Business Management Quiz

1) A(n) ________ is the person who offers informal advice or information about a specific product or product category, such as which of several brands is best or how a particular product may be used. A) social factor B) opinion leader C) family of procreation D) reference group E) anchoring heuristic 2) Product choice is greatly affected by economic circumstances. All of the following would be among those circumstances EXCEPT ________. A) borrowing power B) debts C) occupation D) savings and assets E) spendable income 3) Frederick Herzberg developed a ________ that distinguishes dissatisfiers and satisfiers. A) leadership model B) psychological constraint theory C) probability scale D) trait-role theory E) two-factor theory 4) The brand personality of a new product is characterized as having the trait of ________ if promotional messages consistently portray the product as being reliable, intelligent, and successful. A) excitement B) sincerity C) ruggedness D) competence E) sophistication 5) ________ can work to the advantage of marketers with strong brands when consumers make neutral or ambiguous brand information more positive. A) Selective embellishment B) Selective choice C) Selective retention D) Selective attention E) Selective distortion 6) When marketers interview a small number of recent purchasers, asking them to recall the events leading to their purchase, the marketers are using the ________ method to learn more about the consumer buying process. A) retrospective B) descriptive C) prescriptive D) introspective E) prospective 7) In a ________ purchasing situation, the buyer wants to make some change to existing product specifications, prices, delivery requirements, or other terms. A) straight rebuy B) new rebuy C) regular buy D) new task E) modified rebuy 8) In order to successfully develop customer reference stories, firms should ________. A) avoid referencing the barriers to satisfying customer needs B) focus on qualitative results C) state the customer's needs in compelling terms D) describe the company's solution in terms of products and services E) use very few direct customer quotes 9) ________ is composed of all parties who participate in the purchasing decision making process and share common goals and risks associated with their decisions. A) The logistics center B) Strategic management C) Engineering support D) The marketing sales team E) The buying center 10) Moving into e-procurement has many benefits. Which of the following would not be among those benefits? A) Purchasing gains a significant leverage with top management because of its management team. B) Aggregating purchasing gains centrally negotiated volume discounts. C) There is less buying of substandard goods from suppliers not on the approved list. D) A smaller purchasing staff is required. E) Aggregating purchasing across departments gains larger volume discounts. 11) Which of the following relationships is characterized as being one that has much trust and commitment leading to a true partnership? A) Cooperative systems B) Customer supply C) Basic buying and selling D) Mutually adaptive E) Collaborative 12) If a market is segmented according to light, medium, and heavy product users, the marketer segmenting this market is using the ________ as the means to segment. A) occasion B) buyer-readiness stage C) usage rate D) benefit E) user status 13) ________ is the science of using psychology and demographics to better understand consumers. A) Demographics B) Psychographics C) Segmentation D) Social psychology E) Clustering 14) If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important? A) Personal characteristics B) Operating variables C) Purchasing approaches D) Demographic variables E) Situational factors 15) If an organization's marketing department wished to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, this action would most likely occur in the ________ step of the segmentation process. A) marketing-mix strategy B) segment identification C) segment "acid test" D) needs-based segmentation E) segment profitability 16) Which of the following best represents the chief advantage of pursuing a selective specialization multi-segment strategy? A) It is a low-cost strategy. B) It diversifies the firm's risk. C) It makes the company almost bulletproof to competitors' actions. D) It creates synergy between markets. E) It treats all buyers the same and, therefore, lowers promotion costs. 17) ________ can be defined as the differential effect that brand knowledge has on consumer response to the marketing of that brand. A) Product-driven brand equity B) Service-driven brand equity C) Mission-driven brand equity D) Customer-based brand equity E) Function-based brand equity 18) A brand manager is concerned that his organization's brand image and physical sales are slipping in the marketplace. The manager has decided to query consumers about the health of the brand and try to discover ways to leverage the brand's equity. Which of the following terms will most likely provide the structure and process for the manager's investigation? A) A secondary search of good brand characteristics B) An organizational audit C) A brand demographic matrix analysis D) A brand-positioning study E) A brand audit 19) The face of Betty Crocker has been updated several times in the past 75 years without losing any of its brand recognition. This brand element is ________. A) likeable B) adaptable C) protectable D) transferable E) memorable 20) If the Olive Garden sends employees to special classes to teach them the value of the brand and how pasta is much more than just pasta, Olive Garden is using ________ to accomplish this task. A) macro branding B) internal branding C) loyalty marketing D) cohort marketing E) interruption marketing 21) The preferred approach to positioning is to inform consumers of a brand's membership before stating its ________. A) point of weakness B) point of reference C) point-of-parity D) point-of-difference E) point of conflict 22) Managers try to stimulate sales by modifying the product's characteristics. Which of these modifications has as its aim to increase the product's functional performance? A) Feature improvement B) Style improvement C) Packaging improvement D) Quality improvement E) Fashion improvement 23) As a marketing manager, which of the following would be the best purpose for your organization's competitive points-of-parity? A) To rationalize competitive points-of-difference B) To negate competitive points-of-difference C) To point out competitive points-of-difference D) To globalize competitive points-of-difference E) To emphasize competitive points-of-difference 24) A(n) ________ is a group of firms that offer a product or class of products that are close substitutes for one another. A) industry B) cooperative C) monopoly D) cartel E) demand field 25) Using the market approach, ________ are companies that satisfy the same customer need. A) entrepreneurs B) partners C) competitors D) followers E) innovators