Question 1
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
strong connections among competing firms in the marketplace.
lower prices.
increased competition.
long-term relationships.
Question 2
Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.
relationships
merchandise
benefits
information
rebates
Question 3
Your roommate, a non-business major, sees you reading your marketing text. He or she asks, "Why is marketing important?" You respond by saying all of the following EXCEPT
Marketers advise production on how much product to make.
Marketers tell the logistics department when to ship products.
Marketers engage customers and develop long-term relationships.
Marketers identify opportunities to expand.
Marketers are the most important profit center in any organization.
Question 4
Whenever Arnold calls his insurance agent, the agent tells Arnold about new types of insurance available. The agent is pursuing a ________________ growth strategy.
market development
diversification
product proliferation
product development
market penetration
Question 5
Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it was dominating the market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product shares characteristics with other:
question marks.
cash cows.
stars.
dogs.
Question 6
Introducing new products or services to a market segment the company is not currently serving is called:
market penetration
product development
market development
product proliferation
diversification
Question 7
Quitman sells his business language dictionary to college students throughout the United States. He wants to sell the book to international students abroad. Quitman wants to pursue a __________________ growth strategy.
product development
diversification
market development
product proliferation
market penetration
Question 8
Even when big-box discount retailers enter a market, some small, local retailers survive and prosper. These retailers have developed a _________________ generating long-term profitability.
successful mission-goal statements
strategic business simulation
sustainable competitive advantage
market segmentation sufficiency
Question 9
Almost every banker thinks his or her firm provides better service than their competitors. If this is accurate, and customers recognize it, the bank creates and delivers value through:
operational excellence
product excellence
customer excellence
promotional excellence
global excellence
Question 10
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
Locational excellence
Product excellence
Planning excellence
Operational excellence
Customer excellence
Question 11
Heather has been assessing a number of her firm's products using the Boston Consulting Group approach to portfolio analysis. She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. Heather is working on determining _________________.
cash generation equivalents
relative market share.
market growth rate
statistical census analysis
competitive advantage
Question 12
Using the BCG portfolio analysis, dogs should be phased out unless:
the CEO of the firm is a champion of the product.
additional resources could convert the product into a star.
the market might rebound.
it complements or boosts the sales of another product.
Question 13
Based on the BCG portfolio analysis, products in low-growth markets that have received heavy investments and now have excess resources to spin off are:
Valuers
cash cows.
stars.
question marks.
dogs.
Question 14
To determine how attractive a particular market is in using the BCG portfolio analysis, __________________ is established as one axis.
market growth rate
competitive intensity
profit potential
ideal market distribution
relative market share
Question 15
Chet has been known to say, "If you ever see me with anything other than a Coke in my hand, check my pulse. I must be dead. " When Chet is thirsty for a soft drink, he obviously skips the _______________ stage of the consumer decision process.
evoked set determination
evaluation of alternatives
all of the above
prepurchase evaluation
information search
Question 16
A product category is in a high growth market. The product is also doing quite well. This is an example of a what type of growth strategy?
Star
Question mark/problem child
Cash cow
Cash generator
Question 17
Advertisers using magazine ads often put a logo and slogan at the bottome of the page. They are most attempting to influence...
Selective imagery
Selective perception
Selective distortion
Selective retention
Question 18
Consumers, and especially younger are using things like Facebook, Youtube, text messaging, etc. This macro-environmental issue can be best described as....
Cultural
Economic
Social
Demographic
Question 19
Craig sees his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we are doing." Craig is suggesting they ignore the ____________ of the marketing planning process.
define the business mission.
evaluate performance
situation analysis
implement marketing mix and resources.
identifying and evaluating opportunities.
Question 20
You are deciding on a very expensive gift to buy your parents for the 50th anniversary. You are likely going to use what type of decision rule?
Compensatory
Heuristic
Disjunctive
Planned
Question 21
To have an ethical business climate requires all employees to be dedicated to that goal because:
customers are only vaguely interested in a firm's ethical standards.
employees have to be taught ethical standards.
managers rarely enforce values unless employees ask them to do so.
the roots of ethical conflict often are competing values of individuals.
employees do not have sufficient visionary scope to understand the ramifications of unethical behavior.
Question 22
During research you uncover an unmet need in the marketplace. In terms of SWOT this is a(an)
Weakness
Competitive advantage
Strength
Opportunity
Question 23
The Nike swoosh is familar to people all over the world. This marketing strength is....
Marketing budget
Customer loyalty
Brand recognition
Product quality
Question 24
Hannah knows about many different clothing brands. These various brands make up her...
Retrieval set
Universal set
Evoked set
Brand set
Question 25
Jimmy likes going to movies and sometimes takes 30 minutes to pick the movie. This is an example of
extensive problem solving
High involvement decision making
Movies are low involvment
Limited problem solving
Question 26
You are a buyer for a clothing line. You decide to buy from a close friend even though you know that a competitor's line is better. This violates what ethics category?
Fairness and honesty
Communication
Conflict of interest
Business relationships
Previous PageNext Page
Question 27
You buy an expensive watch to wear when you go out. What Maslow need are you likely addressing?
Status
Self actualization
Socialability
Esteem
Question 28
All of the below are examples of competitive advantage value creators except...
Operational excellence
Locational excellence
Communication excellence
Product excellence
Question 29
Consumers consider universal, retrieval, and evoked sets during the ______________ stage of the consumer decision process.
situational factor analysis
postpurchase evaluation
information search
need recognition
evaluation of alternatives
Question 30
What is the marketing mix?
Strategic tools available to marketers
Ways to promote customers
Mix of available marketing resources
The set of appropriate products and services
Question 31
In a modified rebuy situation, _________________ are likely to have an advantage in acquiring the order.
consumers
current vendors
gatekeepers
buying centers
resellers
Question 32
Most B2B buying situations can be categorized as new buys, modified rebuys, and:
significant others.
angular dilemmas.
initiator-influenced democratic decisions.
RFPs.
straight rebuys.
Question 33
Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are:
less focused on customer value creation.
more formal and structured.
identical.
based on derived supply analysis.
centrally planned.
Question 34
Firms use a differentiated segmentation strategy, targeting several market segments with a different offering each, because:
it is easier than mass marketing.
it helps to obtain a bigger share of the market.
it is better than focusing on individual or small groups of potential customers.
most market segments are too small to be profitable.
banks are more willing to extend credit to companies with this strategic approach.
Question 35
Marco was assigned to help create a positioning strategy for the manufacturing firm where he works by working on the salient attributes. He should consider:
the safety record of the firm and its products.
what the target marketing would consider the most important.
the characteristics that help his firm win a state-wide award for excellence in manufacturing.
the ways the sales representatives have been positioning the firm against the competitors.
the features the engineers feel are most important for the quality of the product.
Question 36
Almost every political candidate uses a combination of red, white, and blue in their campaign posters. They are trying to position themselves in voters' minds using:
value.
symbols.
all of the above.
the competition.
salient attributes.
Question 37
Whose perceptions are being measured in a perceptual map?
Consumers
Inventors of the products or the current R&D team
The strategic planners
A company's executive team
Competitors
Question 38
MTV uses __________ segmentation to target individuals interested in doing good deeds, and in doing so, it helps add value without jeopardizing its financial success.
altruistic
corporate social responsibility
millennial generation
lifestyle
socio-demographic
Question 39
Marketers often race into research studies to collect __________________ data because it is designed to address their specific questions, while _____________ data exist, be cheaper to access, and sufficiently address the marketer's questions.
secondary; primary
syndicated; primary
structured; unstructured
ratings; unstructured
primary; secondary
Question 40
The major advantage of primary research data is:
it can be easily accessed through syndicated data bases.
it can be tailored to meet the specific research needs.
it takes less time to collect than secondary data.
it is general enough to meet many different researchers' needs.
all of the above are advantages of primary research data.