Comprehensive Q&A Guide Principles of Marketing

Which of the following is NOT part of the marketing mix, also known as the “four Ps”? Select one: a. profit b. product c. price d. place e. promotion Feedback The correct answer is: profit Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Which is the correct association between the AMA’s definition of marketing and the corresponding element of the marketing mix? Select one: a. creating offerings > Product b. communicating offerings > Product c. delivering offerings > Price d. exchanging offerings > Place e. providing offerings > Profit Feedback The correct answer is: creating offerings > Product Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Which element is included in the bundle that is the company’s offering to the customer? Select one: a. tangible elements b. place c. supply chain d. advertising e. end user Feedback The correct answer is: tangible elements Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text How might a marketer increase a consumer’s personal value equation? Select one: a. decrease the benefits offered and associated with the exchange b. increase the price associated with the exchange c. reduce the hassle and increase the benefits associated with the exchange d. increase the hassle and the price associated with the exchange e. decrease the hassle and the benefits offered with the exchange Feedback The correct answer is: reduce the hassle and increase the benefits associated with the exchange Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following examples best illustrates the marketing concept? Select one: a. A mail-order company begins using less expensive packing material to increase profits per sale. b. A manufacturing firm opens a new distribution facility closer to the factory. c. A catering firm decides to expand its hours of operations to better serve working mothers. d. A beverage distributor installs vending machines which show the operation of the machine to the customer. e. A food company puts nutritional information on its packages. Feedback The correct answer is: A catering firm decides to expand its hours of operations to better serve working mothers. Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text Marketing information systems involve all of the following EXCEPT Select one: a. a system for collecting market intelligence on an ongoing basis. b. a system for recording marketing research information. c. a system for collecting test market information. d. a system for recording internally generated data and reports. e. marketing analytics software to help managers with their decision making. Feedback The correct answer is: a system for collecting test market information. Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Market trends can be uncovered internally utilizing Select one: a. industrial espionage. b. data mining techniques. c. repositioning. d. alpha testing. e. product launch. Feedback The correct answer is: data mining techniques. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text Data is combined with statistical techniques by Select one: a. marketing interns. b. market trend analysis. c. analytics software. d. CRM. e. the intranet. Feedback The correct answer is: analytics software. Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text Stealing product strategy information from a competitor is known as Select one: a. industrial espionage. b. competitive intelligence. c. product investigation. d. consumer protection. e. strategic marketing. Feedback The correct answer is: industrial espionage. Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text The advantage of market research is that it Select one: a. can be expensive. b. takes time. c. can help make a good decision. d. is infallible. e. is always done. Feedback The correct answer is: can help make a good decision. Which of the following is NOT part of the marketing mix, also known as the “four Ps”? Select one: a. profit b. product c. price d. place e. promotion Feedback The correct answer is: profit Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Which is the correct association between the AMA’s definition of marketing and the corresponding element of the marketing mix? Select one: a. creating offerings > Product b. communicating offerings > Product c. delivering offerings > Price d. exchanging offerings > Place e. providing offerings > Profit Feedback The correct answer is: creating offerings > Product Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Which element is included in the bundle that is the company’s offering to the customer? Select one: a. tangible elements b. place c. supply chain d. advertising e. end user Feedback The correct answer is: tangible elements Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text How might a marketer increase a consumer’s personal value equation? Select one: a. decrease the benefits offered and associated with the exchange b. increase the price associated with the exchange c. reduce the hassle and increase the benefits associated with the exchange d. increase the hassle and the price associated with the exchange e. decrease the hassle and the benefits offered with the exchange Feedback The correct answer is: reduce the hassle and increase the benefits associated with the exchange Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following examples best illustrates the marketing concept? Select one: a. A mail-order company begins using less expensive packing material to increase profits per sale. b. A manufacturing firm opens a new distribution facility closer to the factory. c. A catering firm decides to expand its hours of operations to better serve working mothers. d. A beverage distributor installs vending machines which show the operation of the machine to the customer. e. A food company puts nutritional information on its packages. Feedback The correct answer is: A catering firm decides to expand its hours of operations to better serve working mothers. Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text Marketing information systems involve all of the following EXCEPT Select one: a. a system for collecting market intelligence on an ongoing basis. b. a system for recording marketing research information. c. a system for collecting test market information. d. a system for recording internally generated data and reports. e. marketing analytics software to help managers with their decision making. Feedback The correct answer is: a system for collecting test market information. Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Market trends can be uncovered internally utilizing Select one: a. industrial espionage. b. data mining techniques. c. repositioning. d. alpha testing. e. product launch. Feedback The correct answer is: data mining techniques. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text Data is combined with statistical techniques by Select one: a. marketing interns. b. market trend analysis. c. analytics software. d. CRM. e. the intranet. Feedback The correct answer is: analytics software. Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text Stealing product strategy information from a competitor is known as Select one: a. industrial espionage. b. competitive intelligence. c. product investigation. d. consumer protection. e. strategic marketing. Feedback The correct answer is: industrial espionage. Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text The advantage of market research is that it Select one: a. can be expensive. b. takes time. c. can help make a good decision. d. is infallible. e. is always done. Feedback The correct answer is: can help make a good decision. Which of the following is NOT part of the marketing mix, also known as the “four Ps”? Select one: a. profit b. product c. price d. place e. promotion Feedback The correct answer is: profit Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Which is the correct association between the AMA’s definition of marketing and the corresponding element of the marketing mix? Select one: a. creating offerings > Product b. communicating offerings > Product c. delivering offerings > Price d. exchanging offerings > Place e. providing offerings > Profit Feedback The correct answer is: creating offerings > Product Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Which element is included in the bundle that is the company’s offering to the customer? Select one: a. tangible elements b. place c. supply chain d. advertising e. end user Feedback The correct answer is: tangible elements Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text How might a marketer increase a consumer’s personal value equation? Select one: a. decrease the benefits offered and associated with the exchange b. increase the price associated with the exchange c. reduce the hassle and increase the benefits associated with the exchange d. increase the hassle and the price associated with the exchange e. decrease the hassle and the benefits offered with the exchange Feedback The correct answer is: reduce the hassle and increase the benefits associated with the exchange Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following examples best illustrates the marketing concept? Select one: a. A mail-order company begins using less expensive packing material to increase profits per sale. b. A manufacturing firm opens a new distribution facility closer to the factory. c. A catering firm decides to expand its hours of operations to better serve working mothers. d. A beverage distributor installs vending machines which show the operation of the machine to the customer. e. A food company puts nutritional information on its packages. Feedback The correct answer is: A catering firm decides to expand its hours of operations to better serve working mothers. Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text Marketing information systems involve all of the following EXCEPT Select one: a. a system for collecting market intelligence on an ongoing basis. b. a system for recording marketing research information. c. a system for collecting test market information. d. a system for recording internally generated data and reports. e. marketing analytics software to help managers with their decision making. Feedback The correct answer is: a system for collecting test market information. Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Market trends can be uncovered internally utilizing Select one: a. industrial espionage. b. data mining techniques. c. repositioning. d. alpha testing. e. product launch. Feedback The correct answer is: data mining techniques. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text Data is combined with statistical techniques by Select one: a. marketing interns. b. market trend analysis. c. analytics software. d. CRM. e. the intranet. Feedback The correct answer is: analytics software. Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text Stealing product strategy information from a competitor is known as Select one: a. industrial espionage. b. competitive intelligence. c. product investigation. d. consumer protection. e. strategic marketing. Feedback The correct answer is: industrial espionage. Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text The advantage of market research is that it Select one: a. can be expensive. b. takes time. c. can help make a good decision. d. is infallible. e. is always done. Feedback The correct answer is: can help make a good decision. A value proposition Select one: a. states the firm’s strategy for entering new markets with new product or service offerings. b. states the firm’s marketing objectives. c. states the firm’s pricing strategy. d. states the buyer’s purchase incentives. e. states the specific benefits a product or service offering provides to a buyer. Feedback The correct answer is: states the specific benefits a product or service offering provides to a buyer. Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text The purpose of a value proposition is to Select one: a. provide the firm with a reason why buyers prefer their product or service offering. b. provide the buyer with a reason why the product or service is superior to competing offers. c. provide the buyer with a price point for purchase. d. provide the firm with a moral code of ethics. e. provide the seller with a price point for purchase. Feedback The correct answers are: provide the firm with a reason why buyers prefer their product or service offering., provide the buyer with a reason why the product or service is superior to competing offers., provide the buyer with a price point for purchase., provide the firm with a moral code of ethics., provide the seller with a price point for purchase. Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text The _____ process helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy. Select one: a. corporate planning b. strategic planning c. business planning d. market forecasting e. business forecasting Feedback The correct answer is: strategic planning Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text If a company has multiple planning levels, Select one: a. the plans must be consistent and all must help achieve individual goals. b. the plans must be approved by all departments within an organization. c. he plans must be adhered to regardless of external factors. d. the plans must be consistent and all must help achieve the overall goals of the corporation. e. the plans must be the same for each strategic business unit. Feedback The correct answer is: the plans must be consistent and all must help achieve the overall goals of the corporation. Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text The firm’s _____ states the purpose of the organization and why it exists. Select one: a. value proposition b. business plan c. marketing plan d. mission statement e. financial report Feedback The correct answer is: mission statement Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text The group of customers toward which an organization directs its marketing efforts is known as the _____. Select one: a. constituency b. target market c. direct market d. value group e. key market Feedback The correct answer is: target market Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Marketing plans aid CMOs in Select one: a. setting their organization’s marketing expectations. b. funding employment salaries and benefits. c. understanding the roles of their customers. d. setting customer service tolerance zones. e. tracking advertisements. Feedback The correct answer is: setting their organization’s marketing expectations. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text The ____ is a document that is designed to communicate the marketing strategy for an offering. Select one: a. research paper b. market plan c. mission statement d. annual report e. execution strategy Feedback The correct answer is: market plan Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text The marketing plan should constantly answer the question Select one: a. “What is the biggest challenge of the company?” b. “Why should I invest in this plan?” c. “How will the company aid shareholders?” d. “How will this help the CMO?” e. “Why should I buy your brand?” Feedback The correct answers are: “Why should I invest in this plan?”, “How will the company aid shareholders?” Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text The _____ section of the marketing plan offers the opportunity to create a compelling argument as to what you intend to do and why others should invest in the strategy. Select one: a. executive summary b. strategy c. business challenge d. market e. conclusion Feedback The correct answer is: strategy A value proposition Select one: a. states the firm’s strategy for entering new markets with new product or service offerings. b. states the firm’s marketing objectives. c. states the firm’s pricing strategy. d. states the buyer’s purchase incentives. e. states the specific benefits a product or service offering provides to a buyer. Feedback The correct answer is: states the specific benefits a product or service offering provides to a buyer. Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text The purpose of a value proposition is to Select one: a. provide the firm with a reason why buyers prefer their product or service offering. b. provide the buyer with a reason why the product or service is superior to competing offers. c. provide the buyer with a price point for purchase. d. provide the firm with a moral code of ethics. e. provide the seller with a price point for purchase. Feedback The correct answers are: provide the firm with a reason why buyers prefer their product or service offering., provide the buyer with a reason why the product or service is superior to competing offers., provide the buyer with a price point for purchase., provide the firm with a moral code of ethics., provide the seller with a price point for purchase. Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text The _____ process helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy. Select one: a. corporate planning b. strategic planning c. business planning d. market forecasting e. business forecasting Feedback The correct answer is: strategic planning Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text If a company has multiple planning levels, Select one: a. the plans must be consistent and all must help achieve individual goals. b. the plans must be approved by all departments within an organization. c. he plans must be adhered to regardless of external factors. d. the plans must be consistent and all must help achieve the overall goals of the corporation. e. the plans must be the same for each strategic business unit. Feedback The correct answer is: the plans must be consistent and all must help achieve the overall goals of the corporation. Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text The firm’s _____ states the purpose of the organization and why it exists. Select one: a. value proposition b. business plan c. marketing plan d. mission statement e. financial report Feedback The correct answer is: mission statement Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text The group of customers toward which an organization directs its marketing efforts is known as the _____. Select one: a. constituency b. target market c. direct market d. value group e. key market Feedback The correct answer is: target market Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Marketing plans aid CMOs in Select one: a. setting their organization’s marketing expectations. b. funding employment salaries and benefits. c. understanding the roles of their customers. d. setting customer service tolerance zones. e. tracking advertisements. Feedback The correct answer is: setting their organization’s marketing expectations. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text The ____ is a document that is designed to communicate the marketing strategy for an offering. Select one: a. research paper b. market plan c. mission statement d. annual report e. execution strategy Feedback The correct answer is: market plan Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text The marketing plan should constantly answer the question Select one: a. “What is the biggest challenge of the company?” b. “Why should I invest in this plan?” c. “How will the company aid shareholders?” d. “How will this help the CMO?” e. “Why should I buy your brand?” Feedback The correct answers are: “Why should I invest in this plan?”, “How will the company aid shareholders?” Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text The _____ section of the marketing plan offers the opportunity to create a compelling argument as to what you intend to do and why others should invest in the strategy. Select one: a. executive summary b. strategy c. business challenge d. market e. conclusion Feedback The correct answer is: strategy Michael Porter’s five forces model includes all of the following EXCEPT: Select one: a. rivalries of existing companies. b. threat of substitute products. c. bargaining power of buyers. d. threat of supplier penetration development. e. threat of new entrants. Feedback The correct answer is: threat of supplier penetration development. Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Threats include Select one: a. internal positive conditions of the firm. b. external positive conditions of the macroenvironment. c. collaborative factors with competitors. d. internal negative conditions of the firm. e. external negative conditions of the macroenvironment. Feedback The correct answer is: external negative conditions of the macroenvironment. Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text A _____ strategy involves offering products that are unrelated to other existing products produced by the organization . Select one: a. market-penetration b. product-development c. market-development d. diversification e. downsizing Feedback The correct answer is: diversification Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text Which element of the marketing mix would include advertising and sales? Select one: a. profit b. product c. price d. place e. promotion Feedback The correct answer is: promotion Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text Neuroticism refers to Select one: a. how diligent you are. b. how outgoing or shy you are. c. how open you are to new experiences. d. how easy you are to get along with. e. how prone you are to negative mental states. Feedback The correct answer is: how prone you are to negative mental states. Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text The personal value equation of the customer is reflected in the formula: Select one: a. Value = Benefits offered + [Price − Hassle] b. Value = [Price + Hassle] + Benefits received c. Value = Price − [Benefits offered + Hassle] d. Value = Benefits received − [Price + Hassle] e. Value = [Price − Hassle] + Benefits received Feedback The correct answer is: Value = Benefits received − [Price + Hassle] Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text A scan of the _____ should include any new government regulations as well as legislation. Select one: a. political climate b. technological environment c. demographic climate d. economic climate e. social and cultural environment Feedback The correct answer is: political climate Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text _____ combines the lifestyle traits of consumers and their personality styles with an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics . Select one: a. Target market analysis b. Psychographics c. Market penetration d. Motivational studies e. Segmentation analysis Feedback The correct answer is: Psychographics Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text An individual’s disposition as other people see it is known as _____. Select one: a. personality b. self-concept c. ideal self d. psychographics e. motivation Feedback The correct answer is: personality Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text A fashion design house purchased a music company. This is an example of a _____ strategy. Select one: a. market-penetration b. product-development c. market-development d. diversification e. downsizing Feedback The correct answer is: diversification Question 11 Correct Mark 1.00 out of 1.00 Flag question Question text When the Elliott Corporation decides to exhibit its products in an industry trade show,it is performing which marketing activity Select one: a. creating offerings b. communicating offerings c. delivering offerings d. exchanging offerings e. providing offerings Feedback The correct answer is: communicating offerings Question 12 Correct Mark 1.00 out of 1.00 Flag question Question text _____ seeks to measure or describe phenomenon so as to answer the questions who, what, where, when and how. Select one: a. Descriptive research b. Causal research c. Projective research d. Experimental research e. Exploratory research Feedback The correct answer is: Descriptive research Question 13 Correct Mark 1.00 out of 1.00 Flag question Question text What is the correct order of strategic development for today’s marketing organizations? Select one: a. the mission statement, the corporate strategy, and the marketing plan b. the corporate strategy, the mission statement, and the marketing plan c. the marketing plan, the mission statement, and the corporate strategy d. the marketing plan, the corporate strategy, and the mission statement e. the mission statement, the marketing plan, and the corporate strategy Feedback The correct answer is: the mission statement, the corporate strategy, and the marketing plan Question 14 Correct Mark 1.00 out of 1.00 Flag question Question text _____ are groups of people within organizations who make purchasing decisions . Select one: a. Resellers b. Buying centers c. Gatekeepers d. Influencers e. Marketers Feedback The correct answer is: Buying centers Question 15 Correct Mark 1.00 out of 1.00 Flag question Question text _____ occurs when a small change in demand by consumers has a big effect through the chain of businesses that supply all of the goods and services that produce it. Select one: a. Joint demand b. Assorted demand c. Shifting demand d. Fluctuating demand e. Flailing demand Feedback The correct answer is: Fluctuating demand Question 16 Correct Mark 1.00 out of 1.00 Flag question Question text An example of a primary data resource is: Select one: a. syndicated research. b. internal records. c. marketing intelligence. d. an in-depth interview. e. J.D. Power & Associates. Feedback The correct answer is: an in-depth interview. Question 17 Correct Mark 1.00 out of 1.00 Flag question Question text Characteristics of secondary research include Select one: a. it is time consuming. b. the data is collected for another purpose. c. it is work intensive. d. it is relatively expensive. e. it is tailored to the research at hand. Feedback The correct answer is: the data is collected for another purpose. Question 18 Correct Mark 1.00 out of 1.00 Flag question Question text Lucy lists the positive factors associated with her company, such as sales growth, world class distribution, and industry recognition for product quality. She is listing the company’s _____. Select one: a. weaknesses b. opportunities c. allowances d. strengths e. threats Feedback The correct answer is: strengths Question 19 Correct Mark 1.00 out of 1.00 Flag question Question text The business market is characterized as having Select one: a. many customers, geographically dispersed. b. longer decision cycles. c. smaller total dollar amounts due to fewer transactions. d. more reliance on advertising, Web sites, and retailing. e. more reliance on mass marketing. Feedback The correct answer is: longer decision cycles. Question 20 Correct Mark 1.00 out of 1.00 Flag question Question text Purchasing a product with no planning or forethought is called _____. Select one: a. extended problem solving b. impulse buying c. high-involvement purchasing d. evaluation implementation e. postpurchase dissonance Feedback The correct answer is: impulse buying Offerings are _____. Select one: a. products and services designed to deliver value to customers b. services designed to satisfy customer needs c. products designed to satisfy customer wants d. products and services designed to deliver value to a firm e. products and services designed to add value to the firms marketing mix Feedback The correct answer is: products and services designed to deliver value to customers Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text A product-dominant approach to marketing is based on the belief that Select one: a. enjoyment of a product and its disposal are important in understand consumer needs. b. marketers should consider what services it takes for the customer to acquire their offerings. c. sales personnel and marketing can drive consumerism. d. the best way to capture market share is to create and manufacture better products at lower prices. e. marketers should assess the value customers place on products in their daily lives. Feedback The correct answer is: the best way to capture market share is to create and manufacture better products at lower prices. Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text A group of related offerings is known as a _____. Select one: a. technology platform b. product mix c. service mix d. product category e. product line Feedback The correct answer is: product line Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text _____ are typically thought of as commodities, so price and availability are very important in relation to the competition. Select one: a. Original equipment manufacturing offerings b. Capital equipment offerings c. Facilitating offerings d. Raw materials offerings e. Maintenance, repair, operations offerings Feedback The correct answer is: Raw materials offerings Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text A brand is _____. Select one: a. simply a label b. a name, picture, design, or symbol used by a seller to differentiate their offerings c. a picture that is similar to another company’s design d. a slogan that conveys the firm’s image e. an advertising campaign Feedback The correct answer is: a name, picture, design, or symbol used by a seller to differentiate their offerings Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text In the idea screening stage, companies evaluate new offerings by determining Select one: a. if the product cost more during idea generation than expected. b. the product’s features. c. if the product fits with the image and corporate strategy. d. the product’s specifications. e. if the product works like it is supposed to. Feedback The correct answers are: if the product fits with the image and corporate strategy., the product’s specifications. Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text The feature specifications process begins with a strong understanding of Select one: a. what risks are involved. b. what opportunity costs are entailed. c. what consumers want and need. d. what the financial feasibility of the product is. e. what the marketing mix should entail at launch. Feedback The correct answer is: what consumers want and need. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text _____ not only tests whether the offering works as advertised, but it also tests the offering’s delivery mechanisms, service processes, and other aspects of marketing the product. Select one: a. Concept testing b. Product testing c. Alpha testing d. Primary testing e. Beta testing Feedback The correct answer is: Beta testing Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text The stage in the product life cycle when the market is saturated with competitors is known as the _____ stage. Select one: a. maturity b. growth c. introduction d. decline e. downsizing Feedback The correct answer is: maturity Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text A(n) _____ is utilized to get back the money invested in creating a new product offering. Select one: a. investment pricing strategy b. skimming pricing strategy c. cost-based pricing strategy d. penetration pricing strategy e. competitor-based pricing strategy Feedback The correct answer is: skimming pricing strategy Offerings are _____. Select one: a. products and services designed to deliver value to customers b. services designed to satisfy customer needs c. products designed to satisfy customer wants d. products and services designed to deliver value to a firm e. products and services designed to add value to the firms marketing mix Feedback The correct answer is: products and services designed to deliver value to customers Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text A product-dominant approach to marketing is based on the belief that Select one: a. enjoyment of a product and its disposal are important in understand consumer needs. b. marketers should consider what services it takes for the customer to acquire their offerings. c. sales personnel and marketing can drive consumerism. d. the best way to capture market share is to create and manufacture better products at lower prices. e. marketers should assess the value customers place on products in their daily lives. Feedback The correct answer is: the best way to capture market share is to create and manufacture better products at lower prices. Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text A group of related offerings is known as a _____. Select one: a. technology platform b. product mix c. service mix d. product category e. product line Feedback The correct answer is: product line Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text _____ are typically thought of as commodities, so price and availability are very important in relation to the competition. Select one: a. Original equipment manufacturing offerings b. Capital equipment offerings c. Facilitating offerings d. Raw materials offerings e. Maintenance, repair, operations offerings Feedback The correct answer is: Raw materials offerings Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text A brand is _____. Select one: a. simply a label b. a name, picture, design, or symbol used by a seller to differentiate their offerings c. a picture that is similar to another company’s design d. a slogan that conveys the firm’s image e. an advertising campaign Feedback The correct answer is: a name, picture, design, or symbol used by a seller to differentiate their offerings Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text In the idea screening stage, companies evaluate new offerings by determining Select one: a. if the product cost more during idea generation than expected. b. the product’s features. c. if the product fits with the image and corporate strategy. d. the product’s specifications. e. if the product works like it is supposed to. Feedback The correct answers are: if the product fits with the image and corporate strategy., the product’s specifications. Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text The feature specifications process begins with a strong understanding of Select one: a. what risks are involved. b. what opportunity costs are entailed. c. what consumers want and need. d. what the financial feasibility of the product is. e. what the marketing mix should entail at launch. Feedback The correct answer is: what consumers want and need. Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text _____ not only tests whether the offering works as advertised, but it also tests the offering’s delivery mechanisms, service processes, and other aspects of marketing the product. Select one: a. Concept testing b. Product testing c. Alpha testing d. Primary testing e. Beta testing Feedback The correct answer is: Beta testing Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text The stage in the product life cycle when the market is saturated with competitors is known as the _____ stage. Select one: a. maturity b. growth c. introduction d. decline e. downsizing Feedback The correct answer is: maturity Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text A(n) _____ is utilized to get back the money invested in creating a new product offering. Select one: a. investment pricing strategy b. skimming pricing strategy c. cost-based pricing strategy d. penetration pricing strategy e. competitor-based pricing strategy Feedback The correct answer is: skimming pricing strategy Forming close, personal relationships with customers and giving them exactly what they want is known as _____. Select one: a. mass marketing b. niche marketing c. differentiated marketing d. one-to-one marketing e. psychographic marketing Feedback The correct answer is: one-to-one marketing Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Choosing select groups of people to sell to is called _____. Select one: a. mass marketing b. niche marketing c. differentiated marketing d. one-to-one marketing e. psychographic marketing Feedback The correct answer is: differentiated marketing Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text This segmentation category answers the question, “How do my customers live their lives?” Select one: a. demographic b. behavioral c. geographic d. psychographic e. geodemographic Feedback The correct answer is: psychographic Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text Family life cycle refers to Select one: a. the stages families go through over time and how it affects people’s buying behavior. b. the buying behavior of a family that results in a particular amount of buying power. c. how often the family purchases particular products in a month. d. how often a family travels together. e. the amount of time that passes between each having each child. Feedback The correct answer is: the stages families go through over time and how it affects people’s buying behavior. Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text City size and population density are utilized in relation to which type of segmentation strategy? Select one: a. targeted segmentation b. geographic segmentation c. demographic segmentation d. geodemographic segmentation e. benefit segmentation Feedback The correct answer is: geographic segmentation Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text The different types of marketing communications an organization uses comprise its _____. Select one: a. promotional mix b. personal selling c. advertising d. publicity e. direct marketing Feedback The correct answer is: promotional mix Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text A(n) _____ involves promoting a product to final consumers. Select one: a. push strategy b. communication process c. pull strategy d. frequency e. IMC strategy Feedback The correct answer is: pull strategy Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text Marketers are concerned about _____ because they must ensure that you interpret the message as intended. Select one: a. perceptual retention b. feedback c. encoding d. perceptual distortion e. perceptual attention Feedback The correct answer is: perceptual distortion Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text A unique selling proposition is Select one: a. a specific benefit consumers will remember. b. a brand name. c. a repositioning technique. d. a discounted price. e. an alternative sales method. Feedback The correct answer is: a specific benefit consumers will remember. Question 10 Incorrect Mark 0.00 out of 1.00 Flag question Question text _____ refers to demand for a specific brand while ____ refers to demand for a product category. Select one: a. Competitive parity; AIDA model b. Open-ended messaging; selective demand c. Primary demand; selective demand d. AIDA model; open-ended messaging e. Selective demand; primary demand Feedback The correct answer is: Selective demand; primary demand Forming close, personal relationships with customers and giving them exactly what they want is known as _____. Select one: a. mass marketing b. niche marketing c. differentiated marketing d. one-to-one marketing e. psychographic marketing Feedback The correct answer is: one-to-one marketing Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Choosing select groups of people to sell to is called _____. Select one: a. mass marketing b. niche marketing c. differentiated marketing d. one-to-one marketing e. psychographic marketing Feedback The correct answer is: differentiated marketing Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text This segmentation category answers the question, “How do my customers live their lives?” Select one: a. demographic b. behavioral c. geographic d. psychographic e. geodemographic Feedback The correct answer is: psychographic Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text Family life cycle refers to Select one: a. the stages families go through over time and how it affects people’s buying behavior. b. the buying behavior of a family that results in a particular amount of buying power. c. how often the family purchases particular products in a month. d. how often a family travels together. e. the amount of time that passes between each having each child. Feedback The correct answer is: the stages families go through over time and how it affects people’s buying behavior. Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text City size and population density are utilized in relation to which type of segmentation strategy? Select one: a. targeted segmentation b. geographic segmentation c. demographic segmentation d. geodemographic segmentation e. benefit segmentation Feedback The correct answer is: geographic segmentation Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text The different types of marketing communications an organization uses comprise its _____. Select one: a. promotional mix b. personal selling c. advertising d. publicity e. direct marketing Feedback The correct answer is: promotional mix Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text A(n) _____ involves promoting a product to final consumers. Select one: a. push strategy b. communication process c. pull strategy d. frequency e. IMC strategy Feedback The correct answer is: pull strategy Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text Marketers are concerned about _____ because they must ensure that you interpret the message as intended. Select one: a. perceptual retention b. feedback c. encoding d. perceptual distortion e. perceptual attention Feedback The correct answer is: perceptual distortion Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text A unique selling proposition is Select one: a. a specific benefit consumers will remember. b. a brand name. c. a repositioning technique. d. a discounted price. e. an alternative sales method. Feedback The correct answer is: a specific benefit consumers will remember. Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text _____ refers to demand for a specific brand while ____ refers to demand for a product category. Select one: a. Competitive parity; AIDA model b. Open-ended messaging; selective demand c. Primary demand; selective demand d. AIDA model; open-ended messaging e. Selective demand; primary demand Feedback The correct answer is: Selective demand; primary demand Finish review Telemarketing is an example of Select one: a. advertising. b. PR. c. direct marketing. d. personal selling. e. a sales promotion. Feedback The correct answer is: direct marketing. Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text