Marketing 330 Midterm

Which of the following is true of demographic segmentation?

Age, being the easiest to identify, is one of the most commonly used demographic variables.

Which of the following explains how market segmentation plays a key role in an organization's success?

By identifying the various needs and wants of customers

Promotion involves the activities a firm undertakes to make its product available to potential customers.

False

How does evaluating product attributes help a firm highlight its competitive advantage?

It helps the firm identify the attributes that place its product in a special category of value to the customer.Correct

All of the following statements about the use of social media for B2B customer engagement are true except

It makes B2B interaction with customers more challenging.

________ strategies emphasize increased sales of existing goods and services to existing customers.

Market penetration

The Holiday Market Company is preparing for the upcoming holiday season by focusing on their product excellence. Which of the following should The Holiday Market Company do?

Review product ideas and seek customer input.

Select the statement that accurately describes the relationship between strategic planning and the marketing mix.

Strategic planning helps to ensure that marketers will select and execute the right marketing mix strategies to maximize success.

What can be said of the level of competition when selecting a target market?

The more competitors there are, the more a firm will have to invest in promotion to increase market share.

How do marketers determine whether potential market segments will become target market segments?

They use data to reveal which segments are responsive to the firm's marketing efforts.

Marketers create value and improve the chances that consumers will purchase the firm's products when they develop products that allow consumers to satisfy their needs and wants.

True

Professionally speaking, the same marketing principles used in business settings can help you market yourself and help you to reach your professional goals.

True

Which of the following is the best example of how one's personal value system influences his or her buying behavior?

Urvashi decided to buy an electric vehicle because she is concerned about the harmful effects of carbon dioxide emissions produced by gasoline fuels.

Demographic segmentation divides markets by

characteristics such as age, gender, and income.

Which of the following is an example of an influence in the physical environment that might affect consumer behavior?

climate change

Wanderlust Tours is a sustainable tourism group seeking to promote its latest trip—a trek through the Sapa region of Vietnam where all proceeds go toward building a new school for the children that live in the area. To promote this trip, it posts photos from the mountains on its Instagram account with the instructions to "click on the link in bio" for more information about the trip. Wanderlust Tours is using Instagram to

communicate value.

A product possesses a ________ when it enjoys a superior position over competing products because consumers believe it has more value than other products in its category.

competitive advantage

The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as a

competitive advantage.

American Clothing Company manufactures clothes to be sold in retail stores. After the clothing is manufactured, it is shipped to wholesalers who, in turn, use transportation companies to ship the product to various retail outlets. The manufacturer, wholesaler, transportation company and retailer all work together to create and deliver the product. This is an example of

delivering value.

Amazon.com started out as a bookseller; it now sells a range of products from apparel to furniture to food, as well as offers live-stream video through its Amazon Prime service. Amazon's decision to move beyond books correlates with which type of marketing growth strategy?

diversification.

When a firm decides to grow its market by offering new products unrelated to its existing products and services to new customers, this is known as

diversification.

Aislinn is looking into new fitness centers. She's considering two places to determine which one is closer to her office and which one has a greater variety of classes. This behavior is reflective of which stage of the consumer purchase decision process?

evaluation of alternatives

In his job interview, Fenton was asked about his GPA, his leadership experience, skill sets, and his work experience. These questions were asked by the employer to compare Fenton to the other applicants and are referred to as

evaluative criteria.

The attributes a consumer considers important about a certain product are referred to as

evaluative criteria.

Each of the six distinct stages of the _____ impacts consumer behavior; firms will market to each of these stages, offering such products and services as retirement investments.

family life cycle

All of the following are outcomes of a successful marketing strategy except

fewer direct competitors.

B2B marketing professionals operate in three main categories of business markets: government markets, reseller markets, and

institutional markets.

In today's tough job environment, it is important to know how to ________ yourself effectively in order to reach the professional goals you have set.

market

Which marketing strategy is most likely being employed by a firm that is seeking to expand its business in foreign markets?

market development

The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is called

strategic planning.

The market segment criterion stating that market segments must be large enough for the firm to make a profit by serving them is

substantial.

Patagonia, a California-based clothing company, is deeply committed to the environment. The company makes fleece jackets out of recycled bottles, uses solar panels to generate most of the electricity at its headquarters, and even tells its customers in its advertisements to think twice before buying anything, all in an effort to reduce its carbon footprint. This is an example of how Patagonia is engaged in

sustainable marketing.

When marketers evaluate each market segment and determine which segment or segments present the most attractive opportunity to maximize sales, this process is known as

targeting.

Which of the following would be considered a limited problem-solving purchase and why?

toaster oven because it is an occasional purchase that requires mid-level decision making

Which of the following represents the three basic strategies for targeting markets?

undifferentiated targeting, differentiated targeting, and niche marketing

John works for a consumer products company. His job is to collect, interpret, and report information that will help his company develop new products. John's work involves

marketing research.

When it comes to segmenting markets based on income, the group of American households that have between $100,000 and $250,000 in investable assets and is one of the fastest growing segments in the United States is referred to as

mass affluent.

College Prep Tutors is a business that tutors high-school students who are preparing to take the ACT test as part of their college entrance requirements. Because it possesses a unique offering that is desirable to a specific market, College Prep Tutors would most likely use what type of target market strategy?

niche marketing

This set of distinctive characteristics will lead or influence an individual to respond to certain consumer buying situations in a consistent way. This set of distinctive set of characteristics is referred to as a consumer's

personality

Which marketing mix element involves decisions regarding location and inventory management?

place

The activities a firm undertakes to create a certain perception of its product in the eyes of the target market is referred to as

positioning.

Cognitive dissonance occurs during which stage of the consumer decision-making process?

postpurchase evaluation

During the ________ stage of the consumer purchase decision process, a consumer is likely to feel satisfaction or regret.

postpurchase evaluation

Luther got a cut and shave at the new barber shop that opened up in town. He gave his service person a generous tip. This tip is reflective of which stage of the consumer purchase decision process?

postpurchase evaluation

Apple's classic and iconic white packaging makes its brand among the most recognizable and visible in the computer, tablet, and smartphone market. Which area of excellence does Apple's iconic white packaging exemplify?

product

Expansion past domestic markets often spurs innovation as firms respond to market differences that later become product improvements for all markets. This statement best describes the relationship between

product expansion and product improvements.

As it relates to customers, the aim of marketing is to

provide customers with value.

At the start of the school year, Defrain Arts and Crafts launched a promotion for a new brand of milk paint. To determine whether the marketing efforts affected company sales, it followed changes in sales during and after the promotion. This type of research is known as

sales tracking.

Which of the following is an example of information search behavior during the consumer purchase decision process?

searching a company's website for product specifications

Marketers are particularly interested in segmenting older Americans because they generally have more time and money than do their younger counterparts. Which demographic variable is most important to marketers in this case?

age