Marketing: Mid-Term Questions

1. Today marketing must be understood in terms of not just making a sale but also ____________.
Satisfying customers’ needs
2. The societal marketing concept seeks to establish a balance between consumer short-run wants and society’s ________.
Long-run welfare
3. The marketing manager at Sunshine Car Washes is holding a training session for new employees. She stresses that perhaps the most most important concept of modern marketing is _____________.
Customer relationship management.
4. It is acceptable to have products in which of the following BCG categories
stars, cash cows, question marks
5. A common practice among marketers is to increase sales to current cu…… changing their products. What is this practice called?
market penetration.
6. A common practice among marketers is to identify and develop new markets for existing products. This practice is called ___________.
market development.
7. A major reason that more companies are participating with other members of the ________ is to improve the performance of the customer value delivery network.
supply chain
8. Marketing strategy identifies the _______ and divides it into smaller ____________.
market; segments.
9. What is the order of doing so?
market segmentation, target marketing, market positioning
10. According to you textbook, companies today cannot profitably never ___________.
All consumers is a given market and all foreign markets.
11. Once your company has decided on its overall competitive marketing strategy, it is best to begin planning the details of its ____________.
marketing niche
12. Which SBU produces a lot of cash that the company may use to support other SBUs that need investment?
stars
12. TelStar Plastics is in the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products or marketing programs. Which is the firm doing?
market segmentation
14. Your advertising agency is currently researching the gender, education, location, age, and occupations of your target market. What kind of research is this called?
demographic
15. What movement has spawned the marketer’s awareness of environmentally sustainable strategies?
green movement
16. You are directed to study the factors that are larger societal forces that affect your company – demographic, economic, natural, technological, political, and cultural. What are you studying?
the external or macroenvironment
17. In what way(s) might the Florida Citrus Growers Association rely on marketing intermediaries?
to provide speed in delivery to consumers, to package the fruit, to assist with promotional effects, to perform in the overall value delivery system
18. Which of the following was NOT mentioned in your textbook as a source of marketing intelligence?
checking for new goodwill
19. Maslow’s theory is that human needs are arranged in a __________ from the most pressing at the bottom to the least pressing at the top.
hierarchy
20. Almost all major purchases result in __________, or discomfort caused by postpurchase conflict.
cognitive dissonance
21. George is buying his first house. He has found two houses that he thinks he likes. He is highly involved in the purchase and perceives significant differences beween these two houses. George will likely undertake______________.
complex buying behavior.
22. In a typical organization, buying activity consists of two major parts: the buying ________ and the buying _______________.
deciders; influencers
23. There are three major types of business buying. They include each of the following EXCEPT _____________.
reversed rebuy
24. Al of the following are typical reasons to follow a policy of using multiple source of suppliers except ____________.
none of the above, they are all good reasons: to avoid being totally dependent on one supplier, to allow comparison of prices over time, to allow comparison of performance over times, to find the closest supplier.
25. The Pure Drug Company produces insulin, whose demand is not affected much by price changes, especially in the short run. Products such as insulin have what type of demand.
inelastic
26. The four Os may __________.
Provide marketing stimuli for the consumer market, provide marketing stimuli for the business market, be critical in stimulating buyer response.
27. David Herr finds himself going through all the stages of the buying process. He is most likely involved in a _____________ situation.
new task buying.
28. Income segmentation is used to target the _______________.
affluent, middle class, lower income class
29. In general a company should enter only segments in which it can _____________ and _________.
offer superior value, gain advantages over competitors.
30. For which of the following products would you be most likely to recomment income based segmentation?
automobiles, financial services
31. ____________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
Line extensions.
32. _____________ are consumer products and service with unique characteristics or identifcation for which a significant group of buyers is willing to make a special purchase effort.
Speciality products.
33. Most retailers face a plethora of brands and a limited amount of shelf space, lending to demands for _______ before they will accept new products for their shelves.
Slotting fees
34. One risk of ________ is that sales may come at the expense of other items in the line. It works best when it takes sales away from competing brands.
Line extension.
35. __________ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought.
Service intangibility.
36. Purine Dog Chow sells more than the same size store brand dog food even though the store brand dog food costs $0.50 less per bag. This is known as brand _________.
equity.
37. Companies often introduce additional brands in the same category. What is this called?
multibranding
40. In Kemah a dozen store specialize in selling the same quality fish on one street. An individual store dare not charge more than the going price without losing business to other stores selling fish at a common price. This is an example of what type of market?
pure competition
41. Under ________, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price.
monopolisitc competition
42. The relationship between the price charged and the demand level can be shown as _____.
Variable cost.
43. Consumer perceptions of the product’s value set the _________ for the price.
Ceiling
44. Lawyers, accountants, and other professionals typically price by addins a stand markup for profit. This is known as __________.
Cost-plus pricing.
45. Rather than basing the price of a product on the seller’s costs, this method uses buyers’ perceptions of what a product is worth.
Value-based pricing
46. A company building its pricing strategy around the experience curve would typically:
Price its products high
47. Ecstasy Pharmeceuticals fixed costs with their new drug $1,000,000. The company selld the drug in bottles of 50 pills for $10.00. They estimate that they must sell 200,000 bottles to break even. What is the total cost to produce a bottle of 50 pills?
$5.00
50. Companies facing the challenge of setting prices for the first time can choose between two broad strategies: market-penetration pricing and __________.
market-skimming pricing
51. For market-penetration pricing to work all of the following conditions exist EXCEPT _________.
the product must be price inelastic
52. Which of the following condition should exist for segmented pricing to be effective?
The market must be able to be segmented, the segments must show different degrees of demand, competitors can’t undersell in the segment being changed in higher price.
56. If Wal-Mart engaged in selling numerous items below cost to punish small competitors and potentially put them out of business, Wal-Mart would be guilty of _______.
predatory pricing
57. Among the following, which statement would NOT support a market-skimming policy for a new product?
Competitors can enter the market easily.
58. All of the following are key functions that intermediaries play in helping to fulfill completed transaction EXCEPT _________.
product assessment
59. A recent major trend, whereby produucers are bypassing intermediaries and going directly to final buyers, or radically new types of channel intermediaries are emerging to traditional ones is referred to as ____________.
disintermediation
61. All of the following are reasons why companies use -third party logistics providers:
it is more efficient to use them in many cases, they can perform the services at less cost, the company is free to focus more on its core business. Not because the ICC and federal government are beginning to mandate and regulate some industries.
62. Chewing gum is stocked in many outlets in the same market of community; in fact, it is placed in as many outlets as possible. This is an example of _______ distribution.
intensive
63. This type of distribution is often used by television, furniture, and home appliance brands.
Selective
64. Which of the following is an example of a multichannel distribution system?
J.C. Penney’s catalog and retail store sales.
65. _________ have been squeezed between focused, flexible specialty store on one band efficient, low-priced discounters on the other. Service remains their key differentiation.
Department Stores.
66. Wholesalers add value by performing channel functions. Channel function includes ______.
selling/promoting, buying/assortment building, bulk-breaking.
67. _____________ and ______________ differ from merchant wholesalers in two ways: they do not take title to goods and they perform only a few functions.
Brokers; agents.
68. In-store demonstrations, displays, contests, and visiting celebrities are examples of __________.
sales promotions.
69. Common examples of _________ are press conference and speeches, store openings, special events, newsletters, magazines, and public service.
public relations
70. The major promotion tool that includes catalogs, telephone marketing, kiosks, internet, and more is called __________.
direct marketing.
71. ________ includes store displays, premiums, discounts, coupons, and demonstrations.
Sales promotion
72. Companies are adopting the concept of _________, which integrates and coordinates communication channels to deliver consistent, compelling product messages.
integrated marketing communications
73. The marketing communicator must _______ the consumer’s field of experience.
understand
74. For a message to be effective, the sender’s _________ process must mesh with the receiver’s __________.
encoding, decoding
75. The ________budget setting method is the most logical method. It deals more with specific promotion goals and accomplishments.
objective-and-task
77. Which situation(s) likely occur (s) with a push strategy?
Use of intermediaries
78. When the objective is to build primary demand, such as when introducing a new category, _____ is used heavily.
informative advertising
79. ___________ becomes more important as competition increases.
persuasive advertising
80. Before an ad is placed, the advertiser can show it consumer to determine all of the following effects :
to ask how they like it, recall, attitude change. Not sales effects.
82. Benefits of billboards as as advertising medium include the Following:
flexibility, high repeat exposure, low message competition, low cost. Not ability to deliver a complex message.
83. The limitations of radio as an advertising medium include all of the following:
Audio only, fleeting exposure, low attention, and fragmented audiences. Not: high cost.
84. A product in the late maturity or decline stage is most likely to request advertising.
reminder.
85. Fence Patrol is considering an international advertising campaign they want all of the following problems:
They do not want any of the problems: varying media cost, varying media availability, varying regulation, and illegal products.