Question 1

Wink Natural Cosmetics, the company profiled in the opening feature in Chapter 11, sells cosmetics products. According to the case, the company\'s initial marketing efforts were aimed at ________.

Accepted Answer

building the company\'s brand

Question 2

Kyle White owns a sporting goods store that appeals to hunters and fishermen. The market that Kyle is trying to appeal to is called his ________ market.

Accepted Answer

target

Question 3

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________.

Accepted Answer

market segmentation

Question 4

Which of the following is the correct sequence of events to the process of selecting a target market and position strategy? A) Create a unique positioning strategy, Select a target market, Segment the market B) Segment the market, Create a unique positioning strategy, Select a target market C) Segment the market, Select a target market, Create a unique positioning strategy D) Select a target market, Create a unique positioning strategy, Segment the market E) Create a unique positioning strategy, Segment the market, Select a target market

Accepted Answer

Segment the market, Select a target market, Create a unique positioning strategy

Question 5

Katherine Ford is thinking about starting a computer company. After doing some research, she has decided that the computer industry can be divided into the following product categories â handheld computers, laptops, tablet computers, PCs, work stations, minicomputers, mainframes and super computers. She is now trying to decide which product category she is the most interested in competing in. The process that Katherine is going through is called market ________.

Accepted Answer

segmentation

Question 6

Once a firm has segmented the market, the next step is to ________.

Accepted Answer

select a target market

Question 7

A ________ market is a place within a market segment that represents a narrower group of customers with similar interests.

Accepted Answer

niche

Question 8

Broadway Dance Center in New York City targets serious dancers who aspire to earn a living dancing in Broadway plays. This specific portion of the overall dance industry is referred to a ________ market.

Accepted Answer

niche

Question 9

Which of the following selections is incorrect regarding a firm\'s \"positioning\" strategy?  A) Position is concerned with how the firm is situated relative to its competitors. B) A firm\'s decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research. C) Determining which position in a market to occupy and compete in is a strategic call on the part of a company based on its mission, its overall approach to the marketplace, and its competitive landscape. D) Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created. E) After selecting a positioning strategy, the firm\'s next step is to select a target market.

Accepted Answer

After selecting a positioning strategy, the firm\'s next step is to select a target market.

Question 10

A ________ illustrates a firm\'s positioning strategy relative to its major rivals.

Accepted Answer

product attribute map

Question 11

A product attribute map is used to help a firm determine if ________.

Accepted Answer

its positioning strategy is appropriate

Question 12

Nike\'s familiar phrase \"Just do it\" is an example of a(n) ________.

Accepted Answer

tagline

Question 13

Birchbox\'s phrase \"The Box is Monthly, the Discoveries are Endless\" is an example of a(n) ________.

Accepted Answer

tagline

Question 14

A firm\'s target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

Accepted Answer

TRUE

Question 15

The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.

Accepted Answer

FALSE

Question 16

Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavioral variables, and product type.

Accepted Answer

TRUE

Question 17

A niche market is a place within a market segment that represents a narrow group of customers with similar interests.

Accepted Answer

TRUE

Question 18

A firm\'s \"position\" is concerned with how it is situated relative to its rivals.

Accepted Answer

TRUE

Question 19

A product attribute map illustrates the strength of a firm\'s niche (or target) market relative to competing markets.

Accepted Answer

FALSE

Question 20

A tagline is a catchy phrase that\'s used consistently in a company\'s literature, advertisements, and even invoices and thus becomes associated with a company to reinforce its position in the market.

Accepted Answer

TRUE

Question 21

A(n) ________ is the set of attributes-positive or negative-that people associate with a company.

Accepted Answer

brand

Question 22

Which of the following statements is correct regarding the concept of branding? A) Brands cannot be built through advertising, public relations, sponsorships, social media, or similar techniques. B) A company doesn\'t normally want its customers to identify with its brand. C) Startups usually start with an established brand. D) A brand can be one of a company\'s most valuable assets. E) A brand can denote a negative impression of a company.

Accepted Answer

A brand can be one of a company\'s most valuable assets.

Question 23

Some companies monitor the integrity of their brands through a program of brand ________.

Accepted Answer

management

Question 24

According to the textbook, a brand is all of the following except a(n) ________.  A) firm\'s reputation B) firm\'s credentials C) indicator of trust and reduced risk D) description of a company\'s nature E) written warranty

Accepted Answer

written warranty

Question 25

Creating ________ means creating awareness and a sense of anticipation about a company and its offerings.

Accepted Answer

buzz

Question 26

Which of the following statements is incorrect regarding the process of building a company\'s brand, particularly for young firms? A) A firm\'s name, logo, Web site design, and even its letterhead are part of its brand. B) One of the keys to effective branding is to create a strong personality for a firm. C) Some companies monitor the integrity of their brands through brand management. D) Startups must build a brand from scratch, which starts with selecting the company\'s name. E) Most experts recommend a heavy reliance on advertising in building a firm\'s brand.

Accepted Answer

Most experts recommend a heavy reliance on advertising in building a firm\'s brand.

Question 27

________ is a term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm\'s valuation.

Accepted Answer

Brand equity

Question 28

According to the textbook, a successful brand can increase the market value of a company by ________ to ________ percent.

Accepted Answer

50; 75

Question 29

A brand is the set of attributesâpositive or negativeâthat people associate with a company.

Accepted Answer

TRUE

Question 30

Creating buzz means creating awareness and a sense of anticipation about a company and its offerings.

Accepted Answer

TRUE

Question 31

\"Brand premium\" is the term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm\'s valuation.

Accepted Answer

FALSE

Question 32

The 4Ps of marketing refer to a company\'s ________.

Accepted Answer

marketing mix

Question 33

Which of the following is not one of the four elements that constitute a firm\'s marketing mix? A) Price B) Promotion C) Passion D) Place (or distribution) E) Product

Accepted Answer

Passion

Question 34

A firm\'s marketing mix consists of ________.

Accepted Answer

product, price, promotion, and place

Question 35

A firm\'s ________, in the context of its marketing mix, is the good or service it offers to its target market.

Accepted Answer

product

Question 36

A ________ is something that takes on a physical form, such as a smartphone or a laptop computer. A ________ is an activity or benefit that is intangible, such as an airplane trip or advice from an accountant.

Accepted Answer

product; service

Question 37

The Partnering for Success feature in Chapter 11 focuses on Caribou Coffee and Bruegger\'s Bagels, two companies that have established a cobranding relationship. Cobranding is when two companies ________.

Accepted Answer

form a partnership to combine their brands

Question 38

A(n) ________ is an early user of a firm\'s product who is willing to give a testimonial regarding his or her experience with the product.

Accepted Answer

reference account

Question 39

Before Kimberly Campbell opened her jiffy print store, she processed several large print jobs for local merchants for free, to demonstrate the quality of her service and to solicit feedback. Two of the merchants wrote favorable reviews of Kimberly\'s service, and agreed to let Kimberly post the reviews on her company\'s Web site. The companies that wrote the favorable reviews are referred to as ________.

Accepted Answer

referent accounts

Question 40

The amount of money consumers pay to buy a product is its ________.

Accepted Answer

price

Question 41

Which element of the marketing mix is the only one that produces revenue?

Accepted Answer

Price

Question 42

In ________-based pricing, the list price of an item is determined by adding a markup percentage to a product\'s cost.

Accepted Answer

cost

Question 43

Kevin Jackson owns a general contracting company. The way Kevin prices his services is to figure his cost and then add a 33 percent markup. The method that Kevin uses to determine his prices is called ________-based pricing.

Accepted Answer

cost

Question 44

In ________ pricing, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.

Accepted Answer

value-based

Question 45

Annie Clarke owns a smartphone app development firm. The way Annie prices her products is to determine what consumers are willing to pay, and then she backs off a bit to provide a cushion. The method that Annie used to determine her prices is called ________ pricing.

Accepted Answer

value-based

Question 46

According to the textbook, most experts recommend ________ pricing because it hinges on the perceived value of a product or service.

Accepted Answer

value-based

Question 47

Karen Simon recently purchased a digital camera. She considered three cameras-a Sony that was priced at $239.00, a Canon priced at $319.00, and a Nikon priced at $399.00. Karen couldn\'t tell much difference between the cameras, so she bought the Nikon, figuring that because it was the most expensive of the three, it must be the best. According to the textbook, Karen was making a ________.

Accepted Answer

price-quality attribution

Question 48

________ refers to the activities the firm takes to communicate the merits of its product to its target market.

Accepted Answer

Promotion

Question 49

The What Went Wrong feature in Chapter 11 focuses on a series of missteps at JCPenney under the tenure of then CEO Ron Johnson. According to the feature, Johnson\'s three most damaging marketing-related mistakes were ________.

Accepted Answer

Fair and Square Pricing, no testing of ideas in advance, and a total misread of JCPenney\'s brand

Question 50

The Google program called ________ allows advertisers to buy keywords on the Google Home Page.

Accepted Answer

AdWords

Question 51

Efforts to establish and maintain a company\'s image with the public are referred to as ________.

Accepted Answer

public relations

Question 52

Every January thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a ________ show.

Accepted Answer

trade

Question 53

The Savvy Entrepreneurial Firm feature in Chapter 11 focuses on Airbnb, the company that created a marketplace for people to list, discover, and book unique spaces in people\'s homes or apartments while traveling. According to the feature, Airbnb was able to generate substantial buzz about its service via the use of ________.

Accepted Answer

blogs

Question 54

________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.

Accepted Answer

Guerrilla

Question 55

A(n) ________ channel is a route a product takes from the place it is made to the customer who is the end user.

Accepted Answer

distribution

Question 56

A firm\'s marketing mix is the assortment of products and services that it sells.

Accepted Answer

FALSE

Question 57

An important distinction should be made between a firm\'s core product and its actual product. While the core product may be a CD that contains an antivirus software program, the actual product may have a number of characteristics, including a quality level, features, design, a brand name, and packaging.

Accepted Answer

TRUE

Question 58

A referent account is an early user of a firm\'s product who is willing to give a testimonial regarding his or her experience with the product.

Accepted Answer

TRUE

Question 59

Price is the only element in the marketing mix that represents a costâall other elements produce revenue.

Accepted Answer

FALSE

Question 60

In cost-based pricing, the list price is determined by estimating what customers are willing to pay for a product and then backing off a bit to provide a cushion.

Accepted Answer

FALSE

Question 61

Because of the weaknesses associated with advertising, most startups do not advertise their products broadly.

Accepted Answer

TRUE

Question 62

The Google AdWords program allows advertisers to buy ads that will be shown on other Web sites instead of Google\'s Home Page.

Accepted Answer

FALSE

Question 63

Many startups emphasize advertising over public relations primarily because it\'s cheaper and helps build the firm\'s credibility.

Accepted Answer

FALSE

Question 64

Social plugins are tools that Web sites can use to provide users with personalized social experiences.

Accepted Answer

TRUE

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