Question 1

Consumers make all kinds of decisions that are hard to explain by any rational means.

Accepted Answer

A) True 
 B)False

Question 2

When a manufacturer combines fabric,buttons,and zippers to create clothing,it creates ________.

Accepted Answer

A)  time utility 
B)  form utility 
C)  place utility 
D)  value utility 
E)  possession utility 
A)  time utility 
B)  form utility 
C)  place utility 
D)  value utility 
E)  possession utility

Question 3

A company ignores differences among buyers and offers only one product line and presents it with the same communication,pricing,and distribution strategies to all potential buyers.This company is most likely to be using which of the following targeting strategies?

Accepted Answer

A)  mass marketing 
B)  cause-related marketing 
C)  individualized marketing 
D)  micromarketing 
E)  differentiated marketing 
A)  mass marketing 
B)  cause-related marketing 
C)  individualized marketing 
D)  micromarketing 
E)  differentiated marketing

Question 4

What is cognitive dissonance?

Accepted Answer

Cognitive dissonance refers to the tensi

Question 5

Compare and contrast product development with market development.Explain using an example.

Accepted Answer

Product development refers to creating n

Question 6

The basic distinction between wholesalers and retailers is that retailers sell to other companies whereas wholesalers sell to individual consumers.

Accepted Answer

A) True 
 B)False

Question 7

When you segment a market using demographics,you subdivide your customers according to characteristics such as their ________.

Accepted Answer

A)  attitudes 
B)  lifestyles 
C)  neighborhoods 
D)  habits 
E)  ethnic group 
A)  attitudes 
B)  lifestyles 
C)  neighborhoods 
D)  habits 
E)  ethnic group

Question 8

When a supermarket provides fresh,ready-to-eat dishes as an alternative to buying all of the ingredients needed to make dinner,it is creating place utility.

Accepted Answer

A) True 
 B)False

Question 9

Yummy Times,a canned soup manufacturing firm,uses advertisements that highlight new ways in which their customers can use Yummy Times canned soups,such as in casseroles or as sauces.The firm aims to get its existing customers to buy more of its products.This strategy is known as ________.

Accepted Answer

A)  product development 
B)  market development 
C)  diversification 
D)  benchmarking 
E)  market penetration 
A)  product development 
B)  market development 
C)  diversification 
D)  benchmarking 
E)  market penetration

Question 10

Studying people in their daily lives to learn about their needs,wants,and behaviors in real-life settings is called ________.

Accepted Answer

A)  neuromarketing studies 
B)  ethnographic research 
C)  experiments 
D)  focus groups 
E)  process data collection 
A)  neuromarketing studies 
B)  ethnographic research 
C)  experiments 
D)  focus groups 
E)  process data collection

Question 11

Compare and contrast needs with wants.

Accepted Answer

Needs refers to differences between a pe

Question 12

Woodworks Inc.,an American furniture manufacturing company,has stores across America that sell furniture.The firm offers the Fine Furnishings collection of residential furniture designed for the middle and upper middle income group segments.It offers a Platinum Collection of luxury furniture for high income groups.The firm also has a range of corporate office furniture that includes desks,chairs,filing cabinets,cubicles,and other office furniture.Woodworks Inc.uses which of the following targeting strategies?

Accepted Answer

A)  mass marketing 
B)  differentiated marketing 
C)  concentrated marketing 
D)  individualized marketing 
E)  niche marketing 
A)  mass marketing 
B)  differentiated marketing 
C)  concentrated marketing 
D)  individualized marketing 
E)  niche marketing

Question 13

The purchasing behavior of organizations is easier to understand than the purchasing behavior of consumers because it's more clearly driven by economics and influenced less by subconscious and emotional factors.

Accepted Answer

A) True 
 B)False

Question 14

Sterling Fashions,an apparel manufacturer,sells women's clothes and fashion apparel in it's stores across the U.S.and Canada.Following extensive market research,the firm decides to manufacture and sell women's footwear and designer handbags in its existing markets.In this example,Sterling Fashions uses which of the following strategies?

Accepted Answer

A)  market penetration 
B)  decentralization 
C)  market development 
D)  diversification 
E)  product development 
A)  market penetration 
B)  decentralization 
C)  market development 
D)  diversification 
E)  product development

Question 15

Which of the following statements is true about the consumer decision process?

Accepted Answer

A)  Behavioral economics suggests that consumer behavior follows a completely rational process. 
B)  Cognitive dissonance refers to the delivery of marketing messages to people who are not aware that they are being marketed to. 
C)  Companies, government agencies, and other organizations that buy goods and services are a part of the consumer market. 
D)  Many consumers tend to believe that "you are what you buy," so they make or avoid choices that support their desired self-images. 
E)  Aspirational reference groups are those to which consumers actually belong, such as families, networks of friends, clubs, and work groups. 
A)  Behavioral economics suggests that consumer behavior follows a completely rational process. 
B)  Cognitive dissonance refers to the delivery of marketing messages to people who are not aware that they are being marketed to. 
C)  Companies, government agencies, and other organizations that buy goods and services are a part of the consumer market. 
D)  Many consumers tend to believe that "you are what you buy," so they make or avoid choices that support their desired self-images. 
E)  Aspirational reference groups are those to which consumers actually belong, such as families, networks of friends, clubs, and work groups.

Question 16

Market penetration differs from diversification in that market penetration ________.

Accepted Answer

A)  involves division of a diverse market into smaller, relatively homogeneous groups 
B)  involves selling more of the existing products in current target markets 
C)  involves selling new products in existing markets 
D)  involves a higher amount of risk 
E)  involves selling existing products to new markets 
A)  involves division of a diverse market into smaller, relatively homogeneous groups 
B)  involves selling more of the existing products in current target markets 
C)  involves selling new products in existing markets 
D)  involves a higher amount of risk 
E)  involves selling existing products to new markets

Question 17

When you segment a market using psychographics,you subdivide your customers according to characteristics such as their ________.

Accepted Answer

A)  gender 
B)  ethnic group 
C)  self-concept 
D)  counties 
E)  occupation 
A)  gender 
B)  ethnic group 
C)  self-concept 
D)  counties 
E)  occupation

Question 18

Organizational market is made up of individuals and families who buy goods and services for personal or household use.

Accepted Answer

A) True 
 B)False

Question 19

The process of collecting,analyzing,and interpreting information about customers,competitors,and other related marketing issues is known as ________.

Accepted Answer

A)  social commerce 
B)  product development 
C)  market development 
D)  data mining 
E)  marketing research 
A)  social commerce 
B)  product development 
C)  market development 
D)  data mining 
E)  marketing research

Question 20

The exchange of value between parties is referred to as a(n)________.

Accepted Answer

A)  emolument 
B)  sale 
C)  purchase 
D)  transition 
E)  transaction 
A)  emolument 
B)  sale 
C)  purchase 
D)  transition 
E)  transaction

Consumers make all kinds of decisions that are hard to explain by any rational means.

When a manufacturer combines fabric,buttons,and zippers to create clothing,it creates ________.

A company ignores differences among buyers and offers only one product line and presents it with the same communication,pricing,and distribution strategies to all potential buyers.This company is most likely to be using which of the following targeting strategies?

What is cognitive dissonance?

Compare and contrast product development with market development.Explain using an example.

The basic distinction between wholesalers and retailers is that retailers sell to other companies whereas wholesalers sell to individual consumers.

When you segment a market using demographics,you subdivide your customers according to characteristics such as their ________.

When a supermarket provides fresh,ready-to-eat dishes as an alternative to buying all of the ingredients needed to make dinner,it is creating place utility.

Yummy Times,a canned soup manufacturing firm,uses advertisements that highlight new ways in which their customers can use Yummy Times canned soups,such as in casseroles or as sauces.The firm aims to get its existing customers to buy more of its products.This strategy is known as ________.

Studying people in their daily lives to learn about their needs,wants,and behaviors in real-life settings is called ________.

Compare and contrast needs with wants.

The purchasing behavior of organizations is easier to understand than the purchasing behavior of consumers because it's more clearly driven by economics and influenced less by subconscious and emotional factors.

Which of the following statements is true about the consumer decision process?

Market penetration differs from diversification in that market penetration ________.

When you segment a market using psychographics,you subdivide your customers according to characteristics such as their ________.

Organizational market is made up of individuals and families who buy goods and services for personal or household use.

The process of collecting,analyzing,and interpreting information about customers,competitors,and other related marketing issues is known as ________.

The exchange of value between parties is referred to as a(n)________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 13: The Art and Science of Marketing

Consumers make all kinds of decisions that are hard to explain by any rational means.

When a manufacturer combines fabric,buttons,and zippers to create clothing,it creates ________.

A company ignores differences among buyers and offers only one product line and presents it with the same communication,pricing,and distribution strategies to all potential buyers.This company is most likely to be using which of the following targeting strategies?

What is cognitive dissonance?

Compare and contrast product development with market development.Explain using an example.

The basic distinction between wholesalers and retailers is that retailers sell to other companies whereas wholesalers sell to individual consumers.

When you segment a market using demographics,you subdivide your customers according to characteristics such as their ________.

When a supermarket provides fresh,ready-to-eat dishes as an alternative to buying all of the ingredients needed to make dinner,it is creating place utility.

Yummy Times,a canned soup manufacturing firm,uses advertisements that highlight new ways in which their customers can use Yummy Times canned soups,such as in casseroles or as sauces.The firm aims to get its existing customers to buy more of its products.This strategy is known as ________.

Studying people in their daily lives to learn about their needs,wants,and behaviors in real-life settings is called ________.

Compare and contrast needs with wants.

The purchasing behavior of organizations is easier to understand than the purchasing behavior of consumers because it's more clearly driven by economics and influenced less by subconscious and emotional factors.

Which of the following statements is true about the consumer decision process?

Market penetration differs from diversification in that market penetration ________.

When you segment a market using psychographics,you subdivide your customers according to characteristics such as their ________.

Organizational market is made up of individuals and families who buy goods and services for personal or household use.

The process of collecting,analyzing,and interpreting information about customers,competitors,and other related marketing issues is known as ________.

The exchange of value between parties is referred to as a(n)________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters