Question 1
Nowadays, a __________ is being appointed by many firms so as to place the marketing function on a more equal footing with the functions performed by other C-level executives.
Select the correct answer
marketing manager
chief information officer
finance manager
chief marketing officer
Question 2
In the context of the value chain, __________ is a primary activity that involves bringing materials into the business.
Select the correct answer
operations
technology development
marketing
inbound logistics
Question 3
Which of the following is a difference between business markets and consumer markets?
Select the correct answer
Suppliers in business markets are often expected to customize their products to suit the requirements of individual business customers, whereas suppliers in consumer markets are seldom expected to do so.
Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets are made by a buying committee.
In business markets, the total demand for goods and services is significantly affected by price changes, whereas in consumer markets, the total demand for goods and services is not significantly affected by price changes.
In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers.
Question 4
__________ divides the market into units such as nations, states, regions, cities, or neighborhoods.
Select the correct answer
Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioral segmentation
Question 5
______ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require.
Select the correct answer
Full market coverage
Multiple segment specialization
Single-segment concentration
Individual marketing
Question 6
__________ refers to the activity of designing a company's product and image so that they occupy a distinctive place in the minds of the target market.
Select the correct answer
Targeting
Segmentation
Positioning
Customization
Question 7
A company that interacts with its customers to get product ideas should:
Select the correct answer
engage the right customers in the right way.
prohibit customers from innovating products without its consent.
focus solely on its lead users.
allow all its customers to participate in the product-design process.
Question 8
In which of the following stages of a product life cycle are profits nonexistent?
Select the correct answer
Decline
Maturity
Growth
Introduction
Question 9
A fundamental and distinctive mode of expression that appears in a field of human endeavor is called a ________________.
Select the correct answer
theme
pattern
style
trend
Question 10
Which of the following best describes the term product system?
Select the correct answer
It refers to a set of different but related items that operate in a compatible manner.
It is a group of products that perform a similar function and belong to a single product class.
It refers to a set of products available only to high-income consumers.
It is a set of variants that are developed for a single product.
Question 11
Which of the following statements is true of a sharing economy?
Select the correct answer
A sharing economy is primarily the result of two activities, harvesting and divesting.
An organization's trust and reputation have little role in determining its place in a sharing economy.
Self-policing mechanisms are typically absent in most platforms that form part of a sharing-related business.
In a sharing economy, an individual experiences the benefits of being both a consumer and a producer.
Question 12
__________ is the first step a firm should take while setting the price for a product.
Select the correct answer
Determining demand
Selecting a price method
Estimating cost
Selecting the price objective
Question 13
Entities that assist in the distribution process of a product but neither take title to goods nor engage in the negotiation of purchases or sales are called ________.
Select the correct answer
agents
facilitators
merchants
jobbers
Question 14
Which of the following statements is true of personal communications channels?
Select the correct answer
Their effectiveness derives from individualized presentation and feedback.
They include public relations, advertising, and sales promotions.
They are often less effective than mass communication channels.
Their influence on purchase decisions is significant when products are purchased frequently.
Question 15
__________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products.
Select the correct answer
Informative advertising
Persuasive advertising
Reminder advertising
Reinforcement advertising
Question 16
When marketers combine an existing brand with a new brand, the product is called a ________.
Select the correct answer
family brand
master brand
sub-brand
parent brand
Question 17
____________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points.
Select the correct answer
Customer relationship management
Product modification
Enterprise resource planning
Customer cloning
Question 18
The marketing department of StyleWheel Inc., a manufacturer of luxury cars, initiates intensive marketing efforts prior to the launch of a new model. Three months into the launch of the new model, the department decides to assess the short-term effects of its marketing activities. Which of the following is a reliable measure of performance for this purpose?
Select the correct answer
Shareholder value
Customer awareness
Market share
Perceived quality
Question 19
Which of the following measures reflects the short-term results of a firm's marketing efforts?
Select the correct answer
Perceived quality
Market share
Customer awareness
Sales turnover
Question 20
__________ refers to the capacity to satisfy humanity's needs without harming future generations.
Select the correct answer
Durability
Accountability
Sustainability
Profitability
Question 21
The __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service.
Select the correct answer
task environment
demographic environment
natural environment
legal environment
Question 22
The __________ refers to the core business process in which an organization researches, develops, and introduces novel, high-quality products quickly and within the firm's budget.
Select the correct answer
customer relationship management process
customer acquisition process
new-offering realization process
fulfillment management process
Question 23
Business markets differ from consumer markets in that:
Select the correct answers
in business markets, a marketer typically deals with several smaller buyers.
the total demand for many goods and services in business markets is elastic.
in business markets, purchasing is often executed through intermediaries.
buying decisions in business markets are subject to multiple influences.
Question 24
Fashion Vista Designers, a firm that sells designer clothes, has outlets in four countries. In each country, it offers clothes that suit the climatic conditions of the country and match the cultural sensibilities of the local population. The marketing department of Fashion Vista often releases advertisements that show regional celebrities endorsing the company's products. In this scenario, which of the following types of market segmentation does Fashion Vista employ?
Select the correct answer
Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioral segmentation
Question 25
A firm should use undifferentiated marketing to promote its products when:
Select the correct answer
it wants to appeal to multiple market segments.
it wants to customize its products for each consumer.
the market shows several natural segments.
all consumers have roughly the same wants and preferences.
Question 26
A customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service.
Select the correct answer
value network
project objective
value proposition
mission statement
Question 27
__________ is one of the methods used to develop ideas for a new product in which each feature of an existing product is noted and modified.
Select the correct answer
Attribute listing
Morphological analysis
Mind mapping
Reverse-assumption analysis
Question 28
__________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement.
Select the correct answer
Introduction
Growth
Decline
Maturity
Question 29
Which of the following statements is true of fads?
Select the correct answer
They have a long acceptance cycle.
They tend to win over only a limited following.
They usually satisfy a strong customer need.
They last for several generations.
Question 30
The width of a company's product mix refers to:
Select the correct answer
the total number of items in the product mix.
the number of variants offered for each product in a product line.
the number of different product lines carried by the company.
the extent to which the different product lines in the mix are related in terms of end use.
