Combo with "Chapter 11 Intro to Business" and 2 others – Flashcards
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Which market includes businesses that buy goods to be converted into other​ products? A. Government B. Industrial C. Reseller D. Services
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industrial
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Lifestyle and economic status are which type of​ influences? A. Social B. Cultural C. Personal D. Psychological
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personal
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Which of the following best describes a market segmentation based on​ age, income, and​ race? A. Behavioral B. Psychographic C. Geographic D. Demographic
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demographic
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Steps to performing market research include all the​ following, EXCEPT which​ one? A. Study the current situation. B. Select a research method. C. Prepare a report. D. Determine the target market.
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determine the target market
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The four major influences on consumer behavior include all the​ following, EXCEPT which​ one? A. Cultural B. Personal C. Business D. Psychological
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business
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Characteristics of B2B buyers include all the​ following, EXCEPT which​ one? A. B2B buyers are experts about the products they buy. B. Begin with a small sample. C. B2B buyers are trained in methods for negotiating purchase terms. D. Buy in bulk or large quantities.
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begin with a small sample
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What does the value of a product​ do? A. Includes the emotional satisfaction a customer feels owning the product B. Offer price reductions C. Compares its benefits with its costs D. Builds lasting relationships with customers and suppliers
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compares its benefits with its costs
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Nonobjective factors are which type of​ motives? A. Physical B. Irrational C. Rational D. Emotional
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emotional
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What do institutional market consists​ of? A. Federal and state governments. B. Hospitals and museums C. Veterinary clinics and nursery schools D. Farmers and manufacturers
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hospitals and museums
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As part of the planning and implementation strategies for any​ product, marketing managers develop​ ________. A. the marketing mix B. the marketing paradigm C. the strategic review D. the competitive analysis
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the marketing mix
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What aspect of the marketing mix did Little Earth Productions change after examining shopping​ habits? A. Promotion B. Place C. Price D. Product
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place WRONG
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Some of the reasons for​ small-business pricing errors include all the​ following, EXCEPT which​ one? A. Failure to estimate operating expenses B. Looking at the competitive market C. Fear of pricing too high D. considering only manufacturing and material costs
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failure to estimate operating expenses WRONG
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Which type of research method compares the responses of the same or similar people under different​ circumstances? A. Focus groups B. Experimentation C. Observation D. Surveys
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experimentation
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The categories of organizational markets include all the​ following, EXCEPT which​ one? A. Independent B. Industrial C. Services D. Reseller
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independent
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B2B buying​ ________. A. bears little resemblance to consumer buying practices B. requires little marketing effort C. is similar to consumer buying practices D. is tightly regulated
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bears little resemblance to consumer buying practices
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Customers generally buy a product because​ ________. A. of a recommendation B. of its intangibles C. of its benefits D. of its features
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or its benefits
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What is usually the first step in a marketing​ strategy? A. Marketing research B. Sales promotion C. Product positioning D. Selecting target markets
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selecting target markets
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Types of marketing that emphasizes building lasting relationships are referred to as​ ________. A. Customer relationship management B. Demographic segmentation C. Relationship marketing D. Consumer behavior
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relationship marketing
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What is a set of techniques for communicating information about​ products? A. Place B. Product C. Promotion D. Price
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promotion
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Marketers may face all the following types of​ competition, EXCEPT which​ one? A. Employee competition B. Brand competition C. Substitute products D. International competition
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employee competition
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Consumer buying process includes all the following​ steps, EXCEPT which​ one? A. Purchase decision B. ​Problem/need recognition C. Evaluation of alternatives D. Social media review
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social media review
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Market segmentation is defined as​ ________. A. identifying the marketing objectives stating what marketing will accomplish in the future B. the creation of a feature of an image that makes a product different C. dividing a market into categories of customer types D. studying what customers need and want
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dividing a market into categories of customer types
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How are industrial goods​ defined? A. Tangible goods that the consumer may buy for personal use. B. Products with intangible features C. Physical items used by companies to produce other products D. Goods that are sold from one firm to another company
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physical items used by companies to produce other products
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Which phase of the marketing plan identifies the planned marketing​ programs? A. Marketing strategy B. Place C. Marketing objectives D. Product differentiation
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marketing strategy
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Marketers monitor the​ ________ to anticipate trends in consumer and business spending. A. mall traffic B. business cycle C. Internet D. WSJ
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business cycle
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Each of the following is one reason why new product development is​ necessary, EXCEPT which​ one? A. Meet the demands of shifting consumer preferences. B. A​ company's success is measure by its number of products. C. Expand or diversify product lines. D. Obtain a competitive advantage.
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a company's success is measure by its number of products
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Which of the following explains the difference between fixed and variable​ costs? A. Variable costs change with the number of units of a product produced and​ sold, whereas fixed costs must be paid regardless of the number of units produced and sold. B. Fixed costs are always the​ same, and variable costs change from month to month. C. Fixed costs are set by​ contract, whereas variable costs are subject to change. D. Fixed costs are for​ "needs" of a company and variable costs are for​ "wants."
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variable costs change with the number of units of a product produced and sold whereas fixed costs must be paid regardless of the number of units produced and sold
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Which of the following is NOT TRUE about pricing for new​ products? A. Price skimming works best in a highly competitive market. B. Price skimming is an option for new product pricing. C. When introducing new​ products, companies must often choose between high prices or low prices. D. Penetration pricing is an option for new product pricing.
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price skimming works best in a highly competitive market
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Foreign markets offer three approaches to extending life cycles. Each of the following is​ one, EXCEPT which​ one? A. New product development B. Reintroduction C. Product extension D. Product adaptation
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new product development
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Which of the following should be the first step in the product development​ process? A. Product testing and test marketing B. Screening C. Product ideas D. Concept testing
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product idea
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Which of the following is NOT one of the orientations from which new ideas or visions for new products can​ stem? A. ​Business-or user-based B. ​Technology-based C. Entrepreneurship D. Profitability
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business or user based WRONG
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Each of the following is a pricing strategy option for existing​ products, EXCEPT which​ one? A. Pricing at or near market prices B. Pricing below market prices C. Price skimming D. Pricing about market prices
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price skimming
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Each of the following is one of the three classifications of organizational products EXCEPT which​ one? A. Expense items B. Consulting services C. Capital items D. Production items
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consulting services
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Which of the following is NOT one of the four stages of the Product Life​ Cycle? A. Introduction B. Maturity C. Death D. Growth
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death
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Which of the following is TRUE about pricing for online​ business? A. Both Amazon.com and eBay use dynamic pricing. B. Variable pricing is an alternative to conventional fixed pricing. C. Dynamic pricing is the most common option for cybershoppers. D. Dynamic pricing is not effective for online business.
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Variable pricing is an alternative to conventional fixed pricing
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Which of the following is TRUE regarding​ break-even analyses? A. A​ break-even analysis finds the sum of variable and fixed costs. B. A​ break-even analysis reflects business profitability. C. A​ break-even analysis is not needed for setting prices. D. Both profit and loss are at zero.
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both profit and loss are at zero
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Which of the following is NOT TRUE about product​ placement? A. Television placements are widespread. B. Product placement can be seen as celebrity endorsement. C. Like TV​ commercials, product placements are easy to avoid. D. Product placement is a promotional tactic.
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like tv commercials product placements are easy to avoid
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Which of the following pricing strategies works best when introducing a product that already has​ competitors? A. Above market B. Price skimming C. Penetration D. Below market
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penetration
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Which of the following statements about new product development is NOT​ true? A. It is estimated that it takes 50 new product ideas to generate one product that finally reaches the market. B. Creating a successful new product is quite easy for an experienced marketer. C. The number of new products hitting the market each year has increased dramatically. D. The single greatest factor in product failure is the lack of significant difference.
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Creating a successful new product is quite easy for an experienced marketer
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Which of the following refers to the group of products that a company makes available for​ sale, whether​ consumer, industrial, or​ both? A. Product mix B. Product features C. Product value package D. Product line
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product mix
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Each of the following is a type of brand​ name, EXCEPT for which​ one? A. Private B. Generic C. Licensed D. National
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generic
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Each of the following is a pricing​ tactic, EXCEPT which​ one? A. Discounts B. Psychological pricing C. Bundling D. Price lining
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bundling
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Which of the following is NOT part of the product value​ package? A. Benefits B. Price C. Rewards D. Features
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Price
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Each of the following is a component of price​ setting, EXCEPT which​ one? A. The Breakeven analysis B. Market share C. ​Cost-oriented pricing D. ​Cost-volume-profit relationships
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Market share
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Which of the following is NOT a type of pricing objective for​ businesses? A. ​Profit-maximizing pricing objectives B. ​e-business objectives C. Market share pricing objectives D. ​Mark-up objectives
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mark up objectives
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Which of the following is the term marketers use to define the product as a bundle of​ attributes, benefits, and​ features? A. Product classification B. Value package C. Product strategy D. Product mix
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value package
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Each of the following is one part of the​ three-part service process​ design, EXCEPT which​ one? A. Facility requirements B. Time compression C. Worker requirements D. Process selection
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time compression
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Which of the following is TRUE about pricing objectives of the​ seller? A. Pricing objectives should always include some level of profits. B. Pricing objectives are standardized in most industries. C. Pricing objectives reflect the goals the seller hopes to achieve. D. Pricing objectives should never be overly ambitious.
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Pricing objectives reflect the goals the seller hopes to achieve
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Which of the following is NOT one of the three classifications of consumer​ products? A. Convenience items B. Capital items C. Specialty items D. Shopping items
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capital items
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Which of the following terms is used to describe the process of using names and symbols to communicate the qualities of a particular product made by a particular producer. A. Product identification B. Branding C. Packaging D. Product placement
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branding
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Which of the following is NOT a distribution​ strategy? A. Nondirect distribution B. Exclusive distribution C. Selective distribution D. Intensive distribution
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non direct distribution
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Which of the following is not an example of a function of​ business-to-business brokers? A. Selling B. Buying C. Buys products from manufacturers and sells them to other businesses D. Services
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services wrong
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Which of the following phrases best describes​ real-time ad​ tracking? A. Accurate​ ad-watching behavior of shoppers in​ malls, theaters, and grocery stores B. The combination of media through which a company advertises C. Specific communication devices for carrying a​ seller's message to potential customers D. ​Paid, nonpersonal communication by which an identified sponsor informs an audience about a product
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Accurate ad watching behavior of shoppers in malls theaters and grocery stores
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Each of the following is part of the distribution​ mix, EXCEPT which​ one? A. Intermediaries B. Retailers C. Promotion D. Wholesalers
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promotion
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Each of the following is a function of the​ e-intermediary, EXCEPT which​ one? A. Using data warehousing B. Providing products through online channels C. Processing information D. Using mass communication
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using data warehousing
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Which of the following is NOT true about relationship​ marketing? A. Salespeople communicate​ one-on-one with potential customers. B. Salespeople gain credibility through relationship marketing. C. Professional interaction is an effective sales tool. D. Relationship marketing does not apply to retail selling.
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relationship marketing does not apply to retail selling
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Which of the following is NOT one of the tasks of personal​ selling? A. Order processing B. Missionary selling C. Creative selling D. ​Real-time ad tracking
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real time ad tracking
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Which of the following refers to a situation when members of the channel disagree over roles or​ rewards? A. Channel leadership B. Channel mix C. Intensive distribution D. Channel conflict
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channel conflict
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The ultimate objective of any promotion is which of the​ following? A. Increase sales. B. Control costs. C. Facilitate distribution. D. Improve quality perception.
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increase sales
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Each of the following is a type of sales​ promotion, EXCEPT which​ one? A. Coupons B. Loyalty programs C. Direct marketing D. Premiums
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Direct marketing
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Which of the following terms refers to the activities needed to move products from an intermediary or a manufacturer to​ customers? A. Warehousing operations B. Physical distribution C. Virtual distribution D. Transportation operations
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physical distribution
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Creative selling requires each of the following EXCEPT which​ one? A. Media planning B. Prospecting and qualifying C. Presenting D. Approaching
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media planning
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Which of the following terms refers to the entire stream of activities involved in getting products to​ customers? A. Wholesaling B. Supply chain C. Upstream suppliers D. Transportation
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upstream suppliers Wrong
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The combination of​ advertising, personal​ selling, sales​ promotions, direct or interactive​ marketing, publicity, and public relations is referred to by which of the following​ terms? A. Marketing mix B. Media mix C. Distribution mix D. Promotional mix
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promotional mix
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Which of the following would NOT be found on a list of benefits of online retailing from the customer​ viewpoint? A. Access to diverse product lines B. Personal customer service C. ​24-hour access D. Efficient shopping experience.
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personal customer service
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Which of the following is a downfall of nondirect​ distribution? A. There is little or no benefit to intermediaries. B. The number of intermediaries is limited. C. Intermediaries provide added value. D. The consumer price is higher.
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the consumer price is higher
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Which of the following describes the process when the product travels from the producer to the consumer or organizational buyer without​ intermediaries? A. Distribution by agent B. Direct distribution C. Wholesale distribution D. Retail distribution
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Direct distribution
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Which of the following is NOT a type of online​ retailer? A. ​Bricks-and-mortar stores B. ​E-catalogs C. Electronic storefronts D. Interactive retailing
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brick and mortar stores
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Businesses that have supply chains as a cornerstone of their business strategy are required to do each of the​ following, EXCEPT which​ one? A. Raise additional capital. B. Identify and assess the entire stream of activities. C. Integrate the entire stream of activities. D. Improve the entire stream of activities.
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raise additional capital
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Which of the following is NOT considered a type of merchant​ wholesaler? A. ​Full-service merchant wholesalers B. Drop shippers C. Agents and brokers D. ​Limited-function merchant wholesalers
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agents and brokers
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When choosing a transportation method each of the following needs to be​ considered, EXCEPT which​ one? A. Safety concerns over trucking B. Needs and wants of the customer C. Nature of the product D. Distance it must travel
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safety concerns over trucking
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Which of the following terms is used when one website offers another a commission for referring​ customers? A. ​e-wholesaling B. ​e-Commerce C. Rack jobbing D. Syndicated selling
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syndicated selling
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Which of the following is a type of retailer with specific market segments and full product lines in narrow product​ fields? A. Supermarket B. Factory outlet C. Specialty store D. Discount house
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specialty store
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Which of the following is NOT true about agents and​ brokers? A. Agents and brokers need merchandising expertise. B. Agents and brokers are independent sales representatives. C. Agents and brokers work on salary from the producer company. D. Agents and brokers do not own merchandise.
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agents and brokers need merchandising expertise wrong
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Which of the following describes the strategy when a firm markets its product to wholesalers and retailers who then persuade customers to buy​ it? A. Merchandising strategy B. Pull strategy C. Push strategy D. ​Push-pull strategy
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pull strategy wrong
