BUS 346 Chapter 1 Practice Questions

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes:
a. the time the product was full price and didn’t sell
b. the value of their time and energy
c. only the actual price they pay at the register
d. the savings to the store of not having to display the products neatly on shelves
e. the excitement they experience in finding an item they desire
B
People who initiate, organize, operate, and assume the risk of a business venture are:
a. professionals
b. managers
c. consultants
d. entrepreneurs
e. leaders
D
The 4 P’s make up the marketing mix, which is the _____ set of activities that the firm uses to respond to the wants and needs of its target markets.
a. global
b. unpredictable
c. controllable
d. external
e. internal
C
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. Retailers function as:
a. regulators of consumer demand
b. wholesale specialists
c. monopolists
d. intermediate promoters
e. market intermediaries
E
The process of value ______, in which consumers collaborate in product design, often provides additional value to the firm’s customers.
a. co-creation
b. based marketing
c. chain management
d. delivery
e. positioning
A
The importance of supply chain management is often overlooked in the study of marketing because:
a. many of the activities take place behind the scenes
b. supply chain management doesn’t add much value for customers
c. marketing has no responsibility for supply chain management
d. companies do not want customers to know anything about the supply chain
e. supply chain management is already transparent
A
Many U.S. companies first discovered marketing during the _____ era.
a. retailing-oriented
b. production-oriented
c. sales-oriented
d. value-based marketing
e. market-oriented
E
Which of the following is a core aspect of marketing?
a. satisfying as many needs as possible
b. making product, place, promotion, and price decisions
c. increasing the company’s profit
d. settings prices lower than all competitors
e. creating a product that everyone will want to buy
B
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. Retailers function as:
a. regulators of consumer demand
b. intermediate promoters
c. wholesale specialists
d. monopolists
e. market intermediaries
E
Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect?
a. managing the exchange function of marketing
b. developing a promotional plan
c. deciding where and how to sell the product
d. making product designs
e. pricing the product
D
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
a. product
b. price
c. promotion
d. proximity
e. place
E
A friend of yours comments, “I’m starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That’s just for the mega-corporations.” Which of the following arguments would you NOT use in talking about marketing?
a. Marketing helps new ventures organize, operate, and assess risk
b. Marketing focuses on the product, but only as one element. Three other areas are promotion, price, and place
c. marketers are skilled at communicating the value of the product to potential customers
d. Marketing isn’t essential now, but it will be in a year or two when the product takes off
e. marketers help address unmet customer needs, regardless of the size of the firm
D
To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students’ educational needs and desires. Pokrah University is becoming more value driven through:
a. keeping the faculty members happy.
b. evaluating strategic competitive partnerships.
c. balancing its customers’ benefits and costs.
d. building relationships with customers.
e. sharing information across the organization.
D
The idea that a good product will sell itself is associated with the __________ era of marketing.
a. retailing-oriented
b. market-oriented
c. value-based marketing
d. sales-oriented
e. production-oriented
E
__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product.
a. Pricing
b. Promotion
c. A relational orientation
d. Placement
e. Value co-creation
B
In delivering value, marketing firms attempt to find the most desirable balance between:
a. explicit versus implicit value.
b. the desire to satisfy customers and the need to keep customers from running the company.
c. the need for product improvement and the need for advertising.
d. providing benefits to customers and keeping costs down.
e. the need for value and the perception of value.
D
When an accounting firm provides an online training module showcasing real-life decision lapses and their negative effect on the company, it is trying to encourage what type of behavior from its employees?
a. ethical
b. casual
c. secretive
d. formal
e. strategic
A
Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks whether they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing?
a. Creating value
b. Satisfying customer needs and wants
c. The exchange function of marketing
d. Decisions about the setting in which marketing takes place
e. Product, place, promotion, and price decisions
B
Effective promotion enhances a product or service’s
a. design features.
b. wholesaling capabilities.
c. supply chain management system.
d. perceived value.
e. trialability.
D
When a T-shirt manufacturer states, “We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently,” its statement reflects the views that were popular in which era of the evolution of marketing?
a. production-oriented
b. sales-oriented
c. value-based marketing
d. economics-oriented
e. market-oriented
A
Values is
a. everyday low prices.
b. represented by brand names.
c. what you get for what you give.
d. the lowest cost option.
e. the highest priced alternative.
C
When Mr. How, a Pennsylvania-based discount lumber and hardware chain, sent snow blowers to its Augusta, Georgia, store in April, it was engaged in
Select one:
a. benefit segmentation.
b. misguided geographic segmentation.
c. geodemographic segmentation.
d. psychographic segmentation.
e. concentrated segmentation.
B
Psychographics is the segmentation method that delves into how consumers
Select one:
a. describe themselves.
b. value their livelihoods.
c. allocate scarce incomes to a variety of goods and services.
d. adjust to demographic changes.
e. believe other people see them.
A
Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. She will now evaluate whether each segment is attractive relative to all of the following EXCEPT
Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. She will now evaluate whether each segment is attractive relative to all of the following EXCEPT
Select one:
a. reachable.
b. realistic.
c. responsive.
d. substantial.
e. profitable.
B
Which of the following defines a value proposition?
Select one:
a. the unique value that a product or service provides to customers
b. the one feature that will prompt a customer to buy the product
c. an advertisement that talks about value
d. a display of the position of products or brands in the consumer’s mind
e. a special discount offer dropping the price
A
Geodemographic segmentation can be particularly useful for __________, because customers typically patronize stores close to their neighborhood.
Select one:
a. wholesalers
b. retailers
c. Internet marketers
d. cable TV networks
e. consumer goods manufacturers
B