MAR 6805 Mid-Term

Which of the following best describes how Vosges handles the Place element of the four Ps? A. Vosges sells its product through carefully-selected, high-end retailers, and also in its own boutiques. B. Vosges sells its product only through its own boutiques. C. Vosges sells its product at a premium price. D. Vosges advertises its chocolates through carefully-crafted ads in upscale magazines.

A. Vosges sells its product through carefully-selected, high-end retailers, and also in its own boutiques.

If a firm wants to be customer-centric, it is necessary that they understand customer A. knowledge. B. customs. C. culture. D. traditions.

A. knowledge.

New Balance's innovative performance footwear product line is a(n) A. product leadership. B. convenience leadership. C. innovation leadership. D. price leadership.

A. product leadership.

Vosges Haut-Chocolat creates value for customers by A. providing a luxury experience for consumers through innovation. B. keeping prices low through an efficient supply chain. C. selling their chocolates in as many retail stores as possible, to make them easy to find. D. balancing cost against product quality to offer a good but affordable product.

A. providing a luxury experience for consumers through innovation.

A luxury car dealership assigns a service representative to each customer. This service rep handles all routine and emergency service appointments, writes thank-you letters, and advises the car owner when the next service date is anticipated. This dealership has adopted a ________ approach. A. Relationship orientation B. Mass customization orientation C. Market orientation D. Product orientation E. Differentiation orientation

A. relationship orientation

Though the change to the product was costly, both from a financial and time perspective, it should help Nike in the long term in terms of its relationship with several important stakeholder groups. Assuming that the change in this product is representative of a larger effort to ensure that the firm's products meet a certain environmental standard, the decision can be viewed as an example of A. Tactical marketing B. Big Marketing (Big M) C. Myopic marketing D. marketing (little m)

B. Big Marketing (Big M)

Every time Tabitha pays bills for her cell phone or car insurance, services that are important for her, she is practicing the central tenet of marketing called ________. A. Sustainability B. Exchange C. Value D. Pricing E. Growth

B. Exchange

As the marketing manager of Tiny Tire Company, you are interested in assessing whether it is possible to decrease the amount of time between customers' tire replacement services and also whether it is possible to increase average transaction amounts through add-on sales. To assess customer satisfaction with current services, you decide to consult your CRM system to ________ customer orders. A. Determine the cost of B. Identify the frequency and size of C. Calculate the efficiency of D. Track company delivery of E. Rank

B. Indentify the frequency and size of

Jeffie completed his mission statement for his marketing plan and has written down company goals; now he is focusing on his business's ________, or how he will be able to attain these goals in specific, measurable ways. A. Metrics B. Objectives C. Executive summary D. Strategy E. Vision

B. Objective

________ can be very useful in helping visualize where to make strategic changes to either move your product closer to the main market or further differentiate your product away from the competitive cluster and into more unique market space. A. Demographic segmentation B. Perceptual maps C. A mission statement D. Focus groups E. CRM

B. Perceptual maps

The National Do Not Call Registry is an example of how the ________ environment affects marketing. A. Cultural B. Political/legal C. Competitive D. Natural World E. Economic

B. Political/legal

________ target markets are those segments that have reasonable potential but for one reason or another are not best suited for development immediately. A. Tertiary B. Secondary C. Perceptual D. Abandoned E. Primary

B. Secondary

By Nike changing the technology in their shoe, they are taking on a role of being more socially responsible. What type of business practice is Nike partaking in as they incorporate doing well by doing good into their business model? A. Market creation B. Sustainability C. Customer orientation D. Marketing metrics E. Differentiation

B. Sustainability

What country spends the most on market research? A. Russia B. The United States C. Canada D. Germany E. China

B. The United States

For strategic success from its merger with Amoco, the corporate _____________ must merge together. A. policies B. cultures C. rules D. guidelines E. principles

B. cultures

"Going Green" is a part of BP's A. goal planning. B. strategic vision. C. distinctive competencies. D. objectives. E. core competencies.

B. strategic vision.

Riverside Senior living has a campus with living arrangements for independent living, assisted living, rehabilitation, memory care, and skilled nursing. What type of segmentation is Riverside using? A. Geodemographic B. Age C. Behavioral D. Psychographic E. Income

C. Behavioral

KB Home decided that they were interested in knowing if offering eco-friendly options within their home offerings will generate greater sales than offering eco-friendly options within an options list to add on to their home offerings. Which type of research would be most appropriate for this purpose? A. Descriptive research B. Exploratory research C. Causal research

C. Causal research

Many companies are using popular songs from the 1960s and 1970s in their advertising. When individuals, particularly baby boomers, hear that music it connects them with positive memories and the product and brand being advertised. This demonstrates ________. A. Information seeking B. Information search C. Classical conditioning D. Operant learning E. Cognitive learning

C. Classical conditioning

Sabeen didn't have time to shop for Christmas gifts, so she ordered everything from Amazon. This shows how Amazon's _______ leadership is one way the company creates differentiation in its offerings. A. Personnel B. Product C. Convenience D. Innovative E. Image

C. Convenience

The most significant global economic trend in the past 15 years has been the ________. A. degree to which banks have invested in one another B. Power of the International Monetary Fund (IMF) C. Emergence of regional market zones D. Global mortgage market E. Emergence of the euro as currency

C. Emergence of regional market zones

It is important to remember that a marketing plan should be able to change as customers change, competitors develop new products, or there is a change in the external environment. In other words, a marketing plan should be ________ to be successful. A. Reliable B. General C. Flexible D. Preferable E. Disposable

C. Flexible

The B2B customer buying process is ________ than the consumer purchase decision process because it takes longer and involves more people, making the seller's job more challenging. A. More intense B. More inconsistent C. More complex D. Less profitable E. Less difficult

C. More complex

The choice of generic strategy is usually driven by ________ capabilities of the firm, as well as the ________. A. Human resource; culture of the company B. Technology; human resources C. Resource; competitive landscape D. Financial; infrastrcture E. Product; customer

C. Resource; competitive landscape

When a sales representative calls on a customer, or a call comes in to the customer service center, these are called customer ________. A. Mining B. Clicks C. Touchpoints D. Hits E. Logistics

C. Touchpoints

Yum! Brands collaborates with local franchisees in foreign markets because of their knowledge of everything except A. merchandising. B. the local market. C. food suppliers. D. real estate. E. labor laws.

C. food suppliers.

Based on the examples provided in the video, Domino's overall global product strategy is best described as A. offering the same products worldwide. B. a strategic alliance. C. offering similar products worldwide, with minor adaptations for local tastes. D. creating a totally different product mix in each country.

C. offering similar products worldwide, with minor adaptations for local tastes.

Jeremy runs a U.S.-based company. Recently, some of his customers with global operations have placed additional orders that require Jeremy to work with their foreign subsidiaries. As a result, Jeremy has developed local distribution and service reps in three foreign markets. What stage of the global experience learning curve is Jeremy experiencing? A. Global marketing B. Domestic marketing C. Companies with no foreign marketing D. Companies with foreign marketing E. International marketing

D. Companies with foreign marketing

CRM helps in determining which customers to target based on known or learned characteristics that will drive growth. This describes which of the three CRM objectives? A. Customer retention B. Customer profitability C. Customer management D. Customer acquisition E. Marketing analysis

D. Customer acquisition

_____________ is the primary goal in Best Buy's use of customer-centricity. A. Customer pleasure B. Competitive advantage C. Competitive gain D. Customer satisfaction

D. Customer satisfaction

When a company is focused on uncovering needs that customers do not realize they have, it is using a ________ strategy. A. Consumer B. Brand image C. Research and development D. Market-driving E. Market-driven

D. Market-driving

Peter Drucker, the father of modern management, stated that the business function(s) of an organization include ________. A. Improving the quality of life for society and to create a customer B. Creating products and making a profit C. Reliability and responsibility D. Marketing and innovation E. Making products affordable through Total Quality Management

D. Marketing and innovation

At Nancy's Natural Potato Chip Corp., the company always take into account the quality of the ingredients going into the snack foods it produces and recently rejected a supplier who claimed to use all-natural ingredients but actually did not. What part of the marketing mix did this claim affect? A. Price B. Promotion C. Distribution D. Product E. Customization

D. Product

The unusual types of ingredients Vosges uses, as described in the video, are part of which element of the four Ps? A. Price B. Place C. Promotion D. Product

D. Product

Consider a consumer who is particularly concerned with the environmental impact products have when making a purchase. When Nike changes the product, assuming the price stays the same, what core marketing concept is Nike increasing in regards to that consumer? A. Product orientation B. Exchange C. Customer orientation D. Value E. Promotion

D. Value

BP's philosophy of "a little better" is used to establish A. service relations. B. production efficiency. C. marketing plans. D. a competitve advantage.

D. a competitve advantage.

Vosges' premium pricing and innovative flavors are sources of _______ for the company. A. quality B. marketing concepts C. price D. differentiation

D. differentiation

________ indicates the amount of interpersonal contact an individual has with the reference group. A. Involvement B. Group commitment C. Degree of commitment D. Group affiliation E. Degree of affiliation

E. Degree of affiliation

Davido's Pizza promised delivery in 30 minutes, but it averaged closer to 60-minute deliveries. Eventually Davido's began to lose customers to other pizza restaurants because they didn't trust Davido's promise of quick delivery. What positioning error did Davido's make? A. Confused positioning B. Lack of positioning C. Underpositioning D. Overpositioning E. Doubtful positioning

E. Doubtful positioning

Fun Time Corp. has decided to move production of its board games for children and adults from the United States to Mexico to realize cost savings. At the same time, the company has decided to make Spanish-language versions of the games and distribute them in Central and South America. Most likely Fun Time is pursuing a strategy of ________. A. Growth/concentration via vertical integration B. Stability C. Diversification via concentric means D. Retrenchment E. Growth/concentration based on horizontal integration

E. Growth/concentration based on horizontal integration

Gen Y consumers are much more receptive than their parents and grandparents to electronic commerce as a primary means of receiving marketing communication and purchasing. The marketing change driver represented by this is a shift ________. A. To product glut and customer shortage B. To distinguish "Big M" from "little m" marketing C. In information power from marketer to consumer D. In generational values and preferences E. To demanding return on marketing investment

E. In generational values and preferences

Having too many internal metrics puts the focus on what a company already knows and fails to put the focus on the unpredictably dynamic external marketplace. Which pitfall of marketing dashboards does this represent? A. Forgetting to market the dashboard externally B. Tools to increase effort in both production and distribution C. Too much strategic insight; not enough tactical metrics D. Overreliance on outside-in measurement E. Overreliance on inside-out measurement

E. Overreliance on inside-out measurement

When Nike moved manufacturing to China, it took into account China's labor laws when fulfilling hiring needs. Which type of information was being addressed? A. Economic B. Cultural C. Societal D. Market conditions E. Political and legal

E. Political and legal

Data collected specifically for the research question under consideration is called ________ data. A. Secondary B. Designed C. Optimal D. Research E. Primary

E. Primary

________ is an offshoot of ROMI that was developed to apply the same principles to customers. A. ROIC B. ROPI C. ROBI D. COBI E. ROCI

E. ROCI

What is the most important criterion on which Dole selects a supplier to maintain a relationship with? A. Price B. Value C. Location D. Distribution network E. Reliability

E. Reliability

When examining a new foreign market, marketers at Yum! Restaurants International consider which factor to be the most important? A. How familiar it is with Yum!'s brands B. The number of potential competitors C. How similar it is to the U.S. market D. The ease of recruiting local staff E. Retail concept's fit with the market

E. Retail concept's fit with the market

In terms of marketing productivity, which of the following is the most crucial factor that Yum! Brands considers when entering a new foreign market? A. Distance from the U.S. B. Local laws C. Cultural factors D. Ease of entry E. Timing

E. Timing

BP's "green" marketing effort is demonstrated through A. product sales. B. station cleanliness. C. advertising. D. employee hygiene. E. guest experience.

E. guest experience.

BP establishes customer loyalty through customer A. promotions. B. sales. C. planning. D. reviews. E. interaction.

E. interaction.

"Little m" marketing refers to strategies the firm uses to reach its stakeholders.

False

Marketing dashboards display information in numerical formats and offer subjective feedback about initiatives and results.

False

Societal marketing refers to practices of promoting products to entire consumer markets rather than to individuals.

False

Tastee Yogurt Shop wants to survey its customers about their recent experiences. Tastee has a database with all 100,000 customers who have been to the shop. The company will randomly select 10 percent of those customers to call and survey about their experience. Tastee Yogurt Shop is using a nonprobability sampling method.

False

The administration of information security when using CRM is part of the marketing manager's job.

False

The most common foreign market entry strategy is joint venture.

False

The most widely used measure of economic growth is the strength of the currency.

False

Value may be defined as the want-satisfying power of a good or service.

False

When a manager notices that increases in call wait times are causing customer dissatisfaction, the manager is looking at an external source of data.

False

A firm with a production orientation assumes that if you have a great product, customers will come to you.

True

A point-of-sale system is an example of a customer touchpoint.

True

Credit availability, creative pricing, and new financing arrangements enable and even encourage people to engage in aspirational purchases.

True

Even if companies do not engage in direct foreign marketing, they may still sell abroad through intermediaries.

True

Exploratory research is useful for clarifying the research problem so that a hypotheses can be developed.

True

Marketing managers are a core contributor to the success of CRM by virtue of their expertise on customers and relationships.

True

Marketing research is called for when the answer to a specific problem or issue is not available from a firm's market information system or other sources.

True

Most products are evaluated on two dimensions—instrumental performance and symbolic performance.

True

Of all the business fields, marketing is the most visible to people outside the organization.

True

Regional market zones usually form as a result of economic and political factors, geographic proximity, and cultural similarities.

True

Return on marketing investment (ROMI) is the impact an investment in marketing has on a firm's financial success.

True

Some firms come close to one-to-one marketing by employing mass customization.

True

Misunderstanding or making information fit existing beliefs is known as selective awareness.

false

Understanding cultural and societal trends is not important in B2B markets compared to B2C markets.

false

When McDonald's introduced Happy Meals, it was segmenting the market by primarily considering the demographic variables of gender and income.

false

When State Farm retired the "Auto-Fire-Life" ovals from its logo to create the impression of a more modern company, it was focusing on segmentation.

false

When consumers order a newspaper subscription, they want the paper delivered early in the morning so that they can read it before setting out for the day. It appears that newspaper publishers are offering form, time, and place utility, but not ownership utility.

false

According to the BCG matrix, a business that is classified as a cash cow has high market share and low growth.

true

Brad's company is in the process of determining the best way to get enough wood to build the furniture that they need to manufacture. This represents the value-creating activity of inbound logistics.

true

External factors such as social and cultural forces affect the consumer in the decision process.

true

In terms of segmentation, strategic marketing includes both identifying existing segments and creating new ones.

true

Institutions include nonprofits, hospitals, and other nongovernmental organizations.

true

The GE Business Screen portfolio analysis uses three levels—high, medium, and low—to rank business position and market attractiveness.

true

The value of a focus group lies in the richness of the discussion.

true

When Jon and Nathan opened their bakery in a small, rural midwestern town, they knew that their limited customer base could be a problem. To attract more customers they created character cookies for children, cupcakes for teenagers' birthday and graduation parties, and cakes for weddings and anniversaries. They even designed a special "welcome" cake for seniors moving to senior living centers. Jon and Nathan used differentiated target marketing to reach their customers.

true

When analyzing segment attractiveness, one of the three factors to consider is the segment's strategic fit to the company's goals.

true

In the business market purchase decision process, new buys will include _________ step(s) in the process. A. All of the B. The first 4 C. All but the last D. The first 3 E. The first 2

A. All of the

All of these are critical characteristics of post-purchase assessment EXCEPT ________. A. Satisfaction/dissatisfaction B. Use/nonuse C. Anxiety D. Dissonance E. Disposition

A. Anxiety

The "5 A Day" plan was created based on which kind of data derived from the market research process? A. Behavioral data B. Mechanical data C. Observational data D. Natural data E. Focus group data

A. Behavioral data

To remain competitive, firms collect intelligence on a number of external factors. Information related to population change is referred to as ________ information. A. Demographic B. Probability C. Logistics D. Ethnographic E. Method

A. Demographic

Carol's Croissants has always limited its products to U.S. customers but recently decided to introduce one of its products in Belgium. The company does not plan to change anything about the product before introducing it. This is an example of a ________. A. Direct product extension B. Partial product accomidation C. Product invention D. Product franchise agreement E. Product adaptation

A. Direct product extension

As an example of how Yum! Brands considers differences in cultural norms among global market segments, KFC restaurants modified which aspect of how they present their food products to the Brazilian market? A. Packaging B. Menu C. Signage D. Restaurant environment E. Coupons

A. Packaging

A beer manufacturer has noticed that the cost of hops has increased four times in the last year. A description of this would be found in the ________ section of the SWOT analysis. A. Threats B. Weaknesses C. Opportunities D. Strengths E. Operations

A. Threats

When the Chicago police are investigating a crime, they use video from posted cameras, verbal accounts from eyewitnesses, text from social media, and video and audio from police officers' body cameras. What feature of Big Data is BEST represented here? A. Variety B. Value C. Veracity D. Velocity E. Voice

A. Variety