final for marketing prinicples

Today, the percentage of jobs in the United States that are service-related is more than________ of all jobs. 80 percent 90 percent 60 percent 20 percent 40 percent

80%

Which statement about the product life cycle timeline is accurate? Women's fashion tends to last 2-3 selling seasons before it declines. There is little variability across product categories. A product may move through the entire life cycle in months, not years. Products in a category move consistently through the PLC. Men's suits are an example of a product that declines very quickly.

A product may move through the entire life cycle in months, not years.

A misconception about marketing is that it is ________. a. relevant to everyone b. all about selling c. no more inherently unethical than other business areas d. highly visible by nature e. highly public

B. all about selling

The marketing manager of Zenith Corp. is interested in ranking clients on the basis of their profitability, and accesses a database that tells him about the frequency and size of each client's order along with the actual costs per order. This database is part of the ________ system. sales information employee management promotion management financial information customer relationship management (CRM)

CRM

Which statement about the service sector is accurate? The long-term shift from service-producing to goods-producing employment is expected to continue. In terms of U.S. gross domestic product, services account for less than 60 percent and that number is declining. Changing U.S. demographics represent a major driver for why the service sector is thriving. Today, we operate in an economy that seldom focuses on intangible offerings. Jobs represented in the service sector of the economy exclude categories such as intellectual property and consulting.

Changing U.S. demographics represent a major driver for why the service sector is thriving.

When Henry Ford said, "People can have the Model T in any color—so long that it's black," he was reflecting a sales orientation. True or false

False

Which criterion for market segmentation is least likely to enable successful segmentation? It should be reachable in terms of communication. It should be readily identifiable. It should be measurable. It should be undifferentiated. It should be of sufficient size.

It should be undifferentiated.

________ are the stages of the consumer decision-making process in order. a. Problem recognition, evaluation of alternatives, product choice, evaluation b. Problem recognition, search for information, evaluation of alternatives, product choice decision, post-purchase evaluation c. Evaluation of alternatives, product choice, evaluation d. Evaluation of alternatives, information search, product choice e. Problem recognition, identifying alternatives, evaluation of alternatives, selection of an alternative, purchase decision

Problem recognition, search for information, evaluation of alternatives, product choice decision, post-purchase evaluation

Licensing is a useful form of market entry when companies lack the resources to establish independent operations in foreign markets. false true

T

________ are the marketing activities that affect the consumer decision process. Value proposition, technology, and segmentation Culture, society, and technology Marketing communications, technology, and politics Value proposition, distribution, and marketing communications Distribution, technology, and promotion

Value proposition, distribution, and marketing communications

Target marketing is the process by which________. the customer groups are evaluated on the basis of high or low churn to see which is the most profitable a company chooses which advertising strategy to use a company collects cookies to track everyone who visits its website a company evaluates market segments and decides which ones have the most potential for development the market is divided into cohesive groups

a company evaluates market segments and decides which ones have the most potential for development

In a marketing plan, every strategy must include an implementation element. These are sometimes called ________. marketing channels action plans marketing metrics strategic plans value propositions

action plans

With brand________, customers develop a number of emotional, performance, and psychological connections with a brand. association identity awareness validity link

association

Selective________ refers to a tool that helps individuals focus on what is relevant and eliminate what is not. attention hearing awareness distortion retention

awareness

The AMA's definition of marketing reflects the view toward marketing activities as focused on _________. a. advertising and selling b. creating and delivering offerings that have value c. producing innovative products d. increasing productivity e. maintaining relationships with suppliers

b. creating and delivering offerings that have value

________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. a. Economics b. Marketing c. Finance d. Accounting e. manufactoring

b. marketing

A(n)________ is defined by the American Marketing Association as "a name, term, design, symbol, or any other feature that identifies one seller's goods or services as distinct from those of other sellers." brand profile identity product trademark

brand

KFC is very protective of its "Seven Herbs and Spices" recipe, which, in the view of the company, gives it a significant competitive advantage over other restaurants, and will use any legal resource available to protect its patented formula. Which dimension of brand equity does this example illustrate? brand loyalty brand association brand assets brand awareness perceived quality

brand assests

________ is a central tenet of marketing in which a person gives up something of value to them for something else they desire to have. a. Sales orientation b. Power c. Exchange d. Sustainability e. Customization

c. exchange

Dell used its brand to expand into new areas including printers and consumer electronics such as LCD and plasma televisions. Dell engaged in a________ extension. category line random natural basic

category

The American Marketing Association's code of ethics speaks to six primary ethical values: honesty, responsibility, fairness, respect, transparency, and ___________. sustainability citizenship consumer-orientation loyalty social conscience

citizenship

Costco and Visa joined together to offer a Costco Visa card that allows users to get rebates on their purchases at Costco while expanding the reach of Visa to Costco members. This is an example of stand-alone branding. licensing. co-branding. family branding. store branding.

co-branding

In marketing, differentiation means________. a. products need to appear to be different from one another to be successful in the marketplace b. consumer choices remain similar around the globe c. evaluating different market segments and deciding which shows the most promise for development d. communicating and delivering value in different ways to different customer groups e. each age segment views products exactly the same

communicating and delivering value in different ways to different customer groups

Customer relationship management (CRM) is considered critical largely because of ________. revised government regulations internal pressure by employees increasing demand by customers external pressure by suppliers and vendors competitive pressures in the marketplace

competitive pressures in the marketplace

One part of a marketing plan should identify what to do if things go wrong. This section is called ________ planning. operational strategic tactical action contingency

contingency

Which of the following statements is TRUE of marketing? a. Marketing departments "own" an organization's marketing initiative. b. Marketing is all about advertising and selling. c. Unlike most other key areas of business, marketing as a field is not visible by nature. d. Marketing is no more inherently unethical than other business areas. e. Most aspects of marketing take place behind the curtain of an organization, out of the public's sight.

d. Marketing is no more inherently unethical than other business areas

The marketing manager for Ned's Bar and Grill notices that his typical customer is a male college student. In the context of external information sources, he is using ________ to define his market. stereotypes demographics visual cues estimations instincts

demographics

Charging a price that is lower than actual costs or less than the company charges in its home market is called ________. gray marketing compensation trading dumping offset pricing price fixing

dumping

A shoe manufacturing company is interested in selling its products in a new country. Before entering the marketplace, the company wishes to gather information about how the country's citizens set priorities and make buying decisions. For this purpose, the company is most likely to analyze the country's ________. natural world technological transformations political environment geographic changes economic conditions

economic conditions

The________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations. improved differentiated enhanced beta specialized

enhanced

One way to make a service more tangible is to have prospective customers___ experience the service through a trial. google the service and see who provides the services in their area. use the service on a regular basis. receive a brochure that highlights the advantages and disadvantages of the service. read about it on a website.

experience the service through a trial

________ is the most common method for entering foreign markets. Licensing Franchising Joint ventures Exporting Direct foreign investment

exporting

Marketing managers need to pay attention to culture because? a. it has a profound impact on the consumer choice process by laying more emphasis on nonverbal communication. b. it drives social status by laying more emphasis on success-driven factors. c. culture is a critical situational factor that affects individuals throughout the consumer choice process. d. it results in informal social systems that exert influence over an individual's attitudes and behaviors. e. failing to understand culture has a significant negative effect on product acceptance.

failing to understand culture has a significant negative effect on product acceptance.

Engaging in ethical business practices generally has little impact on marketing strategy and implementation. false true

false

Market development strategies allow a firm to invest additional resources to have existing customers consume new products. true false

false

Market penetration strategies allow the firm to introduce new products to new customers, often including international markets. false true

false

Marketing is relevant only to people in the organization who work directly in the marketing department. false true

false

Value is some type of utility that a company and its products provide for customers. false true

false

Ford Motor Co. introduced its automobile called Nova in Mexico. It faced difficulty in selling the car because "Nova" in Spanish means "It doesn't go." This illustrates a problem with ________. country-of-origin effect manufacturing brand strategy fitting the product to the culture quality

fitting the product to the culture

Positioning strategy is a process that often starts with________, which help(s) develop a set of attributes for further analysis. surveys case studies focus groups panel research interviews

focus groups

A marketing manager using the database called PRIZM is interested in________ segmentation. geographic educational geodemographic occupational psychographic

geodemographic

________ is one of the most widely used measures of economic growth. a. Six Sigma b. Break-even point c. Return on investment d. Stock market index e. Gross domestic product

gross domestic product

The primary difference between selling to the profit-oriented market and the nonprofit market is that nonprofits a. place more emphasis on their business goals than performance specifications. b. have a more rational decision process. c. entail purchase decisions that often include an emotional component to them. d. have a limited number of resources compared to their for-profit counterparts. e. generally opt for a new purchase rather than a straight or modified rebuy.

have a limited number of resources compared to their for-profit counterparts.

New-to-the-world products are products that are innovative but only slightly different than previous products. are not disruptive to the marketplace. make existing products more desirable. have not been available before their introduction to the market. have been available before but are recycled.

have not been available before their introduction to the market

Which of the following is NOT a part of the market research process? collecting the data implementing the recommendations searching secondary sources establishing the research design defining the problem

implementing the recommendations

Which of the following is one of the three factors a company needs to consider when creating a market information system? technology needs diversity information needs demographics flexibility

infromation needs

Services are produced and consumed at the same time and cannot be detached from their provider. This characteristic of service is called perishability. intangibility. inseparability. variability. reliability.

inseparability

The four characteristics of services are that they are? inseparable, perishable, intangible, and variable. customized, standardized, formalized, and categorized. variable, dependable, repairable, and customized. specialized, tangible, standardized, and perishable. tangible, quantifiable, reliable, and durable.

inseparable, perishable, intangible, and variable

Firms that are customer-centric exhibit a high degree of customer orientation, which means that they? generate an understanding of the marketplace and keep that information confidential. develop mass-produced goods and services that sell well in both large and small markets. treat employees as customers and develop systems and benefits that satisfy their needs. instill an organization-wide focus on understanding customers' requirements. align system capability externally so that an organization can respond with competitively similar goods and services.

instill an organization-wide focus on understanding customers' requirements.

A service cannot be experienced through the physical senses. This property represents the________ of services. perishability reliability variability inseparability intangibility

intangibility

The consumer decision process is an interaction of two types of forces. They are inside and outside. internal and external. individual and group. personal and psychological. high-context and low-context.

internal and external

The product life cycle (PLC) defines the life of a product in four basic stages, which include? primary, secondary, advanced, and nominal. production, development, distribution, and enhancement. awareness, interest, trial, and adoption. idea generation, creation, presentation, and promotion. introduction, growth, maturity, and decline.

introduction, growth, maturity, and decline.

Many firms are reluctant to invest in great service, largely because __ a service's quality can only be as good as that of the providers themselves. it is difficult to change employees' actions. consumers usually are not aware that they are receiving great service. it takes time and patience before a return on the investment is noticeable. of the inseparability and perishability of services.

it takes time and patience before a return on the investment is noticeable.

A product________ is a group of products linked through usage, customer profile, price points, and distribution channels. cycle core form line mix

line

________ is defined as the methodical identification, collection, analysis, and distribution of data to discover and solve marketing problems or enhance good decision making. Market orientation Market development strategy Marketing control Marketing mix Market research

market research

On a box of Procter & Gamble's Bounce fabric softener sheets, the brand name "Bounce" takes up the dominant space on the label and the rest of the space is a bright color (orange) with clean fresh images of a sun rising and a green field. This is an example of the________requirements of labeling. consumer industry legislative legal marketing

marketing

________ include a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing-related decisions. Marketing analytics Structured surveys Marketing databases Computer management systems Customer decision systems

marketing analytics

Sean attributes the success of his video game arcade to advertising on the most popular website for gamers. Recently, the website raised ad prices, so Sean has cut his advertising in half. He believes that positive word-of-mouth will be enough now that his game is well established. However, sales are slipping. Of the fiveprimary activities in the value chain, this problem is most likely to occur in ________. outbound logistics service inbound logistics operations marketing and sales

marketing and sales

When companies provide too few products in a product line, they run the risk of? being differentiated from competitors. increasing barriers to market entry. delivering products that can be easily copied. having inefficiencies in production. missing important market opportunities.

missing important market opportunities.

A ________ articulates an organization's reason for existence and defines the unique purpose that sets it apart from competitors and identifies the scope of the company's operations, products, and markets. value proposition functional-level plan mission statement value chain marketing strategy

mission statement

Big Data from ________, such as Cartwheel from Target, can be used to assist customers in finding in-store deals and provides opportunities for retailers to maximize the value of in-store shopping experiences. government agencies business systems mobile apps Internet-connected devices commercial entities

mobile apps

Customers view new products much differently than companies view them. Customers care only if a product is offered online instead of at a brick-and-mortar store. offered through a new outlet. repositioned to target new markets. new to them. new to their retail store.

new to them

A company's brand role includes? providing competitors with a benchmark against which to compete. educating the customer about a product. conveying information about a product. helping reassure the customer in the purchase decision. offering an effective and efficient methodology for categorizing products.

offering an effective and efficient methodology for categorizing products.

When a competitor used its logo in a disparaging way in an advertisement, Max Corp. sued. It won the suit on the basis that the competitor violated its trademark. Whichcompany brand role does this scenario exemplify? helping reassure the customer in the purchase decision providing competitors with a benchmark against which to compete offering an effective and efficient methodology for categorizing products offering legal protection for a product educating the customer about a product

offering legal protection for a product

Frito-Lay is using________ when offering free in-store samples of Doritos for the express purpose of getting people to try the product, enjoy the product, and finally purchase a bag of Doritos. database marketing behavioral mining cognitive learning classical conditioning operant conditioning

operant conditioning

What is a psychological attribute that affects consumer choices? lifestyle perception education occupation gender

perception

Since Maytag's appliances have earned a reputation as being reliable and durable, John decided to buy a new Maytag washing machine despite the fact that it was more expensive than other brands. Which dimension of brand equity does this example illustrate? brand assets brand awareness perceived quality specific warranty brand association

percieved quality

A person shops differently when the line at the checkout is long. This is due to? cultural values. aspirational purchases. personal circumstances. physical placement. social factors.

personal circumstances

________ is a set of unique personal qualities that produce distinctive responses across similar situations. Lifestyle Mind-set Attitude Personality ideology

personality

Starbucks has been successful in developing "ethically sourced" coffee that is socially responsible and environmentally safe. This demonstrates which element of TBL? product planet profit people promotion

planet

When Target had a data breach that resulted in the loss of the personal information of 40 million customers, it ________. sent all customers a gift card to Target stores fired the employee who caused the data breach. refunded purchases to customers made during a two-week period postponed a campaign focused on Target's corporate citizenship hid the information from its customers

postponed a campaign focused on Target's corporate citizenship

Brand Electronics' marketing manager would like to know about the typical consumer who purchases handheld computers. He begins by searching online and in databases for this information, but soon discovers that a product is too new for the sources to be of help. In this instance he will need ________ data to solve his research problem. primary governmental subjective experimental secondary

primary

________ can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas. Exchange Product Strategy Market Utility

product

Coca-Cola changes the taste of its soft drinks to meet local market preferences. This is an example of ________. backward product invention product adaptation direct product extension hybrid products product invention

product adaptation

The marketing manager of a store brand pain reliever is designing the package for its new gel-coated capsules. Her main concerns are to design a package that prevents tampering with its contents and keeps children from accessing the product without adult assistance. On which objective of packaging is the marketing manager focusing? communication customer connection harmony aesthetics protection

protection

A marketing manager using VALS is interested in________segmentation. geodemographic educational psychographic geographic occupational

psychographic

Which of the following types of research is less structured and can employ methods such as surveys and interviews to collect the data? quantitative statistical mathematical computational qualitative

qualitative

When products like cell phones are promoted as a safety device for working women and moms, this demonstrates that one way to find "new" markets is to? alter the cost so more people can afford the product. reposition the existing products targeting different customer segments. sell added benefits to the existing customers. create advertisements targeting working women and moms. develop product penetration strategies.

reposition the existing products targeting different customer segments.

The local sandwich shop has always sold calorie-laden sandwiches and recently introduced six new sandwiches featuring vegetables and lower-calorie meats and cheeses to appeal to health-conscious customers. What strategy is the sandwich shop pursuing? one-to-one marketing repositioning tertiary target marketing concentration 80/20 rule

repositioning

PepsiCo and Coca-Cola sponsor traveling carnivals in rural Latin America to encourage product trial. This element of marketing communications is called ________. personal selling public relations sales promotion direct marketing advertising

sales promotion

Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem? subjective experimental primary quantitative secondary

secondary

________ data contains some elements of structure that make it easier for machines to understand its organization, but still contains parts that do not possess an appropriate level of structure to make them readily analyzable by automated means for knowledge creation. Unstructured Soft Unsecured Semi-structured Abstract

semi-structured

A SWOT analysis of a firm is least likely to ________. reveal weaknesses look at internal strengths identify potential opportunities and threats suggest solutions to problems include external analysis

suggest solutions to problems

The marketing manager for Joe's Shoe-Mart has decided to conduct descriptive research using primary data. Based on some preliminary research of trade journals and interviews with customers, she knows what questions to ask. However, the customers she wants information from are spread out over many stores in several states. The best technique for her to collect this data would be ________. case studies surveys focus groups experiments in-depth interviews

surveys

Customer loyalty is defined as ________. the degree to which an individual will resist switching from one offering to another the likelihood that a customer becomes a buzz marketer increased individual customer margins, while offering the right products at the right time the total number of customers who purchase a product retention of satisfied and loyal profitable customers and channels

the degree to which an individual will resist switching from one offering to another

Customer satisfaction is defined as ________. retaining satisfied and loyal profitable customers and channels the level at which the offering meets or exceeds a customer's expectations the number of purchases in a defined period of time the degree to which an individual will resist switching from one offering to another increasing the likelihood that a customer becomes a buzz marketer

the level at which the offering meets or exceeds a customer's expectations

Customer orientation, a component of market orientation, places the customer at the core of all aspects of the enterprise. true false

true

In contrast to Marketing (Big M), marketing (little m) serves the firm and its stakeholders at a functional or operational level. true false

true

One of the most straightforward and popular methods of segmentation is demographics. true or false

true

Peter Drucker stated that since it is the customer who defines value, the business enterprise has only two business functions: marketing and innovation. false true

true

Starbucks is known to have shops located in close proximity to enable customers to shop conveniently. It appears that the coffee shop chain is offering place utility. true false

true

In the context of positioning errors, when consumers have only a vague idea about the company and its products, and do not perceive any real differentiation, it is called________. overpositioning uninformed positioning repositioning fuzzy positioning underpositioning

underpositioning

After staying in a boutique hotel in Chicago, Marissa posted a picture on her Facebook feed and described how fabulous it was. This kind of information is considered ________ data. soft unsecured structured abstract unstructured

unstructured

Advertisements with messages like "Orange juice—It's not just for breakfast anymore!" or "Soup can be a delicious way to start a cold winter's day," are using segmentation by________. geographic psychographic lifestyle benefits sought usage patterns

usage patterns

Although Michael knew he couldn't really afford the Mercedes, he wanted it anyway. The want-satisfying power of a good is called ________. necessity strategy exchange utility value

utility

Which characteristic is related to services? reparability variability separability durability tangibility

variability

With services, continual investment in training, retraining, and good management of people will have the biggest impact on? variability. intangibility. inseparability. perishability. tangibility.

variability

Mr. Evans is a fan of using Big Data because of its ability to generate a large amount of data that can be organized and quantified. Mr. Evans likes the ________ characteristic of Big Data. value volume variety velocity veracity

volume

Mr. Evans is a fan of using Big Data because of its ability to generate a large amount of data that can be organized and quantified. Mr. Evans likes the ________ characteristic of Big Data. velocity volume value variety veracity

volume

Unsought goods are characterized as being the kinds of goods that consumers? a. purchase solely for business purposes. b. would rather not purchase at all. c. frequently purchase and have little interest in seeking new information about. d. purchase solely for personal purposes. e. do more research on and compare across product dimensions such as color, size, features, and price.

would rather not purchasse at all