Marketing Final
steps in personal selling process
1. Generating leads 2. Qualifying leads 3. Approaching the customer and probing needs 4. Developing and proposing solutions 5. Handling objections 6. Closing the sale 7. Following up
How to set a price on a product
1. establish pricing goals 2. estimate demand, costs, and profits 3. choose a price strategy to help determine a base price 4. fine-tune the base price with pricing tactics
_____ is a business structure of interdependent organizations that reaches from the point of production to the consumer and facilitates the downstream physical movement of goods through the supply chain. A marketing channel A market grouping retailer monopoly A common trade alliance
A marketing channel
inelastic demand
A situation in which an increase or a decrease in price will not significantly affect demand for the product
elastic demand
A situation in which consumer demand is sensitive to changes in price
Which of the following is a difference between an attribute and a benefit of a product? An attribute is simply a feature of a product, while a benefit is what consumers receive by using a product. An attribute cannot be experienced by consumers, while a benefit is tangible and can be experienced. An attribute is bought by consumers, while a benefit is not bought by consumers. An attribute includes pleasure or improved health, while a benefit includes an easy-open package or a special formulation.
An attribute is simply a feature of a product, while a benefit is what consumers receive by using a product.
factors that affect elasticity
Availability of substitutes Price relative to purchasing power Product durability A product's other uses
_____ is a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise. Bait pricing Leader pricing Price lining Price bundling
Bait pricing
Which of the following is an impact of the Internet on the shopping behavior of consumers? The Internet auction business is likely to disappear in the future. No answer text provided. Business-to-business auctions are likely to be the dominant form of Internet auction in the future. Consumer reviews on the Internet about various products tend to be equal in quality.
Business-to-business auctions are likely to be the dominant form of Internet auction in the future.
Which of the following statements is true of today's marketplace? Standardized products are "pushed" down through marketing channels to consumers. Businesses focus on partnering with members of the supply chain to enhance customer value. Supply chain management reflects a completely employee-driven management philosophy. Companies that focus on supply chain management commonly report high inventory costs.
Businesses focus on partnering with members of the supply chain to enhance customer value.
Which of the following statements is an argument for corporate social responsibility? The free market should decide what is best for the world. The primary responsibility of social welfare rests with governments and not business firms. Businesses have resources, so businesses should be given the chance to solve social problems. Businesses never aid to social problems as the primary objective of businesses is making profits.
Businesses have resources, so businesses should be given the chance to solve social problems.
Which of the following is an example of unmeasured media ad spending? Magazines Catalogs Newspapers Cable TV
Catalogs
T/F Anything that is legal is ethical.
False
T/F In today's age, a person's profession defines his or her lifestyle.
False
Which of the following strategies will help service organizations overcome perishability of services? Increasing the credence qualities of services Improving the standard of services Providing training to employees Finding ways to synchronize supply and demand
Finding ways to synchronize supply and demand
Which of the following statements is true of retail channel omnification? Consumers are required to pick up their orders from a physical store after purchasing them online. Consumers are required to visit physical stores before getting access to their online store. Physical and online stores are combined into a single system for delivering on customer demand. Physical stores are replaced by warehouses to store goods that can be purchased online.
Physical and online stores are combined into a single system for delivering on customer demand.
_____ is an example of routine response behavior. Buying an air conditioner for the first time Purchasing groceries Booking a cruise vacation Buying an $800 personal computer
Purchasing groceries
Ben, an HR manager, is recruiting employees for his firm. During the self-introduction stage, one of the interviewees, Jane, shares information about herself. In this case, which of the following is not a demographic characteristic? She is Caucasian. She is 45 years old. She prefers using electronic gadgets of a particular brand. She lives in Manhattan.
She prefers using electronic gadgets of a particular brand.
Singapore is a small country with very little agricultural space available for farming fruits, vegetables, or other crops. Given this information, which of the following is most likely to happen? Singapore's international marketing will remain unaffected because petroleum is the only factor that affects international marketing. Singapore will remain an importer of foodstuffs. Singapore will become an attractive target for military intervention. Singapore's wealth will equal that of the countries with rich sources of food.
Singapore will remain an importer of foodstuffs
Which of the following is a secondary data collection method? Conducting phone interviews Using annual reports Sending mail surveys Conducting survey research
Using annual reports
institutional advertising
a form of advertising designed to enhance a company's image rather than promote a particular product ex. GE catch the wind
cold calling
a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status
sales presentation
a formal meeting in which the salesperson presents a sales proposal to a prospective buyer
sales proposal
a formal written document or professional presentation that outlines how the salesperson's product or service will meet or exceed the prospect's needs
pull strategy
a marketing strategy that stimulates consumer demand to obtain product distribution
push strategy
a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
break-even analysis
a method of determining what sales volume must be reached before total revenue equals total costs
leader pricing (loss-leader pricing)
a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store
sponsorship
a public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image
blog
a publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author's entries
point-of-sale interactions
a touch point in stores or information kiosks that uses software to enable customers to easily provide information about themselves without feeling violated
Which of the following is part of defining the sales goal of a company? b. Evaluating the sales force c. Training new salespeople d. Designing the sales force structure a. Assigning quotas to salespeople
a. Assigning quotas to salespeople
price fixing
an agreement between two or more firms on the price they will charge for a product
consumer penalty
an extra fee paid by the consumer for violating the terms of the purchase agreement
corporate blogs
blogs that are sponsored by a company or one of its brands and maintained by one or more of the company's employees
microblogs
blogs with strict post length limits
promotion
communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
media schedule
designation of the media, the specific publications or programs, and the insertion dates of advertising
lead qualification
determination of a sales prospect's (1) recognized need, (2) buying power, and (3) receptivity and accessibility Pre-approach -Budget (do they have the ability to spend?) -Authority (do we know who the decision maker is?) -Need (does the prospect have an urgent business problem and pain to address?) -Timing (do we know a time frame in which they will need a solution?)
interpersonal communication
direct, face-to-face communication between two or more people
setting the right price
establish pricing goals --> estimate demand, costs, and profits --> choose a price strategy --> fine tune with pricing tactics --> results lead to the right price
A(n) _____ is a characteristic that can be assessed only after use. intangible quality credence quality search quality experience quality
experience quality
A _____ is the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product. consumer broker franchisor wholesaler
franchisor
decoding
interpretation of the language and symbols sent by the source through a channel
unfair trade practice acts
laws that prohibit wholesalers and retailers from selling below cost
Mezzah Bros., a video store that sells DVDs and entertainment publications, stores its products in separate warehouses. Moreover, it uses different modes of transportation to deliver them to customers. This scenario illustrates the _____ functions of Mezzah Bros. research logistical transactional financing
logistical
push money
money offered to channel intermediaries to encourage them to "push" products - that is, to encourage other members of the channel to sell the products
Return on Investment (ROI)
net profit after taxes divided by total assets
trends influencing price
new products private label brands high levels of discounting price transparency internet price aggregators, shopping bots
competitive advantage
one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors
A _____ is not possible when a brand name has a negative or vulgar connotation in the local language. one-brand-name strategy repositioning strategy family branding strategy co-branding strategy
one-brand-name strategy
advergaming
placing advertising messages in Web-based, mobile, console, or handheld video games to advertise or promote a product, service, organization, or issue
At a local supermarket, Linda saw a box of plant fertilizer that was retailed at $25 but was marked down to $20.99. Given this information, $20.99 is the _____. price dividend profit margin
price
Lily's Apparel, a renowned apparel store, focuses on Gen Y customers and provides them with a customized clothing experience. Lily's Apparel has defined its target market by _____. religion educational qualifications psychographic characteristics geographic boundaries
psychographic characteristics
publicity
public information about a company, product, service, or issue appearing in the mass media as a news item
value-based pricing
setting the price at a level that seems to the customer to be a good price compared to the prices of other options
Castle Brew Inc., a leading multinational beverage manufacturing company, coordinates with Waste Yard Inc., a waste management company, to devise a strategy that would help in recycling and reusing beverage bottles. Castle Brew Inc. plans to install hundreds of machines that would recycle empty bottles in many locations and provide rewards to those consumers who participate in the initiative. The company believes that this initiative would help protect the environment. In this scenario, Castle Brew Inc. is practicing _____. sustainable supply chain management mass customization demand-supply integration outsourcing
sustainable supply chain management
medium
the channel used to convey a message to a target market
reach
the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks
negotiation
the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
social media monitoring
the process of identifying and assessing what is being said about a company, individual, product, or brand
crowdsourcing
using consumers to develop and market products
categories of social media users
1. creators - those who produce and share online content like blogs, websites, articles, and videos 2. critics - those who post comments, ratings, and reviews of products and services on blogs and forums 3. collectors - those who use RSS feeds to collect information and vote for websites online 4. joiners - those who maintain a social netowrking profile and visit other sites 5. spectators - those who read blogs, listen to podcasts and watch videos, generally consume media 6. those who do not of these things
stages involved in creating an effective social media plan
1. listen to customers 2. set social media objectives 3. define strategies 4. identify the target audience 5. select the tools and platforms 6. implement and monitor the strategy
_____ is the channel used to convey a message to a target market. An advertising appeal Reach Audience selectivity A medium
A medium
Which of the following strategies is a marketing manager most likely to follow to increase the sales of a high-involvement product? Focusing on the package design of the product so that it will be eye-catching and easily recognized on the store shelf Linking the product to a lower-involvement issue to create publicity Offering coupons, cents-off deals, and two-for-one offers on the product Creating advertisements that give consumers all the necessary information to make the purchase decision
Creating advertisements that give consumers all the necessary information to make the purchase decision
Delta Graphics Inc., a company specializing in publishing educational books, recruits and trains college students to sell its products door-to-door. Which of the following forms of nonstore retailing is illustrated in this scenario? E-tailing Telemarking Direct retailing Automatic vending
Direct retailing
Which of the following is a distinct feature of a product/service competitive advantage? Obtaining the best raw materials Use of government subsidies Established brand name and image Firm control of overhead costs
Established brand name and image
_____ does not change as output is increased or decreased. Opportunity cost Dependent cost Marginal cost Fixed cost
Fixed cost
Which of the following is a factor that drives the popularity of imports in the United States? Lower capacity of the equipment used for production in the exporting countries Higher number of employees in the countries from where goods are imported Higher prices of products in the countries from where the goods are imported Lower wages compared to that of other countries
Higher prices of products in the countries from where the goods are imported
_____ seeks to convert an existing need into a want or to stimulate interest in a new product. Informative promotion Persuasive promotion Connective promotion Reminder promotion
Informative promotion
Which of the following is an advantage of outsourcing? It enables firms to locate stocks at fewer plants and distribution centers. It eliminates the need of using a third-party logistics company. It lengthens the order-to-cash cycle. It helps firms focus investment on their logistical functions rather than on core business.
It enables firms to locate stocks at fewer plants and distribution centers.
Which of the following statements is true of value-based pricing? It has grown out of the quality movement. It is a modification of uniform delivered pricing. It presents drawbacks if costs are continually rising. It is sometimes called postage stamp pricing.
It has grown out of the quality movement.
Which of the following statements is true of the supplier relationship management process? It enables firms to act as leaders in protecting the natural environment. It incorporates features and cost-cutting measures into final products. It enables suppliers and business units to operate with limited or no interaction. It provides structural support for developing and maintaining relationships with suppliers.
It provides structural support for developing and maintaining relationships with suppliers.
Which of the following stages in a customer relationship management cycle is characterized by the sharing of customer information to all areas of a business after it has been analyzed and transformed into useful information? Leveraging customer information Storing and integrating customer data Identifying customer relationships with the organization Identifying profitable and unprofitable customers
Leveraging customer information
Closing the sale
Look for customer signals keep an open mind negotiate tailor to each market
mfg pricing through channels
MSRP trade discounts trade allowances actual delivered price at retail - controlled by retailer control over retail price (disney, nintendo, apple)
Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen? Magnira Inc. will move away from its core capabilities and diversify its business. Magnira Inc. will try to increase its market share among existing customers. Magnira Inc. will create new products for its existing customers. Magnira Inc. will try to attract new customers to its products.
Magnira Inc. will try to increase its market share among existing customers.
_____ is the technique used to sift through the data collected by point-of-purchase scanning equipment. Shopper marketing Big data analysis Market-basket analysis Shopper analytics
Market-basket analysis
Which of the following companies is an advocate of green marketing? Magnira Inc., a textile company, uses cost-effective strategies to generate higher profits. Harlose Brothers, an ice cream manufacturer, offers discounts on its ice creams during summer. Laelle Corp.'s management believes that its employees are the most important and valuable resource of the company. Poldoid Inc., a manufacturer of plastic products, uses biodegradable plastics to reduce the generation of hazardous wastes.
Poldoid Inc., a manufacturer of plastic products, uses biodegradable plastics to reduce the generation of hazardous wastes.
_____ is sometimes called a "market-plus" approach to pricing because it denotes a high price relative to the prices of competing products. Price fixing Price skimming Status quo pricing Bait-and-switch pricing
Price skimming
Disney's is the world's largest media and entertainment company. Recently they severed their ties with Netflix in favor of providing their own streaming service. Disney's ownership of proprietary and copyright protected characters, programming and content and gives them: Product Differentiation Competitve Advantage Preferential Diversification Marketing Agility and Flexibility Niche Competive Advantage
Product Differentiation Competitve Advantage
_____ is a system for gathering information from respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy. Web community research Scanner-based research A Web survey system An online focus group
Scanner-based research
communication process
Sender -marketing manager -advertising manager -advertising agency -other consumers Encoding the message -advertisement -sales presentation -store display -coupon -press release -social media message channel -media -salesperson -retail store -local news show Decoding the message -receiver interpretation of message Receiver -customers -viewers/listeners -news media -clients Feedback channel (between sender and receiver) -market research -sales results -change in market share -social media Noise (between encoding the message, message channel and decoding the message) -other advertisements -news articles -other store displays
Which of the following is a limitation of break-even analysis? Sometimes it is hard to know whether a cost is fixed or variable. It does not give an estimate of how much profit can be earned once the break-even point is obtained. Sometimes it cannot predict the effect of changes in sales price. It does not give weightage to the cost of labor that is incurred during production.
Sometimes it is hard to know whether a cost is fixed or variable.
Stone Restaurant, a five-star restaurant, changes its centerpiece such as candles and vases every day. The waiters also creatively fold the napkins and place them on the tables at the end of each course. In this scenario, which of the following promotion strategies is adopted by Stone Restaurant? Engaging in postpurchase communication Using personal information sources Stressing tangible cues Creating a strong organizational image
Stressing tangible cues
Which of the following is a difference between supplies and business services? Supplies are more expensive compared to other business goods, whereas business services are economical. Supplies are custom designed for each customer, whereas business services are normally standardized. Supplies are part of a final product, whereas business services do not become part of a final product. Supplies are consumable items, whereas business services are expense items.
Supplies are consumable items, whereas business services are expense items.
McManson Inc., a financial firm, recently acquired a smaller firm from another country. This acquisition was investigated by the Federal Trade Commission and it found that McManson Inc. used unfair means to acquire the business. Which of the following bureaus was responsible for reviewing the acquisition? The Bureau of Economics The Bureau of Consumer Protection The Bureau of Competition The Bureau of Consumer Privacy
The Bureau of Competition
_____ refers to the phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product. The multiplier effect The conversion rate Frequency Reciprocity
The multiplier effect
feedback
The receiver's response to a message
Which of the following is a characteristic of companies that adopt a supply chain orientation? They have the capability to deliver on the promises they make. They do not accept short-term risks on behalf of others. They do things that harm the entire supply chain in the long run. They lack the support of the top management of the companies.
They have the capability to deliver on the promises they make.
Which of the following statements is true of channel members? Merchant wholesalers create form utility. Agents and brokers take ownership of goods. They provide contact efficiency. They provide generalization of labor.
They provide contact efficiency.
Which of the following is an objective of focus group interviews? To directly involve customers in test marketing To get recommendations of product ideas from outside consultants To eliminate ideas that are inconsistent with the organization's new-product strategy To stimulate insightful comments through group interaction
To stimulate insightful comments through group interaction
T/F Market segmentation helps decision makers to more accurately define marketing objectives and better allocate resources
True
_____ exists when one party has confidence in an exchange partner's reliability and integrity. Trust Commitment Keiretsu Obeva
Trust
In the context of the portfolio matrix, which of the following statements is true of dogs? Typical marketing strategies for dogs are to harvest or divest. Dogs have a dominant market shares in low growth markets. Dogs are escalated in the market by strong financial funding. Protection of existing market shares is essential for dogs.
Typical marketing strategies for dogs are to harvest or divest.
review sites
Web sites that allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services
social networking sites
Web sites that allow individuals to connect—or network—with friends, peers, and business associates
social news sites
Web sites that allow users to decide which content is promoted on a given Web site by voting that content up or down
media sharing sites
Web sites that allow users to upload and distribute multimedia content like videos and photos
location-based social networking sites
Web sites that combine the fun of social networking with the utility of location-based GPS technology
infomercial
a 30-minute or longer advertisement that looks more like a television talk show than a sales pitch
price strategy
a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle
Zeta Inc., a multinational retail corporation, uses a device that notifies the respective store managers whenever a customer is near their store. It also helps them to map customer foot traffic data. This is an example of _____. cloud computing click-and-connect a beacon shopper marketing
a beacon
rebate
a cash refund given for the purchase of a product during a specific period
earned media
a category of promotional tactic based on a public relations or publicity model that gets customers talking about products or services
paid media
a category of promotional tactic based on the traditional advertising model, whereby a brand pays for media space
coupon
a certificate that entitles consumers to an immediate price reduction when the product is purchased
market share
a company's product sales as a percentage of total sales for that industry
crisis management
a coordinated effort to handle all the effects of unfavorable publicity or another unexpected unfavorable event
fixed costs
a cost that does not change as output is increased or decreased
variable cost
a cost that varies with changes in the level of output
cumulative quantity discount
a deduction from list price that applies to the buyer's total purchases made during a specific period
unique selling proposition
a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
needs assessment
a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them
functional discount (trade discount)
a discount to wholesalers and retailers for performing channel functions
competitive advertising
a form of advertising designed to influence demand for a specific brand
pioneering advertising
a form of advertising designed to stimulate primary demand for a new product or product category
advocacy advertising
a form of advertising in which an organization expresses its views on controversial issues or responds to media attacks
comparative advertising
a form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes
product advertising
a form of advertising that touts the benefits of a specific good or service ex. GE washer
frequent buyer program
a loyalty program in which loyal consumers are rewarded for making multiple purchases of a particular good or service
flighted media schedule
a media scheduling strategy in which ads are run heavily every other month or every two weeks to achieve a greater impact with an increased frequency and reach at those times
continuous media schedule
a media scheduling strategy in which advertising is run steadily throughout the advertising period; used for products in the later stages of the product life cycle
seasonal media schedule
a media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used
pulsing media schedule
a media scheduling strategy that uses continuous scheduling throughout the year coupled with a flighted schedule during the best sales periods
channel
a medium of communication—such as a voice, radio, or newspaper—for transmitting a message
AIDA model
a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action
zone pricing
a modification of uniform delivered pricing that divides the United States (or the total market) into segments or zones and charges a flat freight rate to all customers in a given zone
owned media
a new category of promotional tactic based on brands becoming publishers of their own content in order to maximize the brands' value to customers
promotional allowance (trade allowance)
a payment to a dealer for promoting the manufacturer's products
advertising response function
a phenomenon in which spending for advertising and sales promotion increases sales or market share up to a certain level but then produces diminishing returns
customer-centric
a philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company
promotional strategy
a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media
seasonal discount
a price reduction given to buyers for purchasing goods or services out of season
trade allowance
a price reduction offered by manufacturers to intermediaries such as wholesalers and retailers
cash discount
a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill
quantity discount
a price reduction offered to buyers buying in multiple units or above a specified dollar amount
flexible pricing (variable pricing)
a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities
freight absorption pricing
a price tactic in which the seller pays all or part of the actual freight charges and does not pass them on to the buyer
uniform delivered pricing
a price tactic in which the seller pays the actual freight charges and bills every purchaser an identical, flat freight charge
basing-point pricing
a price tactic that charges freight from a given (basing) point, regardless of the city from which the goods are shipped
two-part pricing
a price tactic that charges two separate amounts to consume a single good or service
single-price tactic
a price tactic that offers all goods and services at the same price (or perhaps two or three prices)
FOB origin pricing
a price tactic that requires the buyer to absorb the freight costs from the shipping point ("free on board")
bait pricing
a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise
odd-even pricing (psychological pricing)
a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality
status quo pricing
a pricing objective that maintains existing prices or meets the competition's prices
price skimming
a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion successful when: -inelastic demand -unique advantages/superior -legal protection of product -technological breakthrough -blocked entry to competitors
penetration pricing
a pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market advantages: -can lead to lower cost per unit as production expands -discourages or blocks competition from market entry -boosts sales and provides -large profit increases Disadvantages: -requires gear up for mass production -selling large volumes at low prices -strategy to gain market share may fall -may establish low value perception
networking
a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations
preapproach
a process that describes the "homework" that must be done by a salesperson before he or she contacts a prospect
point-of-purchase (POP) display
a promotional display set up at the retailer's location to build traffic, advertise the product, or induce impulse buying
loyalty marketing program
a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers
sampling
a promotional program that allows the consumer the opportunity to try a product or service for free
product placement
a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the Internet; or at special events
personal selling
a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other B2B, complex products Advantages: -provides detailed explanation/demonstration of product -message can be varied according to motivations of each customer -can be directed only to qualified prospects -can purchase personal selling in small increments most effective promotion form in obtaining sale and satisfying customer
advertising appeal
a reason for a person to buy a product
referral
a recommendation to a salesperson from a customer or business associate
relationship selling (consultative selling)
a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
advertising campaign
a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals
advertising objective
a specific communication task to be accomplished with a specific target audience during a specific period of time
quota
a statement of the salesperson's sales goals, usually based on sales volume
social commerce
a subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling of products and services
yield management systems
a technique for adjusting prices that uses complex mathematical software to profitably fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity make it possible for a company to: 1. stimulate demand when demand is low, 2. maximize profits when demand is high 3. deliver a variable pricing system (airlines, hotels, auctions, events, online sales) 4. select appropriate prices at different points of distributions involve extensive mathematical modeling and data collection; often used when perishability, asset costs, fluctuating demand are key factors and data is plentiful
cooperative advantage
an arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturer's brand
premium
an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product
social media
any tool or service that uses the internet to facilitate conversations social media consumers want to: -exchange information -collaborate with others -have conversations -stay connected -be entertained Marketers must decide if engaging in those conversations will be profitable and find the best method of entering the conversation
noise
anything that interferes with, distorts, or slows down the transmission of information
Unlike buyers in business markets, buyers in consumer markets tend to: generate less stable demand trends. approach purchasing more informally. be insensitive to price. involve more people in a single purchase decision.
approach purchasing more informally.
touch points
areas of a business where customers have contact with the company and data might be gathered
Magnira Corp. is an organization that manufactures clothing for women. It uses Facebook to promote its products. Given this information, which of the following is true of Magnira Corp.? c. It is restricted from communicating directly with fans and interested stakeholders due to risks of hacking. b. Its pages are subject to search engine indexing. d. Its pages are considered individual profiles. a. It should not disclose the prices of its products and services to public.
b. Its pages are subject to search engine indexing.
Laelle Inc., a leading manufacturer of industrial air conditioners, has developed a new air conditioner with high cooling capacity. To identify potential clients who will be interested in the new air conditioner, the company has sent out pamphlets to many firms along with its contact details for anyone interested. This scenario illustrates _____. b. lead generation c. sales presentation a. needs assessment d. knowledge management
b. lead generation
Mandy's Inc. is a well-known supplier of industrial goods. While selling goods, it provides personalized benefits to each customer. It focuses on developing trust over time instead of one-time sales. This is an example of _____. a. price-based selling b. relationship selling c. discount selling d. persuasive selling
b. relationship selling
Which of the following statements is true of advertising in social media? d. Marketers believe that social media are not a worthwhile investment. b. The effectiveness of social media can be easily measured. a. Social media are an unpaid form of marketing. c. Social media mostly focus on deepening relationships with customers
c. Social media mostly focus on deepening relationships with customers
Monette has posted over 100 book reviews on discussion forums. She also frequently reviews products and services and posts her reviews on local restaurants on review sites. As a social media user, Monette would best be characterized as a _____. a. joiner b. spectator c. critic d. collector
c. critic
Social media as an interactive message delivery channel
can have owned, paid and earned content must allow 2-wy conversation and encourage, engagement is consensual First step LISTEN then determine goals: -build relationships -generate leads -manage reputation -improve customer service -promote products and services
Unlike supermarkets, convenience stores: charge lower prices. carry a much more limited line of high-turnover convenience goods. offer no service to customers. enable customers to shop without visiting a physical store location.
carry a much more limited line of high-turnover convenience goods.
In the context of the new-product development process, the decision to market a product is made during _____. commercialization the development stage the business analysis stage test marketing
commercialization
elasticity of demand
consumers' responsiveness or sensitivity to changes in price affected by: necessity, price relative to purchasing power, product durability alternative use, available substitutes, force of habit elastic - change in price creates change in demand inelastic - change in price doesnt create much of change in demand
Which of the following is a combination of sales automation and Internet technology that some marketers are using in an effort to enhance customer satisfaction and bring in more business? d. Automated e-mail follow-up marketing b. Attribution model a. Preapproach model c. Geolocation
d. Automated e-mail follow-up marketing
_____ is the ultimate goal of a new trend in marketing that focuses on understanding consumers as individuals instead of as part of a group. d. Customer relationship management (CRM) b. Profit maximization c. Total quality management (TQM) a. Organizational optimization
d. Customer relationship management (CRM)
_____ are independent and not associated with the marketing efforts of any particular company or brand. a. E-mail services b. Social networking sites c. E-commerce sites d. Noncorporate blogs
d. Noncorporate blogs
Wennel Inc., an animal welfare organization, uses its Facebook page to advertise its products to veterinarians, cat food providers, and care takers. In this case, which of the following statements is true of Wennel Inc.? a. Wennel Inc. is involved in crowdsourcing. b. Wennel Inc. is engaged in one-to-many communication rather than many-to-many communication. d. Wennel Inc. forges deeper relationships and builds brand loyalty through social media. c. Wennel Inc. controls the message, the medium, and the response.
d. Wennel Inc. forges deeper relationships and builds brand loyalty through social media.
campaign management
developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships
what traits should sales managers look for in applicants
ego strength sense of urgency and competitiveness assertiveness sociable risk takers capable of understanding complex concepts and ideas creativity empathetic
The _____ is an orderly series of stages in which consumers' attitudes and behavioral tendencies evolve through maturity, experience, and changing income and status. consumer decision-making process family life cycle want-got gap socialization process
family life cycle
Unlike traditional methods of personal selling, relationship selling: focuses on making quick sales that stimulate immediate increases in demand focuses on maintaining a loyal relationship between a salesperson and a customer. focuses on creating a win-lose situation as the objectives of the seller are at the expense of the buyer. focuses on accomplishing the objectives of a salesperson
focuses on maintaining a loyal relationship between a salesperson and a customer.
lead generation (prospecting)
identification of those firms and people most likely to buy the seller's offerings
advertising
impersonal, one-way mass communication about a product or organization that is paid for by a marketer
noncorporate blogs
independent blogs that are not associated with the marketing efforts of any particular company or brand
goals of promotion
informing, persuading, reminding, connecting
If the goal of the promotion plan is to improve the image of the company or the industry, _____ may be used. institutional advertising comparative advertising pioneering advertising competitive advertising
institutional advertising
A benefit of advertising is that: it has a very low cost per contact. it provides opportunity for immediate feedback from consumers. it creates a long-term, committed relationship between a salesperson and a customer. it facilitates consumer empowerment.
it has a very low cost per contact.
social media objectives
listen and learn build relationships and awareness promote products and services manage your reputation improve customer service
sales promotion
marketing activities - other than personal selling, advertising, and public relations - that stimulate consumer buying and dealer effectiveness in which a short term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately, either by lowering the price or by adding value
price bundling
marketing two or more products in a single package for a special price
Bag TV, a commercial television broadcast network, uses billboards, television, magazines, and newspaper advertising to create awareness about upcoming shows and to inform viewers about the new episodes of its existing shows. Bag TV uses _____ to promote its television programs. mass communication intergroup communication interpersonal communication intrapersonal communication
mass communication
When Lofonift Inc. introduced its flagship product, an MP3 player, it captured the market by offering its product at a very low price. This gradually forced many of its competitors out of business. Once its competitors were out of business, Lofonift Inc. raised the price. In this scenario, Lofonift Inc. most likely indulged in _____. price fixing status quo pricing predatory pricing price discrimination
predatory pricing
Which of the following is an element of a marketing mix? pricing strategy trade practices investment strategy divestment strategy
pricing strategy
extranets
private intranets extended to authorized users outside the organization
A _____ is a sample in which every element in the population has a known statistical likelihood of being selected. snowball sample convenience sample probability sample judgment sample
probability sample
The first element in the retailing mix is the _____. product pricing product offering retail promotion retail location
product offering
Pricing objectives
profit-oriented: satisfactory profits, profit maximization, targeted ROI sales-oriented: market share, sales maximization status quo: maintain prices/margins, meet competition
trade sales promotion
promotion activities directed to members of the marketing channel, such as wholesalers and retailers (Push) Benefits: -helps mgfs gain new distributors/retailers -obtain wholesaler and retailer support for consumer sales promotions -build or reduce dealer inventories -improve trade relations examples: Trade allowances push money training free merchandise store demonstration conventions and trade shows
consumer sales promotion
promotion activities targeted to the ultimate consumer market price promotion (sales) coupons & rebates premiums loyalty programs contests & sweepstakes sampling point of purchase
The editorial board of Gamers' Page, a magazine that primarily caters to people who are enthusiastic about sports and gaming, targets people who enjoy games. In this scenario, Gamers' Page uses _____. psychographic segmentation family life cycle segmentation gender segmentation geographic segmentation
psychographic segmentation
Strategic retailing goals typically focus on: not using a retailing mix. reducing costs of goods sold. increasing costs of goods sold. reducing return on assets or equity.
reducing costs of goods sold.
Phoenix Farm, a firm that sells farm products, gathers all fresh food ingredients at one place for its customers. The customers can buy eggs, milk, meat, vegetables, and so on without spending a great amount of time and energy. Phoenix Farm is a _____. merchant wholesaler retailer broker agent
retailer
profit
revenue minus expenses
In the context of demand management, _____ is a method companies use to align production with demand by merging tactical and strategic planning methods across functional areas of the business. sales and operations planning demand and order fulfillment planning technology and integration planning material and service planning
sales and operations planning
Betty, a teenager, starts a business selling cupcakes to coffee shops and restaurants. She strives to increase either the market share in terms of the revenue generated. This illustrates the _____ objective. bait pricing sales-oriented pricing status quo pricing profit-oriented pricing
sales-oriented pricing
Unlike wholesalers, retailers: seek to achieve goals other than the standard business goals of profit. sell mainly to final consumers at the end of the distribution channel. buy business goods and incorporate them into the products they produce. sell mostly to other retailers and other organizational customers.
sell mainly to final consumers at the end of the distribution channel.
99-Center Inc. is a retail store where all the merchandise is priced 99 cents. This retailer uses a _____. price bundling tactic single-price tactic flexible pricing tactic price lining tactic
single-price tactic
The Hunt, a liquor store, is famous for its unique and extensive collection of alcoholic beverages. Its employees possess up-to-date knowledge of the liquor available in the store, which allows them to assist customers in their purchasing decisions. The Hunt is an example of a _____. specialty store convenience store supermarket warehouse club
specialty store
brand association management
sports marketing and sponsorships cause-related marketing philanthropy social responsibility
price
that which is given up in an exchange to acquire a good or service
audience selectivity
the ability of an advertising medium to reach a precisely defined market
dynamic pricing
the ability to change prices very quickly, often in real time
After being influenced by frequent advertisements, Jeremy buys a new cell phone. However, he discovers that the new cell phone does not offer the features he expected. This scenario illustrates that _____ of the purchase is less than Jeremy's expectations . an evoked set a consumer set the perceived value the actual value
the actual value
integrated marketing communications (IMC)
the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer
media mix
the combination of media to be used for a promotional campaign
promotional mix
the combination of promotional tools—including advertising, public relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill the organization's overall goals
mass communication
the communication of a concept or message to large audiences
encoding
the conversion of a sender's ideas adn thoughts into a message, usually in the form of words or signs
cost per click
the cost associated with a consumer clicking on a display or banner ad
markup pricing
the cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for (vs margin... like gross margin sales - COGS)
cost per contact (cost per thousand or CPM)
the cost of reaching one member of the target market
follow-up
the final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services perform as promised, and the buyers' employees are properly trained to use the products
base price
the general price level at which the company expects to sell the good or service
An alternative to a commercial spot is _____, a thirty-minute or longer advertisement, which is relatively inexpensive to produce and air. the frequent buyer program a sweepstake the informercial a premium
the informercial
public relations
the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance performance recognized PR tools: -publicity corp and prod new -digial media (owned and earned) -corporate identify materials (website/annual reports) -philanthropy employee engagement -event sponsorships
frequency
the number of times an individual is exposed to a given message during a specific period
sender
the originator of the message in the communication process
receiver
the person who decodes a message
interaction
the point at which a customer and a company representative exchange information and develop learning relationships
predatory pricing
the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market
keystoning
the practice of marketing up prices by 100%, or doubling the cost
price lining
the practice of offering a product line with several items at specific price points
revenue
the price charged to customers multiplied by the number of units sold
knowledge management
the process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization
communication
the process by which we exchange or share meaning through a common set of symbols
supply
the quantity of a product that will be offered to the market by a supplier at various prices for a specified period
demand
the quantity of a product that will be sold in the market at various prices for a specified period
media planning
the series of decisions advertisers make regarding the selection and use of media, allowing the marketer to optimally and cost-effectively communicate the message to the target audience
sales process (sales cycle)
the set of steps a salesperson goes through in a particular organization to sell a particular product or service
Joshua prefers to do his grocery shopping at Fresnas Mart because his mother also prefers to shop there. He also does not shop groceries online because his mother does not prefer shopping groceries online. In this case, Joshua's shopping behavior is a result of _____. the decision-making process want-got gap the socialization process cognitive dissonance
the socialization process
The objective of public relations is: to create the promotional mix for an organization. to receive direct feedback from customers. to educate the public about a company's goals and objectives. to facilitate consumer empowerment.
to educate the public about a company's goals and objectives.
Which of the following is a difference between a joint venture and contract manufacturing? A joint venture is formed when a domestic firm broadens its global marketing base without investment, while in contract manufacturing, a licensor allows another firm to use its manufacturing process. A joint venture is formed when a domestic firm buys part of a foreign company to create a new entity, while firms choose contract manufacturing to avoid being involved in licensing. A joint venture is formed when several countries agree to work together to form a common trade area, while contract manufacturing occurs when government efforts stifle investment by foreign corporations. A joint venture is formed when an agreement to stimulate international trade is made, while contract manufacturing occurs when a tax is levied on the goods entering a country.
A joint venture is formed when a domestic firm buys part of a foreign company to create a new entity, while firms choose contract manufacturing to avoid being involved in licensing.
Which of the following statements is true of a target market? A marketing mix is designed to appeal to a target market A target market is a closed group of people who do not drop out or allow new people into the group. All the people in a target market share similar tastes, needs, incomes, and lifestyles. Any change in a target market can be easily controlled by marketers.
A marketing mix is designed to appeal to a target market
_____ are goods, such as portable drills and computer software, which are less expensive and shorter-lived than installations. Raw materials Major equipment Accessory equipment Component parts
Accessory equipment
Which of the following can be considered as a demographic information of a person? Beliefs Skill sets Intelligent Quotient Level (IQ) Age
Age
Banana Inc., a consulting firm, promotes its products through several social media platforms. In this case, which of the following statements is true? Banana Inc uses the social media platforms as a one-way communication similar to network television. The platforms display content generated by Banana Inc. not its customers. Banana Inc creates conversations with its customers and establishes meaningful connections. Social media is rarely used by Banana Inc's customers.
Banana Inc creates conversations with its customers and establishes meaningful connections.
Which of the following is a strategy that should be followed by a company to initiate the customer relationship management cycle? Identifying its profitable and unprofitable customers Collecting detailed information about the products and services its customers are using Transforming customer data into information that can be used to make managerial decisions Leveraging customer information to all areas of a business
Collecting detailed information about the products and services its customers are using
_____ occurs when two brands receiving equal treatment borrow from each other's brand equity. Cooperative branding Family branding Ingredient branding Complementary branding
Cooperative branding
_____ is a business's concern for the long-range welfare of both the company and its relationship to the society within which it operates. Corporate self-dealing Corporate social responsibility Preconventional morality Moral relativism
Corporate social responsibility
BrightMorning, an organic orange juice product, has been in the market for over seven years. However, the product is now in its decline stage. In this case, which of the following will be a successful strategy to market BrightMorning? Focusing on adding new users Eliminating all nonessential marketing expenses and letting sales decline Spending heavily on advertising to educate consumers about the product's benefits Lengthening the product line
Eliminating all nonessential marketing expenses and letting sales decline
T/F Cannibalization occurs when the sales of a firm's existing product increase with the introduction of a new product.
False
T/F Global marketing is a one-way street whereby only U.S. companies sell their wares and services throughout the world.
False
T/F Need recognition cannot be triggered when a consumer is exposed to an external stimulus.
False
Grimes Dairies witnessed a steady decline in the sales of its products due to increased competition in the local market. Grimes Dairies plans to adopt the market development strategy. In this scenario, which of the following is the best step the company should take in an attempt to rejuvenate its financial losses? Introduce new products into new markets Attract existing customers rather than new customers. Purchase a non-related company, as the dairy segment is becoming saturated. Find new buyers and markets for its current products.
Find new buyers and markets for its current products.
Which of the following statements is true of an organization's product mix? All product items in a product mix follow a standard marketing strategy. A wide product mix means that that the product line is deep. A wide product mix decreases sales and profit-making potential. Firms widen their product mix to capitalize on established reputations.
Firms widen their product mix to capitalize on established reputations.
In which of the following situations are marketers most likely to recognize a practice as unethical? If the practice does not have any immediate consequences If the practice is widely used throughout an organization If the practice is very likely to result in a harmful outcome If the practice has very few benefits
If the practice is very likely to result in a harmful outcome
Which of the following is a disadvantage of cause-related marketing? It requires corporations to use anticompetitive measures. It can lead to consumer cause fatigue. It does not increase the sale of products. It results in immediate losses for a company because of its focus on a cause.
It can lead to consumer cause fatigue.
Which of the following statements is true of globalization? It has curbed the growth of the middle class in developing countries. It leads to a monopoly of domestic producers. It increases prices and decreases product and service quality. It expands economic freedom and increases the living standards of people.
It expands economic freedom and increases the living standards of people.
Which of the following is true of marketing? It focuses on delivering value and benefits to customers. It is more of a philosophy than an organizational function. It is focused solely on selling goods, services, and ideas. It rewards the seller and not the buyer of a transaction.
It focuses on delivering value and benefits to customers.
Which of the following statements is true of market segmentation? It helps marketers design marketing mixes that match the characteristics of one or more segments. It allows marketers to use an undifferentiated targeting strategy. It allows marketers to adopt a single marketing mix across all market segments. It helps marketers focus on satisfying customer needs rather than meeting the organization's objectives.
It helps marketers design marketing mixes that match the characteristics of one or more segments.
In which of the following ways does marketing research help managers? It helps them eliminate the use of big data for data analysis It helps them focus on quantity rather than quality of products It helps them ensure that secondary data do not influence marketing decisions It helps them serve their customers accurately and efficiently
It helps them serve their customers accurately and efficiently
Which of the following statements is true of a specialty product? It is marketed using selective, status-conscious advertising to maintain its exclusive image. It is easily substituted with products that have the same features. It is unknown to a potential buyer or a known product that the buyer does not actively seek. It is widely distributed in a geographic area in order to sell sufficient quantities.
It is marketed using selective, status-conscious advertising to maintain its exclusive image.
Which of the following statements is true of a concentrated targeting strategy? It is often adopted by small firms to compete effectively with much larger firms. It allows a firm to serve two or more well-defined market segments simultaneously. It follows a mass-market philosophy by viewing the market as one big market without any individual segments. It results in cannibalization of products.
It is often adopted by small firms to compete effectively with much larger firms.
Which of the following statements is true about the pyramid of corporate social responsibility? It states that philanthropy should be the most important function of a corporation. It states that ethical responsibilities of a corporation provide the basis for other responsibilities. It states that social responsibility efforts should be focused on the external and not the internal stakeholders of a corporation. It states that if a company does not make a profit, then the other responsibilities are moot.
It states that if a company does not make a profit, then the other responsibilities are moot.
Which of the following statements is true of an unsought product? Consumers usually buy an unsought product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility. Consumers buy unsought products regularly, usually without much planning, and at inexpensive prices. New products are categorized as unsought products until advertising and distribution increase consumer awareness of them. Marketers of unsought products often use selective, status-conscious advertising to maintain the product's exclusive image.
New products are categorized as unsought products until advertising and distribution increase consumer awareness of them.
Identify a true statement about the product life cycle (PLC). The PLC for a product form is longer than the PLC for any one brand. Changes in a product, its uses, its image, or its positioning do not affect that product's life cycle. The PLC dictates the marketing strategy to be used for a product. A product spends the same amount of time in the different stages of the life cycle.
The PLC for a product form is longer than the PLC for any one brand.
Which of the following statements is true about the population trends in the U.S.? Baby boomers are now the smallest population group. Tweens are now the largest population group. The populations of the rural regions of the U.S. are aging. In many parts of the country, multigenerational households are increasingly rare.
The populations of the rural regions of the U.S. are aging.
Which of the following is an advantage of primary data? They answer specific research questions that secondary data cannot answer. Gathering primary data is less expensive than gathering secondary data. They consist of data that are easily available to any interested party. Conducting in-person interviews is an expensive method of gathering primary data.
They answer specific research questions that secondary data cannot answer.
Which of the following statements is true of raw materials used as business products? Promotion of raw materials is almost always promoted via mass advertising. They are finished items ready for assembly. Individual producers have great flexibility in the pricing of raw materials. They are usually sold in large quantities.
They are usually sold in large quantities.
Which of the following statements is true of American teenagers? They make the largest cohort group. They spend about six hours per week tuned in to electronic media. They prefer face-to-face communication to communicating electronically. They prefer Tumblr and Instagram to Facebook.
They prefer face-to-face communication to communicating electronically.
T/F Each product item in the product mix may require a separate marketing strategy.
True
T/F Morals are rules people develop as a result of cultural values and norms.
True
Which of the following strategies can help business firms stimulate innovation? Hiring employees who have low risk tolerance Letting employees know that they must fear failure and should not attempt anything that might fail Using teams of writers to build scenarios of opportunities and threats Instructing managers to use micromanagement techniques
Using teams of writers to build scenarios of opportunities and threats
Which of the following countries has the highest gross domestic product? Belwick, whose market value of final goods is $100 billion and market value of final services is $50 billion for two years Zaneland, whose market value of final goods is $170 billion and market value of final services is $90 billion for a year Sparanthea, whose market value of intermediate goods is $200 billion and market value of intermediate services is $50 billion for a quarter year Acquardica, whose market value of final goods is $120 billion and market value of intermediate goods is $20 billion for a year
Zaneland, whose market value of final goods is $170 billion and market value of final services is $90 billion for a year
Nessca Corp. manufactures electronic gadgets. It instructs its marketing team to competitively advertise and promote its gadgets. The company, instead of believing in market research, believes that the market will absorb more products if customers are made aware of the products. The workforce of Nessca Corp. is most likely to: focus on determining the needs of the customers rather than selling aggressively. assume that sales depend on a customer's decision to purchase a product. focus on determining the needs of the customers rather than selling aggressively. be inward looking, focusing on selling what the firm makes.
be inward looking, focusing on selling what the firm makes.
Fournotts Printing Inc. manufactures and sells photocopiers, printers, and scanners to various corporate offices. This is an example of _____. licensing franchising business marketing contract manufacturing
business marketing
A difference between traditional surveys and Internet surveys is that, internet surveys: can be personalized for greater relevance to each respondent. incur training, telecommunications, and management costs. require a considerable amount of time and effort to be conducted. can be targeted at a specific group of people.
can be personalized for greater relevance to each respondent.
Prisly Inc. is a multinational company that specializes in manufacturing and selling high-end cars. It launches a new car Gwen 2.0 that becomes highly successful in the market because of its cheap price and excellent specifications. However, this leads to a significant decline in the sales of Sanders Inc.'s other cars. This scenario exemplifies _____. cannibalization segmentation differentiation personalization
cannibalization
James, owner of an ice cream parlor, has been experimenting with different flavors to create a new exotic ice cream for her customers. After much deliberation and many tests, he decides to market the new Pineapple Upside- Down Cake with Cherry Chunks variant of ice cream. In this scenario, the chosen ice cream flavor has entered the _____ of the new-product development process. test marketing stage commercialization stage business analysis stage development stage
commercialization stage
Tennot Inc. sells used cars. It focuses solely on low-income customers who prefer to buy an old car rather than a new one. Therefore, it develops one marketing mix that targets the low-income group. In this scenario, Tennot Inc. most likely uses a(n)_____. concentrated targeting strategy undifferentiated targeting strategy multisegment targeting strategy universal targeting strategy
concentrated targeting strategy
E-books are an example of: content marketing. relationship marketing. inbound marketing. database marketing.
content marketing.
Zingz is a soft drink that is widely distributed across cities. It is available at gas stations, department stores, and vending machines. Consumers buy the soft drink without much thought or effort. Zingz is an example of a _____. convenience product shopping product unsought major product specialty product
convenience product
Allan voices against those who litter on roads because he believes that society expects cleanliness from people. This illustrates _____. moral relativism preconventional morality conventional morality utilitarianism
conventional morality
Contemporary Living, a popular home decor company, is well known for a variety of quality designs in apartment and condominium living. The management of Contemporary Living collaborates with customers regularly and co-creates most of their design via iterative product development processes. This is an example of ______________. following a sales orientation creating cash cows focusing on environmental values creating customer value
creating customer value
Wowz Corp, a manufacturer of organic snacks, plans to expand its operations to various other countries. After market research, it avoids countries where the dominant population is mostly rural. In this case, Wowz Corp. is assessing the _____ of the countries. natural resources legal environment demographic makeup political structure
demographic makeup
A company is doomed to failure in a foreign country if it _____. does not understand the foreign country's culture varies its marketing mix according to the foreign customers focuses on translating product names to the foreign country's language pays attention to the foreign country's demographics
does not understand the foreign country's culture
To increase the sales of low-involvement products, marketing managers can: adopt strategies that are used for marketing high-involvement products. design advertisements with highly emotional messages. focus on the package design of the products. promote the products extensively to the target market.
focus on the package design of the products.
Unlike the marketing research problem, the management decision problem focuses on problems that are much broader in scope must be broadly defined if the research effort is to be successful provides insightful decision-making information tends to be more information oriented than action oriented
focuses on problems that are much broader in scope
Nando's, an authentic Portuguese restaurant, has branches all over the world. The taste and quality of the food served is same across all its branches. Based on this information, Nando's is most likely following the strategy of _____. mass customization product adaptation global marketing localization global marketing standardization
global marketing standardization
Quasio Foods Inc. is a large food manufacturing corporation that earns more profits than its competitors. The company uses only organically grown grains and fruits. It also promotes organic farming and helps nonprofit agencies who focus on food and nutrition causes. The company has now decided to use a third-party recycling logo. In this scenario, Quasio Foods is most likely to have adopted the concept of _____. affinity marketing relationship marketing green marketing event marketing
green marketing
Melina considers herself a fashionista and would like to be perceived as more fashion oriented than her friends and family. Her family and friends, however, feel she dresses just like them. In this case, the perception of Melina's friends and family contradicts Melina's _____. personality real self-image social class ideal self-image
ideal self-image
In the context of the purchase process of a family, _____ are members who suggest or plant the seed for the purchase process. initiators consumers influencers purchasers
initiators
Unlike a cost competitive advantage, a sustainable competitive advantage is not attractive because of its durability. lowers costs by removing frills. does not offer any low-priced products. is difficult for the competition to copy.
is difficult for the competition to copy.
Tamery Corp. is engaged in marketing various goods and services. It buys goods from various manufacturers and sells them to businesses and end consumers. Given this information, Tamery Corp. is said to be selling consumer products if: it sells books to students. it sells printers to a partnership firm. it sells spare parts to automobile manufacturers. it sells laptops to a hotel.
it sells books to students.
Nile, a global shipping company, had to stop its business in the United States when inspectors found that its working conditions did not meet the standards set by the Occupational Safety and Health Administration. In this scenario, a(n) _____ factor affected Nile's business. technological economic demographic legal
legal
Poseidon Inc. manufactures and sells accessories for motor boats. To boost its sales, the research and development team is involved in modifying the company's products. In this case, the research and development team will: add new products to supplement Poseidon Inc.'s established product line. eliminate products that are inconsistent with Poseidon Inc.'s business mission. make cosmetic or functional changes to existing products. convert applications into marketable products.
make cosmetic or functional changes to existing products.
A _____ occurs when a company's management decides to add products to an existing product line in order to compete more broadly in the industry. product line classification product line contraction product line extension product line reeling
product line extension
In the context of customer relationship management (CRM), _____ offers marketers a more cost-effective way to reach customers and enables businesses to personalize their messages. new technology cannibalization undifferentiated targeting repositioning
new technology
Cloyd's Supermarket, a popular retail store, sells a variety of products. In order to assess if it needs to make improvements to its service, the marketing research team sends out questionnaires to Cloyd's regular customers. The questionnaire has questions with blank spaces below. The customers have to write what they like best about shopping at Cloyd's and what new products or services they expect from Cloyd's. The questions included in the questionnaire are examples of _____. rhetorical questions open-ended questions scaled-response questions dichotomous questions
open-ended questions
Davison Inc., a Canadian firm, suffers heavy losses and lays off many of its employees. To save money, it moves its production units to Mexico where labor costs are less. This cost reduction effort is an example of ______. licensing outsourcing franchising inshoring
outsourcing
Gypsy Foods Inc. is a multinational food and beverage company. Its labels are colorful and project the words 'new' and 'improved' along the product's name. The packages do not provide details about the product's ingredients. In this case, Gypsy Foods is using _____. perspective labeling informational labeling persuasive labeling cooperative labeling
persuasive labeling
Nalpas Inc., an apparel company, manufactures clothes for men, women, and children. It further divides its core customers on the basis of demographic variables such as income, ethnic background, and family life cycle. In this context, these demographic variables are examples of _____. segmentation bases positioning bases product classes market positions
segmentation bases
Consumers usually buy a _____ only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility. convenience product specialty product major product shopping product
shopping product
During an external information search, a consumer is most likely to enlarge his search and consider more alternative brands when: the perceived risk of the product or service to be purchased increases. the consumer is knowledgeable and well informed about a potential purchase. the consumer is confident of making a purchase decision with the information at hand. the product or service to be bought is a frequently purchased, low-cost item.
the perceived risk of the product or service to be purchased increases.
The objective of test marketing is: to create three-dimensional prototypes quickly and at a relatively low cost. to shorten the development process of a product and reduce costs. to implement simultaneous product development. to evaluate alternative marketing strategies.
to evaluate alternative marketing strategies.
Mass-marketing efforts will continue to be used by marketers: to remind consumers of a product. because consumers have more time to make purchase decisions. to gather detailed information on customers, which is not possible in direct marketing. because they allow marketers to target customers with extremely relevant offerings.
to remind consumers of a product.
