home word help

29 Jun home word help

Question

change process

c.
marketing helps improve the lives of customers

d.
marketing creates job opportunities in both profit and nonprofit organizations

2 points

QUESTION 3

Depending on the mission of the business, a company may choose one of several different types of competitive advantage. When a company wants to be at the cutting edge of trends or operate in industries that are constantly evolving, they would be wise to attempt to build which of the following competitive advantages?

a.
cost leadership

b.
differentiation

c.
innovativeness

d.
operating effectiveness

2 points

QUESTION 4

All of the following are reasons for segmentation EXCEPT

a.
segmentation better meets customer needs relative to a “one size fits all” approach to marketing

b.
there are greater levels of competition in almost any industry

c.
segmentation assists the company in making marketing mix decisions

d.
segmentation can help enhance the likelihood of repeat customer purchases

2 points

QUESTION 5

Decisions related to the pricing, promotion, and distribution of a good or service are captured by what category of marketing activities?

a.
segmentation and targeting decisions

b.
research and analysis

c.
marketing mix decisions

d.
tactical strategic decisions

2 points

QUESTION 6

If there is a particularly recognizable trait or key feature of a product that impacts whether customers will buy, product positioning should be based on

a.
attributes or benefits

b.
product class

c.
the competition

d.
cultural symbols

2 points

QUESTION 7

The final element of a marketing plan is

a.
a process for monitoring and evaluating performance

b.
a detailed situation analysis

c.
specific marketing objectives

d.
a review of previous top management marketing decisions

2 points

QUESTION 8

When a brand is in a weak market position, one positioning strategy that is particularly effective is positioning by

a.
attributes or benefits

b.
product class

c.
product user

d.
competitor

2 points

QUESTION 9

The primary difference between direct marketing and advertising is

a.
direct marketing is only used on television

b.
direct marketing tries to generate an immediate response from the consumer

c.
advertising is a more effective form of communication with potential customers

d.
advertising is often less expensive than direct marketing

2 points

QUESTION 10

All of the following could be used by a company that utilizes the sales orientation in its marketing activities EXCEPT

a.
tv channels dedicated to the selling of products

b.
significant price discounts when a product is at the end of its life cycle

c.
telemarketing and cold-calling potential customers

d.
loyalty programs that create and maintain long-term relationships with customers

2 points

QUESTION 11

Marketers often segment customers for a variety of reasons. All of the following are reasons for segmenting customer markets EXCEPT

a.
segmentation minimizes marketing costs

b.
marketers are typically unable to serve all customers in the exact same way

c.
segmentation helps marketers better understand customer needs

d.
segmentation helps marketers establish relationships with customers

2 points

QUESTION 12

There are several necessary conditions for exchange discussed in Chapter 1. In addition to those conditions

a.
the seller must offer a competitive price

b.
the buyer must have an option to return the product if it does not work

c.
the buyer and seller must agree upon a price

d.
the seller values the item more than the buyer

2 points

QUESTION 13

Which of the following is FALSE in regards to multinational corporations?

a.
many larger companies expand internationally to increase their potential customer base

b.
multinationals often move knowledge and expertise internationally in addition to products and services

c.
one of the easiest ways for a company to expand internationally is through exporting

d.
international expansion involves very little risk for large corporations

2 points

QUESTION 14

Companies often consist of multiple strategic business units (SBUs). In regards to a company’s SBUs, which of the following is TRUE?

a.
SBUs should be developed that are very different from one another to expand a company’s reach in the marketplace

b.
SBUs should be very large in order to generate their own resources

c.
SBUs should focus on their internal operations within the overall company

d.
SBUs should focus on developing a unique skill or specialty that separates them from the competition

2 points

QUESTION 15

Citizens of the tiny country of Luxembourg have some of the highest disposable incomes in the world. Based on that information, which of the following brands would be MOST FAVORABLY received if they expanded internationally to Luxembourg?

a.
Burberry watches

b.
Payless shoes

c.
Vizio Televisions

d.
7-Eleven convenience stores

2 points

QUESTION 16

A target marketing strategy is important for several reasons. A target marketing strategy provides information on all of the following strategic questions EXCEPT

a.
how do we evaluate the effectiveness of our communications?

b.
which customer groups do we want to serve?

c.
should we use different strategies to communicate with our customers?

d.
how can we reach our potential customers?

2 points

QUESTION 17

One of the fastest growing industries in the United States is the craft (specialty) beer market. If you would like to develop a new craft beer and market to a single segment of craft beer drinkers, you should use which target marketing strategy?

a.
undifferentiated targeting strategy

b.
differentiated targeting strategy

c.
concentrated (niche) targeting strategy

d.
none of the above

2 points

QUESTION 18

Price is the easiest of the marketing mix decisions to change. The key consideration to keep in mind in regards to price is

a.
price (relative to the competition) sends a signal of product quality

b.
price operates independently from other marketing mix decisions

c.
a product can have a low price yet effectively communicate high quality

d.
price is an unimportant attribute for product’s positioned as value or bargain items

2 points

QUESTION 19

In addition to selling products and services, a primary goal of companies utilizing the societal orientation toward marketing is

a.
making the world a better place for those who interact with the company

b.
establishing relationships with their most profitable customers

c.
selling products at lower prices than the competition

d.
developing manufacturing expertise to improve company operations

2 points

QUESTION 20

Which of the following activities helps enhance the exchange process between buyers and sellers?

a.
the customer service department at a local retailer

b.
advertising to introduce new products and services

c.
salesperson hiring and training

d.
all of the above enhance the exchange process

2 points

QUESTION 21

The biggest issue facing a strategic business unit classified as a dog is

a.
how to harvest or divest the business unit

b.
using excess profits to fund other projects

c.
repositioning the brand to capitalize on market growth

d.
how to grow the brand to become a market leader

2 points

QUESTION 22

Consumers in foreign markets are often hesitant to buy brands that are unfamiliar in their country. All of the following are ways in which companies can reduce this caution toward foreign brands EXCEPT

a.
the creation of an online outlet for selling products

b.
developing a social media presence with foreign customers

c.
creating a standardized version of the product for all foreign markets

d.
entering into partnerships with local companies and brands to produce goods

2 points

QUESTION 23

Perhaps the biggest criticism of multinational corporations is

a.
companies try to avoid paying taxes in the home country by expanding internationally

b.
companies will move to regions where the labor force is much cheaper

c.
companies that expand internationally will only benefit the lower class of the foreign country

d.
companies will sell off excess inventory at a fraction of the price internationally, leading to price wars in many industries

2 points

QUESTION 24

Companies may segment customers across a variety of factors. When a company is focused on high-end consumers who are interested in the ultimate product experience, they should use what type of segmentation?

a.
geographic segmentation

b.
socioeconomic segmentation

c.
awareness segmentation

d.
behavioral segmentation

2 points

QUESTION 25

The field of marketing consists of a variety of different activities. At the core of all of these activities, and the reason for marketing in general, is

a.
increasing product awareness

b.
creating exchange between buyers and sellers

c.
educating potential buyers about products

d.
share a variety of marketing communications

2 points

QUESTION 26

Which of the following products would be categorized as a cash cow?

a.
a generic brand of canned tuna

b.
brand new wearable technology such as smartwatches

c.
Dell desktop and laptop computers

d.
a cassette player

2 points

QUESTION 27

Kenmore, a company that produces home appliances, has developed an “adopt-a-customer” program in which an employee contacts customers once a month to better understand their needs and develop long-term relationships. This program is an example of which marketing philosophy?

a.
Production Orientation

b.
Sales Orientation

c.
Market Orientation

d.
Social Orientation

2 points

QUESTION 28

If a company’s strategy is to perform internal business activities better than the competition, they are focusing on which source of competitive advantage?

a.
cost leadership

b.
differentiation

c.
innovativeness

d.
operating effectiveness

2 points

QUESTION 29

Items that require a very high disposable income, such as boats, country club memberships, and luxury cars, are typically segmented via

a.
psychographic segmentation

b.
socioeconomic segmentation

c.
geographic segmentation

d.
demographic segmentation

2 points

QUESTION 30

International expansion often occurs in stages. The first step a company should take before establishing international operations is to

a.
make sure the business is effective in the home country

b.
enter into contracts with international importers and exporters

c.
have employees travel internationally to establish relationships in the foreign country

d.
contact the government of the foreign country to learn the legal regulations of the area

2 points

QUESTION 31

A variety of options are available to companies within the promotional mix to communicate with customers. Items such as coupons, discounts, and loyalty programs are classified as what type of promotional activity?

a.
interactive marketing

b.
direct marketing

c.
sales promotion

d.
personal selling

2 points

QUESTION 32

Many brands attempt to create relationships and develop an image among potential customers. Which type of product positioning is most effective at accomplishing this?

a.
attributes or benefits

b.
price

c.
use/application

d.
product user

2 points

QUESTION 33

Multinational corporations may choose either a standardized (i.e. global market standardization) or multidomestic strategic approach when moving their operations from a national to a global level. A multidomestic approach is appropriate when

a.
consumers in the home and foreign country demand the same products

b.
when the product is used in the same way by all consumers

c.
when regions of the world differ in their tastes and preferences

d.
when the home and foreign markets are similar to one another

2 points

QUESTION 34

The growth in the use of public relations is directly related to the development of which marketing orientation

a.
Production Orientation

b.
Sales Orientation

c.
Market Orientation

d.
Social Orientation

2 points

QUESTION 35

Sony Electronics is developing a new smartphone to introduce in 2015. Given the diversity across cell phone users and the many features of the product, which target marketing strategy should Sony use in their marketing communications?

a.
undifferentiated targeting strategy

b.
differentiated targeting strategy

c.
concentrated (niche) targeting strategy

d.
none of the above

2 points

QUESTION 36

Based on the descriptions below, which of the following countries would be MOST attractive for international expansion?

a.
Country A – low tariffs, quotas in a few industries, private business ownership

b.
Country B – no exchange controls, no private ownership of business

c.
Country C – high tariffs, quotas, and exchange controls, private business ownership

d.
Country D – many trade agreements internationally, high tariffs and quotas

2 points

QUESTION 37

Government regulations, such as differences in emissions standards and smog allowances in the automobile industry, can force marketers to utilize what type of segmentation?

a.
psychographic segmentation

b.
demographic segmentation

c.
geographic segmentation

d.
socioeconomic segmentation

2 points

QUESTION 38

Which of the following most accurately describes the production orientation to marketing?

a.
aggressive sales and persuasion tactics are used to convince consumers to buy

b.
if we offer quality goods at low prices, marketing activities become less important

c.
each customer has their own unique needs that we should attempt to meet

d.
companies should devote large amounts of money to advertising

2 points

QUESTION 39

Which of the following products would be best suited for a multidomestic strategic approach to international growth?

a.
paper towels

b.
bottled water

c.
bicycles

d.
frozen dinners

2 points

QUESTION 40

Ford Motor Company is interested in expanding their international presence by attaching their brand name to products unrelated to automobiles. Which of the following entry strategies would be most appropriate?

a.
exporting

b.
licensing

c.
direct investment

d.
none of the above

2 points

QUESTION 41

Once a marketer has identified multiple potential customer segments to target, there are several ways to evaluate the attractiveness of each segment. If a marketer is concerned with the buying power of various customer segments, they will focus on whether each segment is _____ when making evaluations.

a.
substantial

b.
reachable

c.
identifiable

d.
responsive

2 points

QUESTION 42

Some consumers desire whiter teeth from their toothpaste, while others desire fresh breath. Segmenting consumers based on the outcomes they want from a product or service is known as

a.
behavioral segmentation

b.
benefit segmentation

c.
awareness segmentation

d.
outlet type segmentation

2 points

QUESTION 43

Advertising is most effective when it can break through the clutter and attract the customer’s attention. Which of the following types of segmentation in advertising is most likely to capture a potential customer’s attention?

a.
demographic segmentation

b.
outlet type segmentation

c.
usage segmentation

d.
psychographic segmentation

2 points

QUESTION 44

An organization may set an outline for activities months and years in advance. This process is known as

a.
strategic planning

b.
marketing mix decisions and considerations

c.
marketing research

d.
creating a mission statement

2 points

QUESTION 45

Culture is the set of shared values that determines what is acceptable behavior for citizens of a country. Culture is key in international expansion because

a.
establishing relationships prior to conducting business is important in all cultures

b.
understanding whether a country is individualist or collectivist can impact the types of marketing communications that should be used

c.
cultural customs will always determine who a company conducts business with

d.
cultural considerations are actually not important to consider in international strategy

2 points

QUESTION 46

Why is demographic segmentation the most common method of segmenting markets?

a.
demographic information is often very accessible to marketers

b.
demographic segmentation provides a high level of detail on why customers buy

c.
demographic segmentation indicates the consumer’s level of awareness with the product category

d.
all of the above are true

2 points

QUESTION 47

The biggest issue facing an SBU categorized as a star is

a.
maintaining their current customers

b.
planning for the future decline of the product

c.
developing an advertising campaign for the product

d.
acquiring resources to continue rapid growth

2 points

QUESTION 48

The SWOT analysis is one of the fundamental business analysis tools used within an organization. All of the following are included in a SWOT analysis EXCEPT

a.
internal aspects of the firm that could threaten their profitability

b.
details on the implementation of a firm’s strategic planning

c.
factors in the firm’s environment that can positively impact their ability to conduct business

d.
information on social, economic, and/or legal factors that can harm a firm

2 points

QUESTION 49

All of the following are included in the marketing plan EXCEPT

a.
target market strategy

b.
marketing mix decisions

c.
business mission statement

d.
segmentation policies and procedures

2 points

QUESTION 50

While the sales orientation often ignores the needs of the market, it can be useful in certain situations. The sales orientation approach is best suited for which of the following products?

a.
an older model of laptop computer

b.
a brand new luxury car

c.
a clothing manufacturer that donates shirts to children in need

d.
an organic brand of bread