Deck 9: Marketing: Providing Value to Customers

Question 1

Marketers generally begin the research process by gathering _____ data.

A) secondary
B) primary
C) electronic
D) free

Answer 1

A

Question 2

McDonald's sells tacos for breakfast in Arizona because its marketers have identified a _____ segment.

A) demographic
B) behavioral
C) geographic
D) psychographic

Answer 2

C

Question 3

_____ is not an aspect of marketing strategy.

A) Selecting a target market
B) Implementing strategies for promoting products
C) Distributing products
D) Performing sales?related accounting tasks

Answer 3

D

Question 4

_____ segmentation classifies consumers on the basis of individual lifestyles as they're reflected in personal values.

A) Geographic
B) Demographic
C) Behavioral
D) Psychographic

Question 5

Marketing includes everything that organizations do to satisfy customer needs.

Question 6

Psychographic segmentation classifies consumers on the basis of individual lifestyles as they're reflected in people's interests and values.

Question 7

In order to put a marketing concept into practice, you need a _____ for performing two tasks, including selecting a target market.

A) marketing scheme
B) marketing plan
C) marketing strategy
D) marketing mix

Question 8

Your _____ market consists of a specific group of consumers who are interested in your product, have access to it, and possess the means to buy it.

A) strategic
B) target
C) popular
D) local

Question 9

The _____ market includes buyers who want a product for use in making other products.

A) secondary
B) wholesale
C) consumer
D) industrial

Question 10

Marketing is the business function that focuses on advertising and selling products.

Question 11

Demographic segmentation divides a market into groups based on such criteria as values, interests, opinions, and lifestyles.

Question 12

A consumer market consists of buyers who want a product for use in making other products.

Question 13

Between the two types of data, marketers generally begin by looking at primary data-previously collected information pertaining to the target market.

Question 14

_____ would not be included in a demographic segmentation of consumers.

A) Marital status
B) Ethnic background
C) Lifestyle preferences
D) Educational background

Question 15

Using _____ segmentation, Pierre Trudeau has divided his market according to a variable called usage rate.

A) behavioral
B) demographic
C) geographic
D) psychographic

Question 16

Working in the field of _____, Juan Gonzales deals with processes for creating, communicating, and delivering value to customers and for improving customer relationships.

A) promotion
B) marketing
C) customer service
D) customer relations

Question 17

When we identify a specific group of consumers that have particular interests in our product and the means to buy it, we've identified our target market.

Question 18

Technology optimists are those who embrace new technology.

Question 19

The principle of satisfying customer needs while meeting organizational goals is called the strategic concept.

Question 20

Because its customers want its products for personal use and household consumption, Sunshine Cosmetics sells in a(n) _____ market.

A) consumer
B) retail
C) industrial
D) attractive

Question 21

When a travel agency wanted to predict sales for a new travel adventure they wanted to begin marketing, they looked at sales figures and customer feedback of similar types of vacation packages they had offered in the past. This is an example of _____.

A) primary data gathering
B) secondary data gathering
C) scientific research
D) intermediate data gathering

Question 22

The marketing mix consists of all of the following except _____.

A) price
B) product
C) positioning
D) place

Question 23

A company seeks a(n) _____ by registering the name of a product with the U.S. Patent Trade Office.

A) brand name
B) trademark
C) copyright
D) endorsement

Question 24

Typically, all of the following information is included on a packaging label except _____.

A) where the product was made
B) what risks are associated with the product
C) who made the product
D) what color the product is

Question 25

Over time, your company hopes to develop brand ____ among customers who prefer or even insist upon its product.

A) awareness
B) monopoly
C) constancy
D) loyalty

Question 26

A _____ is a letter, sound, or symbol that differentiates a product from similar products on the market.

A) title
B) tag
C) name
D) brand

Question 27

Online surveys are easier to answer but get poorer response rates than telephone surveys.

Question 28

A firm that markets a product with no branding information attached to the packaging except a description of its contents is using _____ branding.

A) generic
B) private
C) proprietary
D) tag

Question 29

Using _____ branding, a company makes a product and sells it to a retailer who resells it under its own name.

A) generic
B) primary
C) private
D) tag

Question 30

Your trademark consists of what you say about the product on your packaging, not only identifying the product but providing information about the contents of the package.

Question 31

Describe-in the order in which they're generally used-the two types of data sought by marketing researchers.

Question 32

Setting a price for a product is a tool of the marketing mix.

Question 33

Which two segmenting variables would be most important for a company that sells children's hiking boots?

A) Geographic and behavioral
B) Demographic and geographic
C) Behavioral and psychographic
D) Demographic and psychographic

Question 34

Brand _____, like that enjoyed by Coca-Cola, results from favorable consumer experience with a product.

A) loyalty
B) equity
C) primacy
D) status

Question 35

To prevent a competitor from introducing a product with the same name as its own product, a company must take out a patent by registering the name with the U.S. Patent and Trademark Office.

Question 36

When consumers prefer and insist upon buying Dell products, they're demonstrating brand loyalty.

Question 37

The marketing mix is often regarded as the least important ingredient of marketing

Question 38

_____ is the most productive way to conduct surveys.

A) Asking customers face to face in stores
B) Mailing out questionnaires
C) Phoning people
D) Using the Internet

Question 39

What is psychographic segmentation?

Question 40

When Toyota offers a premium car under the brand name Lexus, it is using which of the following branding approaches?

A) Private branding
B) Multiproduct branding approach
C) Generic branding
D) Multibranding approach

Question 41

Developing a marketing mix may involve all of the following activities except:

A) developing a marketing budget.
B) developing a product aimed at the needs of the target market.
C) setting a price for a product.
D) informing potential buyers about a product.

Question 42

Using demand-based pricing, you work backwards, figuring out how much consumers are willing to pay for a product and then subtracting an amount to cover your profit.

Question 43

When a manufacturer sells a product to a retailer, the retailer's cost is _____ what the consumer pays for it.

A) much less than
B) a little less than
C) insignificant compared to
D) unrelated to

Question 44

With skimming pricing, a company starts off with the highest price that keenly interested customers will pay.

Question 45

With odd-even pricing, marketers price a product according to its cost to the manufacturer plus a reasonable profit.

Question 46

With _____ pricing, a company tries to cover its initial costs by setting the highest price that keenly interested customers will pay.

A) skimming
B) penetration
C) flexible
D) bidding

Question 47

If a customer pays $40 for a shirt that's been marked up 100 percent over cost, what price did the retailer pay for it?

A) $15
B) $20
C) $22.50
D) $25

Question 48

_____ is the process of collecting and analyzing data that's relevant to a specific marketing situation.

A) Advertising research
B) Sample selling
C) Marketing research
D) Target scanning

Question 49

Demand-based pricing would never work in this situation.

Question 50

You manufacture covers for barbeque grills at a cost of $5 each and make a profit of $2 per cover. The barbeque grill covers are sold to consumers by a national outdoor furniture retailer for $18, and you know the selling price includes a markup of $9 each. What is true about this situation?

A) The covers are priced using cost-based pricing
B) You sold the covers directly to the outdoor furniture retailer
C) You need a new accountant because the numbers don't add up
D) You sold the covers through a distributor

Question 51

When a manufacturer of DVD recorders initially charged a high price but later dropped the price after others entered the market, it was practicing which pricing method?

A) Cost-based pricing
B) Target costing
C) Skimming pricing
D) Penetration pricing

Question 52

_____ pricing bases the selling price of a product on its cost plus a reasonable profit.

A) Rational
B) Prestige
C) Target
D) Cost-based

Question 53

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

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

Question 54

Using _____ pricing, a company initially charges a low price, both to discourage competition and to grab a sizeable share of the market.

A) skimming
B) flexible
C) penetration
D) bidding

Question 55

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

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

Question 56

If the new line of furniture is of above?average quality, prestige pricing might well work because customers will probably assume that it's of very high quality.

Question 57

Prestige pricing sets prices artificially high to foster the impression of a high-quality product.

Question 58

With penetrating pricing, a company would initially charge a low price on a product to "get its foot in the door."

Question 59

How do marketing researchers use focus groups?

Question 60

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

Question 61

A company's supply chain includes more activities than does its value chain.

Question 62

Wholesalers are sometimes called "distributors."

Question 63

The presence of an intermediary substantially reduces the number of ____ faced by both consumers and businesses.

A) risks
B) expenditures
C) unpleasantries
D) contacts

Question 64

If a company has to store a large volume of its product over an extended period, it will probably store the product in a distribution center.

Question 65

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

Question 66

When she focuses on the flow that begins with the purchase of raw materials and culminates in the sale of a product to end users, Bridgett Hammerschmidt is managing her company's _____.

A) demand chain
B) supply chain
C) materials chain
D) value chain

Question 67

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

Question 68

According to the U.S. Department of Transportation, trains are the transportation of choice for most goods.

Question 69

The supply chain is the flow that begins with a company's purchase of raw materials and ends in the sale of its finished product to an end user.

Question 70

Using a strategy of _____, a company orders only what it needs, thus cutting the time and cost required to move raw materials into and out of storage.

A) right-now/right-here
B) materials precision
C) just-in-time production
D) not-now/not-here

Question 71

Supply chain management is the process of integrating all the activities entailed by the supply chain.

Question 72

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

Question 73

The process of physically moving or carrying goods during production, warehousing, and distribution is called just-in-time automation.

Question 74

A(n) _____ is a wholesaler or retailer who helps move products from their original sources to end users.

A) middleman
B) intermediary
C) fence
D) distributor

Question 75

The key to persuading customers to buy your products is delivering _____.

A) value
B) the goods
C) customer satisfaction
D) on time

Question 76

Automation is the process of physically moving or carrying goods during production, warehousing, and distribution.

Question 77

The process of integrating all the activities in a firm's supply chain is called _____.

A) supply chain management
B) value management
C) pulling the company's chain
D) top-bottom management

Question 78

The customer value triad consists of three factors: quality, service, and availability.

Question 79

It appears that, at this point, penetration pricing is Bilby's best strategy.

Question 80

A profit margin is the amount that a company earns on each unit sold.