EDR 610 BUSINESS EMBA TEST PREP

EDR 610 BUSINESS EMBA TEST PREP Which of the following is true of the idea screening phase of the new product development process? New product ideas are not eliminated merely because they are outside the fields of a firm's interest in this stage. Lack of technology and resources is often not a useful reason to discount new product ideas in this stage. A firm needs to consider three categories of risk and its associated risk tolerance in this stage prior to reaching a decision. Unlike the idea generation stage, this stage is not involved in expanding viable ideas into full product concepts. Axon Automobiles Ltd., an American automobile manufacturing company, manufactures cars in left-hand drive configuration, in which the driving seat and controls are positioned on the lefthand side of the vehicle. On exporting its products to select automobile dealers in India, the company witnessed a significant dip in its sales as Indians require vehicles in right-hand drive configuration. This failure can be best attributed to: the lack of personal selling on the part of the sales force. entering a domestic market without extensive product planning. the lack of adequate pricing strategies in foreign markets. problems encountered in effectively using census data. Which of the following denotes a growth direction through the increase in market share of present products in present markets? Market penetration Diversification Market development Benchmarking Which of the following is true of mass merchandisers? They handle deep assortments in a limited number of product categories. They compete on the basis of providing variety in different product categories and low-priced products in their large assortments. They are retailers whose primary advantages to consumers are suitable location, close-in parking, and easy entry and exit. They are large, low-priced limited-line retail chains that attempt to capitalize and establish themselves in a single product category. The management of Delicaci, a multi-cuisine restaurant, is very conservative and insists that its chefs follow traditional recipes and frowns upon any experimentation. The management also insists on playing regular music in the restaurant to conform to the brand image it has established. Moreover, despite receiving negative customer feedback, the management is reluctant to change its mode of operations. This particularly implies that the management of the restaurant: has a limited view of marketing. lacks creativity. lacks strong competition. lacks obsolescence. Which of the following is a type of psychological pricing strategy? Cost-plus pricing Rate-of-return pricing Markup pricing Bundle pricing Gable Brothers Inc. is trying to find a viable market for its new fountain pen. After conducting a psychographic segmentation, it found that the segment of potential consumers is so small that the volume in sales would not be profitable for the company. Therefore, top management has decided to not release the product into the market. In the context of the stages of the market segmentation process, the company is currently: deciding the market segmentation strategy. delineating the firm's current situation. dividing markets on relevant dimensions. determining consumer needs and wants. _____ retailing is the fastest-growing method of retailing. Direct Limited-line System Online Which of the following is responsible for making the comprehension of service marketing difficult? Lack of demand for services Excessive marketing expertise Factors of intangibility and inseparability Obsolescence of services Which of the following is true of local advertising agencies? Companies using local advertising agencies are able to take advantage of economies of scale. Local advertising agencies in emerging markets take a more entrepreneurial and fresher approach to advertising than global agencies. Local advertising is always more successful than advertising through global agencies. Local advertising agencies are better than global agencies in adapting a firm's message to different cultures. An organizational purchase that involves extensive research and large investments and happens occasionally is typically a _____. modified rebuy new task purchase just-in-time purchase straight rebuy Products that are purchased by business firms for the purpose of producing other goods or for running a business are called _____. convenience goods organizational goods specialty goods shopping goods What does the horizontal dimension of the VALS™ framework represent? Degree of innovativeness Level of resources Consumer needs Primary motivation The Helen Mortimer Foundation is a nonprofit organization that develops marketing strategies to encourage people to stop smoking in an effort to reduce the incidence of lung cancer. This best exemplifies marketing for a(n) _____. organization person Cause service An advantage for many service industries is the fact that services, because of their intangibility, are less subject to _____ than goods. Obsolescence Innovation quality control Creativity Which of the following observations about how behavioral influences affect organizational buying is true? Different buyers will have different degrees of commitment to their buying role in the organization. Organizational buyers are not subject to personal motives in the buying decisions as are other individuals. In a lethargic organization, individuals approach their occupation with a weak commitment to the expected norms of behavior. Organizational buyers are typically unaffected by organizational culture as they are primarily concerned with suppliers. An automobile manufacturing firm decides to meet all its suppliers while planning to manufacture a new automobile that is a minor variant of an existing model in terms of design and performance. The firm wants to provide its loyal customers with automobiles at a low price without compromising on performance. According to authors Crawford and DiBenedetto, this new product falls into the category of _____. cost reductions price redemptions repositionings price exemptions An ad for Concordia kitchen cabinets states "For an exceptional look in cabinetry that you won't find anywhere else, buy Concordia cabinets." This is an example of positioning: based on superiority to competitive products. in terms of superior product users. based on being a cost leader in the market. in terms of where consumers live and shop. Markup pricing: is commonly used in retailing. is commonly used by manufacturers. is most often used to describe the pricing of jobs that are nonroutine and difficult to "cost" in advance. is a psychological pricing strategy. HealthPro cereal ads show the cereal being used as a topping on yogurt, as a snack when topped with honey, and served hot as an alternative to oatmeal. In this case, HealthPro is using a positioning strategy based on: superiority to competitive products. consumer lifestyles. particular types of product users. use or application. Which of the following best describes external information for marketing information systems? Inventory data that can indicate how rapidly products are selling Expenses incurred by a company in personal selling Costs incurred by a company for advertising its products and services Information on technological advances in the field A producer of alcoholic beverages produces four different brands of beer: BlackStar, BlueStar, Grandeur, and Holmes. BlackStar is a standard brew, while BlueStar has a low alcohol content. Grandeur is low in calories, and Holmes has a high alcohol content. In this case, the manufacturer uses different brand names for each of its products to: associate the image of one product with that of another. increase consumer brand awareness. enter a new product class. target specific market segments more efficiently. The depth of a product mix refers to the: average number of products in each product line. degree of similarity between product lines. number of product lines handled by the organization. total number of products or items in the company's product mix. In which of the following scenarios is new task purchase most likely to be used? For the purchase of a pair of shoes For the purchase of real estate For the purchase of a mattress For the purchase of grocery items According to the general pricing model, in the short term, discounts and allowances offered by manufacturers have to be larger or more frequent than initially planned because: there is an impending need to increase demand to profitable levels. there is a need to prevent channel members from becoming independent manufacturers. the price structure that has been fixed cannot be reviewed at regular intervals. there is only one way for money to flow out of firms through the price-product mechanism. Which of the following is true of agricultural goods and raw materials? These products have a high value per unit. These products are fairly homogeneous. These products are always sold in single units or in small volumes. These products cannot be used to produce other goods. Which of the following is an activity performed by sellers and others that accompany the sale of a product and that aid in its exchange or its utilization? Securing a bank loan Offering a home security plan Seeking a health insurance cover Availing warranty on computer equipment An independent designer sells his exclusive collection of premium sportswear for men and women at specialty stores and select departmental stores nationwide. He considers his products as being characterized by high unit value and limited frequency of purchase. Before choosing his intermediaries, he checks to ensure that they have a good reputation in the market. Which of the following methods of distribution is the designer most likely using? Selective Restrictive Intensive Extensive Which of the following is an example of a client relationship? Leasor-leasee Telecaller-consumer Salesperson-customer Broker-investor In contrast to organizational goods, consumer products are often distributed through _____. matrix channels indirect channels horizontal channels control channels Which of the following products or services is most likely to be distributed through an indirect channel? Smartphones Complex medical equipment Tropical flowers Computer systems Which of the following is true of the research approach to determining the advertising budget? It attempts to determine retail price by using production costs as a base. It is a less rational approach to the expenditure decision when compared to other models. It is generally more expensive when compared to some other models. It is less desirable as it limits advertising outlays to the amount of available funds. With regard to product improvement, _____ refer mainly to product features, design, package, and so forth. marketing dimensions attributes extensions fads Alison receives a phone call from an Easy-Wash customer service representative who wants information on her experience with the washer-dryer combination that she had recently purchased and the overall purchase and installation experience. Alison claims that she is extremely satisfied with the purchase and the company's responsiveness. This customer service practice by Easy-Wash is undertaken to _____. offer the customer a substantial assessment of available alternatives by providing a marketing source of information help the customer in the process of alternative evaluation reduce the perceived psychosocial risks associated with the decision to purchase the product reduce the possibility of postpurchase dissonance in Alison's mind The best-known psychographic segmentation called _____, which was originally developed in the 1970s, explains and predicts consumer behavior. AIO VALS ZIP PRIZM Which of the following is true about missionary salespeople? They are used to focus exclusively on promotion of existing products and introduction of new products. They are used when a product is extremely high priced and is being sold to the whole organization. They provide training to the front-line staff of the buying organization. They are especially useful when a product is to be used to solve certain technical problems of buyers. Soffia Inc. manufactures a moisturizing soap with anti-ultraviolet properties, which is sold under the brand name DewMist. The company also manufactures Safechoice, a non-abrasive, antibacterial brand of soap, which is a different brand. Which of the following strategies has Soffia used in this scenario? Multibranding strategy Dual branding strategy Cobranding strategy Family branding strategy Which of the following is true of slotting allowances? They are discounts offered for purchasing a large number of units. They are often in the form of price reductions for performing promotional activities. They tend to add marketing cost to a manufacturer and affect profits. They are payments made by retailers to manufacturers to allow them to stock the manufacturer's products. Which of the following is defined as the elapsed time between product definition and product availability? Scalability Time to market Cycle time Information provision Which of the following viewpoints about the contribution of advertising to the economic health of a firm sees advertising as a competitive weapon and places emphasis on the strategic aspects of the advertising function? The generalist viewpoint The specialist viewpoint The consumer attrition perspective The marketing management approach Sharla, Thom, and Irving started working at the Golden Hotel one year ago. Though they were all hired at the same time and for the same position, Sharla is often viewed as being a leader on the team. Sharla is an example of a ________ leader. charismatic transactional transformational sanctioned Nonsanctioned Which of the following terms best describes the tendency to underestimate the influence of external factors and overestimate the influence of internal factors when making judgments about the behavior of others? fundamental attribution error randomness error halo effect selective perception Overconfidence Why are management by exception leaders considered ineffective? They provide considerable freedom to their employees. They fail to build followers' self-esteem and confidence. They are not team oriented, participative, or humane. They tend to be available only when there is a problem. They describe their least preferred coworker in favorable terms. Which of the following conflict-handling intentions is unassertive and uncooperative? collaborating compromising accommodating competing Avoiding Which of the following is not a reason why organic structures promote innovation? low centralization low vertical differentiation high formalization cross-fertilization high flexibility Which of the following theories proposes that people prefer to feel they have control over their actions, so anything that makes a previously enjoyed task feel more like an obligation than a freely chosen activity will undermine motivation? motivation-hygiene theory goal setting theory self-determination theory theory of needs two-factor theory The University of Michigan studies define a(n) ________ leader as one who takes a personal interest in the needs of his/her subordinates. contingency task-oriented employee-oriented production-oriented structure initiating _______ indicates the tendency of an individual to attribute his own successes to internal factors while putting the blame for failures on external factors. Distinction bias Self-serving bias Selective perception Fundamental attribution error Stereotyping A ________ is consistent with recent efforts by companies to reduce costs, cut overhead, speed up decision making, increase flexibility, get closer to customers, and empower employees. wider span of control high degree of formalization lack of work specialization high degree of centralization longer chain of command Which of the following terms refers to the process by which an individual's desire for acceptance by the group and the pressure by the group on individual members to match its standards results in a change in individual attitudes and behaviors? coercion convergence confluence conformity commitment The theory of cognitive dissonance was proposed by ________. Skinner Hofstede Maslow Festinger Pavlov During the "design" step of appreciative inquiry, participants ________. use information from the discovery phase to speculate on possible futures find a common vision of how the organization will look in the future recount times they felt the organization worked best write action plans and develop implementation strategies identify the organization's strengths What sort of goals does Management by Objectives (MBO) emphasize? inspirational, verifiable, and creative tangible, verifiable, and measurable profitable, attainable, and verifiable achievable, controllable, and profitable challenging, rewarding, and measurable