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A) Payroll
B) Profit
C) Price
D) Cost
E) Salary
Answer: C
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
2) ________ is the only element in the marketing mix that produces revenue.
A) Price
B) Place
C) Promotion
D) Product
E) Profit
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
3) Which of the following sets the upper limit for a product's pricing?
A) profits
B) product costs
C) consumer perceptions of value
D) elements of the product mix
E) competition
Answer: C
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
4) Which of the following sets the lower limit for a product's pricing?
A) product costs
B) profits
C) competition
D) elements of the product mix
E) consumer perceptions of value
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
5) ________ uses buyers' perceptions of what a product is worth as the key to pricing.
A) Customer value-based pricing
B) Target return pricing
C) Cost-plus pricing
D) Psychological pricing
E) Competition-based pricing
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
6) Value-based pricing is the reverse process of ________ pricing.
A) good-value
B) target costing
C) cost-based
D) value-added
E) competition-based
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
7) A value-based pricing strategy most likely begins with ________.
A) assessing customer needs
B) designing a stylish product
C) evaluating the product's costs
D) promoting the product's benefits
E) setting a price based on perceived value
Answer: A
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
8) ________ pricing involves charging a constant low price with few or no temporary price
discounts.
A) High-low
B) Target return
C) Cost-plus
D) Everyday low
E) Market-skimming
Answer: D
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
13) Costs that change directly with the level of production are referred to as ________ costs.
A) fixed
B) variable
C) target
D) capital
E) payroll
Answer: B
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
14) ________ costs refer to the sum of the fixed and variable costs for any given level of
production.
A) Target
B) Marginal
C) Value-based
D) Total
E) Break-even
Answer: D
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
15) A company designs what it considers to be a good product, calculates the expenses of
making the product, and sets a price that adds a standard markup to the cost of the product. This
approach to pricing is called ________ pricing.
A) value-added
B) good-value
C) cost-plus
D) competitor-based
E) break-even
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss strategies for setting and adjusting prices
1) ________ refers to the activities involved in selling products or services directly to final
consumers for their personal, nonbusiness use.
A) Sole sourcing
B) Retailing
C) Manufacturing
D) Procurement
E) Warehousing
Answer: B
Difficulty: Easy
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
2) ________ refers to using point-of-purchase promotions and advertising to extend brand equity
to "the last mile" and encourage favorable point-of-purchase decisions.
A) Internal marketing
B) Sole sourcing
C) Warehousing
D) Test marketing
E) Shopper marketing
Answer: E
Difficulty: Easy
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
3) Which of the following conditions increases the chances of a retailer opting to be categorized
as a self-service retailer?
A) when consumers need warranty information about shopping goods
B) when customers are willing to conduct their own locate-compare-select process
C) when the store offers luxury products at highly affordable prices
D) when customers are looking for a narrow product line with a deep assortment
E) when the store has been converted into a designer shop from a department store
Answer: B
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
4) Stores that provide moderate sales assistance because they carry shopping goods about which
customers need a moderate level of information are called ________ retailers.
A) self-service
B) full-service
C) off-price
D) limited-service
E) convenience
Answer: D
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
5) Which types of stores are characterized by specialty goods for which customers need
assistance and higher operating costs that are passed along to customers as higher prices?
A) self-service stores
B) convenience stores
C) full-service stores
D) discount stores
E) off-price stores
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
6) Flax is a chain of stores that carries several product lines including clothing, home
furnishings, and household appliances. Each line is operated as a separate department, and
employees are available to assist and advise customers in every phase of the shopping process.
Flax is most likely a ________.
A) self-service retailer
B) category killer
C) full-service retailer
D) supermarket
E) pop-up store
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
AACSB: Analytic thinking
7) Customers at Carat, a premium jewelry store, are encouraged to make an appointment before a
visit so that a customer service representative is assigned to them. These representatives help
every customer make a purchase that meets his or her needs and budget after considering
numerous options. The different styles and special features of the jewelry are explained to each
customer to aid the purchase decision. In this case, Carat is an example of a(n) ________.
A) self-service retailer
B) off-price retailer
C) full-service retailer
D) supermarket
E) convenience store
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
AACSB: Analytic thinking
8) Which type of retailer typically carries deep product assortments of narrow product lines?
A) self-service retailers
B) specialty stores
C) warehouse clubs
D) discount stores
E) factory outlets
Answer: B
Difficulty: Easy
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
9) GameStop, a video game retailer, offers a deep assortment of video games and video game
consoles. GameStop is best described as a(n) ________.
A) department store
B) supermarket
C) specialty store
D) discount store
E) off-price retailer
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
AACSB: Analytic thinking
14) Which type of store is much larger than a regular supermarket and offers a large assortment
of routinely purchased food products, nonfood items, and services?
A) discount stores
B) specialty stores
C) factory outlets
D) superstores
E) off-price outlets
Answer: D
Difficulty: Easy
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
15) Which term refers to a giant specialty store with a very deep assortment of a particular
product line?
A) category killer
B) convenience store
C) factory outlet
D) department store
E) independent store
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
16) Pawz is a larger retailer that specializes in pet products and services such as pet food,
accessories, grooming, toys, and medical treatment. Pawz also has animals available for adoption
at all of its many stores located across the nation. Pawz is most likely an example of a ________.
A) convenience store
B) pop-up store
C) category killer
D) lifestyle center
E) supermarket
Answer: C
Difficulty: Difficult
Chapter LO: 1
Course LO: Describe how retailers and wholesalers create value
AACSB: Analytic thinking
1) ________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or
services by an identified sponsor.
A) Sales promotion
B) Personal selling
C) Advertising
D) Public relations
E) Direct marketing
Answer: C
Difficulty: Easy
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
2) Remington Motors releases a new line of hybrid electric vehicles called Electra. The line
promises superior mileage and excellent horsepower in an environmentally friendly automobile.
Remington decides to use advertising as the promotional tool for the car's launch. Which of the
following would qualify as an advertisement for Electra?
A) a front-page notice of the release of Electra in all leading newspapers with the caption "Green
Speed"
B) a press conference to discuss the various safety issues, actual mileage, and environmental
features of Electra
C) the use of dedicated sales personnel in dealer showrooms to explain the qualities of Electra to
potential customers
D) the involvement of a celebrity at the launch of Electra to endorse the hybrid car
E) a buyers-only lottery where Electra buyers have a chance of winning a prize
Answer: A
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
AACSB: Analytic thinking
3) In a marketing communications mix, ________ refers to any short-term incentives to
encourage the purchase of a product or service.
A) advertising
B) sales promotion
C) personal selling
D) crowdsourcing
E) public relations
Answer: B
Difficulty: Easy
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
7) In a promotion mix, ________ occurs when a firm's sales force makes individual presentations
to consumers for the purpose of promoting sales and building customer relationships.
A) advertising
B) public relations
C) crowdsourcing
D) merchandising
E) personal selling
Answer: E
Difficulty: Easy
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
8) Tilt Entertainment, a gaming design firm, has developed a new game called World Below. In
order to get wider distribution, Tilt participates in the Gaming Entertainment Expo, which is
attended by both sellers and consumers. Tilt sends a team of representatives for game
presentation and negotiation and a team of professional gamers to showcase World Below at the
Expo. The company also sends a team to sell its other games to consumers at the Expo. Which
promotion mix tool has Tilt used in this scenario?
A) crowdsourcing
B) public relations
C) advertising
D) personal selling
E) crowdcasting
Answer: D
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
AACSB: Analytic thinking
9) Dazed is a bar which mostly plays trance music and has a dedicated day every week for local
bands to perform. To build strong customer relations, Dazed sends text messages to customers,
telling them about happy hours, bands playing that week, dedicated genre nights, and other
activities. Which of the following promotion mix tools does Dazed employ to reach target
customers in this scenario?
A) public relations
B) personal selling
C) direct marketing
D) crowdcasting
E) retailing
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
AACSB: Analytic thinking
10) In a promotion mix, ________ involves personally connecting with carefully targeted
individual consumers to both obtain an immediate response and cultivate lasting customer
relationships.
A) direct marketing
B) advertising
C) public relations
D) predictive analytics
E) indirect procurement
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Describe the decisions involved in developing effective promotion mix strategies
11) Which of the following is true of consumers in the new marketing communications model?
A) They are more reliant on traditional methods of marketing for product information.
B) They are less informed than before about companies and product marketing techniques.
C) They are more reliant on mass-media marketing methods for product information.
D) They are less powerful than before in affecting the way a company markets its products.
E) They are better equipped to find product and brand information on their own.
Answer: E
Difficulty: Moderate
Chapter LO: 2
Course LO: Identify and discuss the factors influencing consumer buying behavior
12) Which of the following is an effect of the advancement of technology on marketing?
A) Fragmented markets have assimilated into a few mass markets.
B) Marketers go through more intermediaries to connect with consumers.
C) Consumers rely less on marketer-supplied information than in the past.
D) Marketers have increasingly moved toward mass-marketing techniques.
E) Marketers tend to supply less information to consumers than in the past.
Answer: C
Difficulty: Moderate
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
AACSB: Information technology
13) Which of the following is an example of narrowcasting using advertisements?
A) running an ad for a new line of cars on cable TV
B) showing ads for diapers to would-be mothers in hospitals
C) handing out promotional leaflets for a new restaurant to passers-by
D) showing video game ads at a college football game
E) uploading movie ads on Web sites like YouTube
Answer: B
Difficulty: Difficult
Chapter LO: 2
Course LO: Describe the decisions involved in developing effective promotion mix strategies
1) ________ consists of connecting directly with carefully targeted consumers, often on a one-toone, interactive basis.
A) Undifferentiated marketing
B) Mass marketing
C) Direct marketing
D) Internal marketing
E) Standardized marketing
Answer: C
Difficulty: Easy
Chapter LO: 1
Course LO: Describe the different forms of direct marketing
2) Which of the following statements is most likely true about direct marketing?
A) Direct marketing is used to sell goods to an undifferentiated market segment.
11) Amazon.com and Expedia.com are best described as ________ that sell products and
services directly to final buyers via the Internet.
A) search engines
B) content sites
C) transaction sites
D) e-tailers
E) iTV sites
Answer: D
Difficulty: Moderate
Chapter LO: 3
Course LO: Describe the different forms of direct marketing
AACSB: Information technology
12) Which of the following is a transaction site?
A) Wikipedia
B) Yahoo
C) eBay
D) IMDB
E) Facebook
Answer: C
Difficulty: Moderate
Chapter LO: 3
Course LO: Describe the different forms of direct marketing
AACSB: Information technology
13) The growth of the Internet caused many traditional companies to ________ in response to
customer demands and a changing marketplace.
A) use traditional direct marketing forms
B) adopt direct-mail marketing
C) use multichannel marketing
D) develop retail transaction sites
E) expand their outside sales forces
Answer: C
Difficulty: Moderate
Chapter LO: 3
Course LO: Describe the different forms of direct marketing
AACSB: Information technology
14) For most companies, the first step in conducting online marketing is to ________.
A) place an ad online
B) send e-mails
C) create a Web site
D) create a social networking site
E) place search-related ads
Answer: C
Difficulty: Easy
Chapter LO: 3
Course LO: Discuss how marketers can develop a safe and effective online presence
AACSB: Information technology
15) Which of the following is an online tool designed to interact with customers to move them
closer to a direct purchase or other marketing outcome?
A) direct mail
B) infomercial
C) printed catalogue
D) branded community Web site
E) marketing Web site
Answer: E
Difficulty: Easy
Chapter LO: 3
Course LO: Describe the different forms of direct marketing
AACSB: Information technology
16) Which of the following is the primary purpose of branded community Web sites?
A) displaying digital catalogues
B) providing detailed descriptions of products
C) creating customer-product engagement
D) selling products and services
E) sending direct mails to consumers
Answer: C
Difficulty: Easy
Chapter LO: 3
Course LO: Describe how marketers can develop a safe and effective online presence
AACSB: Information technology
17) Which of the following is most likely true of branded community Web sites?
A) They provide engaging content.
B) They offer little information about the brand.
C) They contain interactive selling features.
D) They mostly contain static content.
E) They contain heavy pop-up ads of a firm's products.
Answer: A
Difficulty: Moderate
Chapter LO: 3
Course LO: Describe how marketers can develop a safe and effective online presence
AACSB: Information technology
18) Corell Inc. has an online tool that offers a wide variety of Corell shoes for direct purchase.
The tool even allows customers to individually design their shoes. Which of the following has
Corell most likely used?
A) phishing site
B) online forum
C) Web blog
D) community Web site
E) marketing Web site
Answer: E
Difficulty: Difficult
Chapter LO: 3
Course LO: Describe how marketers can develop a safe and effective online presence
AACSB: Analytic thinking; Information technology
19) Which of the following is a form of online advertising?
A) direct mail
B) rich media ad
C) toll-free number
D) search-related ad
E) printed catalog
Answer: D
Difficulty: Easy
Chapter LO: 3
Course LO: Describe how marketers can develop a safe and effective online presence
AACSB: Information technology
23) Which of the following is most likely true about e-mail marketing?
A) It cannot be personalized to meet individual consumers.
B) It is a traditional form of direct marketing.
C) It is restricted to the use of personal computers.
D) It is used by marketers to send highly targeted messages.
E) It is always non-intrusive in nature due to spam filters.
Answer: D
Difficulty: Moderate
Chapter LO: 3
Course LO: Describe how marketers can develop a safe and effective online presence
24) Which of the following is most likely a consequence of permission-based e-mail marketing?
A) higher return rates
B) excessive spamming
C) increased consumer frustration
D) lower consumer response rates
E) reduced consumer interaction
Answer: A
Difficulty: Moderate
Chapter LO: 3
Course LO: Describe the different forms of direct marketing
25) Which of the following would a firm most likely use to share video content?
A) corporate intranets
B) social media sites
C) viral blogs
D) media portals
E) digital kiosks
Answer: B
Difficulty: Easy
Chapter LO: 3
Course LO: Describe the different forms of direct marketing
11) Which type of economy consumes most of its output and barters the rest for simple goods
and services?
A) industrial economy
B) developed economy
C) subsistence economy
D) emerging economy
E) raw material exporting economy
Answer: C
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe the global marketing environment today and explain the options
companies consider as they go global
12) Which of the following is true of raw material exporting economies?
A) These economies are major exporters of agricultural products.
B) These economies are poor markets for large equipment and trucks.
C) These economies are major exporters of manufactured goods, services, and investment funds.
D) These economies are rich in one or more resources but poor in other ways.
E) These economies consume most of their output and barter the rest.
Answer: D
Difficulty: Moderate
Chapter LO: 1
Course LO: Describe the global marketing environment today and explain the options
companies consider as they go global
AACSB: Analytic thinking
13) A country in South America has large reserves of copper and tin. Mining forms the pillar of
its economy. A major part of its revenue is generated from exporting these resources. This
country is poor in many other ways. It is a good market for large equipment, tools, supplies, and
trucks. Since there are many foreign residents in this country and a wealthy upper class, it is also
a market for luxury goods. This country most likely has a(n) ________ economy.
A) subsistence
B) raw material exporting
C) emerging
D) developed
E) industrial
Answer: B
Difficulty: Difficult
Chapter LO: 1
Course LO: Describe the global marketing environment today and explain the options
companies consider as they go global
AACSB: Analytic thinking
1) ________ marketing is defined as meeting the present needs of consumers and businesses
while also preserving or enhancing the ability of future generations to meet their needs.
A) Sustainable
B) Customer driving
C) Mass
D) Customer-driven
E) Differential
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
AACSB: Ethical understanding and reasoning
2) The ________ concept specifically focuses on future company needs, but not on future
customer needs.
A) societal marketing
B) strategic planning
C) sustainable marketing
D) global marketing
E) cause marketing
Answer: B
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
3) The ________ concept specifically focuses on future customer needs, but not on future
business needs.
A) societal marketing
B) strategic planning
C) sustainable marketing
D) marketing
E) selling
Answer: A
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
4) The ________ concept recognizes that organizations thrive from day to day by determining
the current needs and wants of target group customers and fulfilling those needs and wants more
effectively and efficiently than the competition.
A) societal marketing
B) strategic planning
C) sustainable marketing
D) marketing
E) cause marketing
Answer: D
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
5) The ________ concept focuses on meeting a company's short-term sales, growth, and profit
needs by giving customers what they want now.
A) societal marketing
B) strategic planning
C) sustainable marketing
D) marketing
E) cause marketing
Answer: D
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
6) A common criticism of the marketing system is that intermediaries ________.
A) are too few in number
B) are typically inefficient
C) provide only essential services
D) undervalue their service costs
E) are overly protective of manufacturers' interests
Answer: B
Difficulty: Easy
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
AACSB: Ethical understanding and reasoning
7) Critics charge that high advertising and promotion costs unnecessarily increase retail prices.
Marketers most likely respond to this criticism by arguing that advertising ________.
A) provides essential psychological benefits about products
B) adds value by giving consumers product information
C) generates tax breaks for small businesses
D) applies a functional value to the product
E) lowers prices by increasing competition
Answer: B
Difficulty: Moderate
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
AACSB: Ethical understanding and reasoning
8) A pen that costs five cents to make may cost a consumer $2 to buy. According to critics, this
is an example of ________.
A) deceptive advertising
B) redlining
C) excessive markup
D) high-pressure selling
E) shoddy manufacturing
Answer: C
Difficulty: Moderate
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
AACSB: Ethical understanding and reasoning
9) Deceptive promotion overstates a product's features or ________.
A) retail price
B) performance
C) wholesale cost
D) packaging
E) brand name
Answer: B
Difficulty: Moderate
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
AACSB: Ethical understanding and reasoning
10) A major step in regulating unfair or deceptive acts or practices was the enactment of the
________ in 1938.
A) Robinson-Patman Act
B) Wheeler-Lea Act
C) Consumer Product Safety Act
D) Taft-Hartley Act
E) Sherman Act
Answer: B
Difficulty: Easy
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
AACSB: Ethical understanding and reasoning
11) In advertising, puffery refers to ________.
A) broadcasting a straightforward promotional message
B) including innocent exaggeration for effect
C) creating emotional appeals for a brand
D) creating subliminal appeals for a brand
E) providing value-added promotions
Answer: B
Difficulty: Moderate
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
12) ________ refers to persuading people to buy goods they had no thought of buying.
A) Sustainable marketing
B) High-pressure selling
C) Customer-driven marketing
D) Redlining
E) Reverse redlining
Answer: B
Difficulty: Easy
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing
13) High-pressure selling will most likely work in situations that involve ________.
A) valued customers
B) repeat customers
C) service-based sales
D) one-time sales
E) complex products
Answer: D
Difficulty: Moderate
Chapter LO: 2
Course LO: Identify and analyze the major social criticisms of marketing