QUESTION A new product is defined as a product that either (1) is a significant improvement over existing products or (2) performs a new function for the consumer. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: A new product is defined as a product that either (1) is a significant […]
QUESTION The marketing process starts with conducting research and determining a target market. Then it follows the four Ps of the marketing mix, in this order: product strategy > place strategy > promotion strategy > pricing strategy. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The four Ps are pursued […]
QUESTION A company has an idea for a product. The first thing the company should do is establish whether there is a market for the product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The first thing the company should do is conduct research to determine whether there is a […]
QUESTION Test marketing is marketing research designed to solicit initial consumer reaction to new product ideas. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The definition given is for concept testing. Test marketing is the process of testing products among potential users.
QUESTION Marketing researchers often submit data to data analysis to make it more useful. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Data analysis involves using statistical tools to determine data’s significance.
QUESTION Exchange value is another term for price when you are figuring out how much to charge for a product (a good or a service). Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Exchange value determines the value of a product to the customer.
QUESTION Which of the following, if true, most seriously weakens Ron’s argument? A) The ten most highly compensated employees have an average salary of $250,000. B) The company offers extremely generous benefit packages. C) Compensation levels are periodically reviewed by top management and the organization’s board of directors. D) Ron’s salary is higher than $30,000. […]
QUESTION Which of the following, if true, most strongly supports telecommuting as an attractive option for Shoreline’s employees? A) Most of its employees live relatively near the firm’s physical site. B) Keeping only a small number of staff at the company’s main building keeps its overhead costs very low. C) Shoreline has recently upgraded to […]
QUESTION Kelly and Ron most likely disagree about the answer to which of the following questions? A) Do the majority of workers make less than $30,000 per year? B) Does a salary of $30,000 support the lifestyle choices that the employees typically make? C) Are the employees underpaid? D) Is the average salary of the […]
QUESTION Which of the following, if true, most weakens Kelly’s argument? A) The department with the greatest number of employees has the lowest salaries. B) Management has pledged to carefully consider pay equity issues during the next review period. C) Most of the employees work remotely and live in areas with lower costs of living. […]
