs off a bit to provide a cushion. The method that Michael used to determine his prices is called: A) predatory pricing B) technical pricing C) cost-based pricing D) competitive-based pricing E) value-based pricing
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E
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According to the textbook, most experts recommend ________ pricing because it hinges on the perceived value of a product or service. A) value-based B) cost-based C) competitive-based D) tactical E) strategic
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A
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Karen Simon recently purchased a digital camera. She considered three cameras, a Kodak that was priced at $139.00, a Panasonic priced at $189.00, and a Nikon priced at $229.00. Karen couldn't tell much difference between the cameras, so she bought the Nikon, figuring that because it was the most expensive of the three, it must be the best. According to the textbook, Karen was making a: A) price-quality attribution B) price-merit attribution C) cost-value acknowledgement D) cost-worth attribution E) price-worth acknowledgement
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A
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________ refers to the activities the firm takes to communicate the merits of its product to its target market. A) Sponsorship B) Advertising C) Endorsement D) Promotion E) Price
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D
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The Google program called ________ allows advertisers to buy keywords on the Google Home Page. A) AdSense B) Adcenter C) AdWords D) Search Marketing E) AdGoogle
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C
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Efforts to establish and maintain a company's image with the public are referred to as: A) open relations B) public relations C) civic relations D) community relations E) advertising
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B
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Every year thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a: A) trade show B) promotions show C) deal show D) goods show E) skill show
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A
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Twitter, Facebook and company blogs are examples of: A) public media B) group media C) shared media D) social media E) community media
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D
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The idea behind blogs is that they: A) familiarize people with a business and help build an emotional bond between a business and its customers B) are an effective recruiting tool and they help businesses network with government officials C) help build an emotional bond between a business and its customers and are an effective platform for product development D) are an effective tool for product development and familiarize people with a business E) are an effective tool for recruiting and they familiarize people with a business
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A
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________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques. A) Rebel B) Bug C) Catching D) Guerrilla E) Revolutionary
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D
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A(n) ________ is a route a product takes from the place it is made to the customer who is the end user. A) trade channel B) product channel C) allotment channel D) promotion channel E) distribution channel
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E
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A firm's sales process: A) is typically not put in place until a year or more after a startup launches B) describes a firm's branding strategy C) depicts the steps it goes through to identify prospects and close sales D) describes its social media strategy E) depicts the steps it goes through to identify its target market and positioning strategy
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C
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The first step in the formal sales process described in the book is: A) qualify the lead B) make the sales presentation C) prospect for sales leads D) meet objections and concerns E) make the initial contact
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C
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Which of the following statements is untrue regarding a firm's sales process? A) A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process. B) Following a formal or structured process to generate and close sales benefits a firm. C) A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries. D) A firm's sales process depicts the steps it goes through to identify its target market. E) A formal sales process involves a number of identifiable steps.
answer
D
