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Which of the following is likely to be a monopolist?

a. A large firm, such as HP, that produces a substantial portion of the printer market.

b. A small firm with a patent granting it the exclusive right to produce a drug.

c. Bell Helicopter which is one of the largest producers of helicopters in the world.

d. A major car manufacturer such as General Motors.

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Sonia Dhawan
Sonia DhawanLv10
24 Oct 2020

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Related questions

1.
A channel of distribution:
A) is any series of firms or individuals who participate in the flow of goods and services from producer to consumer or final user.
B) is only needed when products must be stored.
C) must include one or more intermediaries.
D) is only needed when products are sold indirectly.
2.
Which of the following statements about Place decisions is True?
A) Product classes are not related to Place objectives.
B) The product life cycle is not related to Place objectives.
C) Place decisions are short-term decisions that are easy to change.
D) Different market segments may require separate Place arrangements.
3.
Direct _____ involves personal sales contact between a representative of the company and an individual consumer.
A) marketing
B) selling
C) distribution
D) servicing
4.
A manufacturer prefers to produce and ship in large quantities to take advantage of economies of scale. Final consumers often want to purchase in small quantities. This difference between the producer and consumer is a:
A) Discrepancy of assortment.
B) Discrepancy of quantity.
C) Regrouping activity.
D) Discrepancy adjustment
5.
Which of the following best illustrates adjusting "discrepancies of assortment?"
A) General Motors makes Hummer for one product-market and Chevrolet for another product-market.
B) A hardware store sells all the hardware items wanted by most people.
C) Over 310 million U.S. consumers are served by around 330,000 manufacturers.
D) RCA sold more than 2,000,000 TVs last year
6.
Small farmers in the mountains of Peru pick coffee beans by hand, obtaining only a bucket a day. Then they sell them to buyers who put the beans in large bags to be shipped to processors. This regrouping activity is called:
A) Assorting
B) Wholesaling
C) Bulk-breaking
D) Accumulating
7.
Costco is a warehouse store that sells groceries, household items, and business products. Purchase quantities tend to be larger than in traditional stores that serve final consumers. For example, soft drinks are only sold in 24-can cases, not in 6-packs. Coffee is sold in 3-pound cans instead of one-pound foil packs. Which regrouping activity is Costco shifting to the consumer?
A) Accumulating.
B) Adjusting discrepancies.
C) Assorting.
D) Bulk-breaking.
8.
_____ means separating products into grades and qualities desired by different target markets.A) B) C) D)
A) Bulk-breaking
B) Sorting
C) Accumulating
D) Assorting
9.
A wine producer wants a supermarket manager to display its wines in a desirable end-of-aisle location, but the supermarket manager refuses to give that valuable real estate to this producer. This is an example of __________ conflict.
A) contractual
B) vertical
C) corporate
D) horizontal
10.
A local TV retailer hires knowledgeable salespeople to explain the differences among its models to customers, but a nearby discount store with very few sales staff sells the same TVs at a lower price. This is an example of __________ conflict.
A) horizontal
B) traditional
C) vertical
D) contractual
11.
Yukon Sportswear, a manufacturer of textile products, bought out the wholesaler that had been handling its distribution in Canada. This is an example of:
A) dual distribution.
B) reverse distribution.
C) a contractual channel system.
D) vertical integration.
12.
______________ means selling a product through only one wholesaler or retailer in a particular geographic area.
A) Exclusive distribution
B) Direct distribution
C) Intensive distribution
D) Multichannel distribution
13.
_____ means selling the right to use some process, trademark, patent, or other right for a fee or royalty.
A) Licensing
B) Management contracting
C) Joint venturing
D) Exporting
14.
Logistics, or physical distribution, is the ________________ part of the marketing mix.
A) Place
B) Production
C) Promotion
D) Product
15.
Physical distribution customer service level means all of the following EXCEPT:
A) Honda wants enough bumpers to build cars that day.
B) A vacationer wants Avis to have his rental car clean and ready when he arrives at the rental car counter.
C) Sears' shirts are priced at a fair value.
D) McDonald's has enough large cups so that customers can buy the larger size drinks which are on sale.
16.
The right physical distribution system should be based primarily on
A) the desired customer service level.
B) how customers store the product.
C) the physical characteristics of the product.
D) what is the lowest cost method of transportation for the product.
17.
The "total cost approach" to physical distribution management:
A) seeks to eliminate the storing function.
B) seeks to minimize the cost of transportation.
C) might suggest a high-cost transporting mode if storing costs could be reduced enough to lower total distribution costs.
D) ignores inventory carrying costs.
18.
Just-in-time (JIT) delivery:
A) Increases physical distribution costs for business customers.
B) Requires that a supplier be able to respond to the customer's production schedule.
C) Usually does not require e-commerce order systems and computer networks.
D) Means that deliveries are larger and less frequent.
19.
A _____ is the complete set of firms, facilities, and logistics activities that are involved in procuring materials, transforming them into intermediate or finished products, and distributing them to customers.
A) supply chain
B) physical distribution group
C) logistics partnership
D) just-in time group
20.
Which of the following products would have the lowest transporting costs as a percentage of the selling price?
A) Electronic equipment.
B) Chemicals and plastics.
C) Pharmaceuticals.
D) Sand and gravel.
21.
Which of the following statements about transporting by rail is True?
A) Rail transportation is the slowest mode of transportation.
B) Rail transportation is the least expensive mode of transportation.
C) Rail transportation is good for long-distance transportation of heavy, bulky items.
D) Railroads are most efficient at handling less-than-carload (LCL) shipments
22.
Regarding transporting by truck:
A) Trucks are best for moving large quantities of goods long distances.
B) Trucks are a very low cost mode of transportation.
C) Trucks are not reliable in meeting delivery schedules.
D) Trucks tend to provide fast delivery.
23.
Products that require a high frequency of scheduled shipments would be least suited to travel by
A) truck.
B) rail.
C) air.
D) water.
24.
In spite of high cost, high value, low-weight goods like high-fashion clothing and parts for the electronic industry are often shipped long distances by ____
A) rail.
B) water.
C) air.
D) pipeline.
25.
Air express companies place many small packages into specially designed cylinders that conform to the interior dimensions of a cargo airplane. This practice protects the smaller packages and helps to reduce distribution costs. The air express companies are practicing:
A) Containerization.
B) Piggybacking.
C) Freight forwarding.
D) Cylinderization.
26.
The railroad service which picks up truck trailers at a producer's location, loads them onto rail flatcars, hauls them close to the customer, and then delivers them to the buyer's door is:
A) truck service.
B) fast freight.
C) trailer service.
D) piggyback service.
27.
Inventory refers to
A) the amount of goods being stored.
B) minimizing storage costs.
C) the amount of goods being sold.
D) the marketing function of holding goods.
28.
When the manager of a local electronics store decides to offer its customers a gift-wrapping service for the holidays, this is a decision about:
A) Product
B) Place
C) Promotion
D) Price
29.
When the manager of a RadioShack electronics store decides to accept American Express credit cards from its customers, this is a decision about:
A) Product
B) Place
C) Promotion
D) Price
30.
Limited-line storesA) B) C) D)
A) specialize in certain lines of related products rather than a wide assortment.
B) carry anything they can sell in reasonable volume.
C) are a type of unconventional general store.
D) are larger stores that are organized into many separate departments and offer many product lines.
31.
Specialty shops generally:
A) want to be known for the distinctiveness of their product assortment and the special services they offer.
B) sell homogeneous shopping products.
C) are very good at speeding turnover.
D) carry complete lines--like department stores.
32.
The ____________ says that retailers should offer low prices to get faster turnover and greater sales volumes by appealing to larger markets.
A) Wheel of retailing theory
B) Production concept
C) Mass-merchandising concept
D) Sales concept
33.
A retail store that averages about $17 million in sales annually and specializes in groceries--with self-service and large assortments is a:
A) mass-merchandiser.
B) specialty shop.
C) convenience food store.
D) supermarket.
34.
________ offer

Match the definitions or complete the statements in the first part of the quiz with the appropriate terms found in the second part.

Definitions/Statements

1. _____ refers to marketers’ focus on a product rather than on the needs of the market.

2. _____ companies do not try to persuade consumers to buy what the firm has already produced, but rather to produce only products that they know they can sell, thereby satisfying consumers’ needs and turning them into loyal customers. 3. The impact of technology on buyer behavior relates to factors such as ____; the use of technology to engage customers and build relationships; customization of products and promotional messages; and better prices and distribution.

4. In the case of situational influences, this relates to the situation in which or the occasion on which the product will be used, e.g., special occasion or everyday use.

5. In the case of situational influences, this relates to the fact if we are in a store, point-of-purchase displays could influence us to buy something. We could also make unplanned purchases because we remembered something from seeing the brand while we are in the store.

6. This discipline on which consumer researchers draw focuses on society and large groups in society such as family and social class.

7. This discipline on which consumer researchers draw focuses on cultures and differences among cultures.

8. These are temporary circumstances that affect consumer purchase decisions.

9. In the case of situational influences, this refers to the fact that the person and the occasion for which we are buying something influence our purchase decisions.

10. According to the simple model of consumer decision making, reference groups, family, social class, culture, and subculture are among the _____ on buyer behavior.

11. According to the simple model of consumer decision making, motivation, personality trait, perception, and attitudes are among the _____ on buyer behavior.

12. According to the simple model of consumer decision making, advertising, buzz agents, customized messages, social media, and word-of-mouth are examples of ____.

13. This discipline on which consumer researchers draw focuses on behavior in small groups and helps consumer researchers to understand issues such as opinion leadership, diffusion of innovations, and communication.

14. In the case of situational influences, ______ are consumer mood states or physiological state (for example, hunger, thirst) that influence consumer decision-making.

15. The selection of one or more segments by a marketer to serve.

16. Developing a distinct image for a brand in the mind of consumers.

17. This is an effort by a marketer to change the existing perception that consumers have of a brand.

18. This is the primary type of segmentation for which the contents in an article entitled “Millennials overtake Baby Boomers as America’s largest generation” could be used.

(Link to article: http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/)

19. ___ segmentation involves segmenting based on variables such as urban, rural, suburb, state, cities, counties, and regions.

20. ____ segmentation is based on variables such as consumers’ lifestyles as indicated by their activities, interests, and opinions.

21. This criterion for effective targeting says that marketers should have some way of deciding which consumers fall into which segments.

22. This criterion for effective targeting says that marketers should be able to reach segments with appropriate media and distribution channels.

23. This is the most popular segmentation system combining lifestyles and values of consumers.

24. This household segmentation model is based on a combination of geographic and demographic information and the principle that “Birds of a feather flock together.”

25. ______ is defined as “sending consumers personalized and prompt offers and promotional messages designed to reach the right consumers and deliver to them highly relevant messages at the right time and more accurately than when using conventional segmentation techniques.”

Terms

A. Positioning

B. Accessibility

C. Anthropology

D. Situational influences

E. Consumption situation

F. Task definition

G. Identification

H. Marketing-oriented

I. Targeting

J. Psychographic

K. Marketing myopia

L. PRIZM

M. Interactive and novel communication channels

N. Sociology

O. Demographic

P. Purchase situation

Q. Behavioral targeting

R. Antecedent states

S. Communication sources

T. Geographic

U. Sociocultural influences

V. VALS

W. Psychological influences

X. Social psychology

Y. Repositioning

Hyflux dips toes into wellness, beauty market /
Hyflux banks on oxygenated water for consumer market
In City Square Mall, a new store offering bath facilities has opened its doors to shoppers.
This marks Hyflux, the company better known for its desalination plants, first foray into the
brick-and-motar retail sector with its budding consumer business. The Singapore-listed
company will open Elo Lab officially on 8 September 2016. This retail outlet is a physical
representation of Hyflux’s bet on the consumer water business – in particular, on a special
oxygenated water termed Elo Water.
Said to contain three times more oxygen than tap water, Elo Water was the reason
behind Hyflux's US$8 million investment in European firm Kaqun Europe in November
2015. It also forms the basis for the group's new bath facilities, as well as bottled
drinking water and skincare gels that it sells online. "Oxygen can increase the cell's ability to
generate more energy," Hyflux group chief financial officer Lim Suat Wah explained in an
interview with The Business Times. "A cell with sufficient oxygen can actually generate 15
times more energy than a cell without sufficient oxygen. So this Elo Water puts the two
together, the water element as well as the oxygen."
The venture into the consumer business came as Hyflux sought to see how water, besides
being used for daily needs, could also be used to improve health. It conducted a research and
uncovered a company which produced similar oxygenated water in the US a few years ago,
but the oxygen level in the water produced with their technology wasn't stable. On the other
hand, Kaqun was able to produce oxygenated water that contains stable oxygen levels which
can be easily absorbed into the body. This has been shown to reduce mental and physical
tiredness, according to Kaqun's website.
The oxygenated water is said to have been developed from more than 10 years of research
work by a group of doctors. Hyflux holds the exclusive rights to manufacture, sell and market
Elo Water in the Asia-Pacific, Middle East and Africa. It holds a 70 per cent stake in
Elo Water Pte Ltd with Kaqun Europe owning the rest.
"We're quite excited about this business," said Ms Lim. The group hopes to add its
proprietary membrane expertise to purify the water and also use its know-how to scale up
production of Elo Water while ensuring consistency in quality. For a start, Hyflux has
commenced clinical trials to test the properties of Elo Water. The first of these have just been
concluded, with observations of improved skin condition after the use of Elo Gel.
The clinical study, conducted by Seoul-based clinical trial institute, involved 22 women aged
49 to 52 years old who applied Elo Gel every morning and night on half their face for eight
straight weeks. During this period, skin wrinkles, colour elasticity, hydration and radiance
were observed to be "significantly improved" on the side of their faces treated with Elo Gel.
The study validated some of the observations that they have been hearing from people who
have already used it.
But even before conclusive trial results on the drinking water and bath come in – expected to
be only in 2017 – news of the products and their effects have travelled by word of mouth.
Bottles of Elo Water and Elo Gel have been snapped up, causing the company to run out of
stock of the products on occasions. A pack of six 1.5-litre bottles of Elo Water costs S$63.80
and a single tube of Elo Gel, S$68, according to its website. Still, Hyflux will not actively
market the products until it has more substantial trial results. Currently, the business in Elo
Water still remains small, as Hyflux only sells them in Singapore via an online channel.
The firm is hoping that Elo Water might bring a new breath of life to its business and
broaden Hyflux's reach to a new group of customers – consumers. How large the business
could grow into would depend on the number of cities Hyflux moves into. More investment
will also be needed in marketing, IT systems and building up a logistics network.
Singapore will be the starting point for sales, and a valuable one given its credibility and
governance. "If it can be established in Singapore, then other cities and countries will look at
(Elo Water) with more trust." In 2017, the group plans to expand sales to other Asian
countries such as Malaysia and Indonesia. China, too, is on the radar, said Ms Lim. The Elo
Water is also generating interest from consumers in countries like Australia, Hong Kong,
Thailand and China. The firm has already received enquiries on when its Elo products will be
marketed there.
Hyflux is also hoping for positive clinical trial results to give the products more credibility,
especially within the medical field. Anecdotally, users have said that Elo Water helps to
improve certain medical conditions, and some medical clinics are already ordering the gel
and drinking water through the Elo Water website. Said Ms Lim: "Some heard from their
patients who tried it and went back to them, so they know that there's some effect there. But
they can't actively promote it at this time (without the clinical trial results)."When the resul ts
come out, "hopefully, at that point in time, it will take off on a larger scale", she said. In the
coming months, Hyflux will be conducting clinical trials to determine if the water can help
benefit those with diabetes and prediabetes (blood glucose levels that are higher than normal,
but not yet high enough to be diagnosed as diabetes).
For individuals such as homemaker Audrey Koh, however, personal experience alone
suffices. The 49-year-old has been drinking Elo Water for the last six months and also
finished a cycle of soaking sessions for 14 straight days. "People who have not seen me for a
year or even six months and saw me recently remark that I look as though I have lost weight,"
she said, adding her complexion has improved, and body more toned.
Asked whether the price tag would deter her from continuing on another cycle of soaking
sessions or drinking Elo Water, she said the opportunity cost of being ill is higher than the
cost of water. Ms Koh added: "How do you place a price on health?
(Adapted for academic purposes: “Hyflux dips toes into wellness, beauty market / Hyflux banks on
oxygenated water for consumer market,” by Andrea Soh, The Business Times, 6 September 2016.)

Analyse three (3) possible social and personal factors that can have an impact on a
consumer’s decision to purchase the Elo brand of oxygenated water for personal
consumption.
(30 marks)

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