Question 1

What is data warehousing?

Accepted Answer

A)  A marketing strategy that creates sales agreements that stipulate product delivery 
B)  The process of dividing a market into categories of customer types 
C)  The study of consumer needs and wants and the way in which sellers can best meet them 
D)  The process of collecting, storing, and retrieving data in electronic files 
E)  A customer identification strategy that targets potential buyers 
A)  A marketing strategy that creates sales agreements that stipulate product delivery 
B)  The process of dividing a market into categories of customer types 
C)  The study of consumer needs and wants and the way in which sellers can best meet them 
D)  The process of collecting, storing, and retrieving data in electronic files 
E)  A customer identification strategy that targets potential buyers

Question 2

Specialty goods are important and expensive purchases for the buyers who decide on what they want, and they accept no substitutes.

Accepted Answer

A) True 
 B)False

Question 3

Tamika starts a business making teddy bears and is excited to deliver the first batch to young patients. When Tamika arrives at the hospital, she learns that she has more bears than she needs. Which of the following would likely explain this?

Accepted Answer

A)  Tamika failed to collect primary data. 
B)  Tamika did not interview all of the children. 
C)  Tamika was not told that five more children had been admitted. 
D)  Tamika conducted too much market research. 
E)  Tamika received incorrect secondary data from the hospital. 
A)  Tamika failed to collect primary data. 
B)  Tamika did not interview all of the children. 
C)  Tamika was not told that five more children had been admitted. 
D)  Tamika conducted too much market research. 
E)  Tamika received incorrect secondary data from the hospital.

Question 4

Pencils, brooms, and gloves are examples of ________, while factories, water towers, and airplanes are examples of ________.

Accepted Answer

A)  capital items; expense items 
B)  supplies; installations 
C)  services; capital items 
D)  expense items; capital items 
E)  capital items; supplies 
A)  capital items; expense items 
B)  supplies; installations 
C)  services; capital items 
D)  expense items; capital items 
E)  capital items; supplies

Question 5

Boilers Inc. sells 100% of its boilers to churches to improve their energy efficiency and to decrease their heating costs. The company is involved in

Accepted Answer

A)  charitable marketing. 
B)  industrial marketing. 
C)  consumer marketing. 
D)  quality assurance marketing. 
E)  institutional marketing. 
A)  charitable marketing. 
B)  industrial marketing. 
C)  consumer marketing. 
D)  quality assurance marketing. 
E)  institutional marketing.

Question 6

If a company requires consumer response to a new product under real conditions, which phase of the product development process would the company use?

Accepted Answer

A)  Business analysis 
B)  Concept testing 
C)  Commercialization 
D)  Screening 
E)  Product testing and test marketing 
A)  Business analysis 
B)  Concept testing 
C)  Commercialization 
D)  Screening 
E)  Product testing and test marketing

Question 7

Describe the three major classes of industrial products.

Accepted Answer

Production items, expense items, and cap

Question 8

Bentley Corp. is involved in the new product development process. Their first step was to solicit ideas for a new product from the company's sales force, the research and development group, and the engineering department. Their next step is to use market research to solicit consumers' input about the ideas they are working on.

Accepted Answer

A) True 
 B)False

Question 9

Dinasonic manufactures and markets consumer kitchen products. The company is preparing to introduce its products to international markets. The company's director of marketing wants the company to adapt its marketing approach to the various markets in different countries that the company is looking to enter. He needs to defend the proposal for his recommended marketing strategy to the rest of the executive team. The director of marketing argues that Dinasonic should alter its marketing strategy in different countries by adapting its methods of advertising. Which of the following, if true, would support this position?

Accepted Answer

A)  Dinasonic has won awards for its advertising campaigns. 
B)  Consumers in most countries are attracted to Canadian consumer goods. 
C)  Laws regulating advertising vary between different countries. 
D)  Dinasonic has several sales managers experienced in international sales. 
E)  The company is planning to subcontract some of its international sales operations. 
A)  Dinasonic has won awards for its advertising campaigns. 
B)  Consumers in most countries are attracted to Canadian consumer goods. 
C)  Laws regulating advertising vary between different countries. 
D)  Dinasonic has several sales managers experienced in international sales. 
E)  The company is planning to subcontract some of its international sales operations.

Question 10

Market segmentation and product differentiation are almost identical concepts, except that market segmentation puts more emphasis on "price" while product differentiation puts more emphasis on "promotion."

Accepted Answer

A) True 
 B)False

Question 11

What is the main factor that is used to distinguish expense items from capital items?

Accepted Answer

The distinction is largely based on time

Question 12

The 4 P's of marketing include all of the following except

Accepted Answer

A)  product. 
B)  place. 
C)  price. 
D)  promotion. 
E)  profit. 
A)  product. 
B)  place. 
C)  price. 
D)  promotion. 
E)  profit.

Question 13

You are asked to justify market research for a new product. You explain that it is required

Accepted Answer

A)  to determine if the product will meet performance requirements. 
B)  to ensure that the new product will mesh with the firm's objectives. 
C)  to identify future production problems. 
D)  to identify benefits to be provided by the product. 
E)  to determine whether there will be a market for the product. 
A)  to determine if the product will meet performance requirements. 
B)  to ensure that the new product will mesh with the firm's objectives. 
C)  to identify future production problems. 
D)  to identify benefits to be provided by the product. 
E)  to determine whether there will be a market for the product.

Question 14

Martin is the new director for marketing at Panther Shoes, a manufacturer of athletic apparel. When he suggested a relationship marketing campaign, his supervisor thought there was no need for Panther Shoes to have such a campaign. How could Panther Shoes benefit from relationship marketing?

Accepted Answer

Relationship marketing emphasi

Question 15

List the five common methods of segmenting consumer markets.

Accepted Answer

Geographic, demograp

Question 16

Why is product development a long and expensive process?

Accepted Answer

Faced with competition and shifting cons

Question 17

Bob, due to a strong work ethic, has worked his way up the ladder and would be considered middle class, which is reflected in his recent purchases. This is an example of

Accepted Answer

A)  psychological influences. 
B)  social influences. 
C)  personal influences. 
D)  cultural influences. 
E)  past experience influences. 
A)  psychological influences. 
B)  social influences. 
C)  personal influences. 
D)  cultural influences. 
E)  past experience influences.

Question 18

________ must support the firm's operating costs, administrative costs, research costs, and marketing costs such as advertising and sales salaries.

Accepted Answer

A)  Product differentiation 
B)  Price 
C)  Product 
D)  Place 
E)  Promotion 
A)  Product differentiation 
B)  Price 
C)  Product 
D)  Place 
E)  Promotion

Question 19

Leif designs and sells surfboards. Although his sales are declining, he decides to keep his prices constant. Which of the following statements, if true, would support Leif's decision?

Accepted Answer

A)  Surfboards at other shops in the region are priced lower. 
B)  Customers rate Leif's surfboards as being of about average quality. 
C)  Demand for surfboards has been declining for several years. 
D)  Leif offers a much wider variety of surfboards than his competitors do. 
E)  Leif has calculated that lowering prices would reduce profits. 
A)  Surfboards at other shops in the region are priced lower. 
B)  Customers rate Leif's surfboards as being of about average quality. 
C)  Demand for surfboards has been declining for several years. 
D)  Leif offers a much wider variety of surfboards than his competitors do. 
E)  Leif has calculated that lowering prices would reduce profits.

Question 20

Westminster Office Products buys paper products from Boise Cascade for sale in its retail stores. Westminster Office Products purchases paper products in the ________ market.

Accepted Answer

A)  retail 
B)  government 
C)  industrial 
D)  reseller 
E)  institutional 
A)  retail 
B)  government 
C)  industrial 
D)  reseller 
E)  institutional

What is data warehousing?

Specialty goods are important and expensive purchases for the buyers who decide on what they want, and they accept no substitutes.

Tamika starts a business making teddy bears and is excited to deliver the first batch to young patients. When Tamika arrives at the hospital, she learns that she has more bears than she needs. Which of the following would likely explain this?

Pencils, brooms, and gloves are examples of , while factories, water towers, and airplanes are examples of .

Boilers Inc. sells 100% of its boilers to churches to improve their energy efficiency and to decrease their heating costs. The company is involved in

If a company requires consumer response to a new product under real conditions, which phase of the product development process would the company use?

Describe the three major classes of industrial products.

Market segmentation and product differentiation are almost identical concepts, except that market segmentation puts more emphasis on "price" while product differentiation puts more emphasis on "promotion."

What is the main factor that is used to distinguish expense items from capital items?

The 4 P's of marketing include all of the following except

You are asked to justify market research for a new product. You explain that it is required

Martin is the new director for marketing at Panther Shoes, a manufacturer of athletic apparel. When he suggested a relationship marketing campaign, his supervisor thought there was no need for Panther Shoes to have such a campaign. How could Panther Shoes benefit from relationship marketing?

List the five common methods of segmenting consumer markets.

Why is product development a long and expensive process?

Bob, due to a strong work ethic, has worked his way up the ladder and would be considered middle class, which is reflected in his recent purchases. This is an example of

________ must support the firm's operating costs, administrative costs, research costs, and marketing costs such as advertising and sales salaries.

Leif designs and sells surfboards. Although his sales are declining, he decides to keep his prices constant. Which of the following statements, if true, would support Leif's decision?

Westminster Office Products buys paper products from Boise Cascade for sale in its retail stores. Westminster Office Products purchases paper products in the ________ market.

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship, Small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating, Satisfying, and Leading Employees

Operations Management, Productivity, and Quality

Understanding Accounting

Pricing, Promotion, and Distributing Products

Money and Banking

Finacial Decisions and Risk Management

Filters

Exam 12: Understanding Marketing Principles and Developing Products

What is data warehousing?

Specialty goods are important and expensive purchases for the buyers who decide on what they want, and they accept no substitutes.

Tamika starts a business making teddy bears and is excited to deliver the first batch to young patients. When Tamika arrives at the hospital, she learns that she has more bears than she needs. Which of the following would likely explain this?

Pencils, brooms, and gloves are examples of ________, while factories, water towers, and airplanes are examples of ________.

Boilers Inc. sells 100% of its boilers to churches to improve their energy efficiency and to decrease their heating costs. The company is involved in

If a company requires consumer response to a new product under real conditions, which phase of the product development process would the company use?

Describe the three major classes of industrial products.

Market segmentation and product differentiation are almost identical concepts, except that market segmentation puts more emphasis on "price" while product differentiation puts more emphasis on "promotion."

What is the main factor that is used to distinguish expense items from capital items?

The 4 P's of marketing include all of the following except

You are asked to justify market research for a new product. You explain that it is required

Martin is the new director for marketing at Panther Shoes, a manufacturer of athletic apparel. When he suggested a relationship marketing campaign, his supervisor thought there was no need for Panther Shoes to have such a campaign. How could Panther Shoes benefit from relationship marketing?

List the five common methods of segmenting consumer markets.

Why is product development a long and expensive process?

Bob, due to a strong work ethic, has worked his way up the ladder and would be considered middle class, which is reflected in his recent purchases. This is an example of

________ must support the firm's operating costs, administrative costs, research costs, and marketing costs such as advertising and sales salaries.

Leif designs and sells surfboards. Although his sales are declining, he decides to keep his prices constant. Which of the following statements, if true, would support Leif's decision?

Westminster Office Products buys paper products from Boise Cascade for sale in its retail stores. Westminster Office Products purchases paper products in the ________ market.

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship, Small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating, Satisfying, and Leading Employees

Operations Management, Productivity, and Quality

Understanding Accounting

Pricing, Promotion, and Distributing Products

Money and Banking

Finacial Decisions and Risk Management

Filters

Pencils, brooms, and gloves are examples of , while factories, water towers, and airplanes are examples of .