question

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as a(n) _________. -ware -product -object -market -merchandise item

answer

b

question

Services: -are marketing actions that provide quality products in a timely matter to satisfy customers' needs. -are intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value. -are tangible attributes that a consumer's five senses can perceive. -are tangible product attributes that an organization provides to satisfy consumers' needs in exchange for money or something else of value. -are thoughts that lead to marketing actions.

answer

b

question

Items that a consumer purchases frequently, conveniently, and with a minimum of shopping effort are referred to as: -industrial goods. -shopping products. -specialty products. -unsought products. -convenience products.

answer

e

question

Products that the consumer does not know about or knows about but does not initially want are referred to as: -shopping products. -convenience products. -specialty products. -unsought products. -support products.

answer

d

question

Items (such as lumber or grain) that become part of the final product are referred to as: support products. components. supplies. derived products. installations.

answer

b

question

Which of the following products at the time of their introduction was the best example of a continuous innovation? Pocket calculator Blu-Ray player Cigarette lighter Personal computer Automatic dishwasher

answer

b

question

There are eight marketing reasons why a new product can fail. One of these is __________. -having an insignificant point of difference -not listening to the "voice of the consumer" -not learning critical "takeaway" lessons from past failures -encountering "groupthink" in product development meetings - pushing a poorly conceived offering into the market to generate quick sales and profits

answer

a

question

A benefit of performing a SWOT analysis and an environmental scan during the new-product strategy development process is that they: -allow the firm to forecast potential sales and form their marketing budget based upon those projections. -help identify which members of the organization have an interest or stake in the product's success. -can help identify the strategic role the new product might serve in the firm's portfolio. -narrow the task to a single product rather than a number of product concepts. -allow a firm to expand its objectives to include new ways of thinking.

answer

c

question

Sara Burns is the owner of a company called Piquant (which means having a pleasantly sharp taste or appetizing flavor). She was looking for a new product to go with her company's line of food condiments when a customer suggested combining spices with tea. This is an example of: "bootleg" innovation. ideation outsourcing. open collaboration. idea "groupthink." open innovation.

answer

e

question

In the new-product development process, the __________ stage involves specifying the product features and marketing strategy along with financial projections needed to bring it to market. business analysis idea generation screening and evaluation development commercialization

answer

a

question

During the introduction stage of the product life cycle, the place element of the marketing mix is highly involved with: -convincing channel intermediaries to carry the product. -eliminating some distribution outlets to reduce costs. -guaranteeing there is adequate primary demand if a -skimming pricing strategy is used. -building storage warehouses and distribution centers. -using an intermodal logistics system.

answer

a

question

Profit margins often peak as competitors enter the market, and aggressive pricing strategies take hold. This happens during which stage of the product life cycle? Growth Commercialization Expansion Introduction Maturity

answer

a

question

Harvesting is an option for a product in the __________ stage of its product life cycle. growth decline diversification maturity contraction

answer

b

question

Which of the following products is the best example of a product that might experience an introduction, a decline, and then a resurgent reintroduction as part of its normal product life cycle? Designer handbags Cat food Veterinarian services Cake mixes Paper clips

answer

a

question

If a customer is reluctant to try a new product because he doesn't see that much difference between it and similar products, the company is most likely facing a __________ barrier. usage risk value financial psychological

answer

c

question

The person responsible for managing the marketing efforts for a close-knit family of products or brands is called the __________ or __________. CEO; brand manager brand manager; product promoter product manager; brand manager advertising manager; promotion manager sales manager; director of marketing

answer

c

question

Which of the following triggers a product repositioning action? Increasing the product's use Reacting to a competitor Creating new use situations Finding new users Compressing the product life cycle

answer

b

question

Michelin has added a "run-flat" feature to its higher-priced tire lines so that they can travel up to 50 miles at 55 miles per hour after suffering total air loss. The marketing strategy Michelin used is called: market modification. product extension. rebranding. trading up. downsizing.

answer

d

question

When a brand name cannot be spoken, it is considered a __________. copyright brandmark trademark trade registry logo

answer

e

question

All products sold by the Tabasco Company use the Tabasco brand. This is an example of __________. private branding multibranding co-branding generic branding multiproduct branding

answer

e

question

Services are: -marketing actions that provide quality products in a timely matter to satisfy customers' needs. -intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value. -tangible attributes that consumers' five senses can perceive. -tangible product attributes that an organization provides to satisfy consumers' needs in exchange for money or something else of value. -thoughts that lead to marketing actions.

answer

b

question

A student who is inadequately helped by someone in career services and whose phone calls to the librarian remain unanswered may start to have a negative perception of her school, despite the fact that she has learned a lot in her classes. This is a function of the __________ aspect of services. Inventory Inseparability Imperfection Intangibility Impressionability

answer

b

question

When Brad (a customer of the supermarket) heard, "There is no wait in checkout lines 2 and 5," he knew that the supermarket had: off-peak convenience. idle production capacity. selective demand. intangibility. inconsistency.

answer

b

question

Equipment-based services do not have the marketing concerns of inconsistency because: -equipment comes with warranties. -equipment can be easily serviced if something goes wrong. -employees do not have direct contact when providing services to consumers. -equipment-based services generally deal more with industrial firms than ultimate consumers. -equipment-based services are not really services at all but highly specialized tangible products.

answer

c

question

Services such as restaurants and childcare, have __________ properties, which can only be discerned after purchase or during consumption. direct indirect experience credence search

answer

c

question

Burger King is attempting to measure the difference between their customers' expectations and experiences by using a 24-hour toll-free hot line capable of receiving 4,000 customer calls a day. What is this type of activity called? Gap analysis Feedback analysis Customer contact audit Customer experience management Internal marketing

answer

a

question

Caring, individualized attention provided to customers as a dimension of service quality is referred to as __________. credibility assurance reliability empathy tangibility

answer

d

question

The seven Ps of services refer to an expanded marketing mix for services that includes the four Ps (product, price, place, and promotion) as well as: -people, process, and productivity. -personality, performance, and process. -productivity, performance, and profitability. -personality, procedure, and performance. -people, physical environment, and process.

answer

e

question

Off-peak pricing refers to: -charging different prices to different customers based upon their ability to pay. -charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service. -charging lower prices when demand is high and higher prices when demand is low to stabilize revenue and profits during fluctuations. -charging different prices based on the different levels of service quality offered. -charging one price to first-time customers and reduced rates for repeat or loyal customers.

answer

b

question

Internal marketing refers to: -a plan designed to create a company ethos and a sense of team spirit. -an organizational protocol to identify wasteful spending and poor management. -a search from within the firm to identify and remove employees whose work ethic is not compatible with its core values. -a public relations program aimed at promoting the organization's core values to its primary stakeholder—its employees. -the notion that a service organization must focus on its employees first before successful marketing programs can be directed at customers.

answer

e

question

All of the following are examples of a price except: a fare. wages. a salary. dues. a tax.

answer

e

question

Gem Cakes sells designer cupcakes for $4 each. Each cupcake costs $1 for the ingredients and wrapper. Monthly expenses for the shop include the following: rent is $1,000; utilities are $200; an advertisement in the local paper is $200; and wages are $4,000 per month. How much monthly profit would be expected if the business sells 6,000 cupcakes each month? -$5,400 -$6,000 -$11,400 -$12,600 -$24,000

answer

d

question

Which of the following is NOT a pricing constraint? -Cost of changing prices and the time period they apply -Single versus a product line -Social responsibility impact the product has on society -Newness of the product or stage in its product life cycle -Competitors' prices

answer

c

question

The former Soviet Republic of Turkmenistan is located in Central Asia and is one of the last countries on the planet to gain Internet access. The only Internet service provider for the entire country is Turkmen Telecom. As a result, there is no need for price competition, promotion, or product differentiation because Turkmen Telecom operates in a(n) __________ type market. free enterprise pure monopoly oligopoly monopolistic competitive pure competitive

answer

b

question

At a price of $3 per issue, SHAPE magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier lifestyle. If the price is increased to $3.25 per issue, only 1 million copies will be sold. Fixed costs are $1 million and unit variable costs are $0.50 per issue. From the information provided here, what is SHAPE magazine's total revenue obtained at the higher price? -$3,750,000 -$3,000,000 -$1,750,000 -$3,250,000 -$1,500,000

answer

d

question

At a price of $3 per issue, SHAPE magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier lifestyle. If the price per issue is increased to $3.25 per issue, only 1 million copies will be sold. Fixed costs are $1 million and unit variable costs are $0.50 per magazine. Calculate the average revenue for SHAPE magazine at the higher price. -$0.50 -$1.05 -$1.25 -$3.00 -$3.25

answer

e

question

Which of the following statements about price elasticity of demand is most accurate? -Price elasticity with inelastic demand must always be greater than 1. -The more substitutes a product has, the less likely it is to be price elastic. -Seasonal demand for a product like a snowblower does not affect its price elasticity. -Items requiring large cash outlays relative to a consumer's disposable income are price elastic. -With inelastic demand, reducing price will result in an increase in total revenue, though not necessarily an increase in profit.

answer

d

question

The Precision Writing Instruments Company makes a high-end pen known as the Cordova. Materials cost per pen is $6. Labor cost per pen is $5. Production overhead is $1,000,000. Advertising and promotion is $1,000,000. What is the total cost for sales of 500,000 units of the Cordova design? $1,000,000 $2,000,000 $3,650,000 $5,500,000 $7,500,000

answer

e

question

Marginal analysis refers to: -the process that determines whether total revenue from the sale of 100 additional units of a product exceeds the cost of producing and marketing that unit. -a systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs. -a continuous, concise trade-off of incremental costs against incremental revenues. -the process of identifying the percentage change in the results from changing a product feature or service benefit to reduce costs. -a process that measures specific individual marketing actions against one another that allows a firm to rank them according to their potential risks and benefits.

answer

c

question

North Safety Products manufactures butyl gloves that offer permeation resistance to gas or water vapors for workers that use dangerous chemicals like ketones. The company has fixed costs of $10 million for its butyl glove production and unit variable costs of $5 per pair. If the company charges $15 per pair, how many pairs of gloves must it sell to break even? 200,000 pairs 500,000 pairs 666,667 pairs 1,000,000 pairs 2,000,000 pairs

answer

d

question

Callaway Golf markets its products through more than 15,000 on- and off-course golf retailers and sporting goods retailers; the firm also has its own online store. This makes Callaway Golf an example of a(n) __________ marketer. multichannel single-channel industrial channel dual distribution channel exclusive distribution channel

answer

a

question

Contacting potential customers, promoting products, and seeking orders would be an example of a(n) __________ function that intermediaries perform. transactional logistical facilitating risk taking marketing

answer

a

question

Having a Chevron gas station located on a long stretch of lonely highway is an example of __________ utility. form time place possession location

answer

c

question

Which of the following statements regarding electronic marketing channels is most accurate? -Internet marketing channels perform facilitating functions at only a slightly higher cost than traditional marketing channels. -Internet marketing channels do not look a lot like common marketing channels since there is no need for warehousing products. -Internet intermediaries can perform all logistical functions effectively. -Internet marketing channels employ the Internet to make products and services available for consumption or use by consumers or organizational buyers. -Internet marketing channels use combinations of mail and telephone to conduct business with ultimate consumers.

answer

d

question

The channel strategy demonstrated when Hallmark sells its Hallmark brand greeting cards through Hallmark stores and select department stores and its Ambassador brand of cards through discount and drugstore chains is referred to as __________. a strategic channel alliance multichannel distribution parallel distribution dual distribution multibrand distribution

answer

d

question

The purpose of a vertical marketing system is to: -dissuade retailers from dealing with other manufacturers or wholesalers. -limit the number of retail outlets served and sales region. -achieve channel economies and maximum marketing impact. -eliminate wholesaler channel members and have producers go directly to consumers. -maximize the number of wholesalers with which a supplier can trade.

answer

c

question

Marketing executives typically consider three questions when choosing a marketing channel and intermediaries. These include: (1) which channel and intermediaries will provide the best coverage of the target market, (2) which channel and intermediaries will best satisfy the buying requirements of the target market, and (3) which channel and intermediaries will be the: most profitable. easiest to work with. riskiest to engage with. most concerned about avoiding channel conflict. most concerned with avoiding cannibalization.

answer

a

question

Which statement regarding responsive supply chains is most accurate? -Responsive supply chains use slower modes of transportation but faster order processing. -Responsive supply chains always use the least expensive mode of transportation possible. Responsive supply chains use common platforms and common components across several products. Responsive supply chains rely on maintaining large inventory warehouses. Responsive supply chains achieve economies of scale by having all inventory stored and sorted at a central location.

answer

c

question

The ability of a logistics system to satisfy users in terms of time, dependability, communications, and convenience is referred to as __________. product replenishment distribution management order processing customer service total logistics management

answer

d

question

Which of the following is the most popular type of vertical marketing system? -Corporate vertical marketing systems -Cooperative vertical marketing systems -Contractual vertical marketing systems -Administered vertical marketing systems -Wholesaler-sponsored voluntary systems

answer

c

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