Test 3

Question 1

What is the term for the process of creating, communicating, and delivering value to customers while managing customer relationships in ways that benefit the organization and its stakeholders?

Answer 1

Marketing

Question 2

Which of the following occurs between similar products and is based on buyers’ perceptions of the benefits of products offered by particular companies?

Answer 2

Brand competition

Question 3

What are the tangible and intangible qualities that a company builds into its products?

Answer 3

Features

Question 4

What type of marketing is used to build long-term relationships with customers?

Answer 4

Relationship marketing

Question 5

What is data warehousing?

Answer 5

The process of collecting, storing, and retrieving data in electronic files

Question 6

Companies who use ad campaigns to raise public awareness of important issues such as texting while driving are working with what type of environment?

Answer 6

Political-legal

Question 7

A company decides to introduce a line of crackers made with organically grown grains and vegetables. What environmental trend is the company responding to?

Answer 7

Sociocultural

Question 8

Which of the following is used to automate the analysis of customer information and how might they be influenced by marketers?

Answer 8

Data mining

Question 9

What type of utility is practiced by those companies who allow marketers to have a voice in product design and identifying features customers want?

Answer 9

Form utility

Question 10

What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?

Answer 10

Possession utility

Question 11

What is used to guide the detailed activities of the marketing plan ensuring the goals of the plan are accomplished?

Answer 11

Marketing objectives

Question 12

Why does a marketing strategy utilize the marketing mix, which includes product, price, place, and promotion?

Answer 12

To satisfy customers in target markets

Question 13

Which of the following represents a feature or image that makes one product different from its competitors?

Answer 13

Product differentiation

Question 14

How do companies offer one-time direct inducements to buyers when promoting goods or services?

Answer 14

Premiums

Question 15

When selling industrial goods and services, using representatives who are trained to understand the needs of each customer is a key component of

Answer 15

Personal selling

Question 16

For marketers, what type of variables are lifestyles, opinions, interests, and attitudes?

Answer 16

Psychographic variables

Question 17

Which of the following describe(s) measurable traits about a consumer, such as income, gender, or marital status?

Answer 17

Demographics

Question 18

What type of segmentation is more effective because of the greater number of variables and has consequently become the most common segmentation tool?

Answer 18

Geo-demographic segmentation

Question 19

What is the goal of market research?

Answer 19

To increase competitiveness by clarifying relationships that affect the marketing decisions

Question 20

Which type of market research allows for an electronic history of consumers?

Answer 20

Observation

Question 21

When gathering opinions about consumer decisions, what type of research tool would be most beneficial if the issue is not overly complex?

Answer 21

Surveys

Question 22

What type of behavior do consumers exhibit by regularly purchasing products because they are satisfied with the performance of the product?

Answer 22

Brand loyalty

Question 23

Which of the following is the LEAST important influence on consumer behavior?

Answer 23

Technological factors

Question 24

Accessing a Web site in search of magazine articles about a product before its purchase is an example of what part of the consumer buying process?

Answer 24

Information seeking

Question 25

How do consumers develop opinions and beliefs about a set of products they will consider buying?

Answer 25

Through information seeking

Question 26

What happens when companies extend their horizons and identify opportunities outside existing product lines?

Answer 26

Multiple product lines

Question 27

Which defining word or phrase below BEST captures the meaning of capital items?

Answer 27

Longer lasting

Question 28

What are the benefits and features associated with a product called?

Answer 28

Value package

Question 29

What type of consumer good is more expensive and therefore receives more evaluation of alternatives before the purchase is made?

Answer 29

Shopping goods

Question 30

What is the grouping of products available for sale by a company called?

Answer 30

Product mix

Question 31

What can a company do to offset the consequences of slow sales in a product line?

Answer 31

Diversify the product line

Question 32

Which of the following activities describes the development stage of commercialization?

Answer 32

Beginning full-scale production and marketing

Question 33

In which of the following ways is product development different for services than for physical goods?

Answer 33

Instead of creating a prototype, the company develops a service process design

Question 34

What is frequently the most time-consuming stage of product development?

Answer 34

Testing

Question 35

How can a company establish market leadership for a product?

Answer 35

Introduce the product before competitors

Question 36

During which step of the product development stage does a company conduct market research on benefits and prices?

Answer 36

Concept testing

Question 37

Which of the following best describes production items?

Answer 37

Goods used in the conversion process

Question 38

When a consumer knows what they want to buy and is not willing to accept a substitute, what type of consumer product is being sought?

Answer 38

Specialty goods

Question 39

During the product life cycle, when do sales begin to climb and the product begin to show profit?

Answer 39

Growth

Question 40

What is one of the key benefits to successful branding?

Answer 40

Brand loyalty

Question 41

Which of the following best describes product placement?

Answer 41

Placing products in movies and television shows

Question 42

Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit?

Answer 42

Markup

Question 43

Companies who price their product low enough to attract a large number of buyers are most likely pursuing which of the following objectives?

Answer 43

High market share

Question 44

Which of the following gives the correct formula for calculating markup percentage?

Answer 44

Markup/sales price

Question 45

How do companies achieve continuous sales of more units and higher profits, even with lower unit prices?

Answer 45

Market domination

Question 46

Odd-even pricing falls under the category of which of the following?

Answer 46

Psychological pricing

Question 47

Which of the following strategies is involved with price skimming?

Answer 47

Setting an initial high price to cover new product costs and still generate a profit

Question 48

Which of the following pricing strategies is used by many e-tailers in order to provide flexibility between buyers and sellers in setting a price?

Answer 48

Dynamic pricing

Question 49

What is the practice of selling products in a foreign market for less than in its home country?

Answer 49

Dumping

Question 50

If a company offers several products that are similar in nature, how could the company increase sales while saving the consumer money?

Answer 50

Use a bundling strategy

Question 51

Which distribution channel is used by companies that distribute their goods through their own system of outlets?

Answer 51

Retail distribution

Question 52

Which of the following intermediaries matches numerous sellers and buyers as needed, often without knowing in advance who they will be?

Answer 52

Broker

Question 53

Choosing a distribution network is a strategic decision in that the decision determines the amount and cost of what?

Answer 53

Market coverage

Question 54

Which of the following helps producers distribute goods from sellers to customers?

Answer 54

Intermediaries

Question 55

Which of the following is an advantage to nondirect distribution?

Answer 55

They provide added value by saving buyers time.

Question 56

When getting a good or service to market, who is most powerful in determining the roles and rewards of others in the system?

Answer 56

Channel captain

Question 57

What type of intermediary buys the product from the manufacturer then resells it to other businesses?

Answer 57

Merchant wholesalers

Question 58

What type of intermediary act as a storage firm allowing small operations to pick up the goods desired?

Answer 58

Limited-function merchant wholesalers

Question 59

What is the advantage of using agents and brokers when a firm does not have its own sales force?

Answer 59

Agents and brokers have extensive knowledge of the markets and merchandise.

Question 60

Which of the following bargain retailers generate large sales volume by offering a wide variety of new products at substantial price reductions?

Answer 60

Discount houses

Question 61

What are the three major classifications of retail outlets in the United States?

Answer 61

Product-based retailers, bargain-based retailers, convenience-based retailers

Question 62

Which of the following describes the function of search engines that act as collections of business Web sites representing diverse products?

Answer 62

Cybermalls

Question 63

Which of the following allows firms to contact customers directly to inform them about products that can be purchased immediately?

Answer 63

Direct-response retailing

Question 64

Which of the following is an advantage for a retailer who is using e-catalogs?

Answer 64

The cost to maintain and access the catalog is minimal.

Question 65

When would a manufacturer use an exclusive distribution strategy to market a product?

Answer 65

When the item is a high-cost or prestige product

Question 66

Which of the following terms refers specifically to the activities needed to move products efficiently from manufacturer to consumer?

Answer 66

Physical distribution

Question 67

Which of the following will a large firm utilize when it needs temporary storage space for a large amount of products in immediate demand?

Answer 67

Public warehouses

Question 68

Which of the following is MOST directly related to differences in transportation cost from mode to mode?

Answer 68

Delivery speed

Question 69

In addition to being one of the fastest modes of transportation for physical goods, what is the advantage of using air-freight?

Answer 69

There are lower inventory costs because items do not need storage.

Question 70

Which of the following terms refers to finding the most effective techniques for communicating information about and selling a product?

Answer 70

Promotion

Question 71

Which of the following BEST characterizes the difference between the roles of advertising and personal selling in the promotional mix of a firm?

Answer 71

Advertising is nonpersonal in its communication about a product, whereas personal selling is highly individualized.

Question 72

Which of the following is involved in the final stage in the buyer decision process?

Answer 72

After the buyer has purchased the product, the marketer reminds the buyer that he or she made a wise purchase.

Question 73

The process of developing and establishing an easily identifiable product image and the nature of the product in the minds of consumers is done through what process?

Answer 73

Positioning

Question 74

Which of the following are examples of premiums?

Answer 74

Reduced-price items available upon purchase of a product

Question 75

What type of selling should be used if a buyer is unaware they need or want a product, and the product is high-priced?

Answer 75

Creative selling

Question 76

Which of the following BEST describes enterprise resource planning?

Answer 76

An information system for organizing and managing a firm's activities across product lines, departments, and geographic locations

Question 77

Which of the following allows companies to produce in large volumes, but customers to purchase based on unique feature options?

Answer 77

Through mass-customization

Question 78

How can e-commerce help businesses with scattered geographical locations better compete?

Answer 78

By coordinating remote deliveries

Question 79

Which of the following allow(s) businesses to save time and travel expenses by enabling employees and suppliers to communicate from any location?

Answer 79

The use of mobile offices

Question 80

How do IT communications support leaner, more efficient organizations?

Answer 80

By providing better use of employee skills and greater efficiency instead of resources

Question 81

Which of the following is an essential element in coordinating design and testing while minimizing costs?

Answer 81

Web collaboration on a massive scale

Question 82

Flexible production and speedy delivery found in mass customization are dependent on which of the following?

Answer 82

Integrated networks

Question 83

What type of system allows customers electronic access to a supplier's delivery times, increasing sales, profits, customer service, and loyalty?

Answer 83

Extranet

Question 84

What does a company need to operate so that it has total control over its communications without dependence on other companies?

Answer 84

Its own VSAT system

Question 85

What is the most common type of network used in businesses?

Answer 85

Client-server

Question 86

What is the major limitation of Wi-Fi?

Answer 86

Short range of distance

Question 87

What system allows outsiders limited access to a firm's internal information systems?

Answer 87

Extranets

Question 88

In client-server networks, who or what is the usual client?

Answer 88

The computer through which users make requests for information

Question 89

Which type of communication technology is attractive to businesses because it eliminates travel expenses by allowing simultaneous communication globally?

Answer 89

Electronic conferencing

Question 90

"Hotspots" in places such as coffee shops and airports access wireless Internet connections using

Answer 90

Wireless local area networks

Question 91

What is used to provide privacy protection on a wireless wide area network?

Answer 91

Firewalls

Question 92

What is the term used for searching, sifting, and reorganizing pools of data to uncover useful information?

Answer 92

Data mining

Question 93

Which of the following supports an organization's managers by providing daily reports, schedules, plans, and budgets?

Answer 93

Management information systems

Question 94

Which of the following BEST describes a decision support system?

Answer 94

An interactive system that creates virtual business models for a particular kind of decision and tests them with different data to see how they respond

Question 95

What is the electronic collection, storage, and retrieval of data referred to as?

Answer 95

Data warehousing