Marketing

Switching costs ____________________________.

Question 1 options:

a) 

that are high provide good opportunities for new partners or suppliers to enter this market (picture).

b) 

in consumer markets can be high due to investments that partners make in matching buying and ordering.

c) 

can be kept lower by utilizing a sole supplier.

d) 

are more important for businesses, than for consumer buyers, due to the close buyer-seller relationships that develop.

e) 

that are kept high are a good long-term tactic to keep buyers locked into poor quality service.

Question 2 (3 points)

Which of the following applies to Intellectual Property law?

Question 2 options:

a) 

copyrights provide protection for trade secrets.

b) 

copyrights provide protection for the original works of authors, musicians, and photographers.

c) 

confidentiality agreements are only required for customers.

d) 

requires a substantiality test to gain property protection.

e) 

tends to reduce competition and decrease innovation.

Question 3 (3 points)

Business buyers are similar to final consumers in that:

Question 3 options:

a) 

They purchase products and services that support the production of other products.

b) 

Ensuring that revenues exceed costs always the primaryconsideration when evaluating a product for purchase.

c) 

They purchase products to add to and make their own final product

d) 

Customer satisfaction is determined by the customer when the product or service is consumed.

e) 

Products purchased are often incorporated into the buying organization’s offering to its own customers.

Question 4 (3 points)

Based on the Endries Fastener Company video, the goal of the President of Endries Supply Company was to  __________________________.

Question 4 options:

a) 

save their customers at least 4% of the cost of their fasteners.

b) 

not get involved in Endries’ customers’ buying decisions until the Deliver Solution Stage

c) 

be the sole supplier of all the fastener needs of Endries’ customers by getting involved all the way through their manufacturing processes.

d) 

be the number two fastener provider for the U. S. Department of Defense.

e) 

be the number one fastener provider for the women’s fashion industry.

Question 5 (3 points)

A good example of Natural Law is ______________?

Question 5 options:

a) 

behaving naturally and not getting too excited when a crisis occurs in your company.

b) 

the belief that some people are just naturally bad and the more of these bad people that we lock up the better.

c) 

when executives just naturally look out for themselves and take company funds for their personal use.

d) 

a belief that taking anyone’s life is wrong, even for the government when terrible mass murders are committed, like those by the young man in Charleston at a church prayer meeting.

e) 

protecting the natural environment by restricting access to wilderness areas

Question 6 (3 points)

Which of the following takes place during the Collaborate stage of the Strategy of Market Ownership?

Question 6 options:

a) 

Keep definitions of value current within the market

b) 

Divestiture of poorly performing SBU’s

c) 

Brand identified as standard

d) 

Market owner gains insight to other points of view within the market

e) 

Black and Decker sold their small appliance line to General Electric during this stage.

Question 7 (3 points)

Which of the following statements about Brand Identity is most correct?

Question 7 options:

a) 

Is extremely important when marketing to comic book trade show conventions.

b) 

Many consumer products have component parts manufactured by brands that are the same as consumer brands.

c) 

Many well-known brands in business markets may be virtually unknown by consumers.

d) 

Is direct, elastic, and less volatile.

e) 

Brand identity is not as important in business markets as it is in consumer markets.

Question 8 (3 points)

Value _________________________.

Question 8 options:

a) 

is the sum of all the benefits that a customer receives minus the costs involved.

b) 

is calculated, in part, by the concept of evaluated price, which is the sum of all the total benefits evaluated by the buyer when owning and using a product.

c) 

is the central element in the idea of a Value Chain, first put forth by Rand Paul in 2015, while appearing on the Daily Show, with Jon Stewart.

d) 

is seldom used by customers because it is so complicated to evaluate.

e) 

is created by the manufacturer alone.

Question 9 (3 points)

The Uniform Commercial Code is __________________________.

Question 9 options:

a) 

One of the favorite classes for “wannabe” corporate lawyers in law school

b) 

A standard set of laws that govern contracts and associated case law

c) 

designed to regulate uniform price maintenance.

d) 

is a set of codes to develop uniform classifications codes for intellectual property.

e) 

used in all 50 U. S. states as the uniform standard for commercial contracts.

Question 10 (3 points)

The recent social media campaign directed at the Kraft company tried to get Kraft to __________________.

Question 10 options:

a) 

Change the ingredients in Kraft Macaroni and Cheese

b) 

Remove negative advertising directed at young children

c) 

Encouraging them to give up its tobacco products

d) 

Prevent them from buying milk from organic farms

e) 

Change the chemical composition of its agricultural products

Question 11 (3 points)

The Bullwhip Effect _____________.

Question 11 options:

a) 

happens because small changes in consumer demand cause big changes in business demand.

b) 

happens when senior executives fire business marketers without cause or notice.

c) 

Should be avoided at all cost.

d) 

happens because many foreign buyers demand that business marketers be certified by International Standards Organizations (ISO).

e) 

Is more likely to be felt at the International Rodeo during bull-riding competitions at the nrg stadium in Houston.

Question 12 (3 points)

Markets evolve as competitors, channels, customers, and technologies change.  According to the textbook and the discussion, into what form of competition are markets most likely to eventually emerge?

Question 12 options:

a) 

Monopsony

b) 

Oligopoly

c) 

Competitive Maturity

d) 

Monopolistic Competition

e) 

Hypergrowth

Question 13 (3 points)

The Covisint Automotive Supply Chain Exchange venture (from the opening story in Chapter Three was __________________________.

Question 13 options:

a) 

Plagued by problems caused by an unwillingness of suppliers and buyers to share important information

b) 

An online dating service rivaling eHarmony.com

c) 

A major force in the Automotive Industry overcoming the parts supply shortages caused by the Japanese Tsunami.

d) 

an excellent model of supplier/buyer purchasing partnerships.

e) 

an outstanding success.

Question 14 (3 points)

Which of the following Acts is known as the pricing act, because it dealt with price discrimination and provided penalties for both buyers and sellers?

Question 14 options:

a) 

There is no correct answer because U. S. Law does not cover pricing discrimination.

b) 

Sherman Anti-Trust Act

c) 

Federal Trade Commission Act

d) 

Robinson-Patman Act

e) 

Clayton Act

Question 15 (3 points)

The Seimens company CEO Heinrich von Pierer created a 10 point plan to revamp Siemens.  At the end of the story he ______________________.

Question 15 options:

a) 

became embroiled in a scandal involving bribes paid to foreign governments and since he was at fault the company defended him.

b) 

was promoted to a higher post as supreme CEO in charge of all European operations.

c) 

Was hired by Donald Trump to turn his presidential campaign around in 2015.

d) 

was rewarded handsomely for turning the company around and making them successful

e) 

became embroiled in a scandal involving bribes paid to foreign governments and even though he was not involved, took responsibility and resigned.

Question 16 (3 points)

Which of the following strategic management process steps is in the right order from start to finish?

Question 16 options:

a) 

Monitoring of environment and performance results, setting goals, adjustments based on analysis of variance, SWOT

b) 

Tactics, strategy, objectives, goals

c) 

Setting goals and objectives, analysis of the current situation, SWOT analysis, strategy design

d) 

Analysis of variance, implementation plan design, analysis of the situation, strategy plan design

e) 

Setting goals, monitor environment, adjustments, SWOT analysis

Question 17 (3 points)

Which of the following statements about the Bayer company is correct?

Question 17 options:

a) 

Bayer has been in business for almost 30 years.

b) 

Bayer has been implicated in many questionable incidences of bribing foreign governments in attempts to maintain ownership of its markets.

c) 

Scientists at the Bayer company have developed a wallpaper that delays the collapse of buildings during earthquakes.

d) 

Bayer has always been an American owned company.

e) 

Bayer concentrates on and allocates most of its resources to its high market share aspirin products.

Question 18 (3 points)

_____________________________________ are those retailers who, either through mail order, e-commerce, or other means, provide a reduced service package to customers, enabling a lower  sales price.

Question 18 options:

a) 

Interlocking Directorates

b) 

Full-service retailers

c) 

Fair trade retailers

d) 

Predatory pricing merchants

e) 

Free Riders

Question 19 (3 points)

The most significant differences between Business to Business Marketing and Consumer Marketing are:

Question 19 options:

a) 

Prices for consumer buyers are more likely to be fixed list or predetermined prices, while prices for organizational buyers are almost always negotiable.

b) 

Channels of distribution are shorter and more direct for business customers.

c) 

The primary promotional emphasis is personal selling for consumers.

d) 

Consumer products are more technically complex than business products.

e) 

Consumer buyers are more likely to be professionally trained purchasing personnel.

Question 20 (3 points)

The Marketing Concept ___________.

Question 20 options:

a) 

includes understanding customer needs, in a coordinated way, that meets organizational goals.

b) 

Is the quantity of goods demanded by a group of business buyers at a given price

c) 

Is a dated concept no longer used

d) 

Is how business marketers conceptualize new ideas when trying to beat the competition.

e) 

Is the same as the 4 P’s.

Question 21 (3 points)

Consumer Market Structure is ______________.

Question 21 options:

a) 

relatively few buyers

b) 

geographically dispersed

c) 

professionally trained purchasing personnel.

d) 

oligopolistic competition

e) 

geographically concentrated

Question 22 (3 points)

In the opening story for chapter Two the two big segments that TRW markets to are: _______________________________ and ________________________.

Question 22 options:

a) 

Original Equipment Manufacturers (OEM) and Governmental Units

b) 

Trans Regional Wholesalers (TRW)

c) 

Aerospace Manufacturers and Aftermarket Equipment Manufacturers

d) 

End users and Value Added Resellers (VAR)

e) 

Original Equipment Manufacturers (OEM) and Aftermarket Equipment Manufacturers

Question 23 (3 points)

Which one of the following types of Organizational Customers are classified as Commercial Enterprises by the textbook’s authors?

Question 23 options:

a) 

Banks and other Lending Institutions

b) 

Hospitals

c) 

Component Parts and Manufactured Materials Producers

d) 

The American Red Cross

e) 

The Independent Press

Question 24 (3 points)

The four stages of the Process Flow Model of the Organizational Buyers Decision Process are _________________?

Question 24 options:

a) 

Definition, Selection, Deliver Solution, Endgame

b) 

Need Recognition, Evaluation of Alternatives, Deliver Solution, Purchase Decision

c) 

Too complicated to cover in this limited space.

d) 

Definition, Need Recognition, Valuation of Alternatives, Deliver Solution

e) 

Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision

Question 25 (3 points)

Which of the following is not one of the human factors involved in business decisions?  Four answers are correct and one is incorrect.  You are looking for the incorrect answer.

Question 25 options:

a) 

People seek reinforcement for their beliefs

b) 

Purchase decisions are backed by easily quantifiable facts, rather than being justified for political reasons.

c) 

Facts are arranged to justify the decision buying center members want to make

d) 

Suppliers that recognize the cultural, interpersonal, value and relationship needs are more likely to be “in” suppliers

e) 

A review of the process is often done for safety reasons

Question 26 (3 points)

Even though the United States has a free market economy, there are restrictions are placed on businesses.  Which of the following reasons are given for these restrictions?

Question 26 options:

a) 

assure equal access to the market and protect consumers in the market

b) 

to stifle businesses and make it difficult for them to operate

c) 

protect consumers from each other

d) 

protect the interests of the wealthiest Americans.

e) 

protect companies from consumers

Question 27 (3 points)

Enforcement of business laws is ______________________?

Question 27 options:

a) 

more rigorous now that Republicans control both houses of congress.

b) 

based on the Celler-Kefauver Act.

c) 

the responsibility of the legislative branch of government because legislators make laws.

d) 

coordinated with the European Union laws.

e) 

the responsibility of the executive branch of the federal government.

Question 28 (3 points)

The Societal Marketing Concept ______________________________.

Question 28 options:

a) 

Is difficult to find in most organization’s web pages.

b) 

is the basis for win-loss strategies in customer relations.

c) 

is based on natural societal law

d) 

states that the company must deliver satisfaction while also being concerned about societal well-being

e) 

is formed in individual customer’s minds, based on their impressions of the organization.

Question 29 (3 points)

Which of the following actions would not help a company minimize the likelihood and impact of crises?  Four of the following answers are right.  One answer is wrong.  You want the wrong answer.

Question 29 options:

a) 

monitor threats and anticipate crises.

b) 

provide reward structures that encourage ethical behavior by your employees.

c) 

allocate resources to set up a crisis management team.

d) 

limit access to the media in a crisis and keep as much information as possible from getting out to minimize the impact of the crisis.

e) 

provide value for your customers and behave ethically in the company’s relationships with partners and the community in general.

Question 30 (3 points)

Which of the following benefits were not included in the World of Concrete 2015 Trade Show.  You are looking for the one incorrect answer out of five.

Question 30 options:

a) 

The latest new product and services information

b) 

Education classes

c) 

Free casino chips for the strip

d) 

Opportunities to network

e) 

Product demonstrations

Question 31 (3 points)

Which of the following is the highest level of organizational strategy?

Question 31 options:

a) 

Grand Perspective

b) 

Cloud

c) 

Functional

d) 

Corporate

e) 

Business Unit

Question 32 (3 points)

Strategic resource allocation is important because?

Question 32 options:

a) 

Cash cows are expensive

b) 

Clean water is essential

c) 

Organizational resources are not limitless.

d) 

Functional level strategy determines who gets to allocate resources in the organization

e) 

Balanced scorecards cannot operate if restricted to limited resources

Question 33 (3 points)

All of the following companies have a reputation for entrepreneurial business strategies in the current market, one does not.  Which of the following does not have a reputation for innovation and entrepreneurial strategies.  You are looking for the one company that does not have a reputation for innovation and entrepreneurial strategies.

Question 33 options:

a) 

Blackberry

b) 

General Electric

c) 

Seimens

d) 

Enron-Arthur Anderson

e) 

Bayer

Question 34 (3 points)

____________________________ occurs when a firm with a dominant position in a market, threatened by a new or smaller firm, changes its pricing structure such that the new firm cannot operate profitably.

Question 34 options:

a) 

Exclusive dealing

b) 

Predatory pricing

c) 

Free riders

d) 

Initial Public Offering (IPO)

e) 

Refusal to deal

Question 35 (3 points)

Protection granted by the federal government to inventors of original products, processes or compositions of material is a ___________________________.

Question 35 options:

a) 

Joint license

b) 

Copyright

c) 

Patent

d) 

Trade secret

e) 

License

Question 36 (3 points)

The latest business marketplace competition between FedEx and UPS, described in the Introduction section of chapter one in your textbook is ______?

Question 36 options:

a) 

UPS has surged way ahead of FedEx in the small package delivery market.

b) 

FedEx has surged way ahead of UPS in the large package delivery market.

c) 

FedEx and UPS are both opening up new transportation routes to South America.

d) 

Both companies are struggling to come up with new opportunities in their market.

e) 

FedEx and UPS have expanded their marketplace offerings by acquiring complementary companies.

Question 37 (3 points)

Which of the following are specific characteristics of doing market research in business markets?

Question 37 options:

a) 

Non-technical buyer expertise

b) 

Emotional decision making

c) 

Extended time frame

d) 

Diversity of interests in the buying center

e) 

Diversified markets

Question 38 (3 points)

Which of the following would be included in the Selection Stage of the Process Model of the Buying Decision Process?

Question 38 options:

a) 

Proposal solicitations are sent out in the form of RFP’s or RFQ’s, which are then evaluated by members of the Buying Center.

b) 

Development activities customize the solution to the specific technical needs (in addition to other needs) of the customer and striving to produce the Total Offering.

c) 

The intricacy of the solution and the number of organizational units to be involved (size of the buying center) are selected.

d) 

Successful suppliers are involved, often in the development of the Product Specification.

e) 

This stage is not the end of the process, but the beginning of the next opportunity for the supplier to serve the customer

Question 39 (3 points)

In the video, “The Trouble with Chicken” ____________________.

Question 39 options:

a) 

a major social media campaign was started to protest the high number of calories in each chicken.

b) 

was a good example of the new use of Internet crowd-sourcing to solve a challenging crisis problem.

c) 

government regulators closed down all of Foster Farms operations when complaints against the company started being registered by consumers.

d) 

several people died from Samonella Heidelburg food poisoning.

e) 

new more rigorous regulations guaranteeing greater food protection for consumers were rushed through congress in record time.

Question 40 (3 points)

In the Growth-Share matrix Cash Cows are characterized by ____________________ market growth rate and ______________________ relative market share.

Question 40 options:

a) 

moderate, moderate

b) 

low, high

c) 

low, low

d) 

high, high

e) 

high, low

Question 41 (3 points)

Situational ethics establish standards based on the circumstances of the current time.  Which of the following is not an example of situational ethics?

Question 41 options:

a) 

I was just following orders

b) 

This is the way we have always done it

c) 

But everyone else does it

d) 

It is considered standard practice in that market.

e) 

Individual standards are derived from a higher, universal source.

Question 42 (3 points)

Business to Business Promotion _______________________________.

Question 42 options:

a) 

primarily emphasizes Advertising

b) 

emphasizes personal selling and dialogue.

c) 

requires less technical expertise by the salesperson than consumer promotion.

d) 

measured primarily by product visibility and product awareness in the target market.

e) 

a most often a monologue.

Question 43 (3 points)

Which of the following would be a substitute competitor for a full-service restaurant if the benefit customers seek is “entertainment”?

Question 43 options:

a) 

Bar that serves hot food

b) 

Concert at the zoo amphitheater

c) 

Airport restaurant

d) 

Fast-food restaurant

e) 

Food truck vendor

Question 44 (3 points)

In the Technology Adoption Life Cycle Tornados are most likely caused by __________?

Question 44 options:

a) 

Fracking

b) 

The chaos that occurs during a period of rapid new technology sales growth

c) 

Cold air masses flowing down from Canada

d) 

The chasms formed by earthquakes caused by fracking

e) 

Pragmatists failing to persuade Visionaries the new technology is viable

Question 45 (3 points)

Which of the following is the sum total of all the impressions and experiences that the buyer has of the supplier, whether or not pertinent to the current buying situation?

Question 45 options:

a) 

Weapon of Mass Destruction (WMD)

b) 

Value Added Resellers

c) 

Modified-Rebuy situation

d) 

Value Image

e) 

Industrial distributors

Question 46 (3 points)

In the Chapter 16 story “TWA Flight 800 Revisited” ____________________________.

Question 46 options:

a) 

the flight crashed and the cause was definitely pilot error.

b) 

the company was sued for keeping passengers in the airplane for 13 hours due to weather conditions.

c) 

the cause of the crash was never identified because they could not retrieve the airplane from the ocean floor.

d) 

was used to try TWA’s new 800 calling system that passengers could use while they were in the air.

e) 

the plane crashed due to the center wing tank (CWT) overheating.

Question 47 (3 points)

______________is/are the contextual definition of what the organization is and what it expects to accomplish.

Question 47 options:

a) 

Objectives

b) 

SWOT (Special Weapons Operational Tactics) team

c) 

Tactics

d) 

Goals

e) 

Mission

Question 48 (3 points)

A Business Portfolio is _____________________________.

Question 48 options:

a) 

what got CEO Heinrich von Pierer in trouble when bribes were paid to foreign government.

b) 

the same as a business core competency

c) 

a collection of Strategic Business Units (SBU’s) that serve various needs in the corporate structure.

d) 

necessary to keep GPS units properly programmed

e) 

the “art of the general”

Question 49 (3 points)

The ____________________________________ was the first to prohibit “monopolies” or attempts to “monopolize” and “contracts, combinations, or conspiracies in restraint of trade”.

Question 49 options:

a) 

Federal Trade Commission

b) 

Clayton Act

c) 

Robinson-Patman Act

d) 

Celler-Kefauver Act

e) 

Sherman Anti-trust Act

Question 50 (3 points)

A good source of competitive information is the trade press.  What is the trade press?

Question 50 options:

a) 

A publication that has articles written about a wide range of industries

b) 

The latest free publication listing the location of swap meets in the area

c) 

A listing of products available for trade

d) 

A place that has booths and displays for any company of note within an industry

e) 

A publication that has articles written about a particular industry