Question 1

Which of the following strategies provides an example of the most current era whose principles today's businesses are embracing?

Accepted Answer

A)  At TapTops International, a smart phone manufacturer, the production line is a 24-hour operation, even if demand is low. 
B)  Five Star Car Sales always maintains a large stock of pre-owned cars at great prices. You can almost always get a car for about 30-40% cheaper than at another car sales company, but you buy it "as is," without any warranties. 
C)  Corner Bookstore is known for stocking the top ten books on the monthly best sellers list. These books are almost always available at a reasonable cost to the bookstore, and they usually fly off the shelves. Corner Bookstore sees this as a win-win situation for themselves and their customers. 
D)  Comfy Corner Hotels is all about the experience. Their goal is to make certain that every guest leaves their properties with a better feeling than when they first arrived. The CEO of Comfy Corner says, "We want you to think of our brand first when you make a hotel reservation." 
A)  At TapTops International, a smart phone manufacturer, the production line is a 24-hour operation, even if demand is low. 
B)  Five Star Car Sales always maintains a large stock of pre-owned cars at great prices. You can almost always get a car for about 30-40% cheaper than at another car sales company, but you buy it "as is," without any warranties. 
C)  Corner Bookstore is known for stocking the top ten books on the monthly best sellers list. These books are almost always available at a reasonable cost to the bookstore, and they usually fly off the shelves. Corner Bookstore sees this as a win-win situation for themselves and their customers. 
D)  Comfy Corner Hotels is all about the experience. Their goal is to make certain that every guest leaves their properties with a better feeling than when they first arrived. The CEO of Comfy Corner says, "We want you to think of our brand first when you make a hotel reservation."

Question 2

Mallory wants the celebrity life. She often changes her dress, speech, and mannerisms in response to the latest trends. She even supports the same social causes her favorite stars support. Mallory's behavior suggests that people in show business are an important reference group for her.

Accepted Answer

A) True 
 B)False

Question 3

Market segmentation is the process of dividing a market into several groups whose members have dissimilar characteristics.

Accepted Answer

A) True 
 B)False

Question 4

Muffie's Muffler Repair finds out what customers want and then determines how to best meet their needs. Based on feedback from her customers, Muffie provides a written estimate before any work is done, offers a more comprehensive guarantee than her competitors, and calls customers after completion to make sure they are satisfied. These efforts suggest she is applying the concepts of customer relationship management.

Accepted Answer

A) True 
 B)False

Question 5

A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.

Accepted Answer

A)  concept 
B)  focus 
C)  peer 
D)  consumer interest 
A)  concept 
B)  focus 
C)  peer 
D)  consumer interest

Question 6

Marketing focuses on the pricing and distribution of want-satisfying products, as well as determining the best way to promote the products to consumers.

Accepted Answer

A) True 
 B)False

Question 7

Firms that adopt a relationship marketing strategy attempt to

Accepted Answer

A)  develop products that meet the specific requirements of individual customers. 
B)  maximize their market share by designing products that appeal to large numbers of customers. 
C)  develop their promotional efforts utilizing mass media such as television, newspapers, and radio in order to relate to a large audience. 
D)  maximize market share by controlling production costs and maintaining low prices. 
A)  develop products that meet the specific requirements of individual customers. 
B)  maximize their market share by designing products that appeal to large numbers of customers. 
C)  develop their promotional efforts utilizing mass media such as television, newspapers, and radio in order to relate to a large audience. 
D)  maximize market share by controlling production costs and maintaining low prices.

Question 8

A firm's marketing mix consists of 4 major components, which are generally referred to as the four

Accepted Answer

A)  Ps. 
B)  keys to success. 
C)  intangibles of marketing. 
D)  persuaders. 
A)  Ps. 
B)  keys to success. 
C)  intangibles of marketing. 
D)  persuaders.

Question 9

A brand name is generally thought of as part of the product.

Accepted Answer

A) True 
 B)False

Question 10

Marketing goods and services to the B2B market relies more heavily on advertising than marketing efforts aimed toward the consumer market.

Accepted Answer

A) True 
 B)False

Question 11

Luna, a marketing manager for a retailer of lighting products, will likely be involved in which of the following?

Accepted Answer

A)  setting a price for the light fixtures her firm produces 
B)  deciding the best way to hire new employees to produce the lights 
C)  developing ideas for new ways to produce the lights 
D)  determining the best way to finance the purchase of new production equipment 
A)  setting a price for the light fixtures her firm produces 
B)  deciding the best way to hire new employees to produce the lights 
C)  developing ideas for new ways to produce the lights 
D)  determining the best way to finance the purchase of new production equipment

Question 12

Which of the following is the best example of a market?

Accepted Answer

A)  group of high school students who are tired of cafeteria food and would like to eat lunch at an expensive restaurant located a few blocks from their campus 
B)  physical facility large enough to accommodate all the people who want to buy or sell a good 
C)  senior citizens willing and able to cruise to the Bahamas 
D)  geographic region targeted by a firm for new promotional efforts 
A)  group of high school students who are tired of cafeteria food and would like to eat lunch at an expensive restaurant located a few blocks from their campus 
B)  physical facility large enough to accommodate all the people who want to buy or sell a good 
C)  senior citizens willing and able to cruise to the Bahamas 
D)  geographic region targeted by a firm for new promotional efforts

Question 13

Concept testing involves placing a product in a place where consumers will buy it.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following would be considered part of a firm's marketing mix?

Accepted Answer

A)  Identifying the best source of funds to finance a firm's marketing activities 
B)  Determining the best pricing strategy for a product 
C)  Establishing a production schedule that enables the firm to meet forecasted sales 
D)  Designing the most efficient production plan 
A)  Identifying the best source of funds to finance a firm's marketing activities 
B)  Determining the best pricing strategy for a product 
C)  Establishing a production schedule that enables the firm to meet forecasted sales 
D)  Designing the most efficient production plan

Question 15

A ________ marketing strategy develops products and promotions designed to please large groups of people.

Accepted Answer

A)  volume 
B)  mass 
C)  relationship 
D)  value 
A)  volume 
B)  mass 
C)  relationship 
D)  value

Question 16

Marketing is a limited activity, performed when a business is first established and when it introduces a new product to the market. Once a firm has fine-tuned its marketing activities, it can turn its attention elsewhere.

Accepted Answer

A) True 
 B)False

Question 17

The main concern of the marketing mix is to please firm's stockholders.

Accepted Answer

A) True 
 B)False

Question 18

In the past, companies have designed intricate products that markets did not perceive any need for. They have aired promotional campaigns that have offended audiences. They have priced products out of reach of the target market. Marketing experts defend the importance of ________, the process of gathering all sorts of information about customers and products in order to make informed decisions about the product, price, place, and promotion.

Accepted Answer

A)  target marketing 
B)  marketing research 
C)  market segmentation 
D)  global trekking 
A)  target marketing 
B)  marketing research 
C)  market segmentation 
D)  global trekking

Question 19

In general, the broader the market a firm tries to serve, the better its chances of success.

Accepted Answer

A) True 
 B)False

Question 20

The primary focus of marketing today is on selling and advertising.

Accepted Answer

A) True 
 B)False

Exam 13: Marketing: Helping Buyers Buy

Which of the following strategies provides an example of the most current era whose principles today's businesses are embracing?

Mallory wants the celebrity life. She often changes her dress, speech, and mannerisms in response to the latest trends. She even supports the same social causes her favorite stars support. Mallory's behavior suggests that people in show business are an important reference group for her.

Market segmentation is the process of dividing a market into several groups whose members have dissimilar characteristics.

A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.

Marketing focuses on the pricing and distribution of want-satisfying products, as well as determining the best way to promote the products to consumers.

Firms that adopt a relationship marketing strategy attempt to

A firm's marketing mix consists of 4 major components, which are generally referred to as the four

A brand name is generally thought of as part of the product.

Marketing goods and services to the B2B market relies more heavily on advertising than marketing efforts aimed toward the consumer market.

Luna, a marketing manager for a retailer of lighting products, will likely be involved in which of the following?

Which of the following is the best example of a market?

Concept testing involves placing a product in a place where consumers will buy it.

Which of the following would be considered part of a firm's marketing mix?

A ________ marketing strategy develops products and promotions designed to please large groups of people.

Marketing is a limited activity, performed when a business is first established and when it introduces a new product to the market. Once a firm has fine-tuned its marketing activities, it can turn its attention elsewhere.

The main concern of the marketing mix is to please firm's stockholders.

In general, the broader the market a firm tries to serve, the better its chances of success.

The primary focus of marketing today is on selling and advertising.

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemanagement Issues

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Appendix: Working Within the Legal Environment

Appendix: Using Technology to Manage Information

Appendix: Managing Risk

Appendix: Managing Personal Finances

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