question

________________ is the basic unit of exchange?

answer

A transaction

question

Human beings always choose the best available product when making a purchase.

answer

False

question

Sergio is the head designer for 'Robertson House' a high-fashion clothing company. Each year, Sergio completely changes the colors of the clothes he designs so that it will be obvious to anyone who has fashion sense that last years colors are out of date. This "planned obsolescence" tends to affect consumers at the _________ stage of the consumer buying process.

answer

Need recognition

question

One of the ways our perceptions are biased is that we don't see things that are really there.

answer

True

question

Bruce is a fan of the Minnesota Vikings Football team. He was watching a game between the Minnesota Vikings and the San Francisco Fortyniners on San Francisco television station. He expected that the announcers would favor the local team and it appeared that he was right. Even though a national media agency gave the local announcers an award for the most unbiased coverage ever in a televised football game, Bruce remained convinced that the announcers had favored the local team. This is an example of ______________?

answer

Selective interpretation

question

______________________ is the marketing of goods and services to companies, governments, or not-for-profit organizations purposes other than personal consumption?

answer

Business marketing

question

Which of the following is NOT information that is available categorized by NAICS codes?

answer

(NOT Industry sales data)

question

BruceCo is a company that makes products for the coffee industry. They subscribe to a clipping service that monitors newspapers in major cities around the world for articles related to the coffee industry. This is an example of _____________ in a marketing information system?

answer

Marketing intelligence

question

What is the difference between data and information as discussed in class?

answer

(NOT A datum is a fact based on hard evidence; information is a fact based on opinion.)

question

Jiwon is thinking of developing a candy specifically for college students. She thinks that college students would buy candy if it had caffeine in it. Before she invests a lot of money in candy making equipment, she conducts ___________ research to find out if there is a relationship between caffeine and candy sales for college students?

answer

Descriptive

question

Which of the following sampling techniques is a nonprobability sample?

answer

(NOT iceberg sample)

question

You don't have to have a product that appeals to everyone in order to have a successful business.

answer

True

question

Adam had an idea for a new smartphone accessory. He showed his idea to ten of his friends. Three of them loved the idea, four of them thought it was OK, but nothing special and three of them hated the idea. If he develops the product, he will need to sell at least 10,000 in order to make money. He was wondering whether or not to develop the product when he remembered the law of large numbers from Professor Robertson's marketing class. Based on that, he decided to __________?

answer

(NOT Modify the product so that seven or more of his friends like it and nobody hates it before introducing it to the market. This way there will be a larger group of potential customers for the product.)

question

It is more important to evaluate positive information than it is to evaluate negative information when trying to understand how customers perceive your product.

answer

False

question

In the three circles positioning framework presented in class, what does "the bar" represent?

answer

Areas where you need to be competitive, but will not give you a competitive advantage

question

During the idea generation stage of the new product development process, it is important to evaluate new product ideas as they come in to avoid being overloaded with unusable ideas.

answer

False

question

It makes it easier for a customer to adopt a new product if the new product is similar to the one it is intended to replace.

answer

False

question

The goal at the ______________ stage of the product life cycle is to build market share and differentiate the product.

answer

Growth

question

_____________ refers to the number of product lines in a company's product mix.

answer

Depth

question

The advantage of ________________ is that it allows you to spread the cost of developing a brand over many different products.

answer

(NOT generic branding)

question

A(n) _____________ is a name, term, design, symbol, or any other feature that identifies one seller's goods or services as distinct from those of other sellers?

answer

Brand

question

Frodo was a massage therapist. He was very good at dealing with lower back pain. He gave his clients a book that they could use to keep a record of their visits to his practice and record their thoughts and feelings about the therapy. In the front of the book was a beautiful picture and an inspiring poem that would remind his clients that lower back pain can be treated with a visit to Frodo. By using the book, Frodo's patients could benefit from his practice even if he wasn't with them personally. Frodo was using the ___________ approach to making his service seem 'real'?

answer

(NOT visualization)

question

The basic issue when you are dealing with the __________ characteristic of services is that the customer and the service provider have to be together in order for the service to be produced?

answer

Inseparability

question

In automating a manufacturing plant, which of these would definitely increase in the short run?

answer

Fixed cost

question

An inverted demand curve is usually associated with luxury or prestige goods. With an inverse demand curve, within a certain range of prices...

answer

An increase in price will lead to an increase in the quantity demanded

question

For companies operating in an oligopoly market structure, prices tend to be very stable. In these situations, the company with the largest market share might raise its prices in hopes that other, smaller companies will follow. If this happens, the price will increase. This is called the ____________ to setting prices?

answer

Price leadership approach

question

Many large retail stores use ____________ because it would be impractical to calculate the correct price for thousands of items individually?

answer

(NOT price ceiling pricing)

question

Which of the following is NOT a reason a company might want to have more than one marketing channel?

answer

(NOT to provide local service to customers in different areas of the country)

question

With _________________ the roles of the various channel partners are specified by a formal contract.

answer

The roles of the channel partners are specified by contract in all of these situations.

question

Thomas Friedman wrote a book about the impact of new technologies and other trends impacting the way business is conducted in the world called The World is Flat. One of the basic premises is that widespread adoption of internet protocols and the seamless connection of computer systems along the value chain allowing for the efficient flow of ___________ to help smooth the flow of goods from raw materials to end user.

answer

Information

question

Coca Cola's basic strategy is they you should never be more than an arms length away from a cold, refreshing Coke. In order to achieve this strategy they try to make Coke products available for sale through as many outlets as possible. You can buy bottled Coke in the grocery store, fountain coke at a restaurant, single cans and bottles at convenience stores and gas stations, and individual cans from vending machines while you are waiting in line for a ride at an amusement park. Because the goal of the supply chain is to maximize __________, Coke is willing to bear the expense of having several different channels of distribution?

answer

Responsiveness

question

For stores selling luxury products, it is important for customers to be able to see the prices of the merchandise when browsing.

answer

False

question

Two recent trends in retailing, television shopping channels and online selling are examples of?

answer

Nonstore retailing

question

Which of these is a question you should be asking when establishing the objective for a promotional campaign?

answer

All of these are questions you should be asking when establishing the objectives for a promotional campaign.

question

The AIDA model for persuasive communication suggests there are four stages you need to go through in order to persuade somebody. The LAST thing you have to do is?

answer

Tell the person what you want them to do.

question

Which of the following services is a full-service advertising agency likely to provide?

answer

All of these - that is why they call it a full-service agency

question

Lindsay Wagner, the Bionic Woman of classic television fame, appears in advertisements for the Sleep Comfort Adjustable bed. In the advertisement, she explains how the ability to change the level of firmness in the mattress has changed her life. This is an example of a(n) __________ appeal in advertising?

answer

Testimonial

question

When is it appropriate to ask for the order when closing a sales call.

answer

It is always appropriate to ask for the order

question

The key to success with the ____________ approach to selling is to contact as many people as possible and hope that one of them will be interested in your product?

answer

Shotgun selling

question

The __________ environment deals with issues that affect all companies in an industry?

answer

(NOT natural)

question

What do we mean when we speak of a "defensible" decision?

answer

That the decision incorporated all of the relevant information available at the time the decision was made.

question

Santa Claus is trying to forecast demand for coal this Christmas. For the past 300 years, the number of naughty children (who will get coal in their stockings) has increased by 3% each year. Santa is likely to use the ____________ method to forecast demand.

answer

Trend analysis

question

When developing contingency plans, the ____________ scenario represents your best estimate of what actually will happen?

answer

Best case

question

Which of these is NOT a measure generally used in advertising?

answer

All of these are measures commonly used in advertising

question

Sales data is frequently used as a metric in marketing plans. Which of the following is NOT a commonly used sales measure?

answer

Advertising expenditures

question

One of the ethical issues in marketing is that data mining techniques where information from several databases is combined may be a violation of a customer's ___________?

answer

Privacy

question

___________ are society's values and standards that are enforceable in court?

answer

Laws

question

The objective at the bottom of the sales funnel is...?

answer

(NOT outreach)

question

Which of the following is NOT a measure of success for a social business enterprise (SBE)?

answer

Shrink disposable income

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