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

Question 2

Creating ________ means creating awareness and a sense of anticipation about a company and its offerings.

Accepted Answer

A)  ruckus 
B)  noise 
C)  clatter 
D)  clamor 
E)  buzz

Question 3

Creating buzz means creating awareness and a sense of anticipation about a company and its offerings.

Accepted Answer

A) True 
 B)False

Question 4

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

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Katherine Ford is thinking about starting a computer company. After doing some research, she has decided that the computer industry can be divided into the following product categories - handheld computers, laptops, tablet computers, PCs, work stations, minicomputers, mainframes and super computers. She is now trying to decide which product category she is the most interested in competing in. The process that Katherine is going through is called market ________.

Accepted Answer

A)  splitting 
B)  subdividing 
C)  segmentation 
D)  dividing 
E)  separating

Question 7

What is an exclusive distribution agreement? Why do firms enter into exclusive distribution agreements with other firms?

Accepted Answer

The answer of What is an exclusive distribution agreement? Why...

Question 8

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

Accepted Answer

A)  value-based 
B)  tactical 
C)  strategic 
D)  cost-based 
E)  economic-based

Question 9

Price is the only element in the marketing mix that represents a cost-all other elements produce revenue.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

The answer of What is a brand? How does a...

Question 11

________ refers to the activities the firm takes to communicate the merits of its product to its target market.

Accepted Answer

A)  Sponsorship 
B)  Advertising 
C)  Endorsement 
D)  Promotion 
E)  Price

Question 12

According to the textbook, most experts recommend ________ pricing because it hinges on the perceived value of a product or service.

Accepted Answer

A)  value-based 
B)  cost-based 
C)  competitive-based 
D)  tactical 
E)  strategic

Question 13

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 14

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

Accepted Answer

A)  position 
B)  niche 
C)  slot 
D)  spot 
E)  gap

Question 15

An important distinction should be made between a firm's core product and its actual product. While the core product may be a CD that contains an antivirus software program, the actual product may have a number of characteristics, including a quality level, features, design, a brand name, and packaging.

Accepted Answer

A) True 
 B)False

Question 16

A(n) ________ is an event at which the goods or services in a specific industry are exhibited and demonstrated.

Accepted Answer

A)  carnival 
B)  expo 
C)  trade show 
D)  exhibition 
E)  conference

Question 17

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

Question 18

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

Question 19

A brand is the set of attributes-positive or negative-that people associate with a company.

Accepted Answer

A) True 
 B)False

Question 20

A product attribute map is used to help a firm determine if ________.

Accepted Answer

A)  it is emphasizing benefits rather than features 
B)  its branding strategy is appropriate 
C)  its market segmentation is correct 
D)  its positioning strategy is appropriate 
E)  its target market is appropriate

Exam 11: Unique Marketing Issues

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

Creating ________ means creating awareness and a sense of anticipation about a company and its offerings.

Creating buzz means creating awareness and a sense of anticipation about a company and its offerings.

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

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

What is an exclusive distribution agreement? Why do firms enter into exclusive distribution agreements with other firms?

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

Price is the only element in the marketing mix that represents a cost-all other elements produce revenue.

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

________ refers to the activities the firm takes to communicate the merits of its product to its target market.

According to the textbook, most experts recommend ________ pricing because it hinges on the perceived value of a product or service.

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

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

A(n) ________ is an event at which the goods or services in a specific industry are exhibited and demonstrated.

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.

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

A brand is the set of attributes-positive or negative-that people associate with a company.

A product attribute map is used to help a firm determine if ________.