Question 1

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) _________.

Accepted Answer

product

Question 2

Services:

Accepted Answer

are intangible activities or benefits that an organization provides to satisfy consumers\' needs in exchange for money or something else of value.

Question 3

Items that a consumer purchases frequently, conveniently, and with a minimum of shopping effort are referred to as:

Accepted Answer

convenience products.

Question 4

Products that the consumer does not know about or knows about but does not initially want are referred to as:

Accepted Answer

unsought products.

Question 5

Items (such as lumber or grain) that become part of the final product are referred to as:

Accepted Answer

components.

Question 6

Which of the following products at the time of their introduction was the best example of a continuous innovation?

Accepted Answer

Blu-Ray player

Question 7

There are eight marketing reasons why a new product can fail. One of these is __________.

Accepted Answer

having an insignificant point of difference

Question 8

A benefit of performing a SWOT analysis and an environmental scan during the new-product strategy development process is that they:

Accepted Answer

can help identify the strategic role the new product might serve in the firm\'s portfolio.

Question 9

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:

Accepted Answer

open innovation.

Question 10

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.

Accepted Answer

business analysis

Question 11

During the introduction stage of the product life cycle, the place element of the marketing mix is highly involved with:

Accepted Answer

convincing channel intermediaries to carry the product.

Question 12

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?

Accepted Answer

Growth

Question 13

Harvesting is an option for a product in the __________ stage of its product life cycle.

Accepted Answer

decline

Question 14

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?

Accepted Answer

Designer handbags

Question 15

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.

Accepted Answer

value

Question 16

The person responsible for managing the marketing efforts for a close-knit family of products or brands is called the __________ or __________.

Accepted Answer

product manager; brand manager

Question 17

Which of the following triggers a product repositioning action?

Accepted Answer

Reacting to a competitor

Question 18

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:

Accepted Answer

trading up

Question 19

When a brand name cannot be spoken, it is considered a __________.

Accepted Answer

logo

Question 20

All products sold by the Tabasco Company use the Tabasco brand. This is an example of __________.

Accepted Answer

multiproduct branding

Question 21

Services are:

Accepted Answer

intangible activities or benefits that an organization provides to satisfy consumers\' needs in exchange for money or something else of value.

Question 22

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.

Accepted Answer

Inseparability

Question 23

When Brad (a customer of the supermarket) heard, \"There is no wait in checkout lines 2 and 5,\" he knew that the supermarket had:

Accepted Answer

idle production capacity.

Question 24

Equipment-based services do not have the marketing concerns of inconsistency because:

Accepted Answer

employees do not have direct contact when providing services to consumers.

Question 25

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

Accepted Answer

experience

Question 26

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?

Accepted Answer

Gap analysis

Question 27

Caring, individualized attention provided to customers as a dimension of service quality is referred to as __________.

Accepted Answer

empathy

Question 28

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:

Accepted Answer

people, physical environment, and process.

Question 29

Off-peak pricing refers to:

Accepted Answer

charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service.

Question 30

Internal marketing refers to:

Accepted Answer

the notion that a service organization must focus on its employees first before successful marketing programs can be directed at customers.

Question 31

All of the following are examples of a price except:

Accepted Answer

a tax.

Question 32

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?

Accepted Answer

$12,600

Question 33

Which of the following is NOT a pricing constraint?

Accepted Answer

Social responsibility impact the product has on society

Question 34

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.

Accepted Answer

pure monopoly

Question 35

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?

Accepted Answer

$3,250,000

Question 36

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.

Accepted Answer

$3.25

Question 37

Which of the following statements about price elasticity of demand is most accurate?

Accepted Answer

Items requiring large cash outlays relative to a consumer\'s disposable income are price elastic.

Question 38

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?

Accepted Answer

$7,500,000

Question 39

Marginal analysis refers to:

Accepted Answer

a continuous, concise trade-off of incremental costs against incremental revenues.

Question 40

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?

Accepted Answer

1,000,000 pairs

Question 41

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.

Accepted Answer

multichannel

Question 42

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

Accepted Answer

transactional

Question 43

Having a Chevron gas station located on a long stretch of lonely highway is an example of __________ utility.

Accepted Answer

place

Question 44

Which of the following statements regarding electronic marketing channels is most accurate?

Accepted Answer

Internet marketing channels employ the Internet to make products and services available for consumption or use by consumers or organizational buyers.

Question 45

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 __________.

Accepted Answer

dual distribution

Question 46

The purpose of a vertical marketing system is to:

Accepted Answer

achieve channel economies and maximum marketing impact.

Question 47

Which of the following is the most popular type of vertical marketing system?

Accepted Answer

Contractual vertical marketing systems

Question 48

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:

Accepted Answer

most profitable

Question 49

Which statement regarding responsive supply chains is most accurate?

Accepted Answer

Responsive supply chains use common platforms and common components across several products.

Question 50

The ability of a logistics system to satisfy users in terms of time, dependability, communications, and convenience is referred to as __________.

Accepted Answer

customer service

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