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Principles of Marketing
Extracting value from waste and using it to create new products is known as:
Select one:
- a. reverse engineering.
- b. mining.
- c. upward logistics.
- d. upcycling.
- e. backward integration.
Sue often travels to other grocery stores in the marketplace to observe how much they are charging for the same products she stocks at her store. Sue is engaging in _____.
Select one:
- a. secret shopping
- b. market intelligence
- c. market dominance
- d. investigatory journalism
- e. sleuth marketing
Sam is responsible for buying market research reports and then selling the reports to other companies. Sam works for a(n) _____.
Select one:
- a. marketing research aggregator
- b. primary data collection firm
- c. scanner-based research firm
- d. research design firm
- e. focus group
_____ is growing faster than any other transportation method.
Select one:
- a. Trucks
- b. Railroad
- c. Water
- d. Pipelines
- e. Air
Which of the following refers to niche marketing?
Select one:
- a. Targeting a very select group of customers.
- b. Targeting an extremely select group of customers.
- c. The process of gathering information on a select group of customers.
- d. Targeting multiple groups of consumers.
- e. The process of segmenting buyers geographically.
_____ are a great tool for situations that require adaptation, customer education, and other value-adding activities.
Select one:
- a. Advertisements
- b. Press releases
- c. Salespeople
- d. Coupons
- e. Prospects
_____ occurs when a company prices a product a few cents or a few dollars below the next dollar amount.
Select one:
- a. Demand backward pricing
- b. Cost-plus pricing
- c. Forward pricing
- d. Odd-even pricing
- e. Prestige pricing
A scan of the _____ should include any new government regulations as well as legislation.
Select one:
- a. political climate
- b. technological environment
- c. demographic climate
- d. economic climate
- e. social and cultural environment
Demand is said to be _____ when the demand for a product stays relatively the same, and buyers are not sensitive to changes in its price.
Select one:
- a. gaining market share
- b. price elastic
- c. lost
- d. price sensitive
- e. price inelastic
When discussing the customer segments in the marketing plan, it is important to include:
Select one:
- a. segmentation analysis strategies.
- b. market research objectives.
- c. market share and sales goals for each segment.
- d. differentiated segment strategies to reduce risk.
- e. concentrated segment peripherals.
_____ are people who will decide if and when the sellers get access to members of the buying center.
Select one:
- a. Influencers
- b. Gatekeepers
- c. Deciders
- d. Users
- e. Retailers
A(n) _____ occurs when a purchaser buys the same product in the same quantities from the same vendor.
Select one:
- a. modified rebuy
- b. B2B exchange
- c. alternative buy
- d. B2B auction
- e. straight rebuy
In the United States, the majority of coupons used are _____ coupons.
Select one:
- a. digital
- b. virtual
- c. paper
- d. convenience
- e. incentive
_____ involves soliciting personal information to steal an identity and use it to generate cash fraudulently.
Select one:
- a. Phishing
- b. Spamming
- c. Consumer invasion
- d. E-stalking
- e. Spyware
A company that produces laundry detergent offers one product with stain removing action while another is made for energy-efficient washing machines. Which of the following segmentation strategies has the company used?
Select one:
- a. Demographic segmentation
- b. Loyalty segmentation
- c. Benefits segmentation
- d. Psychographic segmentation
- e. Geodemographic segmentation
When a company hires a call center to make phone calls and set up appointments, it is outsourcing only the _____ conversion portion of the sales cycle.
Select one:
- a. lead-to-suspect
- b. suspect-to-prospect
- c. prospect-to-customer
- d. lead-to-customer
- e. suspect-to-customer
When a consumer realizes there is a difference between their current state and their desired state, he/she has entered the _____ stage of the buying process.
Select one:
- a. need recognition
- b. search for information
- c. product evaluation
- d. product purchase
- e. postpurchase evaluation
_____ is a long-term process that helps an organization allocate its resources to capitalize on opportunities in the marketplace.
Select one:
- a. Marketing
- b. Contingent planning
- c. Strategic planning
- d. Diversification
- e. Decentralization
_____ state what a company wants to accomplish with its pricing.
Select one:
- a. Marketing objectives
- b. Pricing objectives
- c. ROI statements
- d. Profit optimizers
- e. Market shares
When non-profit organizations try to convince people that global warming is a real threat, it is an example of _____.
Select one:
- a. logistics marketing
- b. event marketing
- c. production orientation marketing
- d. value marketing
- e. social marketing
A _____ looks at how another company solved a problem being researched.
Select one:
- a. marketing research report
- b. primary data report
- c. Nielsen rating
- d. case study
- e. scenario analysis
A bonus:
Select one:
- a. is paid at the end of a period of time based on the total amount sold.
- b. is paid every two weeks.
- c. is payment for each sale.
- d. is the minimum level of sales performance for an individual salesperson.
- e. is the rate at which a potential customer moves.
Standards for the Code of Ethics for Market Intelligence Professionals include:
Select one:
- a. manipulating the data as the researcher sees fit.
- b. providing honest and realistic recommendations and conclusions in the execution of one’s duties.
- c. complying with enforced laws, but allowing for bribery where socially acceptable.
- d. abiding by personal guidelines, even if they fall out of line with the company’s guidelines.
- e. concealing information, such as one’s identity, for the integrity of the results.
Failing to meet the performance standards established for an offering indicates a(n) _____ gap.
Select one:
- a. standards
- b. knowledge
- c. delivery
- d. communication
- e. satisfaction
_____ are groups a consumer identifies with and wants to join.
Select one:
- a. Cliques
- b. Opinion leaders
- c. Social classes
- d. Reference groups
- e. Interest groups
In the case of _____ research, all of a product’s marketing elements are held constant except one.
Select one:
- a. exploratory
- b. focus group
- c. causal
- d. descriptive
- e. ethnographic
A car, a house, and a boat are examples of what type of product?
Select one:
- a. Routinely purchased
- b. Habitually purchased
- c. High-impact
- d. Low-involvement
- e. High-involvement
Cause-related marketing can foster _____ among a company’s community of customers.
Select one:
- a. longevity
- b. loyalty programs
- c. attitudinal loyalty
- d. advertising
- e. behavioral loyalty
_____ refers to a philosophy that focuses on competing through product innovation.
Select one:
- a. Market orientation
- b. Product development
- c. Product orientation
- d. Product differentiation
- e. Selling orientation
Amanda purchased a washing machine from Best Buy. She was informed by Best Buy that she had a 30-day window to receive price matching from Best Buy or other local retailers if the washing machine went on sale. This is because firms are influenced by _____ when making pricing decisions.
Select one:
- a. competitors
- b. government regulations
- c. customers
- d. product costs
- e. the economy
The ____ is a document designed to communicate the marketing strategy for an offering.
Select one:
- a. research paper
- b. market plan
- c. mission statement
- d. annual report
- e. execution strategy
Commerce conducted electronically over the Internet is known as _____.
Select one:
- a. dot-commerce
- b. e-commerce
- c. Google mart
- d. eco commerce
- e. Internet merchandising
_____ occurs when a firm’s new offering eats into the sales of one of its older offerings.
Select one:
- a. Brand extension
- b. Brand strategy
- c. Saturation
- d. Product failure
- e. Cannibalization
Tim’s book company sets an expected profit of 15% in the first two years on all newly published books in relation to the money invested in the author and publication. This is an example of what type of pricing objective?
Select one:
- a. Maximizing profits
- b. Maintaining the status quo
- c. Targeted return on investment
- d. Maximizing market share
- e. Maximizing sales
Cross-promotions are utilized to:
Select one:
- a. support nonprofit groups.
- b. increase brand equity.
- c. introduce new products involved in a product launch.
- d. introduce new marketing members to a community.
- e. analyze product offerings in diversified markets.
The characteristics of a qualified prospect include someone who has the:
Select one:
- a. brains, autonomy, need for, and time to purchase a product.
- b. budget, autonomy, need for, and clout to purchase a product.
- c. brains, authority, need for, and time to purchase a product.
- d. budget, authority, need for, and clout to purchase a product.
- e. budget, authority, need for, and time to purchase a product.
A(n) _____ draws a logical conclusion.
Select one:
- a. closed-ended message
- b. push strategy
- c. open-ended message
- d. appeal
- e. call to action
_____ allows you to smooth out the seasonal variance on sales so you can then determine how much of the change in sales is due to other factors.
Select one:
- a. Correlational analysis
- b. Expertise
- c. Statistical control
- d. Managerial control
- e. Causality
_____ involves paying a fee to have your name associated with a venue or event.
Select one:
- a. Cause-marketing
- b. Sponsorship
- c. Damage control
- d. Donorship
- e. Product placement
_____ is the practice of selling a large quantity of goods at a price too low to be economically justifiable in another country.
Select one:
- a. Integration
- b. Dumping
- c. Pull strategy
- d. Regrouping
- e. Disintermediation
_____ is an illegal practice that involves firms colluding about price.
Select one:
- a. Leader pricing
- b. Prestige pricing
- c. Price fixing
- d. Loss leader pricing
- e. Price adjusting
In _____ the roles of the buyers and sellers are reversed.
Select one:
- a. buy-side auctions
- b. B2B auctions
- c. sell-side sites
- d. B2B exchanges
- e. e-commerce
Marketing _____ can be very challenging because many people within a firm are involved in the buying decision for these types of products.
Select one:
- a. original equipment manufacturing offerings
- b. capital equipment offerings
- c. facilitating offerings
- d. raw materials offerings
- e. maintenance, repair, and operations offerings
_____ refers to when people forget information, even if it is relevant to them.
Select one:
- a. Selective absorption
- b. Moderate perception
- c. Moderate retention
- d. Selective perception
- e. Selective retention
Organizations involved in the process of producing, promoting, and delivering company products to its user but are not active participants in selling of the products are referred to as _____.
Select one:
- a. supply chains
- b. marketing channels
- c. mail-order wholesalers
- d. drop shippers
- e. off-price retailers
A(n) _____ is formed when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.
Select one:
- a. strategic alliance
- b. direct foreign investment
- c. joint venture
- d. franchising
- e. exporting
Which of the following refers to a product with a low growth and low market share?
Select one:
- a. Star
- b. Cash cow
- c. Question mark
- d. Dog
- e. Harvest product
Which of the following is a function of the Food and Drug administration?
Select one:
- a. It prohibits U.S. firms from restraining trade.
- b. It regulates deceptive advertising.
- c. It regulates the labeling of consumable products.
- d. It creates monopolies and cartels.
- e. It prohibits monopolies and cartels.
_____ are products retailers produce themselves.
Select one:
- a. Retail products
- b. Company brands
- c. Store brands
- d. Generic goods
- e. Manufacturer brands
The sub-segment of the Hispanic market characterized as containing individuals who are English dominant, free thinkers, and multicultural is known as _____.
Select one:
- a. accidental explorers
- b. the enlightened
- c. just moved in’rs
- d. SYLrs
- e. FOBrs
