University of South Alabama - BUSINESS 150: test review FOR MRKT320. All Answers Provided. 100%.

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Question 1 of 10 The Minnesota Twins, a professional baseball team, wanted to develop creative ways to increase attendance at its ball games. The Twins hired a moderator who, after every home game ... during the month of July, led informal discussions with groups of 6 to 10 fans to find out what they did and did not like about the baseball team and their experience at the stadium. The discussions were videotaped so that researchers could review the data at a later date and in more detail. What are such information research discussions called? A. panels B. focus groups C. experiments D. depth interviews E. secondary data Question 2 of 10 Professor Johnson wanted to conduct research about college students' fast food preferences. Her _______ sample consisted of students she taught in her classes. A. stratified random B. simple random C. systematic D. convenience E. quota Question 3 of 10 What type of experiment is conducted when a food company offers a product for sale in a small geographic area to help it evaluate potential marketing actions? A. simulated market B. test market C. trail market D. experimental market E. micro market Question 4 of 10 Secondary data are the: A. facts and figures obtained by asking people questions through the use of information technology. B. conclusions developed from information obtained from a representative sample of a population. C. facts and figures obtained by watching people mechanically rather than in person. D. facts and figures that have already been recorded before the project at hand E. facts and figures that are newly collected for the project at hand. Question 5 of 10 When a marketing researcher uses a collection of reports, customer letters, financial statements, and surveys from different departments within the firm, s/he is using: A. non-inclusive data B. sensitivity analysis C. primary data D. external secondary data E. internal secondary data Question 6 of 10 Toys R Us toy stores use U.S. Census Bureau information to determine the number of families with children under the age of 5 years for each state in its market area. Data obtained from this source are called ______. A. experimental data B. proprietary data C. primary data D. observational data E. secondary data Question 7 of 10 In marketing research, the term sampling refers to: A. allowing a subject to experience, first-hand, a new or updated product or service. B. the collection of various secondary data through electronic or mechanical means. C. selecting representative elements from a population and treating their answers as typical of all those in whom they are interested. D. testing members from all ages, both genders, and different levels of income and education to guarantee reliable information. E. testing the effectiveness of a marketing alternative in a supervised setting. Question 8 of 10 When Marine Midland Bank sent market researchers with surveys door-to-door in the neighborhoods surrounding its branch banks to ask people with savings accounts why they did not also have checking accounts and credit cards with Marine Midland, they were gathering __________ data. A. observational B. secondary C. intercept D. experimental E. questionnaire Question 9 of 10 For a marketer, a primary disadvantage of the mall intercept method is: A. the people selected may not be representative of targeted consumers. B. the people only participate if they think they will receive something in return, so their answers are often biased. C. the difficulty in finding qualified interviewers to work at relatively low salaries. D. the ill will it creates with shoppers who are in a hurry or looking for a relaxing mall experience. E. the lack of reliability due to changes in customer traffic during holidays. Answer Key: A Question 10 of 10 Secondary data has a number of advantages, including that it: A. saves time and offers tailor-made information. B. is up-to-date and provides all relevant information. C. is inexpensive and up-to-date. D. is tailor-made to your specific needs and relatively inexpensive. E. is usually inexpensive and saves time. Question 1 of 10 Campbell's Soup Company found that its canned nacho cheese sauce was too spicy for Americans in the Eastern U.S., and not spicy enough for Americans in the West and Southwest. Today, Campbell's plants in Texas and California produce a spicier nacho cheese sauce than what is produced in other manufacturing plants. Campbell's is using _____ segmentation. A. geographic B. economic C. behavioral D. demographic E. psychographic Answer Key: A Question 2 of 10 Criteria for forming segments involve both similarities and differences. Which of the following statements is most accurate? A. If there are any differences, at all, among potential buyers, you should not engage in any segmentation. B. Within a segment, the needs of potential buyers should be similar; between segments the needs of buyers should be different. C. The needs of buyers should be different, both between and within segments. D. The needs of buyers should be the same, both between and within segments. E. Within a segment, the needs of potential buyers should be different; between segments the needs of buyers should be similar. Question 3 of 10 The target market for Proctor&Gamble's Old Spice deodorant is men aged 18-34. Proctor&Gamble is using which type of segmentation variable? A. demographic B. lifestyle C. behavioral D. psychographic E. geographic Answer Key: A Question 4 of 10 Market segmentation involves aggregating prospective buyers into groups that have common needs and will: A. pay attention to marketing messages. B. use the same payment methods. C. comply with the organization's core values. D. respond similarly to a marketing action. E. be responsive to marketing research. Question 5 of 10 Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands: A. against small market segments in a market-product grid. B. against the revenues generated by other products or brands within the company. C. in virtual space that represents the business or product’s time in existence and growth. D. against large market segments in a market-product grid. E. in the minds of consumers. Question 6 of 10 The purpose of market segmentation is to respond more effectively to the wants of potential buyers, in order to: A. maintain market share. B. increase sales and profits. C. use the firm's resources most efficiently. D. assume social responsibility. E. prove the best quality products on the market. Question 7 of 10 A national car rental firm targets 50 percent of its advertising to salespeople who rent a car over 40 weeks per year. The company is using __________ segmentation. A. demographic B. loyalty C. psychographic D. behavioral E. geographic Question 8 of 10 When comparing a 'multiple products for multiple market segments' strategy, to a 'one product for multiple market segments' strategy, organizations recognize that the 'one product for multiple market segments' strategy: A. creates savings in production costs. B. has significantly higher distribution costs. C. is a more effective way of satisfying individual households' needs. D. is a much more effective means of meeting individual consumers' needs. E. is more profitable since the firm can charge the new segments higher prices than competitors charge. Answer Key: A Question 9 of 10 _____ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service, in comparison to the competition's goods and services. A. Mass customization B. Benefit segmentation C. Customerization D. Positioning E. Concentrated targeting Question 10 of 10 Which of the following is a criterion used in forming market segments? A. simplicity and cost of assigning potential buyers to segments B. market size of the segment C. differences of needs of buyers within segments D. similarity of segments to competitors’ segments E. differences between potential suppliers or distributors Answer Key: A Consumers have more difficulty evaluating services than they do products; the difficulty results from the: A. inseparability of services. B. inconsistency of services. C. inflexibility of services. D. intangibility of services. E. incongruence of services. Question 2 of 10 According to the goods-services continuum, which of the following organizations has the highest level of intangibility? A. men's clothing store B. fine dining restaurant C. fast food restaurant D. automobile dealership E. university Question 3 of 10 Breyer's introduced a new line of ice cream flavors for sale in elegant black containers. This was done on a limited scale, to determine consumer reactions before national distribution of the new product. Breyer's new product was in the _____ stage of the new-product process. A. business analysis B. development C. screening and evaluation D. market testing E. commercialization Question 4 of 10 Newman’s Own is a company that gives all of its profits to charities. The company produces popcorn, salsa, pasta sauce, and salad dressings under the Newman’s Own brand name. Together, all of these product lines comprise the company’s: A. marketing category B. product class C. product category D. stock keeping units (SKUs) E. product mix Question 5 of 10 0.0/ 1.0 Points Which of the following is the best example of a product line extension? A. Giant Bike Co., entering the cycling apparel market. B. 3M, the company that makes Post-it notes, entering the golf glove market. In C. FedEx Office adding fax machines and packing services to its copy centers. D. A telephone company adding cable television service to its phone business. E. General Mills adding Fruity Cheerios to its Cheerios family of brands. Question 6 of 10 Sterile Feral, Inc. is a nonprofit organization that catches wild or stray cats, and then neuters, vaccinates, and releases them back into the wild. Veterinarians are particularly impressed with how effectively and safety the organization performs its service each and every time. With which service quality dimension are veterinarians most impressed? A. empathy B. reliability C. assurance D. tangibility E. credibility Question 7 of 10 The type of good for which the consumer compares several alternatives on such criteria as price, quality, and style is a(n): A. unsought product B. B2B product C. convenience product D. shopping product E. specialty product Question 8 of 10 0.0/ 1.0 Points Janet went to a new hair salon to get her hair cut. Since she had never been there before, she explained to the stylist what she wanted -- but was upset when her hair was cut much shorter than she had requested. When asked about the hair salon, Janet discouraged others from going to the salon based on her experience with the one stylist. What unique aspect of services does this situation describe? A. inseparability B. inventory C. inconsistency In D. involuntary E. intangibility Answer Key: A Question 9 of 10 Using an existing brand name to introduce a product that is new to the company into a totally new, unfamiliar market seems like a good idea. Several years ago, Harley-Davidson introduced perfume under the Harley-Davidson brand name. (Yes, it failed.) Harley-Davidson perfume was a: A. product deletion B. brand extension C. product line extension D. product class innovation E. disruptive innovation Question 10 of 10 0.0/ 1.0 Points One of the ways physicians deal with potential problems associated with the _____ characteristic of services is to hang their medical diplomas on the walls of the examining rooms and to wear white coats. A. inconsistency In B. inseparability C. inadequacy D. inventory E. intangibililty Question 1 of 10 During the introduction stage of the product life cycle, the strategy that discourages competitive entry by charging a low price for a new product is referred to as __________ pricing. A. prestige B. penetration C. above-market D. ROI E. skimming Question 2 of 10 What is the marketing objective for the maturity stage of the product life cycle? A. stress differentiation B. profit C. harvesting D. gain awareness E. maintain brand loyalty Question 3 of 10 During the introduction stage of the product life cycle, a(n) __________ pricing strategy may be used. This pricing strategy charges a high initial price to recoup the costs of product development. A. penetration B. loss leader C. skimming D. price-lining E. competitive Question 4 of 10 The lack of profit in the introductory stage of the product life cycle is very often the result of _____. A. pricing the product too low in an attempt to quickly gain market share B. ineffective execution of the marketing program C. the large investment costs in product development D. targeting the wrong market segment E. a lack of wholesaler support Question 5 of 10 Honda makes Honda motorcycles, Honda lawnmowers, Honda generators, and Honda automobiles. Honda is using a _____ strategy. A. co-branding B. dual product branding C. mixed branding D. multiproduct (corporate) branding E. multibranding Question 6 of 10 0.0/ 1.0 Points Mattel has a contractual agreement to let Colgate use the Barbie name and image on kids’ toothpaste and toothbrushes. Colgate pays Mattel a fee for the use of the Barbie name and image. This is an example of __________. A. generic branding In B. general branding C. brand licensing D. reseller branding E. mixed branding Question 7 of 10 Georgia-Pacific Co. reduced the content of its Brawny paper towel six-roll pack by 20 percent without lowering the price. Georgia-Pacific used a(n) _____ strategy. A. shrinkage B. downsizing C. trading up D. outsourcing E. product modification Question 8 of 10 For any product to be successful, it must be purchased by __________. A. late majority and laggards B. early adopters and laggards C. early majority and late majority D. innovators and early adopters E. innovators and early majority Question 9 of 10 Using an existing brand name to introduce a product that is new to the company, in a totally new, unfamiliar product market seems like a good idea. Several years ago, Harley-Davidson Motorcycle Co. introduced perfume under the Harley-Davidson brand name. Harley-Davidson perfume is an example of a: A. product line extension B. product deletion C. brand extension D. disruptive innovation E. radical invention Question 10 of 10 The __________ stage of the product life cycle is characterized by rapid increases in sales. A. maturity B. decline C. growth D. development E. introduction In marketing research, the term sampling refers to: A. testing the effectiveness of a marketing alternative in a supervised setting. B. allowing a subject to experience, first-hand, a new or updated product or service. C. testing members from all ages, both genders, and different levels of income and education to guarantee reliable information. D. selecting representative elements from a population and treating their answers as typical of all those in whom they are interested. E. the collection of various secondary data through electronic or mechanical means. Question 2 of 10 Secondary data are the: A. facts and figures obtained by watching people mechanically rather than in person. B. facts and figures obtained by asking people questions through the use of information technology. C. facts and figures that have already been recorded before the project at hand D. conclusions developed from information obtained from a representative sample of a population. E. facts and figures that are newly collected for the project at hand. Question 3 of 10 Fisher Price watches young children play with their toys to determine if and how various toys should be changed or improved. Fisher Price is collecting __________ data. A. interview B. external secondary C. questionnaire D. observational E. focus group Question 4 of 10 Toys R Us toy stores use U.S. Census Bureau information to determine the number of families with children under the age of 5 years for each state in its market area. Data obtained from this source are called ______. A. experimental data B. secondary data C. observational data D. proprietary data E. primary data Question 5 of 10 A general rule of thumb among marketing researchers is to use __________ first, and then collect _________. A. observational data; questionnaire data B. secondary data; primary data C. external secondary data; internal primary data D. internal primary data; external primary data E. primary data; secondary data Question 6 of 10 0.0/ 1.0 Points Primary data has a number of advantages, including that it: A. can be obtained from websites and existing reports. In B. is inexpensive and up-to-date. C. usually saves time and money. D. is tailor-made to your specific needs. E. is usually inexpensive and saves times. Question 7 of 10 The Minnesota Twins, a professional baseball team, wanted to develop creative ways to increase attendance at its ball games. The Twins hired a moderator who, after every home game during the month of July, led informal discussions with groups of 6 to 10 fans to find out what they did and did not like about the baseball team and their experience at the stadium. The discussions were videotaped so that researchers could review the data at a later date and in more detail. What are such information research discussions called? A. experiments B. panels C. depth interviews D. secondary data E. focus groups Question 8 of 10 0.0/ 1.0 Points When Marine Midland Bank sent market researchers with surveys door-to-door in the neighborhoods surrounding its branch banks to ask people with savings accounts why they did not also have checking accounts and credit cards with Marine Midland, they were gathering __________ data. In A. observational B. questionnaire C. experimental D. intercept E. secondary Question 9 of 10 Best Western International, Inc., a national hotel chain, paid couples to videotape themselves as they spent three to seven days on a cross-country trip. From this, Best Western found that women usually decide when to pull off the road, where to stay over night, and what amenities the hotel or motel should have to make their stay more enjoyable. These couples were determining their lodging in a “natural use environment,” and so providing __________ research to Best Western. A. experimental B. focus group C. alternative D. ethnographic E. secondary Question 10 of 10 The manager of the University of South Alabama Bookstore wanted to gather primary data from students, to better understand their wants, needs, and shopping behaviors. The methods that fit these criteria include: A. trade industry reports and experimentation. B. census data and focus groups. C. depth interviews and articles in 'Bookstore Monthly' magazine. D. observation and surveys. E. historical sales data and projective techniques. Question 1 of 10 Criteria for forming segments involve both similarities and differences. Which of the following statements is most accurate? A. If there are any differences, at all, among potential buyers, you should not engage in any segmentation. B. Within a segment, the needs of potential buyers should be different; between segments the needs of buyers should be similar. C. The needs of buyers should be the same, both between and within segments. D. Within a segment, the needs of potential buyers should be similar; between segments the needs of buyers should be different. E. The needs of buyers should be different, both between and within segments. Question 2 of 10 The target market for Proctor&Gamble's Old Spice deodorant is men aged 18-34. Proctor&Gamble is using which type of segmentation variable? A. demographic B. lifestyle C. behavioral D. geographic E. psychographic Answer Key: A Question 3 of 10 One approach to positioning a new product in a market is ______ positioning, which involves competing directly with competitors on similar product attributes, in the same target market. A. head-to-head B. psychological C. perceptual D. differentiation E. market Answer Key: A Question 4 of 10 People who purchase 'NIKEiD' shoes from Nike.com can design a sneaker to their own personal specifications. This 'build-your-own' approach, through which Nike sells tens of thousands of shoes each year, is referred to as: A. repositioning. B. undifferentiated marketing. C. mass marketing. D. concentrated marketing. E. mass customization. Question 5 of 10 Brands like Robitussun offer a variety of cough syrups to meet the differing needs of adults and children with cold and flu symptoms. This strategy is an example of: A. relationship marketing. B. gray marketing. C. market segmentation. D. micromarketing. E. mass marketing. Question 6 of 10 The purpose of market segmentation is to respond more effectively to the wants of potential buyers, in order to: A. assume social responsibility. B. increase sales and profits. C. prove the best quality products on the market. D. maintain market share. E. use the firm's resources most efficiently. Question 7 of 10 A national car rental firm targets 50 percent of its advertising to salespeople who rent a car over 40 weeks per year. The company is using __________ segmentation. A. geographic B. psychographic C. loyalty D. behavioral E. demographic Question 8 of 10 Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands: A. in the minds of consumers. B. against large market segments in a market-product grid. C. in virtual space that represents the business or product’s time in existence and growth. D. against small market segments in a market-product grid. E. against the revenues generated by other products or brands within the company. Answer Key: A Question 9 of 10 0.0/ 1.0 Points When Procter & Gamble introduced Crest toothpaste, the first fluoride toothpaste, it was intended for use by children and was therefore given a child-appealing bubblegum flavor. Sometime later, the same basic formula was given a fresh, minty flavor to appeal to adults. What marketing strategy did P&G use in this example? A. product differentiation In B. usage segmentation C. product segmentation D. psychographic segmentation E. market expansion Answer Key: A Question 10 of 10 Campbell's Soup Company found that its canned nacho cheese sauce was too spicy for Americans in the Eastern U.S., and not spicy enough for Americans in the West and Southwest. Today, Campbell's plants in Texas and California produce a spicier nacho cheese sauce than what is produced in other manufacturing plants. Campbell's is using _____ segmentation. A. geographic B. behavioral C. psychographic D. economic E. demographic Answer Key: A Question 1 of 10 One of the ways physicians deal with potential problems associated with the _____ characteristic of services is to hang their medical diplomas on the walls of the examining rooms and to wear white coats. A. inadequacy B. intangibililty C. inventory D. inconsistency E. inseparability Question 2 of 10 Garlic Cake was supposed to be served as an hors d’oeuvre with sweet breads, spreads, and meats, but at its introduction the company neglected to explain this to potential consumers. The product failed as a result of: A. not satisfying customer needs on critical factors. B. bad timing. C. poor execution of the marketing mix. D. poor product quality. E. an insignificant point of difference. Question 3 of 10 0.0/ 1.0 Points Janet went to a new hair salon to get her hair cut. Since she had never been there before, she explained to the stylist what she wanted -- but was upset when her hair was cut much shorter than she had requested. When asked about the hair salon, Janet discouraged others from going to the salon based on her experience with the one stylist. What unique aspect of services does this situation describe? A. intangibility B. involuntary In C. inconsistency D. inventory E. inseparability Question 4 of 10 The type of good for which the consumer compares several alternatives on such criteria as price, quality, and style is a(n): A. B2B product B. convenience product C. unsought product D. specialty product E. shopping product Question 5 of 10 According to the goods-services continuum, which of the following organizations has the highest level of intangibility? A. fine dining restaurant B. automobile dealership C. fast food restaurant D. university E. men's clothing store Question 6 of 10 0.0/ 1.0 Points Philips Sonicare recently introduced the DiamondClean rechargeable toothbrush. A key innovation is its “Quadpacer” interval timer that goes off after 30-seconds to prompt the user to move on to the next quadrant of the mouth that results in better cleaning and improved gum health. This is an example of which type of innovation? In A. continuous innovation B. dynamically continuous innovation C. disparate innovation D. evolutionary innovation E. discontinuous innovation Question 7 of 10 Breyer's introduced a new line of ice cream flavors for sale in elegant black containers. This was done on a limited scale, to determine consumer reactions before national distribution of the new product. Breyer's new product was in the _____ stage of the new-product process. A. market testing B. business analysis C. commercialization D. screening and evaluation E. development Answer Key: A Question 8 of 10 A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a __________. A. product line B. product category C. product class D. product mix E. marketing category Answer Key: A Question 9 of 10 0.0/ 1.0 Points Sterile Feral, Inc. is a nonprofit organization that catches wild or stray cats, and then neuters, vaccinates, and releases them back into the wild. Veterinarians are particularly impressed with how effectively and safety the organization performs its service each and every time. With which service quality dimension are veterinarians most impressed? A. tangibility B. reliability C. credibility In D. assurance E. empathy Question 10 of 10 The stage of the new-product process that positions and launches a new product in full-scale production and sales refers to __________. A. disbursement B. development C. market testing D. commercialization E. business analysis Question 1 of 10 0.0/ 1.0 Points Honda makes Honda motorcycles, Honda lawnmowers, Honda generators, and Honda automobiles. Honda is using a _____ strategy. In A. multibranding B. dual product branding C. co-branding D. multiproduct (corporate) branding E. mixed branding Question 2 of 10 Products that experience rapid sales on introduction and then an equally rapid decline in sales are called _______ products. A. primary B. fad C. high-learning D. low-learning E. fashion Question 3 of 10 Thirty-six percent of sales at supermarkets in the United Kingdom are of products that carry the stores' own brand names. Eighteen percent of all supermarket products sold in France and Germany carry the stores' own brand names. These stores use a _____ strategy to sell products with their own brand names that are not sold at competitors' stores. A. multibranding B. private branding C. generic branding D. multiproduct branding E. co-branding Question 4 of 10 The added value a brand name gives to a product beyond the functional benefits provided is referred to as __________. A. brand personality B. brand enhancement C. brand equity D. brand net worth E. brand benefit Question 5 of 10 A product in the introduction stage of its product life cycle should have which of the following marketing objective(s)? A. gain awareness and stimulate trial B. harvest the product C. foster brand loyalty D. stress differentiation from other products E. stress differentiation Answer Key: A Question 6 of 10 Using an existing brand name to introduce a product that is new to the company, in a totally new, unfamiliar product market seems like a good idea. Several years ago, Harley-Davidson Motorcycle Co. introduced perfume under the Harley-Davidson brand name. Harley-Davidson perfume is an example of a: A. brand extension B. product deletion C. product line extension D. radical invention E. disruptive innovation Answer Key: A Question 7 of 10 0.0/ 1.0 Points The __________ stage of the product life cycle is characterized by rapid increases in sales. A. decline B. development In C. introduction D. growth E. maturity Question 8 of 10 Georgia-Pacific Co. reduced the content of its Brawny paper towel six-roll pack by 20 percent without lowering the price. Georgia-Pacific used a(n) _____ strategy. A. downsizing B. product modification C. trading up D. outsourcing E. shrinkage Answer Key: A Question 9 of 10 During the introduction stage of the product life cycle, a(n) __________ pricing strategy may be used. This pricing strategy charges a high initial price to recoup the costs of product development. A. loss leader B. price-lining C. skimming D. competitive E. penetration Question 10 of 10 0.0/ 1.0 Points Products that are purchased by the ultimate buyer, who is buying for himself or herself, are referred to as ___________. A. end user goods In B. personal items C. generic goods D. consumer products E. merchandise Netflix used to charge $14.99 per month for its movie rental service. However, when Blockbuster introduced the same service at $13.99, Netflix then dropped its price to $13.99. Netflix most likely made this price reduction in an attempt to: A. decrease revenue but increase profit. B. increase efficiency. C. maintain market share. D. increase profit by decreasing revenue. E. decrease market share. Question 2 of 10 0.0/ 1.0 Points Consumers buy water and soda from vending machines. Traditionally, the price of each of those products is about $1.25. If a marketer charges a significantly higher price for such products dispensed by vending machines, sales are likely to decline. In order to avoid declines in sales, marketers from different companies all tend to be very consistent in the prices they charge for vending machine products. This is an example of marketers using a _____ pricing strategy. In A. skimming B. below-market C. loss leader D. customary E. penetration Question 3 of 10 Which of the following would be most likely to use yield management pricing? A. a jewelry store B. a book store C. a public utility D. a hotel E. a shoe store Question 4 of 10 Wrigley Co. recently introduced a new flavor of Orbit brand sugar free chewing gum -- mint mojito. The introductory price for the gum was so low that it quickly created loyal customers for the new flavor. In this example, Wrigley used _____ pricing. A. odd-even B. loss leader C. skimming D. price lining E. penetration Question 5 of 10 To increase value, marketers may ____, decrease price, or do both. A. increase advertising B. do nothing and let the perceived value of the item increase as it matures in the life cycle C. decrease benefits D. increase benefits E. increase price Question 6 of 10 The prices for all furniture sold at American Furniture Warehouse end in $9, such as $599, $899, and $1499. American Furniture uses: A. odd-even pricing B. dynamic pricing C. experience-curve pricing D. bundle pricing E. yield management pricing Answer Key: A Question 7 of 10 Which of the following illustrates movement along the demand curve? A. As the price is lowered, the quantity demanded increases, assuming all else stays the same. B. As the price is raised, the quantity demanded increases, assuming all else stays the same. C. Prices remain the same, but there is a significant decrease in demand. D. Movement along the curve indicates that some significant event has taken place outside the organization that has affected demand. E. Prices remain the same, but there is a significant increase in demand. Answer Key: A Question 8 of 10 0.0/ 1.0 Points Windsong Movie Theater sells movie tickets at a price of $12 for adults and $7.50 for children under the age of 12. Other movie theaters in town have the same price structure. What is this pricing method called? A. target costing B. cost-plus-fee pricing In C. target return-on-sales pricing D. customary pricing E. prestige pricing Question 9 of 10 Using ______ pricing, many retailers deliberately sell products below normal prices (and sometimes even below cost) to attract buyers' attention and increase store traffic. A. loss-leader B. customary C. penetration D. below-market E. prestige Answer Key: A Question 10 of 10 Price fixing refers to: A. a seller’s requirement that the purchaser of one product also buy another product in the line. B. the practice of charging a very low price for a product with the intent of driving competitors out of business. C. a conspiracy among firms to set prices for a product. D. an arrangement a manufacturer makes with a reseller to handle only its products and not those of a competitor. E. the practice of charging different prices to different buyers for goods of like grade and quality. Question 1 of 10 A general rule of thumb among marketing researchers is to use __________ first, and then collect _________. A. secondary data; primary data B. primary data; secondary data C. external secondary data; internal primary data D. observational data; questionnaire data E. internal primary data; external primary data Answer Key: A Question 2 of 10 When a marketing researcher uses a collection of reports, customer letters, financial statements, and surveys from different departments within the firm, s/he is using: A. non-inclusive data B. external secondary data C. primary data D. sensitivity analysis E. internal secondary data Question 3 of 10 For a marketer, a primary disadvantage of the mall intercept method is: A. the people selected may not be representative of targeted consumers. B. the difficulty in finding qualified interviewers to work at relatively low salaries. C. the people only participate if they think they will receive something in return, so their answers are often biased. D. the lack of reliability due to changes in customer traffic during holidays. E. the ill will it creates with shoppers who are in a hurry or looking for a relaxing mall experience. Answer Key: A Question 4 of 10 Best Western International, Inc., a national hotel chain, paid couples to videotape themselves as they spent three to seven days on a cross-country trip. From this, Best Western found that women usually decide when to pull off the road, where to stay over night, and what amenities the hotel or motel should have to make their stay more enjoyable. These couples were determining their lodging in a “natural use environment,” and so providing __________ research to Best Western. A. experimental B. alternative C. ethnographic D. secondary E. focus group Question 5 of 10 0.0/ 1.0 Points With a probability sample ______. A. a researcher uses personal judgment to select participants. B. every member of the population is included int he sample. C. each member of the population has some chance of being included in the sample. D. convenience is the key determinant of who participates. E. the observation method is used to select people who appear most willing to participate. Question 6 of 10 Secondary data are the: A. facts and figures that are newly collected for the project at hand. B. facts and figures obtained by watching people mechanically rather than in person. C. conclusions developed from information obtained from a representative sample of a population. D. facts and figures that have already been recorded before the project at hand E. facts and figures obtained by asking people questions through the use of information technology. Question 7 of 10 Primary data has a number of advantages, including that it: A. is inexpensive and up-to-date. B. is tailor-made to your specific needs. C. is usually inexpensive and saves times. D. usually saves time and money. E. can be obtained from websites and existing reports. Question 8 of 10 Toys R Us toy stores use U.S. Census Bureau information to determine the number of families with children under the age of 5 years for each state in its market area. Data obtained from this source are called ______. A. experimental data B. secondary data C. proprietary data D. primary data E. observational data Question 9 of 10 The Minnesota Twins, a professional baseball team, wanted to develop creative ways to increase attendance at its ball games. The Twins hired a moderator who, after every home game during the month of July, led informal discussions with groups of 6 to 10 fans to find out what they did and did not like about the baseball team and their experience at the stadium. The discussions were videotaped so that researchers could review the data at a later date and in more detail. What are such information research discussions called? A. panels B. focus groups C. experiments D. secondary data E. depth interviews Question 10 of 10 The manager of the University of South Alabama Bookstore wanted to gather primary data from students, to better understand their wants, needs, and shopping behaviors. The methods that fit these criteria include: A. historical sales data and projective techniques. B. trade industry reports and experimentation. C. census data and focus groups. D. depth interviews and articles in 'Bookstore Monthly' magazine. E. observation and surveys. Question 1 of 10 0.0/ 1.0 Points Which of the following is a criterion used in forming market segments? A. differences of needs of buyers within segments B. similarity of segments to competitors’ segments C. simplicity and cost of assigning potential buyers to segments D. market size of the segment E. differences between potential suppliers or distributors Question 2 of 10 When comparing a 'multiple products for multiple market segments' strategy, to a 'one product for multiple market segments' strategy, organizations recognize that the 'one product for multiple market segments' strategy: A. is a more effective way of satisfying individual households' needs. B. creates savings in production costs. C. is more profitable since the firm can charge the new segments higher prices than competitors charge. D. is a much more effective means of meeting individual consumers' needs. E. has significantly higher distribution costs. Question 3 of 10 One approach to positioning a new product in a market is ______ positioning, which involves competing directly with competitors on similar product attributes, in the same target market. A. perceptual B. differentiation C. head-to-head D. psychological E. market Question 4 of 10 Criteria for forming segments involve both similarities and differences. Which of the following statements is most accurate? A. Within a segment, the needs of potential buyers should be similar; between segments the needs of buyers should be different. B. Within a segment, the needs of potential buyers should be different; between segments the needs of buyers should be similar. C. If there are any differences, at all, among potential buyers, you should not engage in any segmentation. D. The needs of buyers should be the same, both between and within segments. E. The needs of buyers should be different, both between and within segments. Answer Key: A Question 5 of 10 A national car rental firm targets 50 percent of its advertising to salespeople who rent a car over 40 weeks per year. The company is using __________ segmentation. A. demographic B. behavioral C. psychographic D. loyalty E. geographic Question 6 of 10 _____ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service, in comparison to the competition's goods and services. A. Concentrated targeting B. Positioning C. Mass customization D. Benefit segmentation E. Customerization Question 7 of 10 Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands: A. in virtual space that represents the business or product’s time in existence and growth. B. in the minds of consumers. C. against the revenues generated by other products or brands within the company. D. against small market segments in a market-product grid. E. against large market segments in a market-product grid. Question 8 of 10 0.0/ 1.0 Points Brands like Robitussun offer a variety of cough syrups to meet the differing needs of adults and children with cold and flu symptoms. This strategy is an example of: A. micromarketing. B. mass marketing. C. gray marketing. D. relationship marketing. E. market segmentation. Question 9 of 10 When Procter & Gamble introduced Crest toothpaste, the first fluoride toothpaste, it was intended for use by children and was therefore given a child-appealing bubblegum flavor. Sometime later, the same basic formula was given a fresh, minty flavor to appeal to adults. What marketing strategy did P&G use in this example? A. market expansion B. product differentiation C. usage segmentation D. psychographic segmentation E. product segmentation Question 10 of 10 The purpose of market segmentation is to respond more effectively to the wants of potential buyers, in order to: A. maintain market share. B. use the firm's resources most efficiently. C. assume social responsibility. D. prove the best quality products on the market. E. increase sales and profits. Question 1 of 10 Consumers have more difficulty evaluating services than they do products; the difficulty results from the: A. incongruence of services. B. inconsistency of services. C. inseparability of services. D. intangibility of services. E. inflexibility of services. Question 2 of 10 Janet went to a new hair salon to get her hair cut. Since she had never been there before, she explained to the stylist what she wanted -- but was upset when her hair was cut much shorter than she had requested. When asked about the hair salon, Janet discouraged others from going to the salon based on her experience with the one stylist. What unique aspect of services does this situation describe? A. inseparability B. involuntary C. intangibility D. inventory E. inconsistency Answer Key: A Question 3 of 10 The type of good for which the consumer compares several alternatives on such criteria as price, quality, and style is a(n): A. convenience product B. shopping product C. specialty product D. unsought product E. B2B product Question 4 of 10 Using an existing brand name to introduce a product that is new to the company into a totally new, unfamiliar market seems like a good idea. Several years ago, Harley-Davidson introduced perfume under the Harley-Davidson brand name. (Yes, it failed.) Harley-Davidson perfume was a: A. product class innovation B. product line extension C. brand extension D. product deletion E. disruptive innovation Question 5 of 10 0.0/ 1.0 Points Don graduated and took his mother to dinner after the ceremony. At the restaurant, the waitperson fills up customers' water glasses, checks on their table, and takes care of their requests. Don notes that the last time he was at the same restaurant, the experience was completely different (and much worse). This scenario illustrates the _____ of services. A. situation B. intangibility C. inconsistency D. inseparability E. inventory Answer Key: A Question 6 of 10 Consumer products refer to: A. products purchased by the ultimate consumer. B. products that assist directly or indirectly in providing products for resale. C. items purchased frequently and with a minimum of shopping effort. D. products used in the production of other items. E. products a consumer will make an effort to seek out and buy. Answer Key: A Question 7 of 10 0.0/ 1.0 Points Philips Sonicare recently introduced the DiamondClean rechargeable toothbrush. A key innovation is its “Quadpacer” interval timer that goes off after 30-seconds to prompt the user to move on to the next quadrant of the mouth that results in better cleaning and improved gum health. This is an example of which type of innovation? A. dynamically continuous innovation B. continuous innovation C. discontinuous innovation D. disparate innovation E. evolutionary innovation Answer Key: A Question 8 of 10 Sterile Feral, Inc. is a nonprofit organization that catches wild or stray cats, and then neuters, vaccinates, and releases them back into the wild. Veterinarians are particularly impressed with how effectively and safety the organization performs its service each and every time. With which service quality dimension are veterinarians most impressed? A. credibility B. reliability C. assurance D. tangibility E. empathy Question 9 of 10 0.0/ 1.0 Points Breyer's introduced a new line of ice cream flavors for sale in elegant black containers. This was done on a limited scale, to determine consumer reactions before national distribution of the new product. Breyer's new product was in the _____ stage of the new-product process. A. screening and evaluation B. commercialization C. development D. market testing E. business analysis Question 10 of 10 Garlic Cake was supposed to be served as an hors d’oeuvre with sweet breads, spreads, and meats, but at its introduction the company neglected to explain this to potential consumers. The product failed as a result of: A. bad timing. B. not satisfying customer needs on critical factors. C. an insignificant point of difference. D. poor execution of the marketing mix. E. poor product quality. Question 1 of 10 Thirty-six percent of sales at supermarkets in the United Kingdom are of products that carry the stores' own brand names. Eighteen percent of all supermarket products sold in France and Germany carry the stores' own brand names. These stores use a _____ strategy to sell products with their own brand names that are not sold at competitors' stores. A. private branding B. multibranding C. co-branding D. multiproduct branding E. generic branding Answer Key: A Question 2 of 10 For any product to be successful, it must be purchased by __________. A. innovators and early majority B. innovators and early adopters C. late majority and laggards D. early adopters and laggards E. early majority and late majority Question 3 of 10 0.0/ 1.0 Points What is the marketing objective for the maturity stage of the product life cycle? A. profit B. gain awareness C. harvesting D. stress differentiation E. maintain brand loyalty Question 4 of 10 Mattel has a contractual agreement to let Colgate use the Barbie name and image on kids’ toothpaste and toothbrushes. Colgate pays Mattel a fee for the use of the Barbie name and image. This is an example of __________. A. general branding B. brand licensing C. mixed branding D. reseller branding E. generic branding Question 5 of 10 A product in the introduction stage of its product life cycle should have which of the following marketing objective(s)? A. harvest the product B. foster brand loyalty C. stress differentiation from other products D. gain awareness and stimulate trial E. stress differentiation Question 6 of 10 Using an existing brand name to introduce a product that is new to the company, in a totally new, unfamiliar product market seems like a good idea. Several years ago, Harley-Davidson Motorcycle Co. introduced perfume under the Harley-Davidson brand name. Harley-Davidson perfume is an example of a: A. product deletion B. product line extension C. radical invention D. disruptive innovation E. brand extension Question 7 of 10 The product life cycle refers to __________. A. a concept that describes the stages a product goes through in the marketplace—early growth, accelerated development, maturity, and decline B. the average life span of a product C. a concept that describes the stages a product goes through in the marketplace—introduction, growth, maturity, and decline D. a concept that describes the stages a new product goes through from product concept to commercialization E. the amount of time it takes a product innovation to completely diffuse in the marketplace Question 8 of 10 Sealy, the largest manufacturer of mattresses in the U.S., recently set out to redefine its place in the bedrooms of America. No longer was it going to be known as simply a mattress company. Now, the name Sealy was going to be known as the world's leading 'sleep wellness provider'. This is an example of: A. repositioning B. demarketing C. positioning D. reverse marketing E. resegmenting Answer Key: A Question 9 of 10 During the introduction stage of the product life cycle, a(n) __________ pricing strategy may be used. This pricing strategy charges a high initial price to recoup the costs of product development. A. penetration B. competitive C. skimming D. price-lining E. loss leader Question 10 of 10 0.0/ 1.0 Points During the introduction stage of the product life cycle, the strategy that discourages competitive entry by charging a low price for a new product is referred to as __________ pricing. A. above-market B. skimming C. prestige D. penetration E. ROI Question 1 of 10 Price fixing refers to: A. an arrangement a manufacturer makes with a reseller to handle only its products and not those of a competitor. B. a seller’s requirement that the purchaser of one product also buy another product in the line. C. a conspiracy among firms to set prices for a product. D. the practice of charging a very low price for a product with the intent of driving competitors out of business. E. the practice of charging different prices to different buyers for goods of like grade and quality. Question 2 of 10 0.0/ 1.0 Points A company is engaging in _____ when it charges a very low price for a product with the intent of driving competitors out of business. A. predatory pricing B. market share pricing C. yield management pricing D. horizontal price fixing E. vertical price fixing Question 3 of 10 Using ______ pricing, many retailers deliberately sell products below normal prices (and sometimes even below cost) to attract buyers' attention and increase store traffic. A. below-market B. penetration C. prestige D. customary E. loss-leader Question 4 of 10 Best Buy sells a Whirlpool washing machine for $799 and a Whirlpool clothes dryer for $599. If both are purchased together at Best Buy, customers can buy the washing machine and dryer for $1199. This is an example of _____ pricing. A. penetration B. bundle C. prestige D. skimming E. standard mark-up Question 5 of 10 The prices for all furniture sold at American Furniture Warehouse end in $9, such as $599, $899, and $1499. American Furniture uses: A. dynamic pricing B. yield management pricing C. experience-curve pricing D. bundle pricing E. odd-even pricing Question 6 of 10 Wrigley Co. recently introduced a new flavor of Orbit brand sugar free chewing gum -- mint mojito. The introductory price for the gum was so low that it quickly created loyal customers for the new flavor. In this example, Wrigley used _____ pricing. A. penetration B. odd-even C. price lining D. loss leader E. skimming Answer Key: A Question 7 of 10 Which of the following is a cost-oriented pricing method? A. penetration pricing B. loss leader C. price lining D. standard markup E. at, above, or below market pricing Question 8 of 10 Setting prices a few dollars or cents under an even number is referred to as _______. A. above-, at-, or below-market pricing B. price lining C. odd-even pricing D. loss leader pricing E. prestige pricing Question 9 of 10 Consumers buy water and soda from vending machines. Traditionally, the price of each of those products is about $1.25. If a marketer charges a significantly higher price for such products dispensed by vending machines, sales are likely to decline. In order to avoid declines in sales, marketers from different companies all tend to be very consistent in the prices they charge for vending machine products. This is an example of marketers using a _____ pricing strategy. A. customary B. penetration C. loss leader D. below-market E. skimming Answer Key: A Question 10 of 10 Netflix used to charge $14.99 per month for its movie rental service. However, when Blockbuster introduced the same service at $13.99, Netflix then dropped its price to $13.99. Netflix most likely made this price reduction in an attempt to: A. increase profit by decreasing revenue. B. increase efficiency. C. decrease revenue but increase profit. D. decrease market share. E. maintain market share. Question 1 of 10 Skimming pricing refers to: A. the practice of replacing promotional allowances with higher manufacturer list prices. B. setting a low initial price on a new product to appeal immediately to the mass market. C. setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product. D. maintaining a moderate price level so that quality- or status-conscious consumers will be attracted to the product and buy it. E. setting the lowest initial price possible when introducing a new or innovative product, in order to 'skim' sales from competitors. Question 2 of 10 Windsong Movie Theater sells movie tickets at a price of $12 for adults and $7.50 for children under the age of 12. Other movie theaters in town have the same price structure. What is this pricing method called? A. cost-plus-fee pricing B. prestige pricing C. target costing D. target return-on-sales pricing E. customary pricing Question 3 of 10 Wrigley Co. recently introduced a new flavor of Orbit brand sugar free chewing gum -- mint mojito. The introductory price for the gum was so low that it quickly created loyal customers for the new flavor. In this example, Wrigley used _____ pricing. A. skimming B. loss leader C. penetration D. odd-even E. price lining Question 4 of 10 Which of the following would be most likely to use yield management pricing? A. a shoe store B. a public utility C. a book store D. a jewelry store E. a hotel Question 5 of 10 To increase value, marketers may ____, decrease price, or do both. A. increase benefits B. increase price C. decrease benefits D. do nothing and let the perceived value of the item increase as it matures in the life cycle E. increase advertising Answer Key: A Question 6 of 10 Consumers buy water and soda from vending machines. Traditionally, the price of each of those products is about $1.25. If a marketer charges a significantly higher price for such products dispensed by vending machines, sales are likely to decline. In order to avoid declines in sales, marketers from different companies all tend to be very consistent in the prices they charge for vending machine products. This is an example of marketers using a _____ pricing strategy. A. below-market B. customary C. skimming D. penetration E. loss leader Question 7 of 10 When demand is ______, increases in price result in increases in total revenue, while decreases in price result in decreases in total revenues. A. unitary B. subsidized C. inelastic D. null E. elestic Question 8 of 10 Netflix used to charge $14.99 per month for its movie rental service. However, when Blockbuster introduced the same service at $13.99, Netflix then dropped its price to $13.99. Netflix most likely made this price reduction in an attempt to: A. decrease revenue but increase profit. B. maintain market share. C. increase efficiency. D. increase profit by decreasing revenue. E. decrease market share. Question 9 of 10 Which of the following is a cost-oriented pricing method? A. price lining B. loss leader C. at, above, or below market pricing D. penetration pricing Question 10 of 10 The break-even point is the point at which ______. A. the economic order quantity is reached B. a company can pay off all of its long-term debt C. demand equals supply D. the total revenue and total cost lines intersect E. the production of one more unit will not increase profit any more [Show More]

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