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Marketing Q1 MC

Question	Answer
When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing______.	Strategic planning.
A company’s mission statement serves as a statement of______.	Purpose.
The collections of businesses and products that make up a company are called its______.	Business Portfolio.
The best-known product portfolio planning method was developed by_____.	Boston Consulting Group.
The four possible strategies that can be pursued for each SBU are building, holding, ______, and ______.	Harvesting; divesting.
While a valuable planning tool, the BCG matrix is problematic in that it focuses on_____.	The present instead of the future.
Each department in a company that carries out value-creating activities can be thought of as a link in the company’s_______.	Value chain.
Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?	Market segmentation then market targeting.
The process of customer-driven marketing involves which of the following?	Market segmentation; marketing targeting; differentiation; positioning.
Effective positioning begins with______the company’s marketing offer in order to give consumers more perceived value.	Differentiating.
Today the four Ps are compared to the four Cs. Product and place are called_______and_____respectively.	Customer solution; convenience.
An increasingly large number of firms are changing their organizational focus from_____to______.	Brand management; customer management.
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called_______.	Marketing Control.
Which of the following measures the profits generated by investments in marketing activities?	Marketing ROI.
Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of______.	Market penetration.
Wal-Mart, the world’s largest retailer, has successfully launched stores in Mexico, Canada, the U.K., Germany, and other nations. This is an example of how Wal-Mart is pursuing_____as a growth strategy.	Geographic market development.
Wal-Mart relies on sound relationships with its low-cost suppliers in order to pass low prices on to consumers. Thus, forming a______is crucial to Wal-Mart’s success.	Value delivery network.
Harris has conducted a marketing analysis. He has investigated the company’s internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?	A SWOT analysis.
Emerson Studios, a chain of 25 portrait stores in five states, has organized its marketing organization into groups headed by a sales manager, an advertising manager, and a customer-service manager. Which type of organization is this?	Functional.
The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. In order to increase market share, managers would be most likely to decide which of the following?	Use money from a cash cow to promote the pharmaceuticals division.
Consumer perceptions of the product’s value set the_____for prices.	Ceiling.
Product costs set an_____to a product’s price.	Floor.
Value-based pricing is the reverse process of______.	Cost-based pricing.
When there is price competition, many companies adopt_____rather than cutting prices to match competitors.	Value-added strategies.
______are the sum of the______and______for any given level of production.	Total costs; fixed; variable costs.
The learning curve is also referred to as the______.	Experience curve.
With a higher volume of product, most companies can expect to____.	Gain economies of scale.
The simplest pricing method is_____.	Markup pricing.
Many people feel that_____pricing is fairer to both buyers and sellers. Sellers earn a fair return on their investment but do not take advantage of buyers when demand becomes great.	Mark-up.
Target return prices uses the concept of a_____, which shows the total cost and total revenue expected at different sales volume levels.	Break-even chart.
Industries in which pricing is a key factor,________often set the best prices or help others in setting them.	Pricing departments.
Under______,the market consists of many buyers and sellers who trade over a range of prices rather than a single market price.	Monopolistic competition.
_______determines how responsive demand will be to a change in price.	Price elasticity.
Dips in the economy and the instant price comparisons made possible by the Internet have both contributed to______.	Increased price sensitivity.
Trader Joe’s offers an assortment of exclusive gourmet products at impossibly low prices. These prices are not limited-time offers or special discounts. Instead, they reflect Trader Joe’s______.	Everyday low pricing.
General Motors prices its automobiles to achieve a 15 to 20 percent profit on its investment. This approach is called_______.	Target-return pricing.
A company faces fixed costs of $100,000 and variable costs of $8.00/unit. It plans to directly sell its product to the market for $12.00. How many units must it produce and sell to break even?	25,000.
There are a dozen stores specializing in selling the same quality of seafood products on one street.	Pure competition.
Jimmy’s Hardware, an independent local retailer, is losing business to Wal-Mart. This is most likely because he cannot match Wal-Mart’s pricing strategy of_____.	EDLP.
Consumers who have less time and patience for watching the supermarket specials and clipping coupons would most likely prefer______.	EDLP.
Which of the following is a reason that a marketer would choose a penetration pricing strategy?	To appeal to different customer segments with different levels of price sensitivity.
Mach 3 razor blades must be used in the Mach 3 razor. Which type of pricing is being used?	Captive product pricing.
HiPoint Telephone Company uses two-part pricing for its long-distance call charges. Because this is a service, the price is broken into a fixed fee plus a ______.	Variable usage rate.
Using product bundle pricing, sellers combine several products and offer the bundle______.	At a reduced price.
When General Motors provides payments or price reductions to its new car dealers as rewards for participating in advertising and sales support programs, it is granting a ______.	Promotional discount.
By definition,______is used when a firm sells a product or service at two or more prices, even though the difference in price is not based on differences in cost.	Segmented pricing.
When a firm varies its price by season, month, day, or even hour, it is using_______pricing.	Time-based.
Which of the following refers to the prices that a buyer carries in his or her mind and refers to when looking at a given product?	Reference prices.
What type of pricing is being used when a company temporarily prices its products below the list price or even below the cost to create buyer excitement and urgency?	Promotional pricing.
The Internet offers_______,where the price can be easily adjusted to meet changes in demand.	Dynamic pricing.
Which of the following is a major factor that influences price increase?	Cost inflation.
Mark’s Markers, a manufacturer of color markers, has required its dealers to charge a specified retail price for its marketers. Mark’s is most likely guilty of______.	Retail price maintenance.
Failure to enter the current price into a retailer’s system may result in charges of_____.	Scanner fraud.
Valeo Fashions has just introduced a new line of fashion dresses for teens. It will initially enter the market at high prices in a____pricing strategy.	Market-skimming.
When Pepsi came out with Pepsi Blue and prices it at half price to attract buyers, Pepsi was using______.	Market-penetration pricing
Big Mike’s Health Food Store sells nutritional energy-producing foods. The price of the products sold varies according to individual customer accounts and situations.	Dynamic pricing.
In response to price cuts from competitors, a cereal company with several more expensive and higher quality cereals introduced a lower-priced option to its product line. This is an example of which of the following responses to a competitor’s price cut?	Launching a “fighter brand.”
When entering a new market, Savings for You often cuts prices so deeply that it sells below costs, effectively pushing smaller companies with less purchasing power out of the market. Savings for You is most at risk of being accused of____.	Predatory pricing.
A manufacturer offers 3/10, net terms 30 to a wholesaler for a recent purchase. The wholesaler may deduct______percent if the bill is paid within_____days.	3;10.

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