Deck 4: Forms of Business Ownership

Question 1

A total product offer consists of everything that consumers evaluate when deciding whether to purchase a good or service.

Answer 1

True

Question 2

The 4 Ps are product,price,place and promotion.

Answer 2

True

Question 3

Marketing intermediaries are organizations that assist in moving goods and services from producers to business and consumer users.

Answer 3

True

Question 4

Dividing the market by geographic area is called demographic segmentation.

Question 5

Integrated marketing communication is a formal method for uniting all the promotional efforts of an organization to make them more consistent with each other and more responsive to the organization's customers and other stakeholders.

Question 6

Market research is the analysis of markets to determine opportunities and challenges and to find the information needed to make good marketing decisions.

Question 7

Hyundai targets consumers between ages 18 and 34 to compete with Honda.This is an example of geographic segmentation.

Question 8

The break-even point is how many units of a product would have to be sold in order to make neither a profit nor a loss.

Question 9

Segmentation by lifestyle,values,attitudes and interests is called psychographic segmentation.

Question 10

Segmentation of a market by income is a type of demographic segmentation.

Question 11

Brand loyalty refers to the combination of factors that people associate with a given brand name.

Question 12

Targeting smaller but profitable market segments and designing or finding products and services for them is called niche marketing.

Question 13

A marketing strategy with a goal to keep individual customers over time by offering them new products that exactly meet their requirements is called relationship customization.

Question 14

One of marketing's 4 Ps is place,which refers to where advertising is bought to support a product.

Question 15

The process of dividing the total market into several groups whose members have similar characteristics is called target marketing.

Question 16

Target marketing is selecting which groups an organization can serve profitably.

Question 17

Marketing is the process of planning and executing the conception,pricing,promotion and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives.

Question 18

There is much more emphasis on personal selling in consumer markets than in B2B markets.

Question 19

B2B marketers include manufacturers,retailers and the government.

Question 20

The consumer decision making process has four steps.

Question 21

There are five major ways in which retailers compete for the consumer's dollar.

Question 22

Integrated marketing communication means that all areas of promotion provide the same message to consumers.

Question 23

Marketing research is the analysis of markets to determine opportunities and challenges and to find the information needed to make good marketing decisions.

Question 24

IMC is a way of thinking about promotion that combines all the promotional tools and more into one comprehensive and unified promotional strategy.

Question 25

A wholesaler is a marketing intermediary that sells to consumers.

Question 26

Sales promotion is one part of the promotional mix.

Question 27

Product placement refers to paying to put products into TV shows and movies where they will be seen.

Question 28

Agents/brokers take title to goods they are selling.

Question 29

Category killers compete using selection competition.

Question 30

A channel of distribution consists of the whole set of marketing intermediaries that join together to support and store goods in their path from producers to consumers.

Question 31

A category killer refers to stores that offer a wide selection of goods in a specific category at competitive prices.

Question 32

A retailer is an organization that sells to consumers.

Question 33

Target costing means to price based on demand.A product is designed so it satisfies needs and meets the profit margins desired by the company.

Question 34

The total product offer consists of everything that consumers evaluate when deciding whether to purchase a good or service.

Question 35

Advertising is a paid personal communication by organizations and individuals who are in some way identified in the message.

Question 36

Personal selling is the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities.

Question 37

Sales promotion is the promotional tool that stimulates consumer purchasing and dealer interest by means of short term activities.

Question 38

Merchant wholesalers are independently owned firms that take no title to the goods they handle.

Question 39

IMC includes public relations but does not include jingles used in ads.

Question 40

Product differentiation is the creation of real or perceived product differences.

Question 41

Targeting smaller but profitable market segments and designing or finding products and services for them is called __________ marketing.

Question 42

Department stores are most likely to have higher regular prices but then have many special sales during which the prices are lowered.These department stores are most likely using a __________ pricing strategy.

Question 43

When a manufacturer of HDTVs decides to set the price high to recover the costs of developing the sets while there's little competition,it is using a __________ pricing strategy.

Question 44

A(n)__________ is a product that a store advertises at or below cost to attract people to the store.

Question 45

Campbell has expanded its product line to appeal to a number of different tastes.Campbell noticed the population growth in the Latino community in cities across the nation,so it introduced a red bean soup that would appeal to the Latino market.It also noticed the growth in the American South market so it introduced a Creole soup to appeal to those people.By providing different tasting soups for different populations of the U.S.Campbell is practicing:

A) Advertising
B) Market segmentation
C) Niche marketing
D) Distribution management

Question 46

Targeting smaller but profitable market segments and designing or finding products and services for them is called:

A) Market segmentation
B) Niche marketing
C) Relationship marketing
D) Marketing management

Question 47

Market __________ is the process of dividing the total market into several groups whose members have similar characteristics.

Question 48

__________ is the process of planning and executing the conception,pricing,promotion and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives.

A) Management
B) Strategy
C) Marketing
D) Leadership

Question 49

__________ selling is the face-to-face presentation and promotion of goods and services.

Question 50

__________ marketing is the term now used to describe everything from paying people to say positive things on the Internet to setting up multilevel selling schemes whereby consumers get commissions for directing friends to specific Web sites.

Question 51

__________ tend to handle bulky products such as coal,lumber and chemicals.

Question 52

__________ is a marketing strategy with a Goal to keep individual customers over time by offering them new products that exactly meet their requirements.

A) Relationship marketing
B) Marketing management
C) Niche marketing
D) Target marketing

Question 53

Selecting which groups an organization can serve profitably is called:

A) Market segmentation
B) Target marketing
C) Relationship marketing
D) Marketing management

Question 54

__________ is paid,non-personal communication through various media by organizations and individuals who are in some way identified in the advertising message.

Question 55

Selecting which groups an organization can serve profitably is called __________ marketing.

Question 56

__________ furnish racks or shelves full of merchandise to retailers,including display products and sell,for all practical purposes,on consignment.

Question 57

The __________ consists of everything that consumers evaluate when deciding whether to purchase a good or service.

A) Product line
B) Product mix
C) Total product offer
D) Product life cycle

Question 58

The Coca-Cola that is always on the desk in front of the judges on American Idol is a form of promotion called product __________.

Question 59

__________ marketing is a marketing strategy with a goal to keep individual customers over time by offering them new products that exactly meet their requirements.

Question 60

To discourage competitors from entering with a similar product and to attract more customers,a firm would most likely use __________ pricing.

Question 61

List the Goals of packaging.

Question 62

What are the components of the promotional mix?

Question 63

A(n)__________ is an independently owned firm that takes title to the goods it handles.

A) Agent
B) Broker
C) Merchant wholesaler
D) Sales rep organization

Question 64

__________ is the creation of real or perceived product differences.

A) Product assimilation
B) Product differentiation
C) Product demarcation
D) Product discrimination

Question 65

Which of the following is part of IMC?

A) Jingles
B) Sales promotions
C) Logo
D) All of the responses are correct

Question 66

A(n)__________ consists of the whole set of marketing intermediaries,such as agents,brokers,wholesalers and retailers,that join together to transport and store goods in their path from producers to consumers.

A) Demand chain
B) Value chain
C) Channel of distribution
D) Logistics chain

Question 67

Merchandise such as music,toys and health and beauty aids,packaged in displays is most likely sold by:

A) Merchant wholesalers
B) Manufacturers
C) Rack jobbers
D) Warehouse resellers

Question 68

The combination of promotional tools an organization uses is called its:

A) Marketing program
B) Customer promotional management program
C) Promotion mix
D) Marketing mix

Question 69

__________ is the procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow.

A) Affirmative pricing
B) Target costing
C) Price leadership
D) First mover pricing

Question 70

List the five major ways in which retailers compete for the consumer's dollar.

Question 71

Define market segmentation and explain three of the methods marketers use to segment the market.

Question 72

Which of the following is a potential component of a total product offer?

A) Brand name
B) Convenience
C) Guarantee
D) All of the responses are correct

Question 73

The __________ is a theoretical model of what happens to sales and profits for a product class over time.

A) Diffusion of innovation
B) Product life cycle
C) Growth of products
D) Time value of innovation

Question 74

Which of the following contributes to a unified image?

A) Diffusion of innovation
B) Public relations
C) New product introduction
D) Logistics

Question 75

A(n)________ is a marketing intermediary that sells to other organizations,such as the government and hospitals.

A) Internet reseller
B) Wholesaler
C) Retailer
D) Merchant

Question 76

__________ is research that a marketer creates; that is,the marketer implements the collection of the data firsthand.

A) Primary research
B) Secondary research
C) Unique research
D) Firsthand research

Question 77

__________ is a formal method for uniting all the promotional efforts of an organization to make them more consistent with each other and more responsive to the organization's customers and stakeholders.

A) CRM
B) IMC
C) Stakeholder management
D) Publicity