Marketing 300 quizzes PDF

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Chapter 1 and 2 · Yesenia, the new university course scheduling manger is struggling with adjustments to the fall schedule. She is trying to determine how to offer the classes students need at the times when students need them. Yesenia is struggling with the marketing function of o Managing supply chain · Jeff is going to sell sporting apparel which he has already purchased from manufacturers and has signed a deal agreeing to the volume he will sell month. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? o Place · Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? o Price · A concern with the four Ps is that it takes the __ view and not the ___ view o Seller’s; buyer’s · Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called o Supply chain management · Highly successful companies know that if they take care of their customers ___ will follow o Market shares and profits · Even when large discount retails enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a __ that allows them to survive o Sustainable competitive advantage · To avoid having ethical situations become problematic for a firm, short-term goals of each employee must o Be aligned with the long-term goals of the firms · Successful marketing strategies must be geared to the needs of consumers and to __ o The strategies of competitors · Some banks have begun offering special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth. But bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize: o The lifetime value of customers

Chapter 3 and 4 · Target marketing sometimes generates controversy and concern. Issues usually involve the targeting of ___ consumers with ___ products o Venerable or disadvantage; controversial or potentially harmful · Marketers often create a special marketing mix for loyalty segments because these segments are o Generally profitable

· Toothpaste sold in supermarkets and pharmacies promise various results, such as whiter teeth, protection against gum disease, tartar control or fresh breath. Toothpaste marketers are using ____ segmentation o Benefit · Manufacturers who use just-in-time manufacturing systems coordinate closely with suppliers to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent aNo __________ in a SWOT analysis. o weaknesses · When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities o that build on their strengths relative to those of their competitors. · Which of the following factors listed in a situation analysis for a major us auto manufacturer is the best example of an opportunity? o recent consumer studies have indicated that Chinese consumers prefer American cars · Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. The next step is to o Evaluate the attractiveness of each segment · Barney Hopkins has compiled a list of things that make segments more attractive. Which one of the following items should NOT be on the list? o Competition with superior resources · In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n) o threat · When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following EXCEPT o Age · What is most likely to happen when inflation increases? o Consumers buy lower-priced foods · One of the benefits of a differentiated targeting strategy is that it allows the firm to diversify its business and o Lower overall risk · The government has enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances that would damage a competitive marketplace, fostering fair pricing practices for all suppliers and consumers. These actions are part of the ________ environment of business. o Political/regulatory · Which of the following is true regarding modern gender roles? o Gender roles have been blurred in the past several years

Chapter 7 · Marvin is looking for data to help him with a new marketing research study assigned to him. When reviewing existing secondary data from a past research study, Marvin should pay careful attention to o How the secondary data was collected · When consumers are unable to articulate their experiences ___ becomes particularly useful in understanding consumers’ preferences

o Observation · It is important in the problem definition process to determine ___ causes for the change identified by the symptom o All possible (most consistent, most egregious, important, latest) · Under which of the following conditions will marketing research likely have great value management? o All are correct (when the research helps a company’s brand establish a competitive advantage, when the research identifies changes that are occurring in the marketplace among consumers and/or competitors, when the research helps clarify problems or opportunities, when the research clearly identifies the best alternatives to pursue) · When conducting a research study attempting to measure what features were most important to automobile consumers, Gary’s research company used a questionnaire containing ___ questions, with a predetermined set of response options o Structured · When the marketing research problem is not clearly defined, a researcher will likely engage in ___ research o Qualitative · The key lesson regarding symptoms is that they o Should alter managers to recognize problems · When a research team has gathered data for specific research needs, this is known as o Primary data · Academic researchers often jump at the opportunity to conduct a research study curious to learn more and address unanswered questions for the sake of general knowledge. Businesspeople tend to be more cautious before embarking on a marketing research study, recognizing hat research is often o Expensive and time-consuming · Randall wants to do an online survey of college professor about factors that influence their textbook selection. He would like to use structured survey but is not sure what responses to include for each question. Randall could use ___ to help develop his survey o In-depth interviews · Which type of research would likely be called “soft” research o Qualitative research · The marketing research process follows five steps, and researchers o May not always go through them in the exact sequence if the situation changes or new information is dissolved · Mattel wanted to determine if a new toy would appeal to preschoolers, so it put six 4year old in a room with several toys and waited to see which ones they played with. What form of research is this? o Observation · Frederica manages an upscale women’s clothing store. She wants more information about her customer’s general feelings about upcoming fall fashions. Frederica will most likely use ___ to gather this type of data o Focus group interviews · Which of the following is part of the definition of surveys? o All are correct (predesigned questionnaires, interviews, large number of respondents)

· Bianca’s discount home furnishing store is a strip mall. She wants to know what other businesses in the strip mall her customers visit when they come to her store. To collect information for this objective, Bianca will most likely use o Observation

Chapter 8 & 9 · How well do you know the New product development process? o Crowdsourcing occurs in what phase: § Idea generation o Evaluating ideas against objectives and resources takes place in § Screening o “Roll out” decisions are made in § Commercialization o Primary marketing research begins in § Idea evaluation o Test marketing occurs in the § Development o There are “no judgements” in § Idea generation · Product life cycle identify key characteristics of the product life cycle: o Intense competitive advertising is common in § Market maturity o Most CPG goods in the US are in § Market maturity o Selective demand first occurs in § Market growth o Profits peak § Market growth o Sales peak § Market maturity o Old solutions are replaced in § Market decline o Explaining the category rather than a particular brand in § Market introduction o Often no profits § Market introduction

Chapter 17 & 18 · Which of the following is not true of average costing method? o It can be inaccurate so it should be used · Sony is about to release its new TV models and wants to sell off its existing retail inventory quickly. Its best pricing strategy to encourage retailers to quickly sell the older TV model is: o Push money allowances · Which of the following is a true statement regarding mark-up methods? o Mark up percentages based on selling price are often used when sellers wish to emphasize the mark up in their promotion · Remote company has developed a new universal remote that works with all cable over the air and streaming channels. While this device is unique, its competitors will

soon be able to reverse engineer it and introduce their own version into the marketplace Remote company’s best pricing strategy would be o Penetration pricing · The total fixed costs for MKT company are 300,000 and total variable costs are 200,000 at the output of 32,904 units. What are the average variable costs? o 6.08 · The total fixed costs for MKT company are 300,000 and total variable costs are 200,000 at the output of 36,954 units. What are the average variable costs? o 8.12 · A manufacturer distributed a new smart thermostat system through a wholesalers and retailers. The retail selling price was 862 and the wholesale price was 313. The manufacturers selling price was 183 and the manufacturing costs was 79. Using the selling price-based method determine the mark-up percentages for the wholesalers. o 41.53 · A manufacturer distributed a new smart thermostat system through a wholesalers and retailers. The retail selling price was 895 and the wholesale price was 381. The manufacturers selling price was 160 and the manufacturing costs was 123. Using the selling price-based method determine the mark-up percentages for the retailer. o 57.43 · The Jellybean company’s fixed costs for the year are estimated at 392,769. Its product sells for 309. The variable cost per unit is 127. Sales for the coming year are expected to reach 1,702,145. What is the break-even point in units? o 2,158.07

Chapter 15 & 16 · Red Bull sends out student brand managers to distribute free samples to their peers. What form of marketing communication is this? o Sales promotion · __ can include news stories, features, sponsorships and events and can be more believable to consumers than ads o Public relations · Marketers often use focus groups to learn how to consumers interpret their IMC messages. Experience has shown that o Each receiver decodes IMC messages in his or her own way · Even the best marketing communication can be wasted if the sender does not first o Gain the attention of the consumer · Native advertising is growing in popularity among advertisers because o It is not always perceived as advertising and therefore more believable · The manufacturer of Beats by Dr. Dre headphones decides to advertise in the “lifestyle” sections of big-city newspapers. However, this generated a limited response sale. Which of the follow represents a likely breakdown in the communication process here? o The message was not received by its intended audience · The concept of ___ marketing communications suggests that the company must blend the promotion tools carefully into a coordinated ___ o Integrated; promotion mix

· Mary was buying movie tickets to a popular horror film. The poster outside the theater said it was the “the scariest movie ever made. People with “weak hearts” should not attend”. This movie was using what type of promotional message o Puffery · ___ means that all your corporate messages, positioning and images and identity are coordinated across all venues o IMC · To select the best channel to communicate with target customers effectively, a business has to have a good understanding of their o Media habits

Chapter 10 & 11 · Which of the following statements about ideal market exposure is true? o As a firm goes from exclusive to intensive distribution, it loses progressively more control over price and service offered by retailers · Retail stores that sell overstocks and “not quite perfect” products at discount prices are flourishing all over the country. These stores are needed of what regrouping activity? o Sorting · Throughout the world ACME sells its televisions through retailers. Which of the following is probably a reason for using this indirect distribution strategy? o ACME believes that some intermediaries can serve customer needs better than ACME and at lower cost · Book Co., a multichannel bookshop, discovers that Amazon.com is selling a new blockbuster book at a 25% discount over Book Co.’s in-store price. Amazon.com has a lower overhead cost. This is an example of ___ o Horizontal conflict · Which degree of market exposure would probably be most suitable for a heterogeneous shopping product which has achieved brand preference and may require some in-store sales assistance? o Selective distribution · A publisher finds that it is cost-effective to print 10,000 books or more at a time. But a bookstore orders only a few copies of each book since its customers want to select a wide variety. This example shoes o Why discrepancies of quantity and assortment occur · Consider “place” all the following are true statements except place decisions o Are not affected by the PLC § True statements · May focus on the location of retail stores and wholesale facilities · Are usually harder to change than product, promotion, or price decisions · Can be aided by knowing about product class · May focus on the selection and use of intermediaries and collaborators

Chapter 12 · For consumers, shopping in a retail store instead of online offers the unique benefits of participating in a social experience and o Obtaining immediate gratification

· If you’re a manufacturer, and you want to showcase your product in a store that has a narrow but deep selection of merchandise and where sales associates can assist customers in their selections, you’d most likely choose o A specialty stores · The retailer’s ___ should differentiate the retailers while matching target shopper’s expectations. One strategy is to offer merchandise that no other competitor carries o Product assortment · Knowing what customers expect is essential. Retailers need to know which manufacturers their customers prefer, while manufactures need to know o Where their target customers expect to find their products · Short lead times allow retailers o To reduce the needed levels of inventory · One product strategy used by retailers to differentiate themselves from competitors is o The use of private-label brands · John purchases a quick snack to eat on the way to work. He buys lunch while on the road visiting a customer, and grabs bread and milk on the way home when he stops to buy gas. John probably does the majority of this shopping at a o Convenience store · Unit retailers __ and __ their markets, they cannot make consistent decisions about product assortment, services, pricing, advertising, store décor, or any other decisions that must support their positions o Define; profile · Natalie represents a manufacturer who makes unique, high-end hats. When making a recommendation about potential retail partners, what should be Natalie's first consideration? o How likely is it for certain retailers to carry this product? · Because many consumers choose stores based on proximity to their workplaces or homes, great locations are o a competitive advantage that few rivals can duplicate. ·

Review · A marketing manager made a speech in which he described his organization as having "really embraced the marketing concept over ten years ago." A critic in the audience argued that the manager didn't understand the "social responsibility" view of the marketing concept. Given the critic's argument, the marketing manager may work for: o Motorcycle producer · Which of the following criticisms focuses most directly on a macro view of marketing, rather than a micro view? o Marketing exploits the poor and the uneducated. · The difference between target marketing and mass marketing is that target marketing o focuses on specific customers, while mass marketing aims at an entire market. · Which of the following is NOT primarily an example of the influence of technology on the external market environment? o The government passes a law that prohibits use of cell phones while driving a vehicle. · With respect to culture and consumer behavior,

o all of these alternatives are correct. § culture may exert many subtle influences on other aspects of consumer behavior. § different cultural subgroups are likely to require different marketing mixes. § culture is the whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people. · Regarding the family life cycle, singles and younger couples without children o are more willing to try new products and brands. · The response rate to a survey affects o how representative the sample is. · McDonald’s announced that at select locations, if drive-through customers do not get exactly what they want within two minutes of placing the order, their next meal will be free. This promise by McDonald’s is a good example of a(n): o Service guarantee · Heinz has a new ketchup bottle that has the cap on the bottom, instead of the top. The bottle uses gravity to help the consumer get every last drop of ketchup out of the bottle. The cap is also designed to pour cleanly, so that dried ketchup does not accumulate around the opening. This new bottle demonstrates how packaging can: o Enhance product usage · According to the FTC, for a producer to call a product "new," the product: o must be entirely new or changed in a functionally significant or substantial respect. · The new-product development process discussed in the text o is based on the idea that a firm should eliminate potentially unprofitable product ideas as early as possible. · A wholesaler that sells electronics is trying to find more success with their sales. They currently sell to several different customer groups, each with very specific and different needs. Which method should they use to better meet the needs of customers and improve their sales? o Sorting · When an online intermediary like Hulu scans thousands of hours of programming each week and groups these programs into categories of digital programs (e.g. sports, crime, etc.), this is an example of: o Sorting · Distribution agreements which limit sales by customer or territory: o are definitely illegal if they are horizontal agreements among competing producers or intermediaries, but may be legal if they are vertical agreements. · The transporting function adds value by: o making products available when AND where they're needed. · A supply chain: o requires skill in coordinating activities among different firms, and this has prompted many firms to seek help ...