Bridge MBA Marketing Midterm

The problem with the survey question "Do you watch television a lot?" is that it is a double-barreled question.

False

Customer-engagement marketing

Fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community.

Pacific Fisheries groups its customers by regions in the U.S., such as Midwest, Northeast, and Southwest. For each region, Pacific Fisheries tailors a different set of advertisements and promotions. Based on which of the following segmentation variables does the firm divide its market?

Geographic location

Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on ________.

Multiple segmentation bases

Which of the following is true about Maslow's Hierarchy of Needs? Select all that apply.

One product can satisfy multiples stages of needs. & One must satisfy a physiological need first to fulfill an esteem need.

Marketing Myopia

Paying more attention to specific offerings than to the benefits and experiences produced by these offerings

The marketing practice of creating a distinct image in the target market's mind is called ________.

Positioning

Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?

Positioning statement

Marketing Mix (4 P's)

Product, Price, Place, Promotion

Customer equity is a measure of the future value of a company's customer base.

True

Demographic factors are the most popular bases for segmenting customer groups.

True

The number of target segments is typically fewer than the overall number of segments that have been identified.

True

The problem with the survey question "Do you drink soda a lot?" is that it is a leading question.

True

Leading question

a question that prompts or encourages the desired answer.

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

customer-perceived value

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is engaging in ________.

mass customization

Endowment effect

refers to an emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value.

Positioning

refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors and different from the concept of brand awareness.

Place in the correct order ~designing a customer-driven marketing strategy ~constructing an integrated marketing program that delivers superior value ~building profitable relationships and creating customer delight ~understanding the marketplace and customer needs and wants ~capturing value from customers to create profits and customer equity

1. understanding the marketplace and customer needs and wants 2. designing a customer-driven marketing strategy 3. constructing an integrated marketing program that delivers superior value 4.building profitable relationships and creating customer delight 5. capturing value from customers to create profits and customer equity

Customer-generated marketing

Allowing consumers play roles in shaping their own brand experience and those of others

Carla, a team leader in charge of customer relationship management, is planning strategies to improve the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?

Barnacles

Dividing buyers into groups based on their interests, uses, or responses to a product is called ________ segmentation.

Behavioral

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?

Brand personality

Senz, an automobile manufacturer, produces low-end vehicles that are targeted toward lower-income consumer groups. Senz most likely segments the consumer market based on ________ variables.

Demographic

Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.

Differentiated

A company's customer value delivery network does not include members external to the organization.

False

Cause-related marketing techniques are typically unprofitable for businesses, which is why it is a rarely used form of corporate giving.

False

Companies today are moving away from target marketing and toward mass marketing.

False

Customer relationship management focuses on retaining existing customers but not on acquiring new customers.

False

Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find something in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process.

Information search

Which of the following is a psychographic characteristic of a consumer?

Lifestyle

Acme Inc., a manufacturer of construction and mining equipment, is based in Australia. Acme modifies the production processes of its widgets and gadgets to sell its current products in Eastern Europe. This is most likely an example of a ________ strategy.

Market development

Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?

Purchase decision

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a(n) ________.

Reference group

Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the soaring obesity rates and environmental problems. In this case, these fast-food restaurants have overlooked the ________ concept.

Societal marketing

Omni Healthcare's analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?

The demand for analgesic drugs in the Terranian market is expected to remain stable and to possibly slow down.

Which of the following concepts is based on a customer-centered philosophy? Select all that apply.

The marketing concept & the societal-marketing concept

In a SWOT analysis, which of the following would most likely be considered a strength of a company?

an improvement in the company's production technology

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

causal

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?

competitive marketing intelligence

Societal marketing concept

concept that holds that a company should make marketing decisions not only by considering consumers' wants, the company's requirements, but also society's long-term interests

The phenomenon that people often demand much more to give up an object than they would be willing to pay to acquire it is called ___________.

endowment effect

Marketing concept

preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer's problem (needs).

Which of the following demonstrates the real value of a company's marketing research and information system?

the quality of customer insights it provides

Mass customization

to customer-oriented and individualized mass production for a large market

Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?

to give customers the complexion they dream about by providing products suited to their needs

Which of the following is most likely the cheapest and quickest means to collect data for marketing research?

utilizing internal databases to gather sales data

Double barreled question

when someone asks a question that touches upon more than one issue, yet allows only for one answer.