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WorksheetsMarketing management
Total questions: 151
Worksheet time: 3590secs
Name
Class
Date
1.
Economists note that imperfect competition occurs because consumers have unique needs and desires.
a)
True
b)
False
2.
Maslow’s hierarchy ranges from satisfaction of basic biological needs to more abstract needs regarding well-being.
a)
True
b)
False
3.
In marketing, we deal with customer differences through segmentation.
a)
True
b)
False
4.
Collectively, a marketplace of consumers is homogeneous.
a)
True
b)
False
5.
A market segment is an individual customer who shares similar inclinations toward your brand.
a)
True
b)
False
6.
Some companies that tried mass customization have scaled back their attempts because it is not cost-effective.
a)
True
b)
False
7.
The goal of homogeneity in customers’ likes or dislikes is more achievable as the segment size gets smaller, but if the segment is too small, it might not be profitable to serve.
a)
True
b)
False
8.
On a continuum from mass marketing to one-to-one marketing, market segmentation is in the middle.
a)
True
b)
False
9.
The mass marketing approach is usually realistic.
a)
True
b)
False
10.
Segments become more homogeneous as they increase in size.
a)
True
b)
False
11.
Older couples who are empty nesters dream of spending their greater discretionary income on technology and furniture.
a)
True
b)
False
12.
Coupons that are printed at grocery checkouts are a function of items the customer just purchased.
a)
True
b)
False
13.
Income is a psychological variable.
a)
true
b)
false
14.
Age is an easily identifiable demographic variable.
a)
true
b)
false
15.
Families with higher household incomes hire more service workers.
a)
true
b)
false
16.
Urban living affords certain elements of entertainment, and smaller towns offer different kinds of amusement.
a)
true
b)
false
17.
Since most marketplaces are international, country and cultural differences can be tremendous.
a)
true
b)
false
18.
It is useful for marketers to understand the psychological and lifestyle choices that are relevant to the brand(s) the marketer is pitching.
a)
true
b)
false
19.
Opinion leaders, innovators, or market mavens are known for their expertise and involvement in a category.
a)
true
b)
false
20.
One reason celebrity spokespeople are thought to be effective is that ordinary people aspire to be like the celebrity, in whatever manner that is achievable.
a)
true
b)
false
21.
Political party identifications have a clear and predictable effect on cereal consumption and cell phone plans.
a)
true
b)
false
22.
All of the qualities that marketers care about may be mapped onto segments in any product category.
a)
true
b)
false
23.
We can directly observe attitudes, but we cannot use behaviors to infer attitudes and psychological states.
a)
true
b)
false
24.
It is easier to identify, obtain information on, and woo customers who are currently using a competitor’s brand or who aren’t even purchasers in the category.
a)
true
b)
false
25.
The 80:20 rule is where 20% (or so) of your sales come from 80% (or so) of your customers.
a)
true
b)
false
26.
An increasingly popular means of using co-purchasing patterns to generate cross-selling suggestions are Internet recommendation agents.
a)
true
b)
false
27.
“Current users” are relatively difficult to communicate with.
a)
true
b)
false
28.
Data sources for segmenting businesses and consumers tend to be the same.
a)
true
b)
false
29.
Businesses treat all clients the same way—whether large or small.
a)
true
b)
false
30.
Size does not always correlate with future growth potential.
a)
true
b)
false
31.
The least common marketing research technique used to segment customer data is cluster analysis.
a)
true
b)
false
32.
Marketers identify segments best when iterating between a managerial top-down approach and a customer-based assessment.
a)
true
b)
false
33.
Sometimes a marketing manager might hold beliefs that are not consistent with the customer data.
a)
true
b)
false
34.
A set of segments may be very clear from a statistical perspective, but they need to be useful from a managerial point of view.
a)
true
b)
false
35.
To marketers, the most important feature of segments is their size, not their profitability.
a)
true
b)
false
36.
The ideal goal for the marketer is to find an untapped (or at least relatively underserved) group of customers whose needs can easily and profitably be met.
a)
true
b)
false
37.
An upscale segment is always a tempting one for marketers to target because marketers assume that those customers can afford to purchase their goods or services, with a little less price sensitivity than other customers.
a)
true
b)
false
38.
Profitability means number of customers.
a)
true
b)
false
39.
Sometimes segments appear small only because the clustering was done too finely.
a)
true
b)
false
40.
Lots of segmentation schemes fail because marketers focus on the wrong criteria.
a)
true
b)
false
41.
Who created the hierarchy of needs?
a)
Maslow
b)
Watson
c)
Skinner
d)
Freud
42.
Consumers have unique needs and desires. Economists call this
a)
inperfect competence
b)
imperfect competition
c)
diverse demand
d)
diverse marketing
43.
Differences in __________ and preferences require that different products be provided to satisfy the different segments’ needs.
a)
companies
b)
targets
c)
perceptions
d)
consumers
44.
Instead of trying to appeal to the entire marketplace, smart marketers and smart companies will try to find out
a)
what will appeal to high-end customers.
b)
which customers might like their product, and how to get the product into their hands.
c)
which customers are price sensitive.
d)
which customers have brand loyalty and seek a brand image similar to other brands they like.
45.
Company ABC is interested in better understanding how different groups of customers feel about its product. In order to do this, Company ABC will need to
a)
position its product in the market.
b)
segment the market.
c)
mass market.
d)
target market.
46.
Considering a continuum from mass marketing to one-to-one marketing, marketing segmentation is
a)
very close to mass marketing.
b)
very close to one-to-one marketing.
c)
in the middle.
d)
on a different continuum.
47.
As segments increase in size, it becomes __________ to satisfy them with the same product.
a)
more difficult
b)
easier
c)
cheaper
d)
more fun
48.
__________ means that all customers are treated the same.
a)
One-to-one marketing
b)
Gender marketing
c)
Group marketing
d)
Mass marketing
49.
__________ means that each customer serves as his or her own segment.
a)
Geographic marketing
b)
One-to-one marketing
c)
Mass marketing
d)
Psychological marketing
50.
The contrast between mass marketing and one-to-one marketing illustrates that segments become more __________ as they increase in size.
a)
heterogeneous
b)
favorable
c)
homogeneous
d)
unfavorable
51.
__________ is a type of segmentation in which the company strategically focuses on targeting a smaller market with particular needs that the company can serve well.
a)
Mass marketing
b)
Demographic marketing
c)
Niche marketing
d)
One-to-one marketing
52.
Company ABC segments customers by gender, age, education, and income. Company ABC’s segmentation is based on __________ factors.
a)
demographic
b)
geographic
c)
psychological
d)
behavioral
53.
Gender, age and income are all qualities of what segmentation base?
a)
geographic
b)
psychological
c)
education
d)
demographic
54.
Regarding the phrase “time is money,” what type of effect does time seemingly have on money?
a)
positive effect
b)
no effect
c)
little effect
d)
negative effect
55.
Which of the following is NOT a demographic variable?
a)
gender
b)
age
c)
culture
d)
education
56.
Young adults are most likely to be interested in which of the following?
a)
music technologies
b)
diapers
c)
health care options
d)
travel
57.
Newlyweds are most likely to spend money on which of the following?
a)
charitable giving
b)
furniture
c)
music
d)
health care
58.
Empty nesters tend to start dreaming of spending their greater discretionary income on
a)
music and movies.
b)
furniture and remodeling.
c)
higher education.
d)
travel and hobbies.
59.
The fact that snow-blowers tend to sell better in the North than in the South illustrates the importance of considering __________ in marketing planning.
a)
climate
b)
urban living
c)
culture
d)
age
60.
Which of the following is a geographic factor?
a)
price
b)
income
c)
market size
d)
media
61.
A service called Prizm posits that MBAs who live in New York have a lot more in common with their counterparts in London, Saö Paulo, and Tokyo, than they do with their neighbors in New York who are relatively less educated or wealthy. What types of information are combined in this example?
a)
geographic and demographic
b)
geographic and psychological
c)
psychological and demographic
d)
psychological and behavioral
62.
A popular tool for segmenting that uses psychographic data, and that is based on the belief that one’s attitudes and value system determine one’s orientation to certain products and/or brands is called
a)
Experian.
b)
VALS.
c)
Mals.
d)
Prizm.
63.
Which of the following is a psychological factor?
a)
attitude
b)
education
c)
age
d)
country
64.
Some customers are __________, caring about new developments in their category and seeking out new products.
a)
opinion leaders
b)
early adopters
c)
market mavens
d)
innovators
65.
Which of the following examples is based on a psychological factor?
a)
Sam purchases school clothes for his son.
b)
Louise purchases furniture for her new house.
c)
Macie purchases equipment for playing soccer.
d)
Jalen purchases a new automobile that is good in snow.
66.
What term refers to people who are trendy and fashionable in order to impress others and are often impulse buyers?
a)
stretchers
b)
aficionados
c)
innovators
d)
strivers
67.
Some customers are known for their expertise and involvement in a category and are willing to share information and give advice, making them likely to generate word of mouth. These people are knows as market
a)
tenders.
b)
mavens.
c)
sharers.
d)
sellers.
68.
One behavioral segment of great importance to the marketer is the __________ of the focal brand because it is relatively easy to communicate to this group.
a)
past user
b)
future user
c)
current user
d)
non-user
69.
What does the 80:20 rule say?
a)
Eighty percent of sales will come from 20% of customers.
b)
For every 80 people who look at a product, 20 will buy it.
c)
For every 80 customers, 20 will be repeat customers.
d)
Eight percent of customers are only interested in 20% of available merchandise.
70.
There is a rule of thumb that says it costs _____ times more to acquire a new customer compared to maintaining a loyal one.
a)
3
b)
6
c)
9
d)
12
71.
Some customers are currently using a competitor’s brand or don’t purchase a certain type of product. It is __________ for marketers to identify, obtain information on, and woo these people.
a)
easy
b)
moderately difficult
c)
challenging
d)
impossible
72.
Businesses plan for and interact differently with their larger clients than with their smaller ones. They assign more client service personnel and extend more relationship management efforts because these customers tend to be
a)
more profitable.
b)
cheaper.
c)
less profitable.
d)
higher quality.
73.
Marketers identify segments best when iterating between two approaches. What are the two approaches?
a)
customer, market
b)
managerial, customer
c)
managerial, company
d)
market, company
74.
The managerial perspective is important with respect to assessing whether serving a specific __________ is consistent with overall corporate goals.
a)
market segment
b)
product
c)
provider
d)
competitor
75.
An important element of an iterative segmentation is
a)
a good company.
b)
quality products.
c)
good customer data.
d)
good management.
76.
Which of the following questions best helps a marketer determine the profitability of a market segment?
a)
How many customers are in the segment?
b)
Is a database available to identify potential customers?
c)
Does the segment fit corporate goals?
d)
How frequently do the customers purchase?
77.
A(n) __________ segment is always a tempting one for marketers to target because marketers assume that those customers can afford to purchase their goods or services.
a)
international
b)
upscale
c)
small
d)
large
78.
The ideal goal for the marketer is to find a(n) __________ group of customers whose needs it can easily and profitably meet.
a)
quality
b)
overserved
c)
untapped
d)
competing
79.
It’s not unusual to see a segmentation study comprised of some usage variable (e.g., heavy vs. light users) or some attitudinal variable (e.g., positively inclined toward our brand vs. loyal to a competitor). What type of variable is it usually cross-tabbed with?
a)
demographic
b)
geographic
c)
psychological
d)
physical
80.
Entrepreneurs may need to approximate Prizm and VALS data, because they are
a)
not available to the public.
b)
difficult to understand.
c)
expensive.
d)
not interesting to consumers.
81.
If a firm prices its brand too low, the volume of sales will pick up.
a)
true
b)
false
82.
In the context of pricing, brand loyal customers are elastic in nature.
a)
true
b)
false
83.
Price sensitivity should decrease when price information is easily available to customers to compare across competing brands.
a)
true
b)
false
84.
If a firm's variable costs are high relative to its fixed costs, the sales volume should be maximized.
a)
true
b)
false
85.
A two-part tariff is used in linear pricing.
a)
true
b)
false
86.
An auction uses a static pricing strategy.
a)
true
b)
false
87.
When a company deals with partners that are upstream, the partners are called channel members.
a)
true
b)
false
88.
Company A offers a line of products to a single segment. Company B offers multiple products to multiple segments. Company B will most likely outperform company A.
a)
true
b)
false
89.
A brand is an investment.
a)
true
b)
false
90.
If a company recognizes an opportunity for producing something that customers will value, they should supplement their product line, especially if they can make the new products better than competitors.
a)
true
b)
false
91.
Supervising product line managers' responsibilities are to focus, and brand manager's responsibilities are to oversee entire portfolios.
a)
true
b)
false
92.
Product-related issues are more complicated when our scope includes the company's full portfolio.
a)
true
b)
false
93.
Product lines can be trimmed or supplemented depending on market opportunities, however the overall marketing mix should not be altered as this will confuse loyal customers.
a)
true
b)
false
94.
It's important that brand managers focus on defining competition narrowly, as when we compute market shares.
a)
true
b)
false
95.
The definition of a company's core business is like asking for its mission statement.
a)
true
b)
false
96.
For sports, the core service is the game itself, and the value-addeds are the experience the consumer has.
a)
true
b)
false
97.
As Chief Marketing Officer (CMO), Frank has seen the core competencies of his company change over the past five years. During this time the core business of the company should not have shifted as the firm's competencies changed.
a)
true
b)
false
98.
A hotel's core elements are fluffy bed, easy check-in, and Wi-fi.
a)
true
b)
false
99.
The central element of what is purchased is called the "core," and anything bought on top of that is called the "value-addeds."
a)
true
b)
false
100.
Companies can be myopic when they define their core business, focusing on their<br />product offerings instead of recognizing that their true goal is offering benefits and value to their customers.
a)
true
b)
false
101.
Professional services, purchase experiences, and online shopping are some purchases that might be further along the intangibility dimensions than goods or services.
a)
true
b)
false
102.
Good variability involves the customization and tailoring of the service delivery for the customer's unique needs.
a)
true
b)
false
103.
The service marketing exchange happens between a customer and a service provider representing the company.
a)
true
b)
false
104.
Services are said to be less variable than products.
a)
true
b)
false
105.
The interaction between the crowd and the actors during a Broadway show is due to the inseparability between service provider and customer.
a)
true
b)
false
106.
The inseparability of service production and consumption inevitably results in less perishable services.
a)
true
b)
false
107.
In a service-oriented business such as a bowling alley, services are simultaneously produced and consumed.
a)
true
b)
false
108.
Goods are dominated by credence and experience qualities, and services are mostly comprised of experience and search qualities.
a)
true
b)
false
109.
Credence qualities are those that are difficult to judge, even post-consumption.
a)
true
b)
false
110.
Experience attributes are those that require some trial or consumption before evaluation.
a)
true
b)
false
111.
An example of a credence quality is when you buy a new cologne. Did it really impress that girl? You have to just trust that it did, as it is difficult to judge.
a)
true
b)
false
112.
Experience attributes are those that are difficult to judge even post-consumption.
a)
true
b)
false
113.
Search qualities are the attributes that are evaluated before purchase, while the customer learns about competitive offerings
a)
true
b)
false
114.
An example of "experience marketing" is a professional sporting event.
a)
true
b)
false
115.
Goods and services are totally distinct from each other.
a)
true
b)
false
116.
Some marketers think there is a big difference between marketing for goods and services, and other marketers think that it's the same whether you're marketing sandwiches or hotels.
a)
true
b)
false
117.
Marketers have long realized the benefits of morphing long-term purchase-transaction exchanges into short-term relationship marketing.
a)
true
b)
false
118.
Ideally, a company will have a clear differentiation strategy, because commodity products cannot be sustained as a competitive advantage.
a)
true
b)
false
119.
Some customers will seek value and low prices, while others seek top quality.
a)
true
b)
false
120.
Marketing is an exchange: the company offers something (e.g., a flight), and the customer offers something in return (e.g., a payment).
a)
true
b)
false
121.
The word product can be defined as a mathematical term for multiplication
a)
true
b)
false
122.
The word product can only be defined as a general term that includes services and goods.
a)
true
b)
false
123.
When drivers purchase cars that are highly rated for their safety, the essential product is safety and the modifier is the actual car.
a)
true
b)
false
124.
The execution of the 4Ps is flexible—only one piece needs to be in place and sending a consistent message for the overall product to be attractive to the customer.
a)
true
b)
false
125.
We learn of and discuss product, price, place, and promotion separately because there are many details to consider for each element
a)
true
b)
false
126.
All marketing managers have the same goal: to understand and please their customers.
a)
true
b)
false
127.
A "product" is the general term used to describe both goods and services
a)
true
b)
false
128.
Beta company makes items you typically see in a sports store. If they sell golf balls, which of the following would be expansion in the breadth direction?
a)
first aid
b)
golf clubs
c)
soccer balls
d)
fishing gear
129.
A _____ is comprised of several product lines that can vary in breadth and depth.
a)
a. product mix
b)
b. marketing mix
c)
c. company
d)
d. service
130.
What is the definition of a company's core business similar to?
a)
a. goal statement
b)
b. code of conduct
c)
c. the industry
d)
d. mission statement
131.
For an NFL team, what is their core service?
a)
a. a way for people to spend time with their family
b)
b. the TV coverage of the games
c)
c. the experience
d)
d. the ball game
132.
When can core businesses change?
a)
a. when customers demand it
b)
b. when a firm updates their software
c)
c. when a firm's competencies change
d)
d. when a firm outsources
133.
What mistake can companies make when they define their core business?
a)
a. being myopic
b)
b. seeing the big picture
c)
c. being too strategic
d)
d. being too technical
134.
Many hoteliers no longer claim that they merely offer lodging. Instead, they now stake claims as premier travel providers. This is done to avoid the mistake of defining their core business _____.
a)
a. too confusingly
b)
b. too abstractly
c)
c. too strategically
d)
d. too technically
135.
It is helpful to think of goods and services as ____.
a)
a. existing along a continuum
b)
b. similar
c)
c. different
d)
d. comprised of both logistics and tangible items
136.
The central element of what is purchased is called the "core," and anything bought on top of that is called what?
a)
a. promotions
b)
b. goods
c)
c. value addeds
d)
d. extras
137.
What does good variability consists of?
a)
a. Errors in the system, logistics, human resources and marketers want to reduce this variability.
b)
b. The customization and tailoring of the service delivery for the customer's unique needs.
c)
c. A service provider representing the company.
d)
d. Advancing in many industries wherein a customer interacts with technology, banking, airport check-in, etc.
138.
With self-service, the ______ of the service encounter is reduced by the standardization of the equipment.
a)
a. purchaser
b)
b. provider
c)
c. desirability
d)
d. variability
139.
Bad variability involves ______.
a)
a. weather patterns
b)
b. errors in the system
c)
c. technology
d)
d. manufacturing tolerances
140.
Services are said to be more ______ than goods.
a)
a. durable
b)
b. tangible
c)
c. inseparable
d)
d. variable
141.
The inseparability of production and consumption also impacts the interaction between the _______ and the ________.
a)
a. service provider; customer
b)
b. service provider; manufacturer
c)
c. variability; customer
d)
d. variability; manufacturer
142.
Services are more ______ than goods.
a)
a. produced and consumed simultaneously
b)
b. perishable
c)
c. inventoried
d)
d. inelastic
143.
What has consequences in the interaction between the service provider and the customer?
a)
a. The inseparability of production and consumption
b)
b. The perishability of the item
c)
c. The age of the customer
d)
d. The elasticity of demand
144.
Doctor's services consist mainly of ______ elements.
a)
a. product
b)
b. search
c)
c. experience
d)
d. credence
145.
Services are simultaneously produced and consumed. This is different from goods because goods can be _______.
a)
a. produced and consumed simultaneously
b)
b. perishable
c)
c. inventoried
d)
d. inelastic
146.
Which of the following is a question that arises during the marketing exchange?
a)
a. What is it that customers want?
b)
b. Should the product be made in house or outsourced?
c)
c. When should we sell our stock?
d)
d. Should we acquire our competitor?
147.
Marketers have long realized the benefits of morphing ______ purchase-transaction exchanges into long-term relationship marketing.
a)
short-term
b)
high quality
c)
customer
d)
product
148.
Which of the following is an example of "experience marketing"?
a)
Starbucks
b)
Cirque du Soleil
c)
clothing
d)
financial services
149.
On a continuum from "mass marketing" to "one-to-one marketing," market segmentation is in the middle.
a)
true
b)
false
150.
A market segment is a:
a)
complete customer population at a marketplace.
b)
group of industrial customers with variable wants and needs
c)
customer group who share similar inclinations toward a brand.
d)
homogenous customer group broken down into groups that are heterogeneous.
151.
Mass marketing occurs when:
a)
a group of services are bundled together.
b)
all customers are treated in the same manner
c)
a product is marketed as a large entity.
d)
customers are segregated based on their earning potential.
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