Question 1

The first step in the formal sales process described in the book is ________.

Accepted Answer

A)  qualify the lead 
B)  make the sales presentation 
C)  prospect for sales leads 
D)  meet objections and concerns 
E)  make the initial contact 
A)  qualify the lead 
B)  make the sales presentation 
C)  prospect for sales leads 
D)  meet objections and concerns 
E)  make the initial contact

Question 2

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________.

Accepted Answer

A)  market positioning 
B)  market splitting 
C)  market targeting 
D)  market subdividing 
E)  market segmentation 
A)  market positioning 
B)  market splitting 
C)  market targeting 
D)  market subdividing 
E)  market segmentation

Question 3

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 4

Kyle White owns a sporting goods store that appeals to hunters and fishermen. 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 5

A ________ is something that takes on a physical form, such as a smartphone or a laptop computer. A ________ is an activity or benefit that is intangible, such as an airplane trip or advice from an accountant.

Accepted Answer

A)  product; service 
B)  service; component 
C)  component; service 
D)  formation; service 
E)  service; product 
A)  product; service 
B)  service; component 
C)  component; service 
D)  formation; service 
E)  service; product

Question 6

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 7

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 8

What is a brand? How does a new firm develop a brand?

Accepted Answer

A brand is the set of attributes-positiv

Question 9

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 10

The What Went Wrong feature in Chapter 11 focuses on a series of missteps at JCPenney under the tenure of then CEO Ron Johnson. According to the feature, Johnson's three most damaging marketing-related mistakes were ________.

Accepted Answer

A)  no testing of ideas in advance, poor product quality, and poor sales training for employees 
B)  reluctance to embrace online sales, a shift from value-based to cost-based pricing, and poor sales training for employees 
C)  poor product quality, a total misread of JCPenney's brand, and poor use of social media 
D)  Fair and Square Pricing, no testing of ideas in advance, and a total misread of JCPenney's brand 
E)  poor use of social media, Fair and Square Pricing, and poor sales training for employees 
A)  no testing of ideas in advance, poor product quality, and poor sales training for employees 
B)  reluctance to embrace online sales, a shift from value-based to cost-based pricing, and poor sales training for employees 
C)  poor product quality, a total misread of JCPenney's brand, and poor use of social media 
D)  Fair and Square Pricing, no testing of ideas in advance, and a total misread of JCPenney's brand 
E)  poor use of social media, Fair and Square Pricing, and poor sales training for employees

Question 11

A firm's marketing mix is the assortment of products and services that it sells.

Accepted Answer

A) True 
 B)False

Question 12

Kevin Jackson owns a general contracting company. The way Kevin prices his services is to figure his cost and then add a 33 percent markup. The method that Kevin uses to determine his prices is called ________-based pricing.

Accepted Answer

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

Question 13

A firm's ________, in the context of its marketing mix, is the good or service it offers to its target market.

Accepted Answer

A)  conception 
B)  idea 
C)  formation 
D)  product 
E)  invention 
A)  conception 
B)  idea 
C)  formation 
D)  product 
E)  invention

Question 14

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 15

Before Kimberly Campbell opened her jiffy print store, she processed several large print jobs for local merchants for free, to demonstrate the quality of her service and to solicit feedback. Two of the merchants wrote favorable reviews of Kimberly's service, and agreed to let Kimberly post the reviews on her company's Web site. The companies that wrote the favorable reviews are referred to as ________.

Accepted Answer

A)  appreciation reports 
B)  acknowledgement accounts 
C)  referent accounts 
D)  tribute reports 
E)  approval reports 
A)  appreciation reports 
B)  acknowledgement accounts 
C)  referent accounts 
D)  tribute reports 
E)  approval reports

The first step in the formal sales process described in the book is ________.

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________.

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

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

A is something that takes on a physical form, such as a smartphone or a laptop computer. A is an activity or benefit that is intangible, such as an airplane trip or advice from an accountant.

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

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

What is a brand? How does a new firm develop a brand?

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

The What Went Wrong feature in Chapter 11 focuses on a series of missteps at JCPenney under the tenure of then CEO Ron Johnson. According to the feature, Johnson's three most damaging marketing-related mistakes were ________.

A firm's marketing mix is the assortment of products and services that it sells.

Kevin Jackson owns a general contracting company. The way Kevin prices his services is to figure his cost and then add a 33 percent markup. The method that Kevin uses to determine his prices is called ________-based pricing.

A firm's ________, in the context of its marketing mix, is the good or service it offers to its target market.

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

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

The first step in the formal sales process described in the book is ________.

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________.

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

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

A ________ is something that takes on a physical form, such as a smartphone or a laptop computer. A ________ is an activity or benefit that is intangible, such as an airplane trip or advice from an accountant.

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

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

What is a brand? How does a new firm develop a brand?

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

The What Went Wrong feature in Chapter 11 focuses on a series of missteps at JCPenney under the tenure of then CEO Ron Johnson. According to the feature, Johnson's three most damaging marketing-related mistakes were ________.

A firm's marketing mix is the assortment of products and services that it sells.

Kevin Jackson owns a general contracting company. The way Kevin prices his services is to figure his cost and then add a 33 percent markup. The method that Kevin uses to determine his prices is called ________-based pricing.

A firm's ________, in the context of its marketing mix, is the good or service it offers to its target market.

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

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

A is something that takes on a physical form, such as a smartphone or a laptop computer. A is an activity or benefit that is intangible, such as an airplane trip or advice from an accountant.