Question 1

Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavioral variables, and product type.

Accepted Answer

A) True 
 B)False

Question 2

The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is the correct sequence of events to the process of selecting a target market and position strategy?

Accepted Answer

A)  Create a unique positioning strategy, Select a target market, Segment the market 
B)  Segment the market, Create a unique positioning strategy, Select a target market 
C)  Segment the market, Select a target market, Create a unique positioning strategy 
D)  Select a target market, Create a unique positioning strategy, Segment the market 
E)  Create a unique positioning strategy, Segment the market, Select a target market 
A)  Create a unique positioning strategy, Select a target market, Segment the market 
B)  Segment the market, Create a unique positioning strategy, Select a target market 
C)  Segment the market, Select a target market, Create a unique positioning strategy 
D)  Select a target market, Create a unique positioning strategy, Segment the market 
E)  Create a unique positioning strategy, Segment the market, Select a target market

Question 4

Efforts to establish and maintain a company's image with the public are referred to as ________.

Accepted Answer

A)  open relations 
B)  public relations 
C)  civic relations 
D)  community relations 
E)  advertising 
A)  open relations 
B)  public relations 
C)  civic relations 
D)  community relations 
E)  advertising

Question 5

Kyle White owns a sporting goods store that appeals to hunters and fishers. The market that Kyle is trying to appeal to is called his ________ market.

Accepted Answer

A)  focal 
B)  objective 
C)  target 
D)  critical 
E)  intention 
A)  focal 
B)  objective 
C)  target 
D)  critical 
E)  intention

Question 6

________ is a term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation.

Accepted Answer

A)  Trademark equity 
B)  Brand equity 
C)  Logo equity 
D)  Trademark value-added 
E)  Trade name strength 
A)  Trademark equity 
B)  Brand equity 
C)  Logo equity 
D)  Trademark value-added 
E)  Trade name strength

Question 7

Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?

Accepted Answer

Guerrilla marketing is a low-budget appr

Question 8

In ________-based pricing, the list price of an item is determined by adding a markup percentage to a product's cost.

Accepted Answer

A)  cost 
B)  compliance 
C)  value 
D)  competitive 
E)  economic 
A)  cost 
B)  compliance 
C)  value 
D)  competitive 
E)  economic

Question 9

A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

Accepted Answer

A) True 
 B)False

Question 10

In cost-based pricing, the list price is determined by estimating what customers are willing to pay for a product and then backing off a bit to provide a cushion.

Accepted Answer

A) True 
 B)False

Question 11

According to the textbook, a brand is all of the following except a(n) ________.

Accepted Answer

A)  firm's reputation 
B)  firm's credentials 
C)  indicator of trust and reduced risk 
D)  description of a company's nature 
E)  written warranty 
A)  firm's reputation 
B)  firm's credentials 
C)  indicator of trust and reduced risk 
D)  description of a company's nature 
E)  written warranty

Question 12

Karen Simon recently purchased a digital camera. She considered three cameras-a Sony that was priced at $239.00, a Canon priced at $319.00, and a Nikon priced at $399.00. Karen couldn't tell much difference between the cameras, so she bought the Nikon, figuring that because it was the most expensive of the three, it must be the best. According to the textbook, Karen was making a ________.

Accepted Answer

A)  price-quality attribution 
B)  price-merit attribution 
C)  cost-value acknowledgement 
D)  cost-worth attribution 
E)  price-worth acknowledgement 
A)  price-quality attribution 
B)  price-merit attribution 
C)  cost-value acknowledgement 
D)  cost-worth attribution 
E)  price-worth acknowledgement

Question 13

A ________ illustrates a firm's positioning strategy relative to its major rivals.

Accepted Answer

A)  product attribute map 
B)  positioning analysis grid 
C)  positioning plot 
D)  competitive analysis grid 
E)  positioning diagram 
A)  product attribute map 
B)  positioning analysis grid 
C)  positioning plot 
D)  competitive analysis grid 
E)  positioning diagram

Question 14

Birchbox's phrase "The Box is Monthly, the Discoveries are Endless" is an example of a(n) ________.

Accepted Answer

A)  tagline 
B)  grabline 
C)  notice-line 
D)  catchline 
E)  attention-line 
A)  tagline 
B)  grabline 
C)  notice-line 
D)  catchline 
E)  attention-line

Question 15

Which of the following statements is untrue regarding a firm's sales process?

Accepted Answer

A)  A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process. 
B)  Following a formal or structured process to generate and close sales benefits a firm. 
C)  A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries. 
D)  A firm's sales process depicts the steps it goes through to identify its target market. 
E)  A formal sales process involves a number of identifiable steps. 
A)  A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process. 
B)  Following a formal or structured process to generate and close sales benefits a firm. 
C)  A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries. 
D)  A firm's sales process depicts the steps it goes through to identify its target market. 
E)  A formal sales process involves a number of identifiable steps.

Question 16

Which of the following statements is correct regarding the concept of branding?

Accepted Answer

A)  Brands cannot be built through advertising, public relations, sponsorships, social media, or similar techniques. 
B)  A company doesn't normally want its customers to identify with its brand. 
C)  Startups usually start with an established brand. 
D)  A brand can be one of a company's most valuable assets. 
E)  A brand can denote a negative impression of a company. 
A)  Brands cannot be built through advertising, public relations, sponsorships, social media, or similar techniques. 
B)  A company doesn't normally want its customers to identify with its brand. 
C)  Startups usually start with an established brand. 
D)  A brand can be one of a company's most valuable assets. 
E)  A brand can denote a negative impression of a company.

Question 17

Which of the following selections is incorrect regarding a firm's "positioning" strategy?

Accepted Answer

A)  Position is concerned with how the firm is situated relative to its competitors. 
B)  A firm's decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research. 
C)  Determining which position in a market to occupy and compete in is a strategic call on the part of a company based on its mission, its overall approach to the marketplace, and its competitive landscape. 
D)  Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created. 
E)  After selecting a positioning strategy, the firm's next step is to select a target market. 
A)  Position is concerned with how the firm is situated relative to its competitors. 
B)  A firm's decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research. 
C)  Determining which position in a market to occupy and compete in is a strategic call on the part of a company based on its mission, its overall approach to the marketplace, and its competitive landscape. 
D)  Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created. 
E)  After selecting a positioning strategy, the firm's next step is to select a target market.

Question 18

The 4Ps of marketing refer to a company's ________.

Accepted Answer

A)  tactical mix 
B)  promotional blend 
C)  organizational mix 
D)  marketing mix 
E)  selling mix 
A)  tactical mix 
B)  promotional blend 
C)  organizational mix 
D)  marketing mix 
E)  selling mix

Question 19

The Partnering for Success feature in Chapter 11 focuses on GoPro and Red Bull, two companies that have established a cobranding relationship. Cobranding is when two companies ________.

Accepted Answer

A)  pool their resources to buy advertising space to market their individual brands 
B)  locate their businesses in close proximity to one another because their brands are complementary 
C)  form a partnership to combine their brands 
D)  employ the same advertising agency to promote their brands 
E)  pool their resources to license a brand from a third company 
A)  pool their resources to buy advertising space to market their individual brands 
B)  locate their businesses in close proximity to one another because their brands are complementary 
C)  form a partnership to combine their brands 
D)  employ the same advertising agency to promote their brands 
E)  pool their resources to license a brand from a third company

Question 20

Which element of the marketing mix is the only one that produces revenue?

Accepted Answer

A)  Product 
B)  Place (or distribution) 
C)  Advertising 
D)  Price 
E)  Promotion 
A)  Product 
B)  Place (or distribution) 
C)  Advertising 
D)  Price 
E)  Promotion

Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavioral variables, and product type.

The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.

Which of the following is the correct sequence of events to the process of selecting a target market and position strategy?

Efforts to establish and maintain a company's image with the public are referred to as ________.

Kyle White owns a sporting goods store that appeals to hunters and fishers. The market that Kyle is trying to appeal to is called his ________ market.

________ is a term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation.

Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?

In ________-based pricing, the list price of an item is determined by adding a markup percentage to a product's cost.

A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

In cost-based pricing, the list price is determined by estimating what customers are willing to pay for a product and then backing off a bit to provide a cushion.

According to the textbook, a brand is all of the following except a(n) ________.

A ________ illustrates a firm's positioning strategy relative to its major rivals.

Birchbox's phrase "The Box is Monthly, the Discoveries are Endless" is an example of a(n) ________.

Which of the following statements is untrue regarding a firm's sales process?

Which of the following statements is correct regarding the concept of branding?

Which of the following selections is incorrect regarding a firm's "positioning" strategy?

The 4Ps of marketing refer to a company's ________.

The Partnering for Success feature in Chapter 11 focuses on GoPro and Red Bull, two companies that have established a cobranding relationship. Cobranding is when two companies ________.

Which element of the marketing mix is the only one that produces revenue?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 11: Unique Marketing Issues

Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavioral variables, and product type.

The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.

Which of the following is the correct sequence of events to the process of selecting a target market and position strategy?

Efforts to establish and maintain a company's image with the public are referred to as ________.

Kyle White owns a sporting goods store that appeals to hunters and fishers. The market that Kyle is trying to appeal to is called his ________ market.

________ is a term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation.

Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?

In ________-based pricing, the list price of an item is determined by adding a markup percentage to a product's cost.

A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

In cost-based pricing, the list price is determined by estimating what customers are willing to pay for a product and then backing off a bit to provide a cushion.

According to the textbook, a brand is all of the following except a(n) ________.

A ________ illustrates a firm's positioning strategy relative to its major rivals.

Birchbox's phrase "The Box is Monthly, the Discoveries are Endless" is an example of a(n) ________.

Which of the following statements is untrue regarding a firm's sales process?

Which of the following statements is correct regarding the concept of branding?

Which of the following selections is incorrect regarding a firm's "positioning" strategy?

The 4Ps of marketing refer to a company's ________.

The Partnering for Success feature in Chapter 11 focuses on GoPro and Red Bull, two companies that have established a cobranding relationship. Cobranding is when two companies ________.

Which element of the marketing mix is the only one that produces revenue?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters