Marketing Management question bank

Question

GENERAL CONCEPT QUESTIONS

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Multiple Choice

1. Marketing planning begins with the formulation of an offering to ________ target customers’ needs or wants.

a. undermine

b. meet

c. capture

d. compete with

e. comprehend

2. The customer will judge the offering by three basis elements: ________, services mix and quality, and price.

a. performance

b. salespeople

c. price

d. product features and quality

e. none of the above

3. The five product levels constitute a ________. At each level more customer value is added.

a. customer-augmented product

b. customer consumption system

c. customer value-hierarchy

d. customer-perceived value

e. customer hierarchy

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4. When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product.

a. consumption system

b. expected

c. potential

d. augmented

e. basic

5. The way the user performs the tasks of getting and using products and related services is the user’s total ________.

a. consumption system

b. consumable system

c. consistent use system

d. augmented system

e. none of the above

6. Marketers have traditionally classified products on the basis of three characteristics: ________, tangibility, and use.

a. customer value hierarchy

b. expected

c. augmented

d. durability

e. none of the above

7. ________ are tangible goods that normally survive many uses.

a. Nondurable goods

b. Durable goods

c. Services

d. Consumption systems

e. Potential products

8. Because ________ are purchased frequently, marketers should make them available in many locations, charge only a small markup, and advertise heavily to induce trial and build preference.

a. nondurable goods

b. durable goods

c. services

d. consumption systems

e. potentil products

9. The consumer usually purchases ________ frequently, immediately, and with a minimum of effort.

a. specialty goods

b. shopping goods

c. “must haves” goods

d. personal goods

e. convenience goods

10. It was sunny when Jenny went to class, but by the time class was over it was raining heavily, so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm. In this case, the umbrella is an example of a(n) ________.

a. impulse good

b. staple

c. homogeneous shopping good

d. emergency good

e. heterogeneous shopping good

11. ________ are similar in quality but different enough in price to justify shopping comparisons.

a. Emergency goods

b. Homogeneous shopping goods

c. Heterogeneous shopping goods

d. Specialty goods

e. Impulse goods

12. Products such as insurance, cemetery plots, and smoke detectors are examples of ________ that are products that the consumer does not know about or does not normally think of buying.

a. specialty goods

b. unsought goods

c. heterogeneous shopping goods

d. homogeneous shopping goods

e. none of the above

13. Industrial goods can be classified as ________, capital items, or suppliers and business services based on their costliness and how they enter the production process.

a. service components

b. subassemblies

c. pieces and parts

d. specialty goods

e. materials and parts

14. ________ are the major factors influencing the selection of suppliers for natural products.

a. Price and delivery reliability

b. Product features and customization

c. Price and customization

d. Delivery reliability and product features

e. Customization and delivery reliability

15. Capital items are long-lasting goods that facilitate developing or managing the finished product. They include two groups: installations and ________.

a. natural products

b. component materials

c. operating supplies

d. equipment

e. none of the above

16. Supplies and business services are short-term goods and services that facilitate ________ or managing the finished product.

a. inspecting

b. developing

c. building

d. creating

e. none of the above

17. Many products can be differentiated in terms of their ________,—size, shape, or physical structure.

a. form

b. performance quality

c. conformance quality

d. reliability

e. design

18. Most products can be offered with varying ________ that supplement its basic function.

a. reliability

b. conformance qualities

c. features

d. forms

e. none of the above

19. ________ is the ability of a company to prepare on a mass basis individually designed products, services, programs, and communications.

a. Mass customization

b. Feature fatigue

c. Performance quality

d. Conformance

e. Repairability quality

20. ________ is the level at which the product’s primary characteristics operate.

a. Design

b. Conformance quality

c. Reparability

d. Performance quality

e. Durability

21. Buyers expect products to have a high ________, which is the degree to which all the produced units are identical and meet the promised specifications.

a. durability

b. reliability

c. conformance quality

d. form

e. performance quality

________ describes the product’s look and feel to the buyer; it has an advantage of creating distinctiveness that is difficult to copy.

f. Design

g. Style

h. Durability

i. Conformance

j. None of the above

22. Ideal ________ would exist if users could fix the product themselves with little cost in money or time.

a. durability

b. reliability

c. style

d. design

e. repairability

23. In increasingly fast-paced markets, price and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks, feels, and functions in terms of customer requirements.

a. Services

b. Performance

c. Reliability

d. Style

e. Design

24. When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair.

a. customer limiting

b. customer orders

c. niche marketing

d. customer training

e. customer marketing

25. Delivery refers to how well the product or service is brought to the customer. It includes speed, ________, and care throughout the delivery process.

a. length of time for delivery

b. type of delivery services

c. attributes

d. completeness

e. accuracy

26. ________ refers to training the customer’s employees to use the vendor’s equipment properly and efficiently.

a. Customer training

b. Internal marketing

c. Client marketing

d. Customer relationships

e. Technical training

27. ________ refers to data, information systems, and advice services that the seller offers to their buyers.

a. Sales force relationships

b. Customer relationships

c. Internal marketing

d. Customer training

e. Customer consulting

28. Differentiating on ________ is important for companies with complex products and becomes an especially good selling point when targeting technology novices.

a. delivery

b. ordering ease

c. ease of installation

d. customer consulting

e. repairability

________ describes the service program for helping customers keep purchased products in good working order.

f. Returns

g. Ordering ease

h. Installation

i. Maintenance and repair

j. Delivery

29. Improved handling or storage, better packaging, and improved transportation and forward logistics are methods for reducing ________.

a. installation

b. uncontrollable returns

c. controllable returns

d. product families

e. customer consulting

Answer: c

30. A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________.

a. product type

b. product class

c. need family

d. product variant

e. product line

31. A(n) ________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.

a. stockkeeping unit

b. UPC (uniform product code)

c. stock unit

d. product type

e. none of the above

32. A ________ is the set of all products and items a particular seller offers for sale.

a. product line

b. product mix

c. family of products

d. product system

e. product class

33. The ________ of the product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.

a. consistency

b. depth

c. width

d. length

e. composition

34. The ________ of the product mix refers to the total number of items in the mix.

a. width

b. length

c. depth

d. consistency

e. height

35. In offering a product line, companies normally develop a ________ and modules that can be added to meet different customer requirements.

a. convenience item

b. “best selling” item

c. staple item

d. product

e. basic platform

36. The ________ of a product mix refers to how many variants are offered of each product in the line.

a. width

b. length

c. depth

d. consistency

e. height

37. A company can classify its products into four types that yield different gross margins, depending upon sales volume and promotional costs. The four classifications include all EXCEPT________.

a. core product

b. shopping goods

c. staples

d. specialties

e. convenience items

The main point in segmenting products into different classes is that companies should recognize that these items ________ in the potential for being priced higher or advertised more as ways to increase sales, margins, or both.

f. differ

g. are more elastic

h. are less elastic

i. respond to advertising differently

j. none of the above

38. A benefit of product mapping is that it identifies ________.

a. market matrices

b. target markets

c. market segments

d. consumers

e. none of the above

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39. Product-line analysis provides information for two key decision areas—product-line length and ________.

a. product-length new items

b. product-mix pricing

c. product pricing

d. popular pricing

e. none of the above

40. ________ occurs when a company lengthens its product line beyond its current range.

a. Market reach

b. Product reach

c. Product adaptations

d. Line shrinking

e. Line stretching

When a company positioned in the “middle” market introduces a lower-priced product line, this is an example of ________.

f. product-line length

g. up-market stretch

h. down-market stretch

i. maintenance

j. none of the above

41. Moving ________ carries risks. The new brand can cannibalize core brand sales and lower the core brand’s quality image.

a. up-market

b. two ways

c. one way

d. down-market

e. none of the above

42. Companies may wish to implement a(n) ________ to achieve more growth, to realize higher margins, or simply to position themselves as full-line manufacturers.

a. up-market stretch

b. down-market stretch

c. service-market stretch

d. consulting-model stretch

e. obsolescence strategy

43. A product line can also be lengthened by adding more items within the present range. There are several motives for line filling: ________, trying to satisfy dealers who complain about lost sales because of missing items in the line, trying to utilize excess capacity, and others.

a. responding to senior management wishes

b. responding to consumer wishes

c. reaching for incremental profits

d. reaching for incremental capacity

e. responding to sales-force demands

44. If line filling is overdone, it could result in ________ and customer confusion.

a. sales paralysis

b. manufacturing inefficiencies

c. self-cannibalization

d. self-sacrifice

e. none of the above

45. Price-setting logic must be modified when the product is part of a product mix. In that case, the firm searches for a set of prices that ________ profits on the total mix.

a. are ineffective on total

b. have no effect on total

c. maximize

d. minimize

e. capitalize upon

46. Companies normally develop product lines rather than single products and require sellers to establish ________ quality differences between price steps within the line.

a. imaginary

b. actual

c. perceived

d. monetary

e. none of the above

47. Some service firms often engage in ________, consisting of a fixed fee plus a variable usage fee.

a. pure bundling

b. pure pricing

c. mixed pricing

d. captive pricing

e. two-part pricing

48. In ________, the seller offers goods both individually and in bundles and often charges less for the “bundle” than for the individual products.

a. pirating pricing

b. captive pricing

c. two-part pricing

d. pure bundling

e. mixed bundling

49. The main advantage of co-branding is that a product may be convincingly positioned by virtue of the ________ involved.

a. branding synergy

b. increased advertising dollars

c. multiple brands

d. bundled package

e. none of the above

50. The potential disadvantages of ________ are the risks and lack of control from becoming aligned with another brand in the consumers mind. Consumer expectations about the level of involvement and commitment are likely to be high, so unsatisfactory performance could be very negative for the brands involved.

a. co-branding

b. primary service features

c. values

d. perceptions

e. pricing

51. ________ is a special case of co-branding involving creating brand equity for materials, components, or parts that are necessarily contained within other branded products.

a. Component branding

b. Ingredient branding

c. Advertising branding

d. Sales branding

e. None of the above

52. We define packaging as all the activities of designing and producing the container for a product. This includes up to three levels of material: primary package, secondary package, and ________.

a. retailer package

b. design package

c. shipping package

d. consumer package

e. none of the above

53. Various factors have contributed to the growing use of packaging as a marketing tool and include all of the following EXCEPT________.

a. self-service

b. consumer affluence

c. consumer influence

d. company and brand images

e. innovation opportunities

54. ________ are formal statements of expected product performance by the manufacturer.

a. Insurance

b. Warranties

c. Guarantees

d. Reputation

e. Marketing statements

55. Many sellers offer either general or specific guarantees. Guarantees reduce the buyer’s ________ risk.

a. actual

b. perceived

c. real

d. implied

e. stated

Guarantees are most effective in two situations. The first is when the company or products are not well known and the second is when the product’s quality is ________ to competition.

f. not known

g. different

h. inferior

i. equivalent

j. superior

True/False

56. Product is the key element in the market offering.

57. A productis anything that can be offered to a market to satisfy a want or need.

58. In planning its market offering, the marketer needs to address five product levels, each of which reduces customer value.

59. The customer-value hierarchy consists of the basic product, core benefit, expected product, augmented product, and the consumption system.

60. Marketers have traditionally classified products on the basis of characteristics such as durability, tangibility, and use.

61. Durable products normally require more personal selling and service and more seller guarantees than nondurable goods.

62. Because they are intangible, durable goods normally require more quality control, supplier credibility, and adaptability than either services or nondurable goods.

63. Carlos always buys bread and milk when he goes grocery shopping. In this case, bread and milk are examples o f impulse goods.

64. A Maserati sports car is considered a specialty good because interested buyers will travel far to buy one.

65. The homogeneity of natural materials limits the amount of demand-creation activity that producers undertake.

66. Capital items are long-lasting goods that facilitate developing or managing the finished products.

67. Suppliescan be classified as two kinds: maintenance and repair items and operating supplies.

68. To be branded, physical products must be differentiated.

69. To avoid “feature fatigue,” companies must be careful to prioritize those features that are included and find unobtrusive ways to provide information about how consumers can use and benefit from the feature.

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70. Firms should design the highest performance level possible for their products.

71. As a selling point, durability commands a particularly high pricing premium, especially for products that are subject to rapid technological obsolescence, as are personal computers and video cameras.

72. Design can shift consumer perceptions to make brand experiences more rewarding.

73. If the physical product cannot be easily differentiated, the key to competitive advantage lies in the pricing of the related “services” provided by the manufacturer.

74. Customer training and customer consulting are two areas for service differentiation that manufacturers can use with their products.

75. The cost of processing a return can be significantly greater than that of an outbound shipment.

76. The product hierarchystretches from basic needs to particular items that satisfy those needs.

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