Question 1

Once a firm has segmented the market, the next step is to ________.

Accepted Answer

A)  decide on a position within the segment 
B)  settle on pricing 
C)  select a target market 
D)  establish the company's brand 
E)  immediately decide on the "4Ps" of the marketing strategy 
A)  decide on a position within the segment 
B)  settle on pricing 
C)  select a target market 
D)  establish the company's brand 
E)  immediately decide on the "4Ps" of the marketing strategy

Question 2

________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.

Accepted Answer

A)  Rebel 
B)  Bug 
C)  Catching 
D)  Guerrilla 
E)  Revolutionary 
A)  Rebel 
B)  Bug 
C)  Catching 
D)  Guerrilla 
E)  Revolutionary

Question 3

The Google AdWords program allows advertisers to buy ads that will be shown on other Web sites instead of Google's Home Page.

Accepted Answer

A) True 
 B)False

Question 4

A niche market is a place within a market segment that represents a narrow group of customers with similar interests.

Accepted Answer

A) True 
 B)False

Question 5

The Savvy Entrepreneurial Firm feature in Chapter 11 focuses on Airbnb, the company that created a marketplace for people to list, discover, and book unique spaces in people's homes or apartments while traveling. According to the feature, Airbnb was able to generate substantial buzz about its service via the use of ________.

Accepted Answer

A)  Facebook 
B)  Google AdSense 
C)  blogs 
D)  newspaper ads 
E)  Twitter 
A)  Facebook 
B)  Google AdSense 
C)  blogs 
D)  newspaper ads 
E)  Twitter

Question 6

Every January thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a ________ show.

Accepted Answer

A)  trade 
B)  promotions 
C)  deal 
D)  goods 
E)  skill 
A)  trade 
B)  promotions 
C)  deal 
D)  goods 
E)  skill

Question 7

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 8

A firm's sales process ________.

Accepted Answer

A)  is typically not put in place until a year or more after a startup launches 
B)  describes its branding strategy 
C)  depicts the steps it goes through to identify prospects and close sales 
D)  describes its social media strategy 
E)  depicts the steps it goes through to identify its target market and positioning strategy 
A)  is typically not put in place until a year or more after a startup launches 
B)  describes its branding strategy 
C)  depicts the steps it goes through to identify prospects and close sales 
D)  describes its social media strategy 
E)  depicts the steps it goes through to identify its target market and positioning strategy

Question 9

A product attribute map illustrates the strength of a firm's niche (or target) market relative to competing markets.

Accepted Answer

A) True 
 B)False

Question 10

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 11

The Google program called ________ allows advertisers to buy keywords on the Google Home Page.

Accepted Answer

A)  AdSense 
B)  Adcenter 
C)  AdWords 
D)  Search Marketing 
E)  AdGoogle 
A)  AdSense 
B)  Adcenter 
C)  AdWords 
D)  Search Marketing 
E)  AdGoogle

Question 12

A firm's "position" is concerned with how it is situated relative to its rivals.

Accepted Answer

A) True 
 B)False

Question 13

A firm's sales process depicts the steps it goes through to identify prospects and close sales.

Accepted Answer

A) True 
 B)False

Question 14

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 15

According to the textbook, a successful brand can increase the market value of a company by ________ to ________ percent.

Accepted Answer

A)  5; 10 
B)  20; 30 
C)  40; 50 
D)  50; 75 
E)  75; 100 
A)  5; 10 
B)  20; 30 
C)  40; 50 
D)  50; 75 
E)  75; 100

Question 16

The amount of money consumers pay to buy a product is its ________.

Accepted Answer

A)  price 
B)  fee 
C)  value 
D)  cost 
E)  charge 
A)  price 
B)  fee 
C)  value 
D)  cost 
E)  charge

Question 17

Which of the following is not one of the four elements that constitute a firm's marketing mix?

Accepted Answer

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

Question 18

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

Accepted Answer

A) True 
 B)False

Question 19

"Brand premium" is the 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) True 
 B)False

Question 20

Annie Clarke owns a smartphone app development firm. The way Annie prices her products is to determine what consumers are willing to pay, and then she backs off a bit to provide a cushion. The method that Annie used to determine her prices is called ________ pricing.

Accepted Answer

A)  predatory 
B)  technical 
C)  cost-based 
D)  competitive-based 
E)  value-based 
A)  predatory 
B)  technical 
C)  cost-based 
D)  competitive-based 
E)  value-based

Once a firm has segmented the market, the next step is to ________.

________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.

The Google AdWords program allows advertisers to buy ads that will be shown on other Web sites instead of Google's Home Page.

A niche market is a place within a market segment that represents a narrow group of customers with similar interests.

Every January thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a ________ show.

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

A firm's sales process ________.

A product attribute map illustrates the strength of a firm's niche (or target) market relative to competing markets.

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.

The Google program called ________ allows advertisers to buy keywords on the Google Home Page.

A firm's "position" is concerned with how it is situated relative to its rivals.

A firm's sales process depicts the steps it goes through to identify prospects and close sales.

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

According to the textbook, a successful brand can increase the market value of a company by to percent.

The amount of money consumers pay to buy a product is its ________.

Which of the following is not one of the four elements that constitute a firm's marketing mix?

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

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

Annie Clarke owns a smartphone app development firm. The way Annie prices her products is to determine what consumers are willing to pay, and then she backs off a bit to provide a cushion. The method that Annie used to determine her prices is called ________ pricing.

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 Venture's 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

Once a firm has segmented the market, the next step is to ________.

________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.

The Google AdWords program allows advertisers to buy ads that will be shown on other Web sites instead of Google's Home Page.

A niche market is a place within a market segment that represents a narrow group of customers with similar interests.

Every January thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a ________ show.

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

A firm's sales process ________.

A product attribute map illustrates the strength of a firm's niche (or target) market relative to competing markets.

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.

The Google program called ________ allows advertisers to buy keywords on the Google Home Page.

A firm's "position" is concerned with how it is situated relative to its rivals.

A firm's sales process depicts the steps it goes through to identify prospects and close sales.

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

According to the textbook, a successful brand can increase the market value of a company by ________ to ________ percent.

The amount of money consumers pay to buy a product is its ________.

Which of the following is not one of the four elements that constitute a firm's marketing mix?

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

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

Annie Clarke owns a smartphone app development firm. The way Annie prices her products is to determine what consumers are willing to pay, and then she backs off a bit to provide a cushion. The method that Annie used to determine her prices is called ________ pricing.

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 Venture's 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

According to the textbook, a successful brand can increase the market value of a company by to percent.