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14 - In preparing a marketing plan, Christie

By Gloria Austin,2014-05-16 23:21
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In preparing a marketing plan, Christie should ensure that all of these components are included except which one? A), Executive Summary. B), SWOT analysis

Test # 3 practiced test

    14. Would personal income, disposable income, or discretionary income be of the greatest

    interest to marketers? Explain your answer.

    Ans:

     Format: Essay

    LO: 10

    Page: 430

Use the following to answer questions 15-19:

    Caroline‟s Crafts „N Things Sarah works for a retail shop called Caroline‟s Crafts „N Things. Sarah was often quite

    rude to customers when they annoyed her. One morning, her supervisor asked Sarah into

    her office and informed her that her behavior was unacceptable. To be rude to one

    customer could cause several customers not to come back. Sarah‟s supervisor told her

    that retaining a customer is much cheaper than trying to get a new one. After their

    constructive discussion, Sarah‟s boss told her that she wanted her to go out on the floor

    that day and attempt to be more helpful to customers.

Over the next few months, Sarah began to help customers learn more about the different

    products in the store and often explained why the customer might want to purchase one

    product over another. In doing so, she realized the importance of her role in the retail

    shop and began to truly enjoy her job. She started to think about the future of the

    company. She even thought that the company could do very well if it were to sell its

    products on eBay. When she brought this idea to her boss, her boss thought it was

    excellent, and asked Sarah to look further into the pros and cons of her idea.

After evaluating Sarah's research, her boss decided to move forward with the idea, asking

    Sarah to head up this new venture for the company. Sarah then realized that retail is not

    just about making the sale; the customer should be the focus of all operations. Sarah now

    looks up to her boss, and is very glad that she was there to mentor her.

    15. When Sarah was brought into her boss‟s office, what was her manager trying to

    explain?

    A) Customer motivation

    B) Customer lifetime value

    C) Disposable income

    D) Marketing information system

    E) Possession utility

    16. Caroline‟s had purchased its Thanksgiving products in June. However, in October, when the store finally displays the Thanksgiving products, which form of utility is being

    provided?

    A) Possession

    B) Place

    C) Market

    D) Time

    E) Form

    17. Sarah should understand that all of these are different types of utilities except which

    one?

    A) Form

    B) Time

    C) Possession

    D) Place

    E) Market

    18. Doing business on eBay allows an entrepreneur to

    A) develop a business-to-business selling model.

    B) develop form utility.

    C) create place utility.

    D) find out what works, fast. E) explore producer markets.

    19. Which of these would be problematic for Sarah in her effort to set up an eBay venture?

    A) Lots of competition

    B) Working from home

    C) Production orientation

    D) Sales orientation

    E) Product utility

Use the following to answer questions 20-24:

Your Best, Inc.

    Christie worked for a retail company and noticed there were many things it could do

    better. She shared some of her ideas with upper management, but it did not want to do

    things differently. When Christie went home to talk to her husband, they both realized

    that, given her passion, it would be better for Christie to open her own business. After a

    lot of consideration, she decided to open a sporting goods store called Your Best, Inc.

    She also knew just where to open the storeright next to her house.

To be certain to address all aspects of the business, Christie hired a marketing research

    firm to determine the best location. Once all the research was compiled and analyzed, she

    realized that it would actually be better to open the store in a different area. She also

    realized that deciding where to locate the business was not the only major concern. More

    specifically, she would have to focus on the four Ps of marketing as well, creating a

    whole marketing plan. Her husband mentioned the possibility of using online information

    services to help with the business. With her husband‟s support and a good marketing plan,

    Christie felt that she would be prepared to make the right decisions.

    20. Marketing research involves

    A) satisfying customers.

    B) determining a target market.

    C) creating a product mix.

    D) interpreting information.

    E) product promotion.

     Page: 426

    Type: A

    21. Christie thought about focusing on the four Ps of marketing. Which of these is one of

    those four Ps?

    A) Production

    B) Price

    C) Power

    D) Possession

    E) Personal income

22. In preparing a marketing plan, Christie should ensure that all of these components are

    included except which one? A) Executive Summary B) SWOT analysis

    C) Production schedule D) Environmental analysis E) Evaluation and control

     Page: 424

    Type: A

23. If Christie were to use information services available online, they would offer her access

    to which of these?

    A) Databases

    B) Financial assistance C) Physical location D) Production materials E) Disposable income

     Page: 427

    Type: A

24. When Christie‟s business gets going, her income less all additional expenses would be

    called her

    A) business buying behavior. B) disposable income. C) IRS imposed income. D) discretionary income. E) total loss.

     Page: 430

    Type: A

25. The organizational function and set of processes for creating, communicating, and

    delivering value to customers and for managing customer relationships in ways that

    benefit the organization and its stakeholders is

    A) production.

    B) the chain of command. C) marketing.

    D) distribution.

    E) dispersion.

    26. Wal-Mart has its own trucks that ship merchandise to its warehouses from the supplier

    for backstock purposes. Wal-Mart is carrying out which of the following functions?

    A) Contracting with suppliers

    B) Standardizing and grading its facilities C) Buying and selling

    D) Risking obsolescence of its products E) Transporting and storing

    27. Car dealers are financed by automobile manufacturers, and Wal-Mart receives financing

    from its wholesalers and manufacturers. What marketing functions do such activities

    perform?

    A) Physical distribution

    B) Standardization

    C) Marketing information

    D) Financing

    E) Storage

     Page: 414

    Type: A

    28. Mattel, Inc., selects suppliers and obtains raw materials to make toys. The company is

    engaged in which function of marketing? A) Selling

    B) Buying

    C) Storing

    D) Financing

    E) Risk taking

    58. Teenagers spend billions of dollars on stereo equipment and compact discs. They have

    the ability, willingness, and authority to purchase such products because of their

    perceived need. These teenagers are an example of a(n) __________ market.

    A) consumer

    B) business-to-business

    C) producer

    D) governmental

    E) institutional

59. Markets are classified as either

    A) producer or consumer. B) institutional or reseller. C) governmental or institutional. D) reseller or consumer. E) consumer or business-to-business.

     Page: 419

    Type: KN

60. Business-to-business markets include all of the following except __________ markets.

    A) producer

    B) governmental

    C) institutional

    D) financial

    E) reseller

     Page: 419

    Type: KN

61. If Carolyn Smith purchases office supplies for her home office from which she operates

her insurance business, she is a member of which type of market?

    A) Consumer

    B) Business-to-business C) Reseller

    D) Institutional

    E) Producer

Page: 419

    Type: A

62. All of the following are types of business-to-business markets except __________

    markets.

    A) institutional

    B) producer

    C) governmental

    D) consumer

    E) reseller

     Page: 419

    Type: KN

63. Southside Distributors in Los Angeles distributes beverages for a major corporation in

    Kansas City. It is specifically a part of a(n) __________ market.

    A) producer

    B) governmental

    C) institutional

    D) consumer

    E) organizational

     Page: 419

    Type: A

85. The Terminator Home Security Company markets its infrared alarm system to urban

    residents who are more likely to experience a theft than their rural counterparts. This is

    an example of __________ segmentation. A) demographic

    B) brand-related

    C) psychographic

    D) geographic

    E) product-related

86. The product Centrum Silver is positioned as a vitamin supplement for older adults. The

    makers of Centrum Silver have segmented the vitamin market on a __________ basis.

    A) product-related

    B) demographic

    C) psychographic

    D) brand-related

    E) geographic

     Page: 421

    Type: A

    1. Would a new car equipped with a bumper jack, jack handle, spare tire, and warranty be

    the same product as the same car without these features? Explain.

    Ans:

     Format: Essay

    LO: 1

    Page: 442

Use the following to answer questions 18-22:

Your Way, Inc.

    Eric buys companies that are small or companies in financial trouble. He helps these

    companies turn around and develop a competitive advantage. The company that he

    recently purchased is called Your Way, Inc. The company sells men‟s clothing and

    accessories. Your Way keeps the sewing machines for clothes manufacturing at a

    separate production facility so that the store location space can be reserved for display

    and selling.

After looking over the different products available, Eric realized that the company‟s

    previous owner was not aware of product life cycle because the company kept items that

    were obviously too old and out of date. Also, because of the high turnover, employees did

    not have good knowledge of the different product lines and did not know the difference

    between a product line and a product mix. To move the company forward, Eric thought

    of the following two measures: first, developing a new product to incorporate into the

    product mix; and second, eliminating the out-of-date products.

    18. What type of products is sold at Your Way?

    A) Shopping products

    B) Business products

    C) Specialty products

    D) Convenience products

    E) Unique products

    19. All the sewing machines are considered __________ for Your Way.

    A) raw materials

    B) accessory equipment

    C) component parts

    D) process material

    E) major equipment

    20. If Eric wanted to teach his employees about the stages of a product‟s life cycle, he

    should talk about all of these except which one?

    A) Expansion

    B) Decline

    C) Introduction

    D) Growth

    E) Maturity

    21. Which of these descriptions should Eric use to best explain the difference between the

    product line and product mix?

    A) The product line is a group of similar products that differ only in relatively minor

    characteristics, while product mix is all the products a firm offers for sale.

    B) The product mix is a group of similar products that differ only in relatively minor

    characteristics, while product line is all the products a firm offers for sale.

    C) The product line is a group of unrelated products, while product mix is all the

    products a firm offers for sale.

    D) The product line is a group of similar products, while product mix is all products

    that are different.

    E) There is no difference between a product line and product mix.

    22. If Eric wanted to develop a new product, he would begin with

    A) concept testing.

    B) screening.

    C) product analysis.

    D) idea generation.

    E) marketing analysis.

Use the following to answer questions 23-27:

Click It, Inc.

    Travis is a salesperson for Click It, Inc. Click It does not sell products with its own brand

    name. Instead, its products are created for different retail stores and carry the store brand.

    Travis thought that several changes needed to be made to a particular product, but Click

    It management reminded him that the stores, not Click It, owned the brand.

However, because Click It had been concerned about dropping sales, they listened to

    Travis‟s concerns about the company‟s pricing. He suggested using a different pricing

    strategy. More specifically, he felt that the company should incorporate a multiple-unit

    pricing strategy because it would then allow Click It to set a single price for multiple

    units. This had the potential of increasing sales and therefore profits, so management

    agreed to consider Travis‟s suggestion.

    23. Because Click It sells its products under different brand names, each product is a

    A) manufacturer brand. B) private brand.

    C) producer brand.

    D) generic brand.

    E) no name brand.

    24. When Travis thinks of products and brands adding value to the company that sells them,

    which concept is he referring to? A) Equilibrium brand

    B) Brand extension

    C) Generic name

    D) Brand demand

    E) Brand equity

    25. When Click It displays information on a product or its package, this refers to

    A) supply.

    B) pricing.

    C) labeling.

    D) brand equity.

    E) demand.

    26. As Click It management considers the pricing issues, they should know that all of these

    are major pricing objectives except A) status-quo pricing.

    B) market-share goals.

    C) survival.

    D) profit minimization.

    E) target return on investment.

    27. The multiple-unit pricing strategy suggested by Travis is a __________ strategy.

    A) new product

    B) psychological

    C) equilibrium

    D) promotional

    E) place

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