Marketing Management Final FINAL

The marketing management team of Brand Z Toys is looking at the possibility of opening a new plant in one of several developing countries. Before they decide on which country they want to build in, they want to conduct some preliminary research including local population demographics and lifestyle characteristics. However, they have discovered that the governments in several of these countries do not have a department that collects these data and no independent research firm has measured any of these areas. This demonstrates which issue with secondary data in global markets?

accessibility

Goals and objectives should be set

after completion of market research, situation analysis, and competitor analysis

A misconception about marketing is that it is

all about selling

The ________ phase of the customer relationship management process is where organizational learning occurs based on customer response to the implemented strategies and programs.

analysis and refinement

Outdated cell phones used in Europe or Asia have been introduced into the Latin American markets that don't have more updated models. This is an example of

backward invention

The marketing manager of Low Cost Retailer wants to conduct descriptive research to gather information on what customers purchase, when they purchase, and how often they purchase certain products. For this purpose, the marketing manager should use

behavioral data

Sam is flying to Rio de Janeiro, Brazil, to meet with a prospective customer. He wants to learn the ethical standards, degree of formality, and gender biases of the country. Which of the following types of information will help Sam to accomplish his task?

business environment

Since there are so many other companies that operate in the food service industry, the marketing manager of Gourmet Dining pays detailed attention to what other restaurants that offer similar meals, prices, and services are doing. In the context of external forces affecting marketing decisions, the marketing manager's focus is on

competition

People around the world prefer Swiss watches over watches manufactured in other countries. In the context of product issues, which of the following best describes the customer's perception?

country of origin effect

What is one of the three major objectives of customer relationship management?

customer acquisition

What is one of the four elements of the process cycle for customer relationship management?

customer interaction

Which phase of the process cycle for customer relationship management represents the actual implementation of the customer strategies and programs?

customer interaction

Which of the following is an internal source of collecting information for making marketing decisions?

customer orders

The primary organizational patterns employed by organizations around the world are

decentralized, centralized, and regionalized

what are the steps in the market research process?

defining the problem establishing the research design collecting the data searching secondary sources

The sole proprietor of Sam's Swings is interested in gaining a better understanding of his current customers in terms of certain demographic and lifestyle characteristics so he may better serve their needs. For this purpose, he should most appropriately conduct ________ research

descriptive

The Clean-O company makes a cleanser for the hospital and nursing home market that is guaranteed to kill 99 percent of Staphylococcus germs, a major concern for medical facilities. Unlike other companies, Clean-O is not interested in pursuing the consumer market. In this case, Clean-O has adopted a ________ orientation.

differentiation

B&B Co. is conducting market research to determine if a new beverage will be successful. The company is in the process of determining the kind of research that needs to be done, the information needed, and the sampling plan—including the research participants. B&B is in which stage of the market research process?

establishing the research design

Which of the following is an external source of collecting information for making marketing decisions?

ethnic groups

is the most common method for entering foreign markets

exporting

The best place in a SWOT analysis to identify problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena is

external threats

In the context of situation analysis, which of the following is a category for analysis in the internal environment?

firm resources

Apex Jerseys, a manufacturer of sports apparel and sports equipment, has experienced a sharp drop in sales over the last quarter. The marketing manager asks the marketing research department to investigate this alarming development. The first step taken by the researchers in their process should be to

formulate a specific research problem

What are the forces that drives countries to form regional market zones?

geographic proximity economic cultural similarities political

When local government relationships are critical to the success of international operations, the best organizational structure for a firm would be

geographic regions

An understanding of marketing beyond home markets develops over time as a company gets more international business experience. This process is referred to as the

global experience learning curve

Techel Electronics, a multinational company, manufactures its products in its home market, but treats the world as a single market with many segments in it. It sold televisions worth $47 million in 2017 in international markets, which was more than half of its total revenue. In the context of stages of global experience learning curve, the company is engaged in

global marketing

The Hernandez brothers manufacture trailers that are used by lawn service companies. The company was started in Texas by their father with one production site and four sales and service locations. Since the sons took over, they have expanded in the last 12 years to include 26 sales and service centers throughout the southeast. In this case, the company is most likely using a generic business strategy based on

growth

A window manufacturer has trouble getting glass for its high-end windows. Of the five primary activities in the value chain, this problem is most likely to occur in

inbound logistics

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

information needs

Relationship-oriented firms tend to

keep and cultivate their profitable current customers who are highly satisfied with the firm's offering

Customer touch points and data mining are related to which element of the process cycle for customer relationship management?

knowledge discovery

In the BCG matrix, firms categorized as problem children are characterized by

low share, high growth

Concerned by recent negative trends in economic indicators such as the consumer price index, gross domestic product, and inflation, the marketing manager of Kevin's Kayaks recommends that the company reduce its advertising spending. His recommendation is based on ________ data

macroeconomic

Many countries restrict marketing to children more severely than in the United States. A firm considering direct foreign investment would report this finding under the heading of

marketing communication barriers

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of

marketing intelligence

The manager of Gina's Groceries wanted to see how customers would react to some new displays. To collect this information, she posted employees where they could see the display and had them record how long customers looked at it, whether they picked up the item, and if they took the item with them. In this case, she is using ________ for her market research

observational data

Dan is creating a survey for his company. The question he is currently working on asks his business-to-business customers to describe the ideal purchasing transaction. Dan is utilizing a(n) ________ question.

open ended

John, the CEO of Tresnel Inc., learns that the government of one of his company's foreign markets has enacted a new law that limits the amount of profit it can make. He projects that this will result in future losses. If John researches the ________ environment, he can plan a strategy to deal with this situation

political and legal

Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

political, legal, and ethical

The marketing manager for Dream Weaver Textiles reads in a trade magazine that the Federal Trade Commission is in the process of revising content labeling requirements for textiles that claim to be natural. In the context of external forces affecting marketing decisions, this represents the

political/legal environment

Prices of products are often higher in a foreign country than the home country due to transportation charges, taxes, tariffs, and exchange rate fluctuations. This change in price from home country to foreign country is referred to as

price escalation

The marketing director of Bank Y decides to conduct a survey of 5,000 current customers to gather information to answer the research problem of what the bank can do to improve its services and customer satisfaction. She starts with a database of 50,000 current customers and randomly picks a name on the list to start. She then selects every tenth person as she goes down the list to receive a survey. She is using a ________ sampling method to select the participants for the study.

probability

Coca-Cola changes the taste of its soft drinks to meet local market preferences. This is an example of

product adaption

Bistrone corn canned soup was made expressly for the Japanese market by Coca-Cola Japan. This is an example of __

product invention

Form utility is

production's task in creating an offering that is desired by the market

Which are the four strategic types of firms proposed by Miles and Snow?

prospectors analyzers defenders reactors

The marketing managers of Brand Z Shoes have clearly defined their research problem as "If we increase our promotions expenditures, by what percentage will it increase sales?" They have also decided that they need primary data to answer this question. To collect these data, it is best for them to use ________ research

quantitative

Which of the following is NOT a facet of marketing?

recruiting

The marketing manager of a firm has hired a market research team. Together, the manager and the researchers decide that they need data from current customers and noncustomers who fit a specific demographic and lifestyle profile. In the context of research design activities, the selection of these individuals as targets for data collection represents the

sampling plan

In the context of change drivers impacting the future of marketing, the way a firm looks at strategy and tactics is reflected in the

shift to distinguishing Marketing (Big M) from marketing (little m)

MERCOSUR is a regional market zone in

south america

ADA Inc. stopped its production of oral care goods after determining apparel production to be its new primary objective. This is a direct result of the _____ planning process at ADA Inc.

strategic

Herbie recently read that Crane Airways of Japan, Kestrel Airlines of Germany, Heron Air of Australia, and Egret Airways of India have code sharing partnership, which allows passengers to fly on any of the airlines, share frequent flyer miles, and give each other logistical support. Herbie had just learned in his Global Marketing class that this arrangement is known as a(n)

strategic alliance

data refers to data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation.

structured

A SWOT analysis of a firm is least likely to

suggest solutions to problems

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

surveys

Which of the following is NOT one of the five primary activities in the value chain?

technology procurement

Customer loyalty is defined as

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

Customer satisfaction is defined as

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

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

unstructured

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

utility

The owner of Joe's Pool Hall found some secondary data online that measured consumer reactions to certain amenities in bars and nightclubs. However, he is concerned about how these data were collected and from whom it was collected. This represents the concerns associated with the ________ of secondary data

validity

Joelle bought a new Coach purse for herself as a birthday present. She had never spent that much on a purse, but decided it was worth it because it was so elegant. This demonstrates how a customer's perception of ________ can influence buying behavior.

value

When Keung received the report from the interns who conducted surveys in the mall, he was concerned that they were not properly trained because the data did not match any of his other research. Keung was primarily concerned with the ________ of the data

veracity

A restaurant's marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct ________ research

Casual

When examining some secondary data from Uzbekistan, the marketing manager of RS Chemicals notices that the income figures seem high even after conversion to U.S. dollars. He later learns that the government agency that collects this information records total household income rather than per capita income as in most other countries. This demonstrates which issue with secondary data in global markets?

Comparibility

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

Demographics

Bryan gets reduced fees for his daughter's piano lessons by maintaining her teacher's website. Bryan is practicing the central tenet of marketing called

Exchange

is a central tenet of marketing in which a person gives up something of value to them for something else they desire to have.

Exchange

For managers, the key section of the market research report that presents a synopsis of the analysis and essential findings is the

Executive summary

Brand X diapers, a national brand, has been declining in absolute level of sales for the last four consecutive months. The product manager asks the market research department to do a study to determine why sales have declined. The most appropriate research type would be

Exploratory research

The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is

External threats

Which of the following is a reason why production capacity utilization began to decline around the end of World War I?

Financial markets placed more pressure on firms to continually increase sales volume and profits.

Vegan Videos has decided to conduct exploratory research to clarify its marketing-related research problem. The company needs to collect primary data using qualitative research, and it needs to collect this data from 10 customers with only one researcher. In this case, Vegan Videos would most likely use a(n) ________ to collect the data and meet its short deadline

Focus group

Growth, stability, and retrenchment refer to a firm's position relating to its ________ strategy

Generic

Firms that manufacture in a foreign market and maintain an extensive sales organization and distribution network but have a "domestic first" mind-set are probably engaged in ________ marketing

International

Which of the following is TRUE of descriptive research?

It uses many different methods including secondary data, surveys, and observation

is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing

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

Marketing and Sales

The concept of the value chain was created by

Michael Porter

The concept of engaging in a learning relationship with customers and directing the firm's resources to making each product or service as customized as possible is known as

One to One Marketing

Dave is a close-up magician who is famous for his card tricks. He creates and sells DVDs of his magic tricks. Lately he has been having some trouble getting the DVDs produced in a timely manner. Of the five primary activities in the value chain, this problem is most likely to occur in

Operations

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

Planet

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

Primary

Which of the following types of research is less structured and can employ methods such as Focus groups and interviews to collect the data?

Qualitative

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation

Sales

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

Secondary

Which of the following is an advantage of secondary data?

Secondary data are a fast way to get information.

Mammoth Foods, a major agricultural corporation, recently purchased MJS Organic Foods Co. MJS was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Under the Boston Consulting Group (BCG) Growth-Share Matrix, MJS would most likely be classified as a

Star: High market share, High growth

Marketing (Big M) is also known as ________ marketing.

Strategic

A company's marketing plan states that the company will advertise on facebook during the first three months of next year. At which planning level has this statement been written?

Tactical

Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

Technological factors

In order for Marketing (Big M) to succeed, it must be championed by

Top Management

From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?

Value

Which of the following are two core marketing concepts?

Value and Exchange

relates to the different types of data, including text, video, images, and audio, to name a few types.

Variety

A continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical data to marketing decision makers is known as

a MIS

Strategic marketing refers, in part, to

a long-term, firm-level commitment to investing in marketing

The CEO of Big Wheel Automotive is concerned about declining sales. He has identified his research problem as the fact that his competitors are drawing away his business. He purchases access to J. D. Power's automobile rankings to learn about possible reasons for the shift in consumer purchasing. In this case, the CEO is using ________ to collect secondary data for his research problem.

a market research organization