80 test bank for marketing management a strategic decision making approach 8th edition by mullins

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80 Test Bank for Marketing Management A Strategic Decision Making Approach 8th Edition by Mullins

Mutiple Choice Questions

_ in a marketing plan describe actions to be taken if specific threats

or opportunities materialize during the planning period

1 A Project controls

2 B Contingency plans

3 C Action plans

4 D Marketing objectives

The total market for a particular product category is often fragmented into several groups of people having relatively homogeneous needs, wants, and sought after benefits These groups are referred to as a market:

1 A promoters.

2 B suppliers.

3 C channels.

4 D segments.

In a company, if all the marketing functions and activities are performed

by a single internal organization and there is no involvement of an

external middleman, the company is said to be _

1 A vertically integrated

2 B horizontally integrated

3 C following the wheel-and-spoke system

4 D following the cohesive distribution system

_ reflect a person’s desires or preferences for specific ways of

satisfying a basic need

1 A Emotions

2 B Wants

3 C Beliefs

4 D Reflexes

The customers who buy goods and services for resale or to use as inputs

to the production of other goods are known as:

1 A ultimate customers.

2 B individual customers.

3 C organizational customers.

4 D service customers.

Love, esteem, and self fulfillment are examples of one’s _ needs

1 A emotional

2 B physical

3 C basic

4 D physiological

Which of the following components of the marketing mix is related to advertising, personal selling, point-of-purchase displays, and publicity?

1 A Product

2 B Price

3 C Place

4 D Promotion

Which of the following is one of the components of marketing mix?

1 A Company

2 B Context

3 C Price

4 D Rivals

Hope, a non-profit organization, trains disabled individuals to engage in small scale production They teach them manufacture products such as candles They purchase wax in bulk to be used in their training programs Wax purchased in this case is an example of a(n) _

1 A consumer good

2 B consumer service

3 C industrial good

4 D ultimate good

Brand equity reflects the value of the:

1 A brand name and logo as promotional tools for attracting future buyers.

2 B major customers who are associated with the brand.

3 C actual benefits that a product or brand provides.

4 D market segments in taking decisions regarding a new product launch.

_ is the combination of controllable marketing variables that a

manager uses to carry out a marketing strategy in pursuit of the firm’s objectives in a given target market

1 A Market forecasting

2 B Advertising

3 C Market segmentation

4 D Marketing mix

_ sell to resellers, industrial, or commercial customers, but they do not take title to the goods they sell

1 A Facilitating agents

2 B Agent middlemen

3 C Retailers

4 D Merchant wholesalers

Which of the following components of the marketing mix is concerned with quality, features and customer services an offering?

1 A Product

2 B Place

3 C Price

4 D Promotion

Interrelated decisions about segments, product line, advertising appeals and media, prices, and partnerships with suppliers, distributors, retailers, and other agencies reflect a firm’s _ strategy

1 A marketing

2 B corporate

3 C competitive

4 D business-level

The customers who buy goods and services for their own personal use are known as:

1 A internal customers.

2 B external customers.

3 C promotional consumers.

4 D ultimate consumers.

_ strategy reflects the company’s mission and provides direction for decisions about what businesses it should pursue, how it should allocate its available resources, and its growth policies

1 A Competitive

2 B Corporate

3 C Operational

4 D Business-level

The alliances or networks involved in the marketing of goods and services

in most developed economies are commonly referred to as _

1 A alternate customers

2 B market segments

3 C target clients

4 D marketing channels

A _ can be defined as any activity or benefit that one party can offer another that is essentially intangible and that does not result in the

ownership of anything

1 A product

2 B value

3 C service

4 D sale

Which of the following sections of a marketing plan presents a short overview of the issues, objectives, strategy, and actions incorporated in the plan and their expected outcomes for quick review?

1 A Executive summary

2 B Key issues

3 C Objectives

4 D Action plan

A business-level strategy addresses:

1 A how a business intends to compete in its industry.

2 B how a business should define its mission and vision.

3 C what products should an organization produce.

4 D how an organization should design its marketing communication.

Ultimate customers buy goods and services for personal use or _

1 A for the use of others in their immediate household

2 B as inputs to production of other goods

3 C for resale to other customers

4 D for use in the day-to-day operations of organizations

Need for food and water are examples of _ needs

1 A security

2 B physical

3 C social

4 D psychological

Which of the following is the most important element that determines the value a customer attaches to a product?

1 A Company resources

2 B Company policies

3 C Services provided

4 D Costs of production

Designing of the products and its marketing programs so as to emphasize attributes and benefits that appeal to customers in the target segment and

at once distinguish the company’s brand from those of competitors is referred to as _ of the object

1 A servicing

2 B valuing

3 C pricing

4 D positioning

Which of the following best describes lifetime customer value?

1 A It is the value a customer places on specific ways of satisfying a basic need.

2 B It is the value companies place on an individual transaction with a customer.

3 C It is the present value of a stream of revenue that can be produced by a

customer over time.

4 D It is the value a company places on selling the product to more than one customer.

_ is the process of analyzing, planning, implementing, coordinating, and controlling programs involving the conception, pricing, promotion, and distribution of products, services, and ideas designed to create and maintain beneficial exchanges with target markets for the purpose of achieving organizational objectives

1 A Marketing communication

2 B Marketing control

3 C Strategic control

4 D Marketing management

Gobex International is a reputed marketing research firm This firm is an example of a(n) _

1 A merchant wholesaler

2 B retailer

3 C agent middleman

4 D facilitating agency

Customers want to purchase products with minimum of risk and shopping time This is referred to as _ utility

1 A possession

2 B place

3 C time

4 D duration

Which of the following components of the marketing mix concerns

distribution of products?

1 A Product

2 B Place

3 C Price

4 D Promotion

Which of the following is NOT one of the 4 Cs of marketing management?

1 A Company

2 B Context

3 C Cost

4 D Competitor

A society cannot reap the full benefits of specialization until it develops the means to facilitate:

1 A production of essential goods such as food for domestic consumption.

2 B protection of local industries from external players.

3 C the trade and exchange of surpluses among its members.

4 D production of all goods that are needed for domestic consumption.

A(n) _ is a written document detailing the current situation with respect to customers, competitors, and the external environment and providing guidelines for objectives, marketing actions, and resource allocations over the planning period for either an existing or a proposed product or service

1 A strategic program

2 B marketing plan

3 C marketing mix

4 D opportunity analysis

Albus Technologies is a firm that functions in drastically changing

technology trends The economic situations in the industry are also

changing drastically Which of the 4 Cs is associated with these external factors?

1 A Company

2 B Context

3 C Customers

4 D Competitor

_ are essentially tangible physical objects that provide a benefit

1 A Services

2 B Products

3 C Values

4 D Brands

Mars, a company that markets home appliances, realizes that their clients

in China would prefer it if their range of juicers were to have extra strong blades so that it cuts through all kinds of fruits In order to fulfill this demand, the company modifies its product designs and marketing

programs to cater to the needs of the Chinese customers Mars is trying to:

1 A provide a unique benefit to a segment of the juicer market.

2 B focus on the individual transactions with customers.

3 C provide a unique benefit to the overall market of juicers.

4 D use its brand as a promotional tool for attracting future buyers.

Distinct subsets of consumers with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service are known as market _

1 A channels

2 B contexts

3 C spirals

4 D segments

eBay is an auction site that allows individual sellers list their products and buyers purchase the listed items This website is an example of _

1 A business-to-business

2 B consumer-to-business

3 C business-to-consumer

4 D consumer-to-consumer

Which of the following sections in a marketing plan discusses how the plan’s progress will be monitored and present special plans?

1 A Contingency plans

2 B Key issues

3 C Action plans

4 D Marketing objectives

Which of the following statements is true of services?

1 A They can be provided by physical objects as well as people.

2 B Services are typically priced lower than products.

3 C They are functions of intrinsic product features.

4 D They are physical products associated with a special benefit.

The most important characteristic of marketing as a business function in order to sustain a healthy top line is its focus on:

1 A customers and their needs.

2 B horizontal integration.

3 C employee productivity.

4 D exchange requirements.

True - False Questions

A company’s available resources and capabilities have no bearing over its marketing objectives for a particular product-market entry

1 True

2 False

Each market segment seeks a different set of benefits from the same product category

1 True

2 False

A product has greater place utility for a potential customer when it can be purchased with minimum risk and shopping time

1 True

2 False

Internal control of the full range of marketing functions and activities is referred to as vertical integration

1 True

2 False

Dell allows individuals buy personal computers by placing online orders

in the website Dell’s website is an example of a business-to-business e-commerce site

1 True

2 False

Auction sites, such as eBay, QXL are examples of Consumer-to-Consumer (C2C) channels

1 True

2 False

The boundaries between functional areas have started to blur and

marketing programs are increasingly becoming a group activity in current business environment

1 True

2 False

Implementing a marketing plan requires cooperation and coordination across many specialized functional areas

1 True

2 False

Reduced division of labor is one of the most important changes that occur

as societies move from a primitive economy toward higher levels of

economic development

1 True

2 False

The purchasing, storage, promotion, and selling activities of wholesalers and retailers allow customers to buy a wide variety of goods from a single source in one transaction

1 True

2 False

Value is a function of extrinsic features related to the environment

1 True

2 False

New needs are created by marketers and other social forces by making emotional appeals to customers

1 True

2 False

Specialization of labor and economies of scale involved in an extensive marketing system reduces its functional efficiency

1 True

2 False

Advertising and salesforce decisions are part of a company’s promotion

1 True

2 False

The controllable elements of a marketing program include product

offering, price, promotion, and place

1 True

2 False

A service refers to any activity or benefit that one party can offer another and that result in the ownership of something

1 True

2 False

The relative strengths and weaknesses of competitors and trends in the competitive environment is one of the 4Cs necessary to provide the foundation for a good strategic marketing plan

1 True

2 False

Marketing management involves controlling programs related to the conception, pricing, promotion, and distribution of products

1 True

2 False

The marketing manager details the financial and resource implications of the strategy in the first part of a marketing plan

1 True

2 False

A brand’s value to the company depends on how much value the

company thinks the brand provides customers

1 True

2 False

A marketing plan is a written document detailing the current situation with respect to customers, competitors, and the external environment

1 True

2 False

There can never be a positive bottom line without the ability to build and sustain a healthy top line

1 True

2 False

An unsatisfied need is a gap between a person’s actual and desired states

on some physical or psychological dimension

1 True

2 False

The need for security, love and belonging are basic physical needs of human beings

1 True

2 False

Merchant wholesalers sell goods and services directly to final consumers for nonbusiness use

1 True

2 False

Everything a company does internally is called a profit center of the

company

1 True

2 False

People who buy goods for others in their immediate household are

organizational buyers

1 True

2 False

Brand equity reflects the value of the brand name and logo as promotional tools for attracting future buyers and building market share and

profitability

1 True

2 False

When people buy products to satisfy their needs, it is the benefits of the product that they buy rather than the products

1 True

2 False

Lifetime customer value refers to the present value of a stream of revenue that can be produced by a customer over time

1 True

2 False

Free Text Questions

Discuss brand equity.

Answer Given

The assets that include customers’ perceptions of a product’s benefits and value, their positive past experiences, and their loyalty over time, linked to a brand’s name and symbol constitute the brand’s equity Brand equity reflects the value of the brand name and logo as promotional tools for attracting future buyers and building market share and profitability A brand’s value to the company depends

on how much value customers think the brand provides for them.

What are the changes that the computer revolution has brought about in the nature of marketing management?

Answer Given

The computer revolution and related technological developments are changing the nature of marketing management in two important ways First, new technologies are making it possible for firms to collect and analyze more detailed information about potential customers and their needs, preferences, and buying habits Thus,

it is now possible for many firms to identify and target smaller and more precisely defined market segments—sometimes segments consisting of only one or a few customers—and to customize product features, promotional appeals, prices, and financing arrangements to fit such segments A second impact of information technology has been to open new channels for communications and transactions between suppliers and customers.

List some important questions that a marketing manager must ask in order to efficiently define a target market?

Answer Given

The following are some typical questions that need to be answered in order to efficiently define a target market.Which customer needs and wants are not being well-satisfied by our competitors? How do potential segments differ in relation to the benefits desired, and in their preferred choice? Which segments should we target and why have we chosen these segments? How will we position our

product so that we can differentiate it from our competitors offerings?