Mgmt 105 – Final – Flashcards
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Which of the following describes the ultimate user of a good or service? a. Consumer b. Marketer c. Competitor d. Advertiser e. Final user
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a. Consumer
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Which of the following terms is defined by the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large? a. Instructor manual b. Consumer manual c. Marketing d. Social media e. Advertising
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c. Marketing
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Which of the following is NOT one of the "Four Ps"? a. Product b. Place c. Price d. Profit e. Promotion
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d. Profit
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_____ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products. a. Product b. Price c. Profit d. Place e. Promotion
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e. Promotion
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Intangible products that are paid for and used, but not owned are known as _____. a. Consumer goods b. Advertisements c. Ideas d. Services e. Exchanges
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d. Services
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6. A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product is known as a(n) _____. a. Value proposition b. Value summation c. Absolute value d. Value line e. Accurate value
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a. Value Proposition
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Which of the following is the formula for calculating the lifetime value of a customer? a. The amount a person will spend TIMES the cost to maintain the relationship PLUS the profit generated b. The amount a person will spend PLUS the cost to maintain the relationship c. The amount a person will spend MINUS the cost to maintain the relationship d. The amount a person will spend DIVIDED BY the cost to maintain the relationship e. The amount a person will spend TIMES the cost to maintain the relationship
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c. The amount a person will spend MINUS the cost to maintain the relationship
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An edge that a firm has over its competitors that allow it to have higher sales, higher profits, and more customers is known as _____. a. Core competency b. Triple bottom line c. Higher advantage d. Competitive advantage e. Distinctive competency
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d. Competitive advantage
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If you own a small retail shop and you put ads in the local paper, put flyers on doors in every neighborhood, and buy billboards in the area so that you can reach as many potential consumers as possible, you are engaging in _____ marketing. a. Specific b. Segmented c. Targeted d. Niche e. Mass
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e. Mass
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Suppose you work for a company that manufactures and markets toys. You wish to use social media to reach young parents in the 20- to 28-year-old range. This market segment would be your _____. a. Target market b. Mass market c. Marketing grouping d. Cluster e. Total population
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a. Target Market
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Which of the following is defined as the flow of goods and services among different countries—the total value of all the exports and imports of the world's nations? a. General Agreement on Tariffs and Trade (GATT) b. Countertrade c. World Trade d. Protectionism e. World Trade Organization (WRO)
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c. World Trade
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Firms consider four steps when determining whether or not to go global. Which of the following is the third step in the process? a. Develop marketing mix strategies b. Market-entry strategy and commitment c. Develop standardization across operations d. "Go" e. "Go" or "no-go"
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b. Market-entry strategy and commitment
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Which of the following terms refers to limitations set by a government on the amount of a product allowed to enter or leave a country? a. Quota b. Protectionism c. Tariffs d. Economic communities e. Embargo
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a. Quota
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The price of one country's currency in terms of another country's currency is known as the _____. a. Balance of payment b. Dollar rate c. Exchange rate d. Money exchange e. Currency fluctuatio
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c. Exchange Rate
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Which of the following is the MOST commonly used measure of a country's economic health? a. Level of economic development b. Economic infrastructure c. Foreign exchange rate d. LDC e. GDP
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e. GDP
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Which term refers to the process of gathering and analyzing publicly available information about rivals? a. Brand competition b. G8 c. Product competition d. Competitive intelligence e. Bottom of the pyramid (BOP)
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d. Competitive Intelligence
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Which law prohibits harmful practices in the production of beef meant for human consumption? a. Prescription drug marketing act b. Federal trade commission act c. Fair packaging and labeling act d. Child protection and toy safety act e. Food and drug act
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e. Food and Drug Act
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Which term refers to a market entry strategy involving two or more firms creating a new entity, allowing the partners to pool their resources for common goals? a. Direct investment b. Franchise agreement c. Licensing agreement d. Exporting e. Joint venture
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e. Joint Venture
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Which of the following market entry strategies involves an agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties? a. Licensing agreement b. Direct investment c. Exporting d. Joint venture e. Franchise agreement
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a. Licensing Agreement
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If a firm retains the same product for domestic and foreign markets, the company is demonstrating which type of product strategy? a. Product invention strategy b. Straight extension strategy c. Backward invention strategy d. Product adaption strategy e. Strategic alliance
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b. Straight extension strategy
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Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long term? a. Business planning b. Strategic planning c. Marketing planning d. Operational planning e. Functional planning
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a. Business planning
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Which of the following is the document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy? a. Business plan b. Operation plan c. Strategic plan d. Functional plan e. Marketing plan
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e. Marketing plan
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Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role (job title) in the organization, when it comes to business planning, which level of planning would MOST describe your activities? a. Business planning b. Functional planning c. Operational planning d. Strategic planning e. Strategic business units (SBUs)
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b. Functional planning
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Which of the following terms refers to a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources? a. Business plan b. Situation analysis c. Mission statement d. Return on marketing investment e. SWOT analysis
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c. Mission Statement
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Which of the following refers to a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival? a. Business planning b. Functional planning c. Strategic business units (SBUs) d. Strategic planning e. Operational planning
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d. Strategic planning
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In step 2 of the strategic planning process, a firm engages in a(n) ________ to assess its internal and external environments. a. Operational plan b. Action plan c. BCG growth market share mix d. Situation analysis e. Portfolio analysis
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d. Situational analysis
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In step 2 of the strategic planning process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis called? a. SWOT analysis b. Situation analysis c. Product development strategy d. Portfolio analysis e. BCG growth market share matrix
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a. SWOT analysis
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According to the BCG growth-market share matrix, ________ are SBUs with products that have a dominant market share in high-growth markets. a. Dogs b. Cash cows c. Squirrels d. Question marks e. Stars
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e. Stars
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A firm seeking a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing strategies? a. Product development b. Control c. Market penetration d. Market development e. Diversification
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c. Market penetration
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Which of the 4 Ps of marketing is MOST closely related to a distribution strategy? a. Place b. Profit c. Promotion d. Product e. Price
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a. Place
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Which of the following refers to an organized collection (often electronic) of data that can be searched and queried to provide information about contacts, products, customers, inventory, and more? a. Market intelligence system b. Intranet c. Database d. Marketing information system (MIS) e. Data
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c. Database
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Which of the following refers to a process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users? a. Marketing information system (MIS) b. Marketing decision support system (MDSS) c. Market intelligence system d. Market research e. Database
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a. Market information system (MIS)
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Which of the following describes a method by which marketers get information about everyday happenings in the marketing environment? a. Intranet b. Marketing decision support system (MDSS) c. Market intelligence system d. Market research e. Marketing information system (MIS)
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c. Market intelligence system
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Which of the following processes involves physically deconstructing a competitor's product to determine how it's put together? a. Reverse engineering b. Market intelligence c. Market research d. Custom research e. Syndicated research
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a. Reverse Intelligence
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Which of the following refers to the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness? a. Custom research b. Syndicated research c. Market research d. Market research data e. Market intelligence system
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c. Market Research
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If a company is collecting data on a regular basis and selling the reports to multiple firms, it is conducting which of the following types of research? a. Market research b. Syndicated research c. Descriptive research d. Custom research e. Exploratory research
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b. Syndicated Research
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Which of the following refers to the collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain its customers? a. Market intelligence system b. Customer insights c. Database d. Neuromarketing e. Reverse-engineering
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b. Customer Insight
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Which of the following exploratory market research techniques typically involves a product-oriented discussion among a small group of consumers led by a trained moderator? a. Customer insights b. Focus groups c. Case study d. Ethnography e. Neuromarketing
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b. focus groups
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Marketers use _____ research techniques when they want to know if a change in one thing is responsible for a change in something else. These factors are known as independent and dependent variables. a. Formative b. Observational c. Cross-sectional d. Descriptive e. Casual
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e. casual
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Which of the following is a marketing metric used to analyze Web traffic? a. Longitudinal design b. Sampling c. Cookies d. Bounce rate e. Predictive technology
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d bounce rate
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Which of the following refers to a systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs? a. Touchpoint b. Customer equity c. Share of customer d. Customer relationship management (CRM) e. One-to-one marketing
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d. Customer relationship management (CRM)
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Which of the following terms refers to any direct interface between customers and a company (online, by phone, or in person)? a. One-to-one marketing b. Touchpoint c. Share of customer d. Customer equity e. Customer relationship management (CRM)
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b. Touchpoint
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Which of the following refers to the percentage of an individual customer's purchase of a product that is a single brand? a. Cost per impression b. Customer equity c. Lifetime value of customer d. Data mining e. Share of customer
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e. Share of customer
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Applications of _____ can be seen through examples such as the success of the Oakland Athletics, a major league baseball team that used the analysis of large data sets to help identify undervalued players and make strategic decisions in games. a. Search engine optimization (SEO) b. Customer relationship management (CRM) c. Big data d. Data mining e. One-to-one marketing
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c. Big Data
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For years, supermarkets, such as Safeway, have sold data derived from all the items processed at the cash register when consumers check out with their loyalty cards. Which of the following refers to this type of information? a. Scanner data b. Unstructured data c. Data mining d. Structured data e. Web scraping
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a. Scanner Data
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Which of the following refers to sophisticated analysis techniques to take advantage of the massive amount of transaction information now available? a. Web scraping b. Unstructured data c. Data mining d. Reality data e. Structured data
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c. Data mining
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A(n) _____ is where companies store and process data. a. Data warehouse b. Web pocket c. Big data pocket d. Information storehouse e. Data mine
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a. Data warehouse
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_____ searches through multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage. a. Web scraping b. A data scientist c. Data mining d. A data broker e. Sentiment analysis
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b. A data scientist
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______ comprises a group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts. a. Search engine optimization (SEO) b. One-to-one marketing c. Customer relationship management (CRM) d. Data mining e. Marketing analytics
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e. Marketing analytics
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Which of the following uses large quantities of data within variables that have identified relationships to more accurately forecast specific future outcomes? a. Marketing metrics b. Data mining c. Predictive analytics d. Search engine optimization (SEO) e. Customer relationship management (CRM)
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c. Predictive analytics
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Which of the following terms refers to the process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires? a. Perceived risk b. Involvement c. Search engine marketing (SEM) d. Search marketing e. Consumer behavior
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e. Consumer Behavior
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If a consumer sees a significant difference between his or her current state of affairs and some desired or ideal state, which step of the consumer decision-making process is the consumer in? a. Evaluation of alternatives b. Product choice c. Post-purchase evaluation d. Problem recognition e. Information search
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d. Problem Recognition
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In which step in the consumer-decision making process will a consumer narrow down choices deciding on feasibility, and comparing the pros and cons of each remaining option? a. Product choice b. Evaluation of alternatives c. Information search d. Post-purchase evaluation e. Problem recognition
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b. Evaluation of alternatives
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If a consumer is experiencing cognitive dissonance regarding his or her purchase, the consumer is on what step of the consumer decision-making process? a. Post-purchase evaluation b. Evaluation of alternatives c. Information search d. Problem recognition e. Product choice
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a. Post-purchase evaluation
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Which of the following terms refers to the process by which people select, organize, and interpret information from the outside world? a. Exposure b. Attention c. Interpretation d. Perception e. Motivation
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d. Perception
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A Rolex watch, a Lexus car, and even the latest Apple iPhone are all examples of a _____ symbol. a. Status b. Cultural c. Style d. Consumer e. Subcultural
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a. Status
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Which of the following refers to demand in which changes in price have little or no effect on the amount demanded? a. Joint demand b. Fluctuating demand c. Organizational markets d. Inelastic demand e. Derived demand
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d. Inelastic demand
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Which of the following describes a business-to-business, or organizational, market? a. Many individual or household customers b. Purchases frequently made on impulse c. Purchases for individual or household consumption d. Demand based on consumer needs and preferences that is generally price-elastic, steady over time, and independent of demand for other products e. Purchases involving competitive bidding, price negotiations, and complex financial arrangements
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e. Purchases involving competitive bidding, price negotiations, and complex financial arrangements
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Which of the following refers to a group that purchases finished goods for the purpose of selling those finished goods for a profit, renting, or leasing to consumers and other businesses? a. Not-for-profit markets b. Government markets c. Producers d. Resellers e. Organizational markets
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d. Resellers
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Which of the following terms refers to creating a written description of the quality, size, weight, color, features, quantity, training, warranty, service terms, and delivery requirements for the purchase? a. Customer reference program b. Product specifications c. Multiple sourcing d. Single sourcing e. Reciprocity
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b. Product specifications
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A(n) _____ is a tangible product, something we can see, touch, smell, hear, taste, or possess. a. Service b. Feature c. Attribute d. Idea e. Good
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e. Good
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Which of the following terms refers to features, functions, benefits, and uses of a product? a. Good b. Attributes c. Augmented product d. Actual product e. Core product
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b. Attributes
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Which of the following refers to a consumer product that is usually low-priced, widely available, and purchased frequently with a minimum of comparison and effort? a. Impulse product b. Unsought product c. Staple products d. Convenience product e. Emergency product
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d. Convenience product
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Which of the following refers to products that organizational customers purchase to use in their finished products? a. Equipment b. Maintenance, repair, and operating (MRO) products c. Processed materials d. Component parts e. Raw materials
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e. Raw Materials
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Which of the following refers to a modification to an existing product, to set one brand apart from its competitors? a. Innovation b. Convergence c. Dynamically continuous innovation d. Discontinuous innovation e. Continuous innovation
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e. Continuous innovation
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Value co-creation occurs in what phase of the new production development process? a. Business analysis b. Idea generation c. Test marketing d. Product concept development and screening e. Market strategy development
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b. Idea generation
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Which phase of the new product development process involves identifying the target market, estimating its size, and determining how the company can effectively position the product to address the target market's needs? a. Test marketing b. Market strategy development c. Commercialization d. Product concept development and screening e. Idea generation
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b. Market strategy development
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A company is likely going to use a media blitz in which step of the adoption pyramid? a. Adoption b. Awareness c. Interest d. Trial e. Evaluation
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b. Awareness
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Which of the following refers to the stage of the product adoption pyramid in which consumers weigh the costs and benefits of the new product? a. Trial b. Evaluation c. Awareness d. Adoption e. Interest
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b. Evaluation
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Which of the following adopters are concerned about social acceptance, so they tend to gravitate toward products they believe will make others think they are cutting-edge or fashionable? a. Early adopters b. Late majority c. Innovators d. Early majority e. Laggard
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a. Early adopters
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Which of the following refers to the systematic and usually team-based approach to coordinating all aspects of a product's strategy development and execution? a. Product line b. Product-line length c. Product management d. Cannibalization e. Product mix
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c. Product management
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Which of the following refers to a firm's total product offering to satisfy a group of target customers? a. Product mix b. Product line length c. Cannibalization d. Product management e. Product line
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e. Product line
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Which of the following refers to the loss of sales of an existing brand when a new item or product family is introduced? a. Product line b. Product management c. Stock keeping unit (SKU) d. Product mix e. Cannibalization
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e. Cannibalization
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Which of the following refers to a concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline? a. Product line b. Product mix c. Product life cycle d. Product quality e. Product management
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c. Product life cycle
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At what stage of the product life cycle is the goal to remain profitable and decide whether to keep or phase out the product? a. Cannibalization stage b. Decline stage c. Growth stage d. Maturity stage e. Introduction stage
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b. Decline stage
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Which of the following refers to a name, a term, a symbol, or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition? a. Brand storytelling b. Brand equity c. Brand d. Brand meaning e. Trademark
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c. Brand
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Which of the following refers to the legal term for a brand name, brand mark, or trade character? a. Brand b. Brand equity c. Brand storytelling d. Brand meaning e. Trademark
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e. Trademark
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________ provides a competitive advantage because it gives the brand the power to capture and hold onto a larger share of the market and to sell at prices with higher profit margins. a. Brand meaning b. Brand storytelling c. Brand equity d. A trademark e. A brand
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c. Brand equity
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Which of the following branding strategies benefits partnering companies by combining the two brands to provide more recognition power than either enjoys alone? a. Family brand b. Private-label c. Generic brand d. National or manufacturer brand e. Cobranding
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e. Cobranding
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Which of the following is an individual who is responsible for developing and implementing the marketing plan for a single brand a. Product category manager b. Brand manager c. Product management d. Market manager e. Venture team
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b. Brand manager
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Which of the following refers to the assignment of value, or the amount the consumer must exchange to receive the offering or product? a. Total cost b. Price c. Prestige products d. Bitcoin e. Market share
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b. Price
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Which of the following refers to the percentage of a market, defined in terms of either sales units or revenue, accounted for by a specific firm, product lines, or brands? a. Retailer margin b. Market share c. Markup d. Gross margin e. Price
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b. Market share
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A Rolex watch, a Louis Vuitton handbag, and a Rolls Royce automobile are all examples of _____ products. a. Intangible b. Universal c. Laggard d. Service e. Prestige
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e. Prestige
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Which of the following refers to demand in which changes in price have large effects on the amount demanded? a. Cross-elasticity of demand b. Inelastic demand c. Break-even point d. Price elasticity of demand e. Elastic demand
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e. Elastic demand
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Which of the following refers to the costs of production that fluctuate depending on the number of units produced? a. Markup b. Contribution per unit c. Fixed cost d. Total cost e. Variable cost
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e. Variable cost
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Which of the following refers to an amount added to the cost of a product to create the price at which a channel member will sell the product? a. Retailer margin b. Gross margin c. Wholesaler margin d. List price or manufacturer's suggested retail price (MSRP) e. Markup
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e. Markup
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Which of the following pricing strategies is usually the rule in an oligopolistic industry that a few firms dominate, which might be in the best interest of all players because it minimizes price competition? a. Demand-based pricing b. Value pricing or everyday low pricing (EDLP) c. Penetration pricing d. Price leadership e. Yield management pricing
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d. Price leadership
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_____ pricing means that the firm charges a high, premium price for its new product with the intention of reducing it in the future in response to market pressures a. Value b. Captive c. Promo d. F.O.B e. Skimming
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e. Skimming
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Which of the following refers to a deceptive pricing tactic in which an advertised price special is used as bait to get customers into the store with the intention of selling them a higher-priced item? a. Predatory pricing b. Surge pricing c. Bait-and-switch d. Loss-leader pricing e. Price fixing
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c. Bait-and-switch
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Which of the following occurs when two or more companies conspire to keep prices at a certain level? a. Surge pricing b. Price fixing c. Predatory pricing d. Loss-leader pricing e. Bait-and-switch
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b. Price fixing
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Which of the following refers to the series of firms or individuals that facilitates the movement of a product from the producer to the final customer? a. Physical distribution b. Wholesaling intermediaries c. Chanel intermediaries d. Channel of distribution e. Independent intermediaries
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d. Channel of distribution
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Which of the following is an advantage of using merchant wholesalers? a. They facilitate transactions for bulky products b. They allow small manufacturers to serve customers throughout the world with competitive costs c. They maintain legal ownership of product by the seller d. They ensure perishable items are delivered and sold efficiently e. They distribute low-cost merchandise for small retailers and other business customers
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b. They allow small manufacturers to serve customers throughout the world with competitive costs
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A _____ is a fee in exchange for agreeing to place a manufacturer's products on a retailer's valuable shelf space. a. Slotting allowance b. Product diversion c. Diverter fee d. Shelf check e. Rack jobber
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a. Slotting allowance
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A _____ is often one or more of the manufacturer's own regular customers that purposefully overbuys product when it is offered at special promotional prices, holds it in inventory until the promotion is over, and then sells the product within the channel. a. Producer b. Diverter c. Merchandise broker d. Licensed distributor e. Manufacturer's representative
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b. Diverter
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Which of the following refers to a process of developing distribution objectives, evaluating internal and external environmental influences on distribution, and choosing a distribution strategy? a. Slotting allowance b. Distribution intensity c. Conventional marketing system d. Distribution planning e. Vertical marketing system (VMS)
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d. Distribution planning
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Which of the following refers to a vertical marketing system in which a single firm owns manufacturing, wholesaling, and retailing operations? a. Administered VMS b. Conventional marketing system c. Retailer cooperative d. Contractual VMS e. Corporate VMS
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e. Corporate VMS
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Which of the following characteristics favors an exclusive distribution strategy? a. Low customer density and service and cooperation as priorities b. Based on a strong market presence, often through advertising and promotion c. Oriented toward mass markets d. Low cost of serving individual customers e. Overlapping market coverage
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a. Low customer density and service and cooperation as priorities
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Which of the following refers to the process of designing, managing, and improving the movement of products and includes purchasing, manufacturing, storage, and transport? a. Supply chain management b. Reverse logistics c. Logistics d. Supply chain e. Physical distribution
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c. Logistics
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Which of the following refers to an inventory management and purchasing process that manufacturers and resellers use to reduce inventory to very low levels and ensure that deliveries from suppliers arrive only when needed? a. Supply chain management b. Inventory turnover c. Inventory control d. Just in time (JI) e. Stock outs
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d. Just in time (JIT)
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Which of the following refers to the coordination of flows among firms to maximize total profitability? a. Supply chain management b. Supply chain c. Reverse logistics d. Logistics e. Physical distribution
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a. Supply chain management
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Which of the following refer to a strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences? a. Communication model b. Multichannel promotional strategy c. Promotion d. Word-of-mouth communication e. Integrated marketing communication (IMC)
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e. Integrated marketing communication (IMC)
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Utilizing the models of marketing communication, which of the following tactics is used in the many-to-many model? a. Public relations b. Database marketing c. Sales promotion d. Social media e. Personal selling
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d. Social Media
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Utilizing the communication model, which of the following is an example of a medium? a. Brand loyalty b. Sales promotion c. Advertising d. Television e. Company
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d. Television
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When marketers combine traditional marketing communications (advertising, sales promotion, public relations, and direct marketing) activities with social media and other online buzz-building activities, it is known as _____. a. B2B sales promotion b. Multichannel promotion strategy c. Traditional combination approach d. Public service advertising e. Permission marketing
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b. Multichannel promotion strategy
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A firm utilizing infomercials to promote its product is attempting to achieve which of the following communication objectives in the hierarchy of effects model? a. Awareness b. Purchase c. Loyalty d. Knowledge e. Desire
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d. Knowledge
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Which of the following refers to an allocation of the promotion budget based on identifying promotion goals and allocating enough money to accomplish them? a. Percentage-of-sales b. Bottom-up budgeting techniques c. Competitive-parity method d. Top-down budgeting technique e. Objective-task method
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b. Bottom-up budgeting techniques
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________ occur(s) when a company tries to move its products through the channel by convincing channel members to offer them. a. The AIDA model b. The hierarchy of effects c. A push strategy d. Bottom-up budgeting techniques e. A pull strategy
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c. A push strategy
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Which of the following refers to online consumer comments, opinions, advice and discussions, reviews, photos, images, videos, podcasts, webcasts, and product-related stories available to other consumers? a. Greenwashing b. User-generating content (UGC) c. Crowdsourcing d. Advertising campaign e. Do-it-yourself (DIY) ads
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b. User-generating content (UGC)
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Which of the following refers to claims made in advertising of product superiority that cannot be proven true or untrue? a. Crowdsourcing b. Puffery c. Greenwashing d. Do-it-yourself (DIY) ads e. Collective advertising
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b. Puffery
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Which of the following trade promotions is being used if a retail salesperson at a cosmetics counter gets $5 every time she sells a bottle of Glow perfume by JLo? a. Merchandising allowances b. Push money c. Trade dividend d. Promotional products e. Trade shows
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b. Push money
