Question 1

Technology optimists are those who embrace new technology.

Accepted Answer

A) True 
 B)False

Question 2

A few years ago, when Nike was charging $140 for a pair of jogging shoes, the company was using a strategy of _____ pricing.

Accepted Answer

A) cost-based 
B) prestige 
C) over the top 
D) target

Question 3

Marketers often determine how much potential customers are willing to pay for a product and then price it accordingly.This pricing strategy is called target costing.

Accepted Answer

A) True 
 B)False

Question 4

How do marketing researchers use focus groups?

Accepted Answer

The answer of How do marketing researchers use focus groups?...

Question 5

During a holiday season, there was a buying frenzy surrounding a fuzzy red doll named _____ after Rosie O'Donnell mentioned the product on TV

Accepted Answer

A) Cabbage Patch Kids 
B) Christmas Barbie 
C) Dunkin' Donuts 
D) Tickle Me Elmo

Question 6

Coke and Pepsi are brand competitors who have engaged in cola wars for decades.As long as Coke watches Pepsi and Pepsi watches Coke, both companies will remain competitive.There is no need to watch other companies.

Accepted Answer

A) True 
 B)False

Question 7

The traditional practice of cost-based pricing is worth a try if Bilby thinks it important to establish a market for his ten stores.

Accepted Answer

A) True 
 B)False

Question 8

Skimming pricing, which would also help Bilby recover some of his initial costs, is a viable option because Stevens has virtually no competition.

Accepted Answer

A) True 
 B)False

Question 9

For most goods, trains are the most commonly used mode of transportation for goods.

Accepted Answer

A) True 
 B)False

Question 10

Advertisements today are more effective that they used to be.

Accepted Answer

A) True 
 B)False

Question 11

Individuals go through a five-step process (need recognition, information search, evaluation, purchase, and post-purchase evaluation) in deciding which gas station to stop at to fill up their gas tank.

Accepted Answer

A) True 
 B)False

Question 12

Though once extremely important, the Baby Boomers generation is now declining as a major marketing force.

Accepted Answer

A) True 
 B)False

Question 13

Distribution entails all activities involved in getting the right quantity of your product to your customers at the right time and at a reasonable cost.

Accepted Answer

A) True 
 B)False

Question 14

The promotion mix includes all the tools for telling people about a product and persuading potential customers to buy it.

Accepted Answer

A) True 
 B)False

Question 15

The customer value triad is based on all of the following except _____.

Accepted Answer

A) quality 
B) service 
C) availability 
D) price

Question 16

Using information about current customers to nurture and maintain strong relationships with them is the purpose of customer-relationship management.

Accepted Answer

A) True 
 B)False

Question 17

If you stood outside an NBA championship game and sold your ticket for double the original price, you'd be engaged in _____ pricing.

Accepted Answer

A) prestige 
B) cost-based 
C) unsportsmanlike 
D) demand-based

Question 18

The following are true about social media marketing except

Accepted Answer

A) Social media marketing is the practice of including social media as part of your company's marketing program. 
B) It can be used to gather feedback and ideas on how to improve products and marketing initiatives. 
C) Although small companies find the management of media marketing initiatives overwhelming, this is not the case for large companies. 
D) It helps companies build brand loyalty.

Question 19

The marketing mix consists of strategies for creating, pricing, promoting, and distributing products that satisfy customers.

Accepted Answer

A) True 
 B)False

Question 20

To deliver high customer value, a company must monitor and improve its value chain.

Accepted Answer

A) True 
 B)False

Exam 10: Marketing: Providing Value to Customers

Technology optimists are those who embrace new technology.

A few years ago, when Nike was charging $140 for a pair of jogging shoes, the company was using a strategy of _____ pricing.

Marketers often determine how much potential customers are willing to pay for a product and then price it accordingly.This pricing strategy is called target costing.

How do marketing researchers use focus groups?

During a holiday season, there was a buying frenzy surrounding a fuzzy red doll named _____ after Rosie O'Donnell mentioned the product on TV

Coke and Pepsi are brand competitors who have engaged in cola wars for decades.As long as Coke watches Pepsi and Pepsi watches Coke, both companies will remain competitive.There is no need to watch other companies.

The traditional practice of cost-based pricing is worth a try if Bilby thinks it important to establish a market for his ten stores.

Skimming pricing, which would also help Bilby recover some of his initial costs, is a viable option because Stevens has virtually no competition.

For most goods, trains are the most commonly used mode of transportation for goods.

Advertisements today are more effective that they used to be.

Individuals go through a five-step process (need recognition, information search, evaluation, purchase, and post-purchase evaluation) in deciding which gas station to stop at to fill up their gas tank.

Though once extremely important, the Baby Boomers generation is now declining as a major marketing force.

Distribution entails all activities involved in getting the right quantity of your product to your customers at the right time and at a reasonable cost.

The promotion mix includes all the tools for telling people about a product and persuading potential customers to buy it.

The customer value triad is based on all of the following except _____.

Using information about current customers to nurture and maintain strong relationships with them is the purpose of customer-relationship management.

If you stood outside an NBA championship game and sold your ticket for double the original price, you'd be engaged in _____ pricing.

The following are true about social media marketing except

The marketing mix consists of strategies for creating, pricing, promoting, and distributing products that satisfy customers.

To deliver high customer value, a company must monitor and improve its value chain.