Marketing Mid-term

_____ are low-growth, high-share businesses/ products that need less investment to hold their market share.

Cash Cows

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon _____

Customer Perceived Value

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of _____

Customer Satisfaction

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively

The set of marketing tools a firm uses to implement its marketing strategy is called the _____

Marketing mix

Which of the following contact methods is the most cost-effective?

Online

Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) _____

Opinion Leader

Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machineries. In this instance, Sparex acts as a _____

Supplier

_____ involves systematically developing networks of supplier-partners to ensure a dependable supply of products and materials for use in making products or reselling them to others.

Supplier Development

_____ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable Marketing

_____ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes

Total Quality Management

A market segment that is large enough or profitable enough to serve is _____

Substantial

Market segments that can be effectively reached and served are _____

Accessible

_____ are groups to which an individual wishes to belong, as when a young basketball player hopes to play someday in the NBA or WNBA.

Asperational Groups

A(n) _____ is a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea.

Attitude

Among the generational groups in U.S population, the _____ are still the wealthiest generation in U.S. history.

Baby Boomers

A _____ is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.

Brand

Brand _____ is the differential effect that knowing the brand name has on customer response to the product and its marketing

Brand Equity

Brand _____ refers to how highly consumers regard and respect the brand.

Brand Esteem

_____ are ambassadors who enthusiastically share their passion for a company's products with large circles of friends and acquaintances

Brand Evangelists

Which of the following is one of the four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength?

Brand Valuation

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as _____

Business Buying Process

The collection of businesses and products that make up a company is called its _____

Business Portfolio

A company's marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. These organizations and groups are also known as _____

Citizen Action

_____ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Competitive Marketing Intelligence

_____ are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Convenience Products

The _____ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.

Cultural

_____ can strongly influence business buyer reactions to the marketer's behavior and strategies, especially in the international marketing environment

Culture and Customs

_____ segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Demographic Segmentation

Business demand that ultimately comes from the demand for consumer goods is known as _____ demand

Derived

The goal of _____ research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product

Descriptive

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as _____

Differentiated (segmented) Marketing

Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of _____

Differentiation

_____ involves actually distinguishing the firm's market offering to create superior customer value.

Differentiation

Which of the following is a market-oriented mission statement?

Empower customer to accomplish their dreams

A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of _____

Ethnic Graphic Research

In _____ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

Exploratory

Which of the following can help a company create direct procurement accounts with suppliers, through which company buyers can purchase equipment, materials, and supplies directly?

Extranat

A(n) _____ controls the flow of information to others in the buying center.

Gatekeeper

Which of the following generations is the most educated to date?

Generation X

_____ calls for dividing the market into regions, states, counties, cities, or even neighborhoods.

Geographic Segmentation

Redrunners Inc., a manufacturer of sports merchandise, is gathering customer opinions about the firm's new sports shoe line. A team of researchers in the company invited eight regular customers to talk about the new line of shoes, asking why they chose to buy the shoe and what they disliked most about its design. A moderator was present to monitor the discussion. Which of the following types of contact methods is Redrunners using?

Group Interviewing

Maslow's theory is that _____ can be arranged in a hierarchy

Human Needs

_____ products are those products purchased for further processing or for use in conducting a business

Industrial Products

_____ refer to members of the buying organization who help define specifications and provide information for evaluating alternatives

Influencers

Secondary data consist of _____

Information that is already exist & collected somewhere

The _____ market consists of schools, hospitals, nursing homes, prisons, and the like that provide goods and services to people in their care

Institutional

29) Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a _____

Marketing Intermediary

A product's _____ identifies the product or brand, describes several things about the product, and promotes the brand

Labeling

A(n) _____ is the set of actual and potential buys of a product or service.

Market

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a _____ strategy.

Market Development

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies _____

Market Penetration

_____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Market Research

Dividing the market into various groups of customers that a company may serve is called _____

Market Segmentation

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in __

Market Targeting

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Marketing Concept

Which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?

Marketing Environment

A(n) _____ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights

Marketing Information Systems

Needs include all of the following EXCEPT_____

Newest phone

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the _____ of the company.

Micro Environment

A _____ documents an organization's purpose; what it wants to accomplish in the larger environment.

Mission Statement

The physical environment affecting marketing activities is referred to as the environment.

Natural

_____ involves designing and producing the container or wrapper for a product

Packaging

In which stage of the business buying process does a buyer ask users to rate their satisfaction with the supplied materials?

Performance Review

Marketing stimuli consist of the four Ps. Which of the following is NOT one of these?

Politics

Which of the following states the product's membership in a category and then shows its point of difference from other members of the category?

Positioning Statement

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies _____

Product Development

Each culture contains smaller _____ or groups of people with shared value systems based on common life experiences and situations.

Subcultures

Marketers who use _____ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals

Psychographic Segmentation

The decision-making unit of a purchasing organization is called its _____

Purchasing/ Buying Center

A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of a _____ to the band's fans

Reference Group

According to the Boston Consulting Group approach, _____ serves as a measure of company strength in the market.

Relative Market Share

30) Boxes, Inc. sells products to end users or to other companies that will sell to end users. Boxes, Inc. is a _____.

Reseller

A(n) _____ is a segment of the population selected for marketing research to represent the population as a whole.

Sample

Commercial online databases are rich sources for obtaining _____

Secondary Data

People tend to interpret new information in a way that will support what they already believe. This is called _____

Selective Distortion

Advertising campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under _____ marketing

Social Marketing

_____ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

Specialty Products

_____ are a type of SBU that often require heavy investments to finance their rapid growth.

Stars

_____ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

Strategic Planning

Selecting which segments of a population to serve is called _____

Target Marketing

_____ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Targeting

With an expected increase in ethnic diversity within the American population, marketers are most likely to place a greater emphasis on _____

Targeting Advertixing

Many companies use RFID product labels on their goods, which exemplifies the environment in business.

Technological

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Value Proposition

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through_____

Value creation & exchange

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's _____

Value proposition

Which of the following refers to a cultural factor in the context of segmenting international markets?

Values and Attitudes

_____ are human needs that are shaped by culture and individual personality.

Wants

Which of the following is NOT a market-oriented business definition?

We make high quality food products

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is _____

Why they buy

Firms use competitive marketing intelligence to _____

gain early warnings of competitor moves and strategies