Question 1 (5 points)
Question 1
Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation?
a) Nonexistent demand
b) Latent demand
c) Full demand
d) Overfull demand
Question 2
The __________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.
a) economic
b) management
c) strategic
d) task
Question 3
The __________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).
a) operations processes
b) manufacturing processes
c) primary activities
d) secondary activities
Question 4
The success of online purchasing resulted in __________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.
a) disintermediation
b) diversification
c) reduced competition
d) deregulation
Question 5
When companies measure the number of people who are willing and able to buy their products, they are measuring:
a) demand.
b) price elasticity.
c) real needs.
d) standard of living.
Question 6
Juan Garcia plans the daily promotional releases about his company's products and services. He can be described as a __________ planner.
a) strategic
b) selective
c) tactical
d) niche
Question 7
As economies advance, a growing proportion of their activities focuses on the production of:
a) products.
b) events.
c) experiences.
d) services.
Question 8
The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the:
a) competition.
b) integrated market.
c) supply chain.
d) marketspace.
Question 9
The value of an offering is described as the:
a) price consumers are charged for a product.
b) cost of manufacturing a product.
c) degree to which consumer demand for a product is positive.
d) sum of the tangible and intangible benefits and costs to customers.
Question 10
Which of the following holds that consumers prefer products that are widely available and inexpensive?
a) The product concept
b) The production concept
c) The selling concept
d) The marketing concept
Question 11
The __________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.
a) organizational plan
b) strategic marketing plan
c) corporate tactical plan
d) corporate mission
Question 12
If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a _____ channel.
a) service
b) distribution
c) communication
d) relationship
Question 13
Michael Porter's value chain would identify which of the following as a support activity?
a) Shipping out final products
b) Marketing products
c) Procurement
d) Servicing products
Question 14
The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions?
a) Value claims-how does the company deal with value clutter?
b) Value proposition-how can value propositions be made profitable?
c) Value erosion-are there weak links in the company's value chain?
d) Value exploration-how can a company identify new value opportunities?
Question 15
A(n) __________ strategy is when a company might seek new businesses that have no relationship to its current technology, products, or markets.
a) concentric
b) conglomerate
c) horizontal
d) intensive growth
Question 16
Which of the following is one of the five major characteristics of good mission statements?
a) They focus on a large number of goals.
b) They expand the range of individual employee discretion.
c) They define the major competitive spheres within which the company will operate.
d) They take a short-term view.
Question 17
James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the _____ process.
a) market-sensing
b) new-offering realization
c) customer acquisition
d) customer relationship management
Question 18
The __________ is the channel stretching from raw materials to components to final products that are carried to final buyers.
a) communication channel
b) distribution channel
c) supply chain
d) service chain
Question 19
__________ allows the company to discover who its target markets are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities.
a) Total quality management
b) Supply chain management
c) Marketing management
d) Customer relationship management
Question 20
The last step in the value creation and delivery sequence is __________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.
a) developing
b) positioning
c) communicating
d) reversing
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