Marketing 3305 – Flashcards
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Which of the following is a distinct feature of a product/service differentiation competitive advantage?
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Establishing a brand name
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Which of the following statements is true about stars in the portfolio matrix?
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They are fast growing market leaders.
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Which of the following is an example of a market segment?
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A group of individuals who are diabetic
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Cost competitive advantage can be achieved by:
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avoiding marginal customers.
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A marketing plan can be made more effective by:
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incorporating managerial intuition
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Which of the following practices can help businesses gain a cost competitive advantage?
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Innovating simplified production techniques
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The product in the marketing mix:
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includes company image.
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Which of the following is associated with the market development strategy?
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Adding new features to products
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Which of the following statements is true of a niche strategy?
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A niche strategy is ideal for small companies with limited resources.
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Which of the following is true of a product/service differentiation competitive advantage?
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It tends to be more attractive to top managers because of its durability.
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Companies can make strategic planning more effective by:
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ensuring the participation of top management
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Which of the following questions considered by marketers is best aligned with distribution strategies?
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Where do customers like to shop?
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?In the context of the portfolio matrix, a _____ has low growth potential and a small market share.
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dog
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Which of the following is associated with the market development strategy?
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Adding new features to products
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Which of the following opinions would a proponent of act utilitarianism hold about decision making in ethical dilemmas?
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The alternative that benefits the most people should be chosen even if it means breaking laws.
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Which of the following statements is true about the stakeholder theory of corporate social responsibility?
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It states that a company owes a duty to be a good citizen in its community.
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Which of the statements is true in the context of preconventional morality?
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At this level, people tend to have an egocentric orientation.
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Who among the following is most likely to recognize actions as unethical?
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David has noticed for the first time a colleague misrepresenting data in a report.
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_____ is a business's concern for the long-range welfare of both the company and its relationships to the society within which it operates.?
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Corporate social responsibility
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Which of the following statements is true about the sustainability theory of social responsibility?
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It states that focusing on the world's social and responsible problems will help corporations outperform their peers.
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Which of the following opinions would a proponent of rule utilitarianism hold?
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Decisions must benefit the most people but through the fairest and most just means available.
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Marketers are most likely to recognize an action as unethical when:
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there is a greater degree of agreement among managerial peers that the action is harmful.
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In order to combat U.S. corporations' use of illegal payments and bribes in international business dealings, Congress enacted:
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the Foreign Corrupt Practices Act.
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Hallie has a tendency to be egocentric. She follows the rules of her company only to avoid punishment and not to gain respect. When making decisions, she always focuses on what immediate benefits she will gain from an alternative. Which of the following stages of ethical development is illustrated in the scenario?
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Preconventional morality
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?The_____ is charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food.
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?Food and Drug Administration
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Baby boomers:
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have many health care expenses.
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Which of the following statements is true about the tweens in America?
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They are making an effort to look more mature at a younger age.
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Hispanic Americans:
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believe that the traditional family is the main building block of a healthy community.
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Which of the following statements is true of members of Generation X?
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They were hit hard by the Great Recession.
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Which of the following statements is true of the Great Recession?
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It was the largest economic downturn since the Great Depression.
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Companies can effectively market to teens by:
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using interactive contests and voting challenges.
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Which of the following statements is true of baby boomers?
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They are postponing retirement to pay debts.
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Which of the following statements is true in the context of ethnic markets in the United States?
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More than half of Hispanic Americans are of Mexican descent.
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Business firms can stimulate innovation by:
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telling employees that they have the freedom to fail.
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_____ is a process whereby a consumer notices certain stimuli and ignores others.?
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Selective exposure
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_____ is an orderly series of stages in which consumers' attitudes and behavioral tendencies evolve through maturity, experience, and changing income and status.?
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The family life cycle
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Ramelson Inc. features photographs of celebrities wearing Ramelson clothes and shoes on its Web site. The company uses these celebrities to promote its products as it believes that celebrities can influence customers' buying decisions. These celebrities serve as _____.?
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opinion leaders
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Products that appeal to mothers have evolved since mothers are no longer homogenous like before. Instead, there are traditional, blended, and nontraditional moms. This most likely reflects a change in their _____.?
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?lifestyle
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Becky wants to buy a new cell phone. She asks her tech-savvy friends to recommend a good phone that is light in weight and easy to use. In this scenario, Becky is obtaining information using a(n) _____ information source.?
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?nonmarketing-controlled
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Melina sees herself as a trendsetter in fashion amid her friends and family. Though she dresses in a subtle manner to work, she tries to set a trend portraying herself as a fashionista. In this case, Melina is trying to project her _____.
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ideal self-image
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Which of the following strategies is a marketing manager most likely to follow to increase sales of a high-involvement product?
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Create an advertisement that gives consumers all the necessary information to make a purchase decision
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_____ is the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and is transmitted from one generation to the next.?
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Culture
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Which of the following is a personal characteristic that is unique to each individual and is generally stable over the course of one's life?
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Personality
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A multisegment targeting strategy differs from a concentrated targeting strategy in that it:
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faces a high potential cost from cannibalization of products.
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Why do marketers who spend significant time promoting mass-marketing efforts need to be aware of customer relationship management (CRM)?
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One-size-fits-all marketing is no longer relevant because consumers want to be treated as the individuals they are.
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?Brasco Motor Company produces a wide range of vehicles such as passenger cars, commercial trucks, specialty vehicles, performance vehicles, and race cars. Each type of car has a separate and distinct customer base. Given this information, Brasco Motor Company has divided its customer base by using the strategy of _____.
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?market segmentation
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Which of the following is true of satisficers?
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They place orders with the first supplier that fulfills their requirements.
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?Sheera Jewelry sends birthday greeting cards to each of its customers as a token of appreciation for shopping at its store. This exemplifies the customer relationship management (CRM) trend of _____.
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loyalty
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Online Web sites that greet their users by name and offer information that users are interested in portray the customer relationship management (CRM) trend of _____.?
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technology
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Sheera Jewelry sends birthday greeting cards to each of its customers as a token of appreciation for shopping at its store. This exemplifies the customer relationship management (CRM) trend of _____.
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?loyalty
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?Brasco Motor Company produces a wide range of vehicles such as passenger cars, commercial trucks, specialty vehicles, performance vehicles, and race cars. Each type of car has a separate and distinct customer base. Given this information, Brasco Motor Company has divided its customer base by using the strategy of _____.
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market segmentation
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_____ are business customers who consider numerous suppliers, solicit bids, and study all proposals carefully before selecting one.?
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Optimizers
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Which of the following is a disadvantage associated with an undifferentiated targeting strategy?
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It often results in product offerings that are unimaginative and sterile.
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Why do marketers who spend significant time promoting mass-marketing efforts need to be aware of customer relationship management (CRM)?
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One-size-fits-all marketing is no longer relevant because consumers want to be treated as the individuals they are
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Which of the following is a similarity between a stock market and a labor market?
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Both have people with the necessary resources to buy desired products or services.
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Which of the following is true of a concentrated targeting strategy?
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It is often adopted by small firms to compete effectively with much larger firms.
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_____ labeling is designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase.?
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informational
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_____ is a type of co-branding that occurs when two brands receiving equal treatment borrow from each other's brand equity.?
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Cooperative branding
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Compared to convenience products, shopping products are:
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usually more expensive and are found in fewer stores.
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Daily Fresh is a multinational food and beverage company. One of the new products that Dairy Rich intends to introduce includes fiber added to chocolate. The packages will include data that each chocolate bar contains five grams of fiber and the various health benefits of including more fiber in one's diet. In this case, Daily Fresh intends to use _____.?
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informational labeling
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?Ecstasy Inc. is a Canada-based food and beverage company. The company has decided to market and sell its products in all European countries under the same brand name. In this scenario, Ecstasy Inc. has decided to use the _____.
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one-brand-name strategy
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_____ have the longest product life cycles.?
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Product categories
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Nutritreat Industries Corp. is a manufacturer of food products. The company introduced chocolate cookies to the local market. After a period of initial success, the product lost its market and Nutritreat decided to withdraw chocolate cookies from the market. This scenario is an example of the _____ stage of a product life cycle.?
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decline
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Which of the following is true of product modification?
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It makes cosmetic or functional changes to existing products.
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The business analysis stage of a new-product development process _____.?
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?calculates preliminary figures for demand, cost, sales, and profitability
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Daily Farm is a manufacturer of consumer goods such as foods, beverages, cleaning agents, and personal care products. It is expected to introduce more than ten new products in the next two years. One of the products is a spicier variant of its tomato ketchup aimed at the baby boomer market. Which of the following categories of new products will the spicier ketchup represent?
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Addition to existing product line
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Which of the following is an advantage of simultaneous product development?
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It shortens a product's development process.
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Why are marketing costs high in the introductory stage of the product life cycle?
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High dealer margins are often needed to obtain adequate distribution.
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Which of the following is true of laggards?
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They have the longest adoption time and the lowest socioeconomic status.
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_____ are the first 2.5 percent of all those who first adopt a new product.?
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?Innovators
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Jeni's Splendid Ice Creams has decided to put its new Beet Cake with Black Walnut ice cream on the market. This product has entered the _____ stage of new-product development process.?
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?commercialization
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Which of the following is a criticism of online panels?
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They lead to biased and misleading results as members receive incentives to join the panel.
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Which of the following is specified by the research design?
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The research questions to be answered
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A carefully selected group of consumers who agree to participate in an ongoing online dialogue with a particular corporation is known as a(n) _____.?
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?Web community
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Zilo Toys Inc., a toy manufacturing company, believes that the longer customers spend in deciding what to purchase, the less likely they are to purchase more items. In order to determine the average time customers spend in purchasing toys from their stores, the company employs Tim to watch customers as they discuss what toys to buy. He then reports his findings to the management. In this scenario, Tim is engaged in _____.?
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?observation research
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1 / 1 pts A _____ sample is a sample in which every element in the population has a known statistical likelihood of being selected.?
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?probability
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?The practice of returning production jobs to the United States is known as _____.
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inshoring
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?A small U.S. print studio uses Facebook and Pinterest to promote its stationery and other products. The regular posts and reviews from customers have attracted the attention of several companies worldwide who like to customize their office stationaries and supplies. This is an effect of _____.
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?using social media to expand beyond local markets
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?A company is most likely doomed to failure in a foreign country if it _____.
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?does not understand the country's culture
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Once marketing managers have determined a global product and promotion strategy, they can select the remainder of the marketing mix. However, entry into many developing nations presents special pricing problems because:
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there is a lack of mass purchasing power.
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Many people fear world trade because it:
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causes some people to lose their jobs due to production shifts abroad.
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A _____ is a situation requiring the purchase of a product for the first time.?
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new buy
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Inland Eastex Inc. manufactures paper that is used for printing covers for different types and sizes of magazines. The percentage of magazine sales determines how much paper Inland Eastexwill produce each year. This is an example of _____ demand.?
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derived
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A product is defined as a business product rather than a consumer product on the basis of its _____.?
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intended use
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A decline in the availability of bicycle handle bars will decrease Huffy Bicycle Company's production of bicycles. This decreased production in turn will reduce Huffy's demand for bicycle seats. This scenario illustrates_____ demand.
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joint
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In the context of business relationships in Japan, which of the following best describes amae?
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It is the feeling of nurturing concern for, and dependence upon, another.
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?In the context of the types of business products,consumable items that do not become part of a final product are known as _____.
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?supplies
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A small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product. This is known as _____.?
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the multiplier effect
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?TomSauce, a brand of tomato sauce, advertises that the tomatoes it uses are processed within 24 hours of being picked to ensure product freshness. In this scenario, the fresh tomatoes are examples of _____.
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?raw materials
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Which of the following is true of business marketing on the Internet?
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Business-to-business marketers are behind their business-to-consumer counterparts in social media adoption.
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Which of the following is true of consumer markets?
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They deal with products or services that are meant for personal use.
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_____ negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving a product from the manufacturer into the hands of the final consumer.?
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Channel members
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?A _____ channel enables a consumer to return a product when it reaches the end of its useful life.
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reverse
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Phoenix Automated Retail Servicesspecializes in DVD rentals via automated retail kiosks. If consumers want a particular DVD, they can rent it from Phoenix instead of searching for itinvariousproduction studios. Phoenixtherefore provides _____ for both consumers and the production studios
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contact efficiency
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Which of the following is true of channel conflict?
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It is often caused by an unwillingness of traditional channel members to keep up with the changing times.
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Which of the following is a difference between a retailer channel and a wholesaler channel?
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A retailer channel is most common when the retailer is large and can buy in large quantities, while a wholesaler channel is commonly used for low-cost items that are frequently purchased.
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Marketing services is more challenging than marketing goods because:
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of the unique characteristics of services, which includes intangibility, inseparability, heterogeneity, and perishability.
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Premium boutique hotels encourage employees to develop strong, personal relationships with guests. Such hotels offer value-added services that are not available at traditional hotels. At which level of relationship marketing are these hotels operating?
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level 3
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_____ focuses on maximizing the surplus of income over costs.?
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?Revenue-oriented pricing
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TrustUs Insurance's tagline is "You're in safe hands with TrustUs," and Serenity Life Insurance uses a rock as its trade symbol because it wants to convey stability. What type of promotion strategy are these companies using?
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Creating a strong organizational image
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Which of the following is true of mass customization?
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It results in giving each customer whatever he or she asks for.
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Which of the following is a primary function of relationship integration in providing top-level service to customers?
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It includes the ways in which two or more companies will collaborate on activities or projects so that a customer gains the maximum amount of total value possible from the supply chain.
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By working closely with its clients and understanding their needs, A Plus Z has improved its service encounter to a level that was not thought possible in mass retailing. Which of the eight critical business processes performed by supply chain managers does this best illustrate?
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Customer service management
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Which of the following is true of supply chain agility?
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It allows companies to adapt quickly and easily to customer needs.
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A company's _____ includes all of the companies involved in all of the upstream and downstream flows of products, services, finances, and information, from initial suppliers to the ultimate consumer.?
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supply chain
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Soul Tech, a consumer electronics company, has suffered substantial losses while moving products from the assembly line to the warehouse and shipping docks. Soul Tech should consider reducing the number of times an item is moved in the warehouse by installing a(n):
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materials-handling system.
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?A(n) _____ refers to the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product.
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?franchisor
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?Asif wanted to buy a football immediately. He placed an order on Duke.com, an online portal for sports goods, and dropped in at its nearest physical store to collect it. This scenario is an example of _____.
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click-and-collect
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Which of the following is a difference between direct retailing and direct marketing?
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Direct retailing representatives sell products door-to-door, while direct marketing allows consumers to shop from home.
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A freestanding store can become successful by:
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becoming a destination store.
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Which of the following is true of retail channel omnification?
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It allows retailers to offer competitive prices across various outlets.
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ABC television network uses billboard, television, magazine, and newspaper advertising to inform viewers about new episodes of a popular television program. Therefore, ABC television network uses _____ communication to promote the television program.?
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mass
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Which of the following is a difference between a push and a pull strategy?
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Retailers are targeted in a push strategy, while opinion leaders are targeted in a pull strategy.
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The fishing lures produced by Fun Lite Corporation are unique in that they are handcrafted. Advertising by the company emphasizes the point that how its lures, unlike others, are all handcrafted. This feature is the company's:
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competitive advantage.
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Cover Board Inc. is a company that designs and prints advertisements on coffee sleeves used on cups sold in coffee shops. To find clients to advertise on the coffee cup sleeves, the company sends a representative to other companies to explain them the benefits of advertising on these sleeves. In this case, which of the following promotional strategies is used by Cover Board Inc.?
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Personal selling
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The advertisements for ground coffee sold by Khokho's Inc. state, "The highest quality coffee doesn't have to be expensive." This is an example of how a product communicates its _____.?
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competitive advantage
