Question 1

A firm's ________ is the set of controllable, tactical marketing tools that it uses to produce the response it wants in the target market.

Accepted Answer

A)  tactical mix 
B)  promotional blend 
C)  organizational mix 
D)  marketing mix 
E)  selling mix 
A)  tactical mix 
B)  promotional blend 
C)  organizational mix 
D)  marketing mix 
E)  selling mix D

Question 2

Which of the following is the correct sequence of events in regard to the process of selecting a target market and position strategy?

Accepted Answer

A)  creating a unique positioning strategy, selecting a target market, segmenting the market 
B)  segmenting the market, creating a unique positioning strategy, selecting a target market 
C)  segmenting the market, selecting a target market, creating a unique positioning strategy 
D)  selecting a target market, creating a unique positioning strategy, segmenting the market 
E)  creating a unique positioning strategy, segmenting the market, selecting a target market 
A)  creating a unique positioning strategy, selecting a target market, segmenting the market 
B)  segmenting the market, creating a unique positioning strategy, selecting a target market 
C)  segmenting the market, selecting a target market, creating a unique positioning strategy 
D)  selecting a target market, creating a unique positioning strategy, segmenting the market 
E)  creating a unique positioning strategy, segmenting the market, selecting a target market C

Question 3

The What Went Wrong feature in Chapter 11 focuses on Ugobe, the company that made Pleo, a small robotic baby dinosaur. Ugobe failed primarily because it didn't establish a clear:

Accepted Answer

A)  positioning strategy 
B)  branding strategy 
C)  social media strategy 
D)  financial strategy 
E)  advertising strategy 
A)  positioning strategy 
B)  branding strategy 
C)  social media strategy 
D)  financial strategy 
E)  advertising strategy A

Question 4

Once a firm has segmented the market, the next step is to:

Accepted Answer

A)  decide on a position within the segment 
B)  select a critical market 
C)  select a target market 
D)  select a focal market 
E)  immediately decide on the "4Ps" of the marketing strategy 
A)  decide on a position within the segment 
B)  select a critical market 
C)  select a target market 
D)  select a focal market 
E)  immediately decide on the "4Ps" of the marketing strategy

Question 5

Before Kim Green opened her jiffy print store, she processed several large print jobs for local merchants for free, to demonstrate the quality of her service and to solicit feedback. Two of the merchants wrote favorable reviews of Kim's service, and agreed to let Kim post the reviews on her company's Web site. The companies that wrote the favorable reviews are referred to as:

Accepted Answer

A)  appreciation reports 
B)  acknowledgement accounts 
C)  referent accounts 
D)  tribute reports 
E)  approval reports 
A)  appreciation reports 
B)  acknowledgement accounts 
C)  referent accounts 
D)  tribute reports 
E)  approval reports

Question 6

What is the purpose of market segmentation? How are markets typically segmented? Can a company segment its market on more than one dimension?

Accepted Answer

The first step in selecting a target mar

Question 7

According to the textbook, a successful brand can increase the market value of a company by:

Accepted Answer

A)  5 to 10 percent 
B)  20 to 30 percent 
C)  40 to 50 percent 
D)  50 to 75 percent 
E)  75 to 100 percent 
A)  5 to 10 percent 
B)  20 to 30 percent 
C)  40 to 50 percent 
D)  50 to 75 percent 
E)  75 to 100 percent

Question 8

A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

Accepted Answer

A) True 
 B)False

Question 9

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

Accepted Answer

A) True 
 B)False

Question 10

Because of the weaknesses associated with advertising, most startups do not advertise their products broadly.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following selections is incorrect regarding a firm's "positioning" strategy?

Accepted Answer

A)  Position is concerned with how the firm is situated relative to its competitors. 
B)  A firm's decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research. 
C)  Position is concerned with how a firm is situated relative to competitors. 
D)  Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created. 
E)  After selecting a positioning strategy, the firm's next step is to select a target market. 
A)  Position is concerned with how the firm is situated relative to its competitors. 
B)  A firm's decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research. 
C)  Position is concerned with how a firm is situated relative to competitors. 
D)  Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created. 
E)  After selecting a positioning strategy, the firm's next step is to select a target market.

Question 12

InstyMed's phrase "We make patients better quicker" is an example of a(n):

Accepted Answer

A)  tagline 
B)  grabline 
C)  notice-line 
D)  catchline 
E)  attention-line 
A)  tagline 
B)  grabline 
C)  notice-line 
D)  catchline 
E)  attention-line

Question 13

In ________, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.

Accepted Answer

A)  value-based pricing 
B)  tactical pricing 
C)  strategic pricing 
D)  cost-based pricing 
E)  economic-based pricing 
A)  value-based pricing 
B)  tactical pricing 
C)  strategic pricing 
D)  cost-based pricing 
E)  economic-based pricing

Question 14

Which element of the marketing mix is the only one that produces revenue?

Accepted Answer

A)  product 
B)  place (or distribution) 
C)  advertising 
D)  price 
E)  promotion 
A)  product 
B)  place (or distribution) 
C)  advertising 
D)  price 
E)  promotion

Question 15

A tagline is a catchy phrase that's used consistently in a company's literature, advertisements, and even invoices and thus becomes associated with a company-to reinforce their position in the market.

Accepted Answer

A) True 
 B)False

Question 16

Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?

Accepted Answer

Guerrilla marketing is a low-budget appr

Question 17

________ refers to the activities the firm takes to communicate the merits of its product to its target market.

Accepted Answer

A)  Sponsorship 
B)  Advertising 
C)  Endorsement 
D)  Promotion 
E)  Price 
A)  Sponsorship 
B)  Advertising 
C)  Endorsement 
D)  Promotion 
E)  Price

Question 18

A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

Accepted Answer

A)  tribute account 
B)  reference account 
C)  approval report 
D)  appreciation account 
E)  acknowledgment report 
A)  tribute account 
B)  reference account 
C)  approval report 
D)  appreciation account 
E)  acknowledgment report

Question 19

A firm's sales process:

Accepted Answer

A)  is typically not put in place until a year or more after a startup launches 
B)  describes a firm's branding strategy 
C)  depicts the steps it goes through to identify prospects and close sales 
D)  describes its social media strategy 
E)  depicts the steps it goes through to identify its target market and positioning strategy 
A)  is typically not put in place until a year or more after a startup launches 
B)  describes a firm's branding strategy 
C)  depicts the steps it goes through to identify prospects and close sales 
D)  describes its social media strategy 
E)  depicts the steps it goes through to identify its target market and positioning strategy

Question 20

Which of the following statements is untrue regarding a firm's sales process?

Accepted Answer

A)  A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process. 
B)  Following a formal or structured process to generate and close sales benefits a firm. 
C)  A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries. 
D)  A firm's sales process depicts the steps it goes through to identify its target market. 
E)  A formal sales process involves a number of identifiable steps. 
A)  A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process. 
B)  Following a formal or structured process to generate and close sales benefits a firm. 
C)  A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries. 
D)  A firm's sales process depicts the steps it goes through to identify its target market. 
E)  A formal sales process involves a number of identifiable steps.

A firm's ________ is the set of controllable, tactical marketing tools that it uses to produce the response it wants in the target market.

Which of the following is the correct sequence of events in regard to the process of selecting a target market and position strategy?

The What Went Wrong feature in Chapter 11 focuses on Ugobe, the company that made Pleo, a small robotic baby dinosaur. Ugobe failed primarily because it didn't establish a clear:

Once a firm has segmented the market, the next step is to:

What is the purpose of market segmentation? How are markets typically segmented? Can a company segment its market on more than one dimension?

According to the textbook, a successful brand can increase the market value of a company by:

A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

Because of the weaknesses associated with advertising, most startups do not advertise their products broadly.

Which of the following selections is incorrect regarding a firm's "positioning" strategy?

InstyMed's phrase "We make patients better quicker" is an example of a(n):

In ________, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.

Which element of the marketing mix is the only one that produces revenue?

A tagline is a catchy phrase that's used consistently in a company's literature, advertisements, and even invoices and thus becomes associated with a company-to reinforce their position in the market.

Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?

________ refers to the activities the firm takes to communicate the merits of its product to its target market.

A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

A firm's sales process:

Which of the following statements is untrue regarding a firm's sales process?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 11: Unique Marketing Issues

A firm's ________ is the set of controllable, tactical marketing tools that it uses to produce the response it wants in the target market.

Which of the following is the correct sequence of events in regard to the process of selecting a target market and position strategy?

The What Went Wrong feature in Chapter 11 focuses on Ugobe, the company that made Pleo, a small robotic baby dinosaur. Ugobe failed primarily because it didn't establish a clear:

Once a firm has segmented the market, the next step is to:

What is the purpose of market segmentation? How are markets typically segmented? Can a company segment its market on more than one dimension?

According to the textbook, a successful brand can increase the market value of a company by:

A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.

Because of the weaknesses associated with advertising, most startups do not advertise their products broadly.

Which of the following selections is incorrect regarding a firm's "positioning" strategy?

InstyMed's phrase "We make patients better quicker" is an example of a(n):

In ________, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.

Which element of the marketing mix is the only one that produces revenue?

A tagline is a catchy phrase that's used consistently in a company's literature, advertisements, and even invoices and thus becomes associated with a company-to reinforce their position in the market.

Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?

________ refers to the activities the firm takes to communicate the merits of its product to its target market.

A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

A firm's sales process:

Which of the following statements is untrue regarding a firm's sales process?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters