Bus 360 Final

From a micro view, marketing
is a set of activities performed by an individual organization to satisfy its customers
Which of the following is one of the three basic ideas in the “marketing concept?”
customer satisfaction
Trying to balance the interests of people who want to drink beer and the dangers of drunk driving is an example of:
the macro-micro dilemma
According to the text, marketing means:
much more than selling and advertising
The “universal functions of marketing” do NOT include:
producing
The vertical marketing system that typically has the greatest amount of cooperation among channel members is a(n):
Corporate channel system
A convenience product would probably be sold using:
intensive distribution
Many firms prefer to distribute directly to the final customer or consumer because they
all of the above
Which of the following is NOT a Place decision?
Recruiting, selecting, and managing the sales force
“Logistics” is concerned with:
All of the above
Public warehouses:
provide flexibility because the user pays only for the space used
The first retailers to really show the importance of the mass-merchandising concept were the operators of:
supermarkets
Which of the following are possible Internet approaches for a retailer?
All of the above
The main difference between agent wholesalers and merchant wholesalers is
that agent wholesalers do not own the products they sell–while merchant wholesalers do
Speciality shops:
carry specialty products almost exclusively
Scrambled merchandising is carrying
any product lines that a store thinks that they can sell profitably
“Retailing” refers to:
the sale of products to final consumers
The adoption curve concepts is most closely related to which of the following?
the product life cycle
“Adversing”
is any paid form of non personal presentation of ideas, goods, or services by an identified sponsor
Personal selling
involves direct spoken communication between sellers and potential customers
Identify the traditional communication process
Source-Encoding-Message channel-Decoding-Reciever-Feedback
Which of the following shows the correct sequence of market acceptance of a new idea, as represented in the adoption curve?
Innovators, early adopters, early majority, late majority, laggards
This promotional approach emphasizes the importance of securing the wholehearted cooperation of channel members to promote the product in the challen and to the final user
pushing
The AIDA model consists of
Attention, Interest, Desire, and Action
The “adoption curve” shows:
when different groups accept ideas.
“Promotion” includes:
personal/mass selling and sales promotion
A retailer’s promotion objective might be to _______________its target market about its marketing mix.
All of the above
The most popular sales force payment method is:
a combination plan
Marketing managers should make specific strategy decisions about:
All of the above
Which of the following is NOT one of the sales presentation approaches discussed in the text?
Target market approach
Order getters
are concerned with establishing relationships with new customers and developing new business
The ____________ involves developing a good understanding of the individual customer’s
consultative selling appoach
The commission method of payment:
offers the most incentive for the salesperson
A _______________ is a written statement of what a salesperson is expected to do
Job description
Which of the following is the BEST example of an advertising objective
“We want 35 percent of our target customer to be aware of our new product within the next two months”
Advertising objectives should be:
more specific than personal selling objectives
“Copy thrust” refers to:
what is to be communicated by the words and illustrations
____________ advertising tries to develop primary demand for a product category rather than demand for a specific brand.
pioneering
Competitive advertising which makes specific brand comparisons–using actual names–is ________________ advertising
comparative
All of the following are product-based advertising except
institutional advertising
Selective the most effective advertising media depends on the:
All of the above
To guarantee good media selection, the advertiser FIRST must clearly specify its
target market
Advertising which tries to develop selective demand for a specific brand rather than a product category is called __________________ advertising
competitive
The _______ type of competitive advertising points out product advantages to affect future buying decisions.
indirect
Which of the following is a SALES-ORIENTED pricing objective?
growth in market share
Trying to get the “cream” of a market (i.e., the top of a demand curve) at a high price before aiming at the more price-sensitive customers is consistent with a(n):
skimming price policy
__________ is what a customer must give up to get the benefits offered by the rest of a firm’s marketing mix.
Price
A marketing manager may choose a pricing objective that is:
any of the above–depending on the situation
Offering a CUMULATIVE quantity discount seeks to
encourage the buyer to make additional purchases
Which of the following is a STATUS-QUO pricing objective?
meeting competition
Some retailers commonly use prices that end in certain numbers. They seem to assume that their customers see prices with these numbers as substantially lower. This is:
odd-even pricing
According to the text, the two basic approaches to price setting are
cost-oriented and demand-oriented price setting
A retailer who advertises a low price on an item–with no intent to sell that item–but to attract customers to try to sell more expensive products is using:
bait pricing
Setting relatively high prices to suggest high quality or high status is
prestige pricing
Average fixed cost:
decrease steadily as output increases
The text says “markups”:
are a percentage of selling price–unless otherwise stated
The production cost of an automobile component is $45. The producer takes a 10 percent markup and sells that product to the wholesaler. What is the wholesaler’s cost?
$50
Wilson sells a basketball to a wholesaler for $16, and the wholesaler applies to a 20 percent markup. A retailer then applies a 33.3 percent markup. The final selling price is
$30
Michael Soles–owner of Soles Shoe Store–recently discovered that shoe stores in his trading area have an average markup of 40 percent. Upon investigation, Michael found that his average markup is $15 on shoes that he sells for $45. This suggests that:
Michael is taking a smaller average markup than his competitors
The three basic tasks of ALL managers, according to the text, are:
planning, implementation, and control
A breakthrough opportunity
is one that helps an innovator develop a hard-to-copy marketing strategy that will be very profitable for a long time.
The marketing mix
helps to organize the marketing strategy decision areas
A marketing strategy
specifies a target market and a related marketing mix
In which of the external environments do changes usually occur most slowly?
Cultural and social environment
General Electric’s “strategic planning grid”:
requires subjective judgments about business strengths and industry attractiveness
Using General Electric’s “strategic planning grid,” an opportunity rated “medium” in terms of industry attractiveness and “medium” in terms of business strengths would be evaluated as:
yellow–borderline
When looking for attractive opportunities, a marketing manager should consider
All of the above
The total market value of goods and services provided in a country’s economy per year by both residents and nonresidents of that country is:
Gross domestic product
“Positioning”:
helps strategy planners understand how customers think about various brands or products in relation to each other
Segmenting:
tries to aggregate together individuals who have similar needs and characteristics
The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called
market segmentation
The text discusses a four-level hierarchy of needs. Which of the following is NOT included in that model?
Psychological needs.
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogenous set of people is a(n):
Culture.
Which of the following is NOT a psychological variable?
Social class.
Behavioral scientists recognize different levels of consumer problem solving. Which of the following is not one of these levels?
Rational problem solving.
Discretionary income is defined as:
Income available after taxes and necessities.
An economic buyer is a person who
Logically compares choices to get the greatest satisfaction from spending time and money.
Hugh Leastmoon has an annual income of $75,000 a year. He pays $25,000 in taxes, and spending another $15,000 on his home, car, food, and other “necessities.” Last year, he decided to really enjoy his annual vacation so he spent $5,000 to go skiing in Austria. What was Hugh’s discretionary income last year?
$35,000
Which of the following is not a selective process used in gathering and interpreting information from the world around us?
Selective attention.
Psychographics may also be called
Lifestyle analysts.
Which of the following statements about social class is NOT true?
In the U.S., the system for measuring social class is based mainly on a person’s income.
A _____ refers to all of the people who participate in or influence a purchase.
Buying center
Definitely Scrumptious Co. ,a cookie manufacturer, decides to expand into cake manufacturer, decides to expand into cake manufacturing. It begins the buying process for cake molds, toppings, and icing equipment by setting product specifications and evaluating sources of supply. This is an example of a
New-task buy
Regarding “marketing reach” and “marketing information systems”:
Marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality.
Quantitative marketing research
All of the above are true.
Which of the following is the correct sequence of steps in the marketing research process?
Defining the problem; analyzing the situation; getting problem-specific data; interpreting the data; solving the problem.
The scientific method
Is an orderly and objective approach to judging how good an idea really is.
____ are educated guesses about the relationships between things or about what will happen in the future.
Hypotheses
Procedures that develop and analyze new information to help marketing managers make decisions are called
Marketing research
The most difficult step of the marketing research process is:
Defining the problem
According to the text, “product”:
Means the need-satisfying offering of a firm.
A large U.S. firm produces potato chips, shortening, dishwasher detergent, laundry detergent, shampoo, disposable diapers, and facial tissues. These are the firm’s
Product assortment
Packaging
All of the above are true.
Which of the following is NOT a level of brand familiarity?
Brand nonexistence
Which of the following gives the correct order of the steps in the new-product development process?
Idea generation, screening, idea evaluation, development, commercialization.
It is towards the end of the ____ stage of the product life cycle when industry profits begin to decline.
Market growth
The product life cycle has four stages. Which of the following is not one of these?
Economic competition
Regarding product life cycles, which of the following is NOT true?
The level of promotion usually decreases in market maturity since there is less revenue to cover the cost.