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80Test Bank for Marketing Management A Strategic Decision Making Approach 7th Edition by Mullin Multiple Choice Questions When a non-profit organization, like a university, purchases copying paper for its photocopying machines, what is it purchasing? A A consumer good B A consumer service C An industrial good D An industrial service E An emotional good “A social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others” is a definition of: A distribution B marketing C barter D countertrade E industrialization “Individuals and organizations who are interested and willing to buy a particular product to obtain benefits that will satisfy a specific need or want, and who have the resources to engage in such a transaction” is the definition of a(n): A industrial buyer B segment C opportunity D focus group E market A society cannot reap the full benefits of specialization until it develops the means to facilitate: A importation of essentials from other societies B production of essentials by each member of society C the trade and exchange of surpluses among its members D countertrade with other societies E production of goods in addition to services What factor has changed in the past 10 years that has made the customer service function far more important to the firm’s financial success? A global population levels B global competition levels C database marketing D wireless communications E market fragmentation What type of strategy states the company’s mission and its strengths and policies for growth? A Business-level strategy B Functional strategy C Marketing strategy D Corporate strategy E Segmentation strategy Factors not created by marketers or other social forces, but flowing from basic biological and psychological human makeup, are: A needs B wants C demands D urges E requirements The most important characteristic of marketing as a business function is its focus on: A interfunctional responsibilities B customer needs C barter exchange requirements D production efficiencies E technological trends Those who sell goods and services directly to final consumers for their personal, nonbusiness use are: A retailers B agent middlemen C merchant wholesalers D facilitating agents E commissioned agents When a buyer purchases a new Fiat Punto and the purchase price includes free parts and labor on repairs that occur within the first three years or 36,000 miles, whichever comes first, what aspect of the product does this component represent? A Return policy B Warranty C Sales promotion D Allowance E Spare parts availability Analyzing the 4Cs is necessary to provide the foundation for a good strategic marketing plan Which of the following is NOT one among them? A Company B Context C Customers D Cost E Competitors Those who buy goods and services for their own personal use or the use of others in their immediate household are: A utilitarian consumers B organizational customers C intermediaries D industrial customers E ultimate consumers When a company is attempting to differentiate its products to distinguish them from competitors’ products, in which aspect of strategic management planning is the company engaged? A Market segmentation strategy B Distribution strategy C Targeting strategy D Pricing strategy E Positioning strategy For some brand loyal customers what does wearing Levi’s 501 jeans provide that other jeans cannot? A Need fulfillment B Need creation C Need recognition D Want satisfaction E Want recognition A gap between a person’s actual and desired state on some physical or psychological dimension is a(n): A unsatisfied need B want state C market inefficiency D demand function E intermediary Which aspect of the marketing management process does environmental and competitor analysis represent? A Marketing program components B Implementing and controlling marketing programs C Formulating strategic marketing programs D Market opportunity analysis E Strategic market communication Studies have shown that, if their complaints were handled satisfactorily, percent of those who complain would business with the same company again A 30 B 10 C 50 D 70 E 90 When a consumer purchases a product at a convenient location and when she is ready to use the product, we say that the product has achieved _ utility and _ utility, respectively A time; place B place; time C possession; place D possession; functional E time; possession When a company is attempting to determine what markets to target their product towards as part of its strategic marketing planning activities, which of the following is it attempting to define? A Why its competitors have not already exploited this niche B What the best promotion vehicle would be for this market C Which segments have to be targeted D How to position the product E What its distribution strategy would be Haier, the rapidly growing Chinese manufacturer of washing machines discussed in the text, modifies its product designs and marketing programs to the needs of customers in Saudi Arabia The company is: A trying to provide a unique benefit to a segment of the washing machine market B trying to provide a unique benefit to the overall market for washing machines C production oriented D trying to position its product as a me-too type of washing machine E trying to build economies of scale What type of decision is reflected in an organization’s business-level strategy? A Choosing suppliers B Picking an advertising slogan C Deciding how to compete in its business D Deciding which products to sell E Defining its overall purpose “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” is a definition of: A marketing communications B marketing management C marketing strategy D strategic management E marketing tactics In developed countries, approximately what percentage of the retail price of consumer products consists of the costs of marketing and distribution of these products? A 10 percent B 30 percent C 50 percent D 70 percent E 90 percent Because manufacturers and their agents can perform exchange activities at a lower cost than individual consumers, we say that they have achieved: A price efficiency B functional efficiency C transaction efficiency D vertical integration E horizontal integration Groups of institutions, or middlemen, that distribute goods are known as: A pyramid distribution systems B cohesive distribution system C horizontal distribution systems D wheel-and-spoke distribution systems E marketing channels What is the focus of marketing management? A Analysis B Coordination C Beneficial exchange D Distribution E Execution The desire to drink a Coke instead of orange juice is an example of a(n): A necessity B need C demand D want E requirement When people buy products to satisfy their wants and needs, instead of buying the products per se, they are buying: A performance features B product attributes C benefits D physical attributes E goods In addition to being provided with physical objects, people’s needs may be satisfied in a less tangible form through: A differential forms B products C goods D services E product modifications Quality, features, style, options, brand name, packaging, guarantees and warranties, and service are related to which element of the marketing mix? A Place B Price C Product D Promotion E Personnel Those who buy goods and services for resale, as inputs to production of other goods or services, or for use in the day-to-day operations of the organization are: A intermediaries B ultimate consumers C organizational customers D utilitarian consumers E countertraders When PepsiCo attempts to define which products, promotions, prices, and distribution arrangements to include in its snacks food line, what type of strategy is it pursuing? A Marketing strategy B Functional-level strategy C Corporate strategy D Operational strategy E Market segmentation strategy A manufacturer’s representative for General Electric is an example of which type of “middleman?” A Retailers B Agent middlemen C Merchant wholesalers D Facilitating agents E Commissioned agents When the market is sufficiently homogeneous, a company can practice marketing approaches that are: A pre-emptive B differentiated C segmented D situational E undifferentiated The utilization of marketing approaches by hospitals, theaters, universities and nonprofit organizations: A has not changed compared to practices in the past B has increased substantially in the recent past C is outside the domain of marketing per se D is only appropriate in for-profit situations E has decreased substantially in the past decade Dell Computer’s reliance on the Internet to attract customers and process orders together with a flexible manufacturing system that produces computers to order and minimizes finished inventories, and Canon’s reliance on its own factories, salesforce, and distribution facilities to produce and market its copiers and printers are examples of a: A vertically integrated distribution system B horizontally integrated distribution system C wheel-and-spoke distribution system D cohesive distribution system E pyramid selling system Advertising, personal selling, point-of-purchase displays, and publicity are related to which element of the marketing mix? A Place B Product C Price D Promotion E Personnel The primary advantage to direct distribution for a firm like Dell computers is: A more control over channel activities B less hassle for the customer C broader market coverage D lower distribution costs E less hassle for the firm When the total market for a given product category is fragmented into several groups of people having relatively homogeneous needs, wants, and sought after benefits, these groups are termed: A market fragmentation B a differentiated market C a counter-market D a market segment E market homogenization _ is the combination of controllable marketing variables that a manager uses to carry out a marketing strategy A Advertising B Pricing strategy C Market segmentation D Publicity E Marketing mix True - False Questions Available data suggests that roughly 80 percent of Internet revenues are from Business-to-Consumer (B2C) transactions True False Though the boundaries between functional areas still remain, marketing programs are increasingly becoming a group activity True False When people buy products to satisfy their needs, they are really buying the benefits they believe the products provide, rather than the products per se True False Value is a function of extrinsic product features, service, and price True False Venus prefers to buy a week’s groceries on a single trip to the supermarket rather than engage in separate transactions with a butcher, a baker, and a variety of food processors, thereby increasing transactional efficiency True False A product has greater place utility for a potential customer when it can be purchased with a minimum of risk and shopping time True False The title marketing manager is necessarily and intentionally vague because many people are directly involved with an organization’s marketing activities True False A brand’s value to the company depends on how much value the company thinks the brand provides customers True False The primary purpose of marketing activities is to facilitate and encourage exchange transactions with potential customers True False Each market segment seeks a different set of benefits from the same product category True False Lifetime customer value is the present value of a stream of revenue that can be produced by a customer over time True False A service 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.” True False All marketing activities that are performed in-house are within the domain of the marketing department True False The intangible nature of many services can create unique challenges for marketers True False According to management guru Peter Drucker, everything a company does internally is a cost center True False Marketers and other social forces can create needs deriving from the biological and emotional imperatives of human nature True False The laws of probability dictate that at least half of all new products should succeed if a sufficient amount is spent on marketing research True False Implementing a marketing plan requires cooperation and coordination across many specialized functional areas, but the final authority should always be the marketing department In short, marketing should not be “everybody’s business.” True False In the financial markets it is a company’s top line—its sales —that is most important True False Decreased division and increased specialization of labor are some of the most important changes that occur as societies move from a primitive economy toward higher levels of economic development True False An unsatisfied need is a gap between a person’s actual and desired states on some physical or psychological dimension True False The controllable elements of a marketing program are the product offering; price; promotion; and place True False The four Cs that need to be analyzed before decisions are made concerning specific components of the marketing program are customer, cost, category, and the company itself True False Auction sites, such as eBay, QXL are examples of Consumer-to-Consumer (C2C) channels True False In the first part of a marketing plan, the marketing manager usually details the strategy for the coming period True False Internal control of the full range of marketing functions and activities is referred to as vertical integration True False Information available over the Internet is affecting consumer purchase patterns even when the purchases are made in traditional retail outlets True False IBM has reduced its focus and the proportion of resources it devotes to its traditional computer hardware businesses and is now seeking future growth and profits by investing heavily in developing information engineering, software, and business consulting services This change in emphasis reflects IBM’s new business-level strategy True False One benefit of an extensive marketing system is that specialization of labor and economies of scale lead to functional efficiency True False Merchant wholesalers sell goods and services directly to final consumers for their personal, nonbusiness use True False Free Text Questions Discuss brand equity Answer Given The assets—including 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; value creation cuts both ways Describe and provide an example of each of the three types of product utility Answer Given Lunch at a fast-food restaurant is a combination of the (1) lunch (possession utility), (2) being conveniently located (place utility), (3) when you are ready for lunch (time utility) Compare and contrast the three levels of organizational strategy Answer Given Corporate strategy reflects the company’s mission and provides direction for decisions about what business it should pursue, how it should allocate its available resources, and its growth policies Business-level strategy addresses how the business intends to compete in its industry Functional strategy, such as marketing, involves decisions about implementation of specific tactics to reach business-level goals (e.g., what products to offer a given market segment) Discuss the value of long-term customer relationships Answer Given As global markets have become increasingly competitive and volatile, many firms have turned their attention to building a continuing long-term relationship between the organization and the customer as the ultimate objective of a successful marketing strategy They are taking action to increase lifetime customer value — the present value of a stream of revenue that can be produced by a customer over time For an automobile manufacturer, for instance, the lifetime value of a first-time car buyer who can be kept satisfied and loyal to the manufacturer—buying all future new cars from the same company—is well over a million dollars What are the important questions which a marketing manager must ask in order to define a target market? Answer Given Questions such as: “Which customer needs or wants are not being well-satisfied by our competitors?,”, “How potential segments differ by important demographic dimensions, in benefits desired, and in choice criteria?”, “Which segments should we target and why have we chosen these segments?”, and “How will we position our product so that we can differentiate it from our competitors’ offerings?” are typical questions that have to be answered in order to define a target market What conditions must exist before an exchange occurs? Answer Given There must be (1) at least two parties, both of whom: (2) offer something of value, (3) are aware of the other’s existence, (4) are free to accept or reject the other’s offer, and (5) are willing to negotiate Distinguish between an ultimate consumer and an organizational customer Provide an example of each Answer Given An example of the former is when a customer buys a shirt; the latter is when a store’s management buys racks of clothing How many transactions must occur for three manufacturers to sell to each of three consumers (a) without and (b) with a distributor? What does this indicate about the efficiency introduced by “middlemen”? Answer Given Without a distributor, each of the three manufacturers must contact each of the three consumers separately, for a total of nine transactions With a distributor, each of the three manufacturers must contact the distributor once, and the distributor must contact each consumer once, for a total of six transactions From the standpoint of total system transactions, the distributor based system is onethird more efficient List and describe the four types of marketing intermediaries Answer Given Merchant wholesalers take title to the goods they sell and sell primarily to other resellers; Agent middlemen also sell to other resellers and industrial or commercial customers but they not take title to the goods they sell; Retailers sell to ultimate consumers; Facilitating agents, like advertising agencies and railroads, provide specialized marketing functions What elements should be analyzed for a good strategic marketing plan? Answer Given The analysis necessary to provide the foundation for a good strategic marketing plan should focus on four elements of the overall environment that may influence a given strategy’s appropriateness and ultimate success: (1) the company’s internal resources, capabilities, and strategies; (2) the environmental context —such as broad social, economic, and technology trends—in which the firm will compete; (3) the needs, wants, and characteristics of current and potential customers; and (4) the relative strengths and weaknesses of competitors and trends in the competitive environment Marketers refer to these elements as the 4Cs ... the purpose of achieving organizational objectives” is a definition of: A marketing communications B marketing management C marketing strategy D strategic management E marketing tactics In developed... supermarket rather than engage in separate transactions with a butcher, a baker, and a variety of food processors, thereby increasing transactional efficiency True False A product has greater place... specialized marketing functions What elements should be analyzed for a good strategic marketing plan? Answer Given The analysis necessary to provide the foundation for a good strategic marketing