BUS6600: M5 - Quiz | Score for this quiz: 100 out of 100 | Submitted Feb 15 at 12:58am ...

BUS6600: Survey of Business Concepts 

M5 - Quiz 

Score for this quiz: 100 out of 100 

Submitted Feb 15 at 12:58am

Question 1                                     4 pts
Which term involves the analysis of markets to identify opportunities and challenges?

• opportunity identification
• marketing research
• market prospecting
• market analysis

 
Question 2                                     4 pts
Firms adopting a relationship marketing strategy view technology and social media as a(n)

• promising technique to expand to a mass market.
• tool with limited value because many people are reluctant to place orders or send information electronically.
• threat to the effective and efficient implementation of their strategy.
• increased opportunity to personalize marketing campaigns to meet customer needs.

 
Question 3                                     4 pts
Exploring __________ data first helps marketers minimize marketing research costs.

• primary
• secondary
• personal interview
• focus group

 
Question 4                                     4 pts
Marketers define a __________ as any physical good, service, or idea that satisfies a want or need.

• product
• benefit
• concept
• value

 
Question 5                                    4 pts
The two major types of markets are the

• consumer market and the B2B market.
• B2B market and the C2C market.
• target market and the niche market.
• primary market and the secondary market.

 
Question 6                                     4 pts
One factor that influences the consumer decision-making process is __________, referring to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society.

• cognitive dissonance
• culture
• group behavior
• the legal environment

 
Question 7                                     4 pts
Which statement about the distinction between consumer goods and B2B goods is the most accurate?

• Industrial goods are custom-made to the specifications of the buyer, while the all consumer goods are mass-produced.
• Consumer goods are typically more expensive than industrial goods.
• Industrial goods tend to have a useful life of several years and can be depreciated while consumer goods typically last less than a year.
• The same product can be classified as either a consumer good or an industrial good, depending upon its end use.

 
Question 8                                     4 pts
A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests.

• benefit
• demographic
• normative
• psychographic

 
Question 9                                    4 pts
What characteristic is a part of the marketing concept?

• avoidance of risk
• limitless markets
• emphasis on efficient production
• a consumer orientation

 
Question 10                                     4 pts
Contacting customers after a sale to reassure them that they made the right decision is intended to offset

• relationship conflict.
• mass marketing.
• self-actualization.
• cognitive dissonance.

 
Question 11                                     4 pts
A firm that uses __________ segmentation divides a market into groups based on life stage, race, or profession.

• value
• benefit
• target
• demographic

 
Question 12                                     4 pts
Which statement about the B2B market is true?

• The size of the market is smaller than the consumer market.
• Industrial buyers tend to be more emotional in their purchasing decisions.
• Promotion efforts are focused mostly on advertising.
• Industrial buyers are usually large.

 Question 13                                     4 pts
A leading cause of new-product failure is

• insufficient competition.
• product promises that are not delivered.
• the automation of the product development process.
• excessive product differentiation.

 
Question 14                                     4 pts
What is a stage of the new-product development process?

• automation
• commercialization
• selective perception
• media screening

 
Question 15                                     4 pts
Which development is consistent with the introduction stage of the product life cycle?

• minimum use of advertising
• decreasing sales volume
• low profit levels or a potential loss
• large number of competitors

 
Question 16                                     4 pts
What term refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

• total product offer
• product line
• product mix
• product matrix

 
Question 17                                     4 pts
Nonbranded products that sell below the price of national brands, have very basic packaging, and are backed with little or no advertising are called

• distributor brands.
• generic goods.
• house brands.
• universal goods.

 
Question 18                                     4 pts
As firms develop their marketing mix, it is important to remember that

• prices must be linked directly to the cost of production.
• firms are often restricted in creating pricing strategies by relevant government rules and guidelines.
• instincts and past history are the best guides in determining price.
• regardless of the strategy used, prices ultimately reflect the forces of supply and demand.

Question 19                                     4 pts 

__________ costs are those costs that change as the level of production changes.

• Variable
• Fixed
• Mixed
• Set

 
Question 20                                     4 pts
The strategy of first determining what the market is willing to pay, then subtracting a desired profit margin to determine a desired cost of production, is called

• skimming pricing.
• target costing.
• penetration pricing.
• cost-based pricing.

 
Question 21                                     4 pts
What is a benefit of a brand name for a seller?

• quality assurance
• additional prestige
• increased repeat purchases
• reduction in search time

 
Question 22                                     4 pts
What is a potential problem with a high-low pricing strategy?

• It places too much emphasis on nonprice competition.
• It confuses and frustrates customers.
• It is difficult to implement.
• It teaches customers to wait for sales, and therefore reduces profits.

 
Question 23                                     4 pts
When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer, the brand may become a

• trademark.
• universal product code.
• product liability issue.
• generic name.

 
Question 24                                     4 pts
Which description pertains to the job performed by brand managers?

• It is likely to become less important in firms that utilize the Internet.
• It involves broad responsibilities for the marketing of a specific brand or product line.
• It is mainly concerned with the promotion of the entire product mix of their firm.
• It focuses more on the pricing and promotion of established goods than on the development of new products.

 
Question 25                                     4 pts
Which statement is the most accurate assessment of the role packaging plays in product offerings?

• The importance of packaging is greater now than ever.
• The importance of packaging has diminished as online retailing has grown.
• While packaging plays an important role in marketing goods, it is not relevant to the marketing of services.
• Effective packaging eliminates the potential of product liability suits.