MARKETING FUNDAMENTALS

Question 1

Which actions represent the facilitating functions of marketing?

Answer 1

Buying and selling &

Standardizing and grading

Question 2

An outdoor clothing company is revising its marketing plan and wants to emphasize sales promotion strategies.

Which goal of this marketing plan is considered strategic?

Answer 2

Enhance dealer effectiveness

Question 3

An automotive company uses the same car chassis in manufacturing both regular and high luxury brands.

Which potential strength occurs with this platform manufacturing design?

Answer 3

Lower development costs

Question 4

An auto manufacturing company is preparing for the launch of a new car model that will target middle-income buyers with families. The company is concerned about economic factors since consumer interest rates have begun to increase.

Which marketing action should the company take to address this situation?

Answer 4

The company should offer 0% financing.

Question 5

A car rental company has a website allowing customers to make advance reservations, verify car availability, and check pricing.

How does the website help the rental company influence consumers?

Answer 5

By using right-time marketing

Question 6

Which interpersonal role do children have in a family’s consumer behavior?

Answer 6

They can make the decisions more collaborative.

Question 7

Which interpersonal factor will greatly influence a family’s decision to buy a new car?

Answer 7

Social status

Question 8

After conducting research, what will the consumer do next as part of the consumer decision process?

Answer 8

Evaluate the alternatives

Question 9

A financial services firm wants to develop marketing materials targeted toward new college graduates.

Which segmentation approach will meet the firm’s needs?

Answer 9

Concentrated marketing

Question 10

During which phase of the product life cycle does a company try to get new consumers to adopt its new products?

Answer 10

Introduction

Question 11

Which type of product do consumers purchase after comparing them to competing products?

Answer 11

Shopping

Question 12

How does the offering of coupons impact a company’s strategic marketing plan?

Answer 12

It promotes its products to consumers

Question 13

Which marketing channel is used for products with large unit sales where transportation only accounts for a small percentage of the total cost?

Answer 13

Producer to wholesaler to retailer to consumer

Question 14

In which type of vertical marketing system does a single owner run an organization at each stage of the marketing channel?

Answer 14

Administered

Question 15

How does marketing communications differ from integrated marketing communications?

Answer 15

Marketing communications communicates messages directly to external consumers.

Question 16

Which advertising objective is effective during both the growth stage and early part of the maturity stage of the product life cycle?

Answer 16

Persuade

Question 17

A local chocolate company manager wants to attract new customers and decides to use social media instead of broadcast media.

Which factor is this manager emphasizing?

Answer 17

Nature of the market

Question 18

A computer company sells flat-screen computers of equal quality to Company A on January 1 and to Company B on January 2. The computer company charges both companies $1,000 per computer.

Which legal act applies to this situation?

Answer 18

Robinson-Patman Act

Question 19

Which market structure does a store compete in if it sells well-differentiated products at brick-and-mortar stores?

Answer 19

Monopolistic competition