Intro To Business Chapters 11, 12, & 13 Practice

A target market is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.
False
The forces in the marketing environment are totally uncontrollable.
False
Richard has acquired a supply of canned fruits and vegetables. He does not yet have a buyer for them but he’s using promotion and other activities to find a buyer. He is performing the marketing function of
selling.
Marketing creates value by
helping people obtain what they need and want.
Social networks have existed in one form or another for over _______ years.
40
During the Industrial Revolution, new technologies fueled strong __________________ for products and a product orientation held sway.
demand
Trying to determine buyers’ needs and wants is easy because marketers fully understand what motivates people to buy things.
False
The ability of a business to identify customers before they make a purchase is ________.
addressability
Inventory handling, transportation, and warehousing are all examples of activities of
physical distribution.
Digital marketing can enhance the value of products.
True
High-quality items such as musical instruments, sailboats, and airplanes would probably use what distribution coverage?
Exclusive
Magazines located next to the checkout counter at a grocery store would probably be classified as
convenience products.
_______________ allows customers to express their needs and wants directly to the firm in response to its communications.
Interactivity
An estimated _____% of illegal software sharing is conducted by businesses.
90
When a company uses advertising and sales promotion to inform consumers about a product so they will ask retailers to stock it, which strategy is being used?
Pull strategy
Innovations in digital media have changed how marketers do their jobs in all of the following ways except
slowed down the speed at which they can work.
When a computer company initially charged a low price for a new computer and then raised the price after gaining a large market share, it was using which pricing strategy?
Penetration
Which of the following is not a difference between digital media and traditional media?
Digital media make communications more confusing.
Google is challenging established companies in all but one of the following industries
grocery stores.
Retailers generally buy from producers or from other wholesalers and sell to other retailers but not ultimate consumers.
False
The characteristic of addressability means digital communication allows consumers to find information about competing products, prices, and reviews and become more informed about a firm and the relative value of its products.
False
A marketing research representative who interviews shoppers in a mall is collecting the following type of information
primary data.
Why is investment trading less expensive online?
Because investors can buy and sell investments themselves without hiring a trader.
The type of transportation specifically noted for its flexibility in transporting products is
trucking.
The financial value placed on an object involved in an exchange is
the price.
Which of the following requires organizations to gather information about customer needs, share that information throughout the entire firm, and use that information to help build long-term relationships with customers?
Market orientation
If a nationwide sandwich shop company introduces a new sandwich in the Midwest to try out its marketing strategy before offering the product across the country, it is using
test marketing.
Digital media can reduce the cost of _______ and _________ transactions.
customer, business
If a company’s goal is to develop an image of having very high-quality luxury products, it should employ a
prestige pricing strategy.
If a company is studying the decision processes and actions of people who purchase and use products, the company is focusing on
buying behavior.
Which of the promotion mix variables is best for promoting expensive products with specialized uses, such as houses?
Personal selling
An estimated 90% of illegal software sharing is done by businesses.
True
Maximizing profits and sales, boosting market share, maintaining the status quo, and survival are common pricing objectives.
True
When a grocery store maintains refrigerators to hold ice cream until customers buy it, the store is engaged in the marketing function of
storing.
According to the Javelin Strategy and Research 2009 Identity Fraud Survey Report, at least _____ million U.S. adults were victims of identity theft in 2009.
11
According to your book, what is the main source of Internet identity theft?
Credit card fraud
The marketing concept states that an organization
should try to satisfy customer needs while also achieving its own goals.
A marketing strategy consists of
selecting a target market and developing a marketing mix to satisfy it.
Although customer-generated videos are increasingly available, most companies still prefer to hire professional advertising firms.
False
If a company markets to a segment of people who have a certain lifestyle, the type of segmentation being used is
psychographic.
The financing function expedites purchases through making credit available.
True
After the product orientation came the sales orientation of the mid-20th century. Supply exceeded demand and businesspeople and __________________ and __________________ became the most important marketing activities.
advertising; selling
Most new product ideas are rejected during the business analysis phase.
False
Convenience products such as bread, milk, and gum would probably be marketed
intensively.
If an exchange is to occur, each participant must be willing to give up something of value to receive something the other has.
True
After analyzing its own resources and unique abilities, a company is now trying to determine what group of customers it can satisfy with a good or service. It is in the process of choosing a
target market.
Profits are negative in the growth stage.
False
When seeking out information on a new product, consumers tend to trust _________ over _________.
other consumers, corporations
The major variable of the marketing mix that uses marketing middlemen is
distribution.
Advertising is direct, two-way communication with buyers and potential buyers.
False