Question 1

A niche market is a place within a market segment that represents a narrow group of customers with similar interests.

Accepted Answer

A niche market is defined as a narrow group of customers with similar interests within a larger market segment.

Question 2

________ occurs when two or more separate marketing channels are in conflict over their roles in selling a firm's products or services.

Accepted Answer

Channel conflict occurs when different marketing channels, such as distributors or retailers, have differing expectations of their roles and responsibilities in selling a company's products. This can lead to disagreements over pricing, promotion, and distribution, and may ultimately harm the company's sales and reputation. Disintermediation refers to the elimination of intermediaries in a product supply chain, while marketing clash, channel clash, and channel inconsistency are not commonly used terms in marketing.

Question 3

A ________ is a route a product takes form the place it is made to the customer who is the end user.

Accepted Answer

A distribution channel is the route or network through which a product travels from the manufacturer to the end consumer. It involves all the intermediary parties (such as wholesalers, retailers, and distributors) that are involved in bringing the product to market.

Question 4

A firm's "position" is concerned with how it is situated relative to its rivals.

Accepted Answer

A firm's position is often referred to as its competitive position and is determined by factors such as market share, product quality, customer loyalty, and pricing strategy, among others. It is essential for a firm to understand its competitive position to develop effective strategies to differentiate itself from its competitors and gain a competitive advantage.

Question 5

A brand is the set of attributespositive or negativethat people associate with a company.

Accepted Answer

This is a correct definition of a brand. It is the set of perceptions or associations that people have with a particular company, product or service.

Question 6

A product attribute map illustrated the strength of a firm's niche (or target) market relative to competing markets.

Accepted Answer

The answer of A product attribute map illustrated the strength...

Question 7

________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.

Accepted Answer

The term "guerrilla marketing" refers to a non-traditional, unconventional approach to marketing that relies on creativity and surprise to grab consumers' attention. It typically uses lower-cost tactics and unconventional locations to reach targeted audiences.

Question 8

Every year, thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a:

Accepted Answer

The event described is a gathering of manufacturers to display and showcase their products, which is typically known as a trade show. The other options, such as promotions show or deal show, are not commonly used terms to describe this type of event.

Question 9

A firm runs the risk of upsetting its channel partners if it sells through two channels simultaneously which compete for the same customer. For example, if Electronic Arts sold its electronic games through retailers like Wal-Mart and Best Buy, and then started selling the same games online, Wal-Mart and Best Buy might get upset, because the online sales undermine their ability to sell the games through their stores. This type of situation is referred to as:

Accepted Answer

This situation is referred to as channel conflict. It occurs when there is a disagreement or competition between channel partners due to differences in goals, objectives, or strategies. In this case, the retailers are upset because Electronic Arts is selling the same product online, which takes away sales from their stores. This can lead to tensions and strain the relationship between the company and its channel partners.

Question 10

It is better to emphasize a product or service's features rather than its benefits.

Accepted Answer

It is better to emphasize a product or service's benefits rather than its features. Benefits are the outcomes or results that customers will experience, which is what they really care about. Features are the characteristics or functions of the product or service, which may not have much meaning to the customer unless they know how it will benefit them.

Question 11

When Hotmail first started distributing free e-mail accounts, it put a tagline on every message sent out by Hotmail users that read "Get free e-mail with Hotmail." This technique, which encouraged people to pass along Hotmail's marketing message to others, is called:

Accepted Answer

The technique described in the question is an example of viral marketing, as it is encouraging people to spread Hotmail's message to others like a virus. It relies on word-of-mouth and social networks to promote the product.

Question 12

The process of eliminating layers of middlemen, such as distributors and retailers, to sell directly to customer is called:

Accepted Answer

Disintermediation is the process of eliminating intermediaries (middlemen) from a supply chain to sell directly to the end customer. This can lead to cost savings for the producer and lower prices for the customer.

Question 13

Markets can be segmented in a number of ways, including by product type, price point, distribution channel used, and customers served.

Accepted Answer

This statement is true. Markets can indeed be segmented in several ways, including by the factors mentioned - product type, price point, distribution channel used, and customers served.

Question 14

Which of the following is not one of the public relations techniques identified in the textbook?

Accepted Answer

Radio advertising is not a public relations technique as it involves paying for advertising space on a radio platform, while public relations techniques pertain to building relationships with the public through earned media and communication strategies.

Question 15

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

Accepted Answer

A firm's target market is the specific group of customers that it aims to serve or appeal to with its products or services. This helps the firm to focus its marketing efforts and tailor its offerings to the needs and preferences of these customers.

Question 16

The Savvy Entrepreneurial Firm feature in Chapter 10 provides several examples of firms that created positive awareness of its product of service by producing cleaver video spots. According to the feature, the firms were utilizing:

Accepted Answer

The answer of The Savvy Entrepreneurial Firm feature in Chapter...

Question 17

The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.

Accepted Answer

The proper sequence in selecting a target market and positioning strategy is (1) segment the market, (2) select a target market, and (3) craft a unique positioning strategy.

Question 18

Creating buzz means creating awareness and a sense of anticipation about a company and its offerings.

Accepted Answer

Creating buzz is all about generating excitement and interest about a company or its offerings before they are launched or released. This can be done through various marketing and promotional activities, such as social media campaigns, influencer collaborations, events, and more. The goal is to build momentum and excitement around a product or company, so that when it finally hits the market, customers are already aware of it and eager to try it out.

Question 19

Brand premium is the term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation.

Accepted Answer

The answer of Brand premium is the term that denotes...

Question 20

Efforts to establish and maintain a company's image with the public are referred to as:

Accepted Answer

Public relations refers to the work done by a company to establish and maintain a positive image with the public. This can include activities such as media relations, community outreach, and crisis management. Options A, C, D, and E may be related to aspects of public relations, but they do not encompass the full scope of the efforts involved in managing a company's image with the public.

Quiz 11: Unique Marketing Issues