Marketing Midterm 2 (Chapters 4-7) Study Plan Questions
Compared to the mainstream buying public, Hispanic consumers tend to be deeply __________ oriented making this a special characteristic and behavior.
Family
One important consideration in using a differentiated targeting strategy is that ________.
It can increase cost
Which of the following statements about competitive marketing intelligence is correct?
The goal of competitive marketing intelligence is to improve strategic decision making
___________ is the first stage in the new product adoption process.
Awareness
Companies use ___________ to manage detailed information about individual customers.
CRM (customer relationship management)
One problem with business-to-business e-procurement is that it _________.
Can erode long-standing customer-supplier relationships
Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as ________ differentiation.
Channel
Which of the following statements regarding segmentation is correct?
Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets
What is the first step in marketing research process?
Define the problem
Stimuli in the buyer's environment includes __________.
Economic, technological, social, and cultural forces
Business-to-business marketers are now using a wide range of digital and social media marketing approaches to _________.
Engage business customers and manage customer relationships
In B-to-B marketing, digital and social media play an important role in _________.
Engaging business buyers
The objective of ___________ research is to gather preliminary information that will help define the problem and suggest hypotheses.
Exploratory
Companies can allow key customers and value-network members to access account, product, and other data through ___________.
Extranets
A company can differentiate itself from competitors using symbols such as McDonald's golden arches, Twitter's bird, and the Nike swoosh. Which type of differentiation is this?
Image differentiation
The Westin Stamford Hotel in Singapore failed when it once advertised itself as the world's tallest hotel. This difference was not worth establishing because it did not satisfy which of the following criteria?
Important
On the My M&Ms Web site, users can place custom orders for M&Ms. They can choose their own colors, put a personalized text message on the candies, and even upload a photo to be placed on each M&M. Which targeting strategy is M&M using here?
Individual marketing
Which value proposition is difficult to sustain in the long run?
More for less
The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as _________.
The same for less
What are perceptual positioning maps used for?
To show consumer perceptions of different brands on important product dimensions
When does habitual buying behavior occur?
Under conditions of low-consumer involvement and little significant brand difference
In the product adoption process, ___________.
There are five stages
One advantage to using internal databases for information is that ________
They can be accessed quickly and cheaply
What is the purpose of differentiation?
To create superior customer value
Motives, perceptions, and preferences are _________ factors that can influence the business-buying decision process.
Individual
Which of the following correctly defines the consumer market?
Individuals and households that buy goods and services for personal consumption
When using digital marketing, B-to-B marketers are targeting __________ that affect buying decisions for ___________.
Individuals; businesses
____________ are members of the buying center who help define specifications and provide information for evaluating alternatives.
Influencers
Market _________ evaluates each market segment's attractiveness and selects one or more segments to serve.
Targeting
Which of the following is an example fo an institutional buyer?
Tenet Healthcare
Consumer purchases are influenced strongly by certain characteristics which include all of the following except __________.
Cognitive
__________ is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.
Competitive marketing intelligence
The rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however, one of the disadvantages is __________.
It pits suppliers against one another
___________ is the stage of the business-buying decision process that occurs after a problem is recognized and a general need description is developed.
Product specification
___________ are the social factors that influence consumer buyer behavior.
Small groups, social networks, family, social roles, and status
_________ have rapidly become the new platforms for engaging business customers.
Social media and digital marketing
A business buying situation in which the buyer reorders something without any modification is known as a __________.
Straight rebuy
Institutional markets are __________.
Characterized by low budget, captive patrons
What is the nature of demand in business markets?
Changes in consumer demand will cause changes in business demand
Which of the following is a business-to-business market transaction?
A grocery store buying cereal from Kellogg's
In which type of buying situation will a buyer usually go through all the stages of a business buying process?
A new task-buying situation
Every Monday a pizzeria places the same order with its suppliers for pepperoni. Which type of buying situation does this represent?
A straight rebuy
A colleague needs to collect descriptive data about her customer's attitudes. She has not done this type of research before. What research approach would you recommend to best suit this research project?
A survey
Hospital purchasing agents should prefer _________.
Food vendors with low prices and quality products
Which of the following correctly identifies the personal factors that influence consumer buyer behavior>
Age and lifecycle stage, lifestyle, economic situations, occupation, and personality and self-concept
The buying center of an organization consists of __________.
All individuals and units that play a role in the buying purchase decision process
Which of the following statements about marketing research in small businesses and non-profit organizations is correct?
Although the research methods used by small businesses and nonprofits are less complex and costly, they still must be conducted carefully
What is positioning?
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
The statement, "I only buy the best" and "The Japanese make the best cars in the world," represent __________.
Attitudes
_________ segmentation divides buyers into segments based on their knowledge, attitudes, users, or responses to a product.
Behavioral
Toothpastes claim they "whiten teeth," "fight bad breath," and "reduce plaque." Which base of segmentation is being used in this example?
Benefits sought
According to the stimulus response model of buyer behavior, marketing and other stimuli enter the consumer's __________ and produce certain responses.
Black box
Forces and events in the buyer's environment enter the buyer's black box, where they are turned into a set of buyer responses. These buyer responses include __________.
Brand choice, purchase location and timing, and brand engagement and relationship behavior
The main purpose of CRM is to __________.
Build stronger customer relationships
Which of the following statements regarding the business market is correct?
Business marketers normally deal with far fewer but far larger buyers than the consumer marketer does
How is the business-buying decision process different from the consumer-buyer decision process?
Business-to-business marketers keep customers by meeting current needs and by partnering with them to help solve their problems
Companies set up a _________, which allow key customers and value-network members to access product, account, and other data anytime they need to.
Extranets
A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague?
Carefully consider the degree of competition and ease of entry into the segment
In response to concerns about intrusions of privacy, most large companies now appoint a __________ to safeguard the information of consumers who do business with the company.
Chief Privacy Officer (CPO)
Many companies manage detailed information about individual customers by using all of the following methods except ___________.
Collecting and storing huge amounts of data
When consumers engage in ____________ buying behavior, they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior.
Complex
Five characteristics are important in influencing an innovation's rate of adoption. As __________ increases, the rate of adoption is slower.
Complexity
Anythinglefthanded.com.uk only sells products designed for left-handed people. Which targeting strategy is it using?
Concentrated marketing
Instead of going after a small share of a large market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as __________.
Concentrated marketing
__________ is the first step in the marketing research process.
Defining the problem and research objectives
Which of the following statements about segmentation is true?
Different segments might require different marketing strategies or mixes
If men and women respond similarly to the same marketing mx, they do not constitute different segments. Gender would not be effective in this example because the segment is not ________.
Differentiable
___________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.
Dissonance-reducing buying
You and seven other people are talking with a trained moderator about your feelings and thoughts regarding a potential new product. For doing this, you receive a small payment. You are participating in a(n) ________.
Focus group interview
Developing product specifications follows _________ in the business buying decision process.
General need description
Much of Pinterest's success is due to how it used marketing information to _________
Identify a unique customer insight
A university is buying notebook computers for its faculty. The university's Information Technology department has been asked to provide specifications and recommendations for this purchase. The IT department is playing which role in the university's buying center?
Influencer
The first group marketers try to bring their new products to that attention to are potential ___________.
Innovators
Which of the following correctly identifies the first two adopter groups that adopt a new product?
Innovators and early adopters
Which of the following statements regarding the institutional market is correct?
Institutional markets are characterized by low budgets and captive patrons
To develop needed information, marketing information systems utilize __________
Internal databases, marketing intelligence, and marketing research
According to the text, two major public policy and ethical issues in marketing research are __________.
Intrusions on consumer privacy and the misuse of research findings
Business markets have demand that __________.
Is inelastic
Which adopter group is skeptical and adopts a new product only after a majority of people have tried it?
Late mainstream
Variety-seeking behavior would result from which of the following conditions?
Low involvement and significant differences between brands
MIS begins and ends with information users. Which of the following statements is not an advantage of MIS?
MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies
The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called __________.
Market targeting
Which of the following statements discussing big data is not true?
Marketers can access and easily sift through the data once it is available
Small businesses and not-for-profit organizations can obtain good marketing insights through __________.
Observation research
Which of the following statements about big data is correct?
One result of big data is that marketing managers are often overloaded and overwhelmed with information
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone
Items such as technical specification, quantities, delivery times, return policies, and warranties are included in the __________.
Order-routine specification
___________ includes the final offer with the chosen supplier or suppliers and lists other required items.
Order-routine specification
To deliver real value to marketers, marketing information must ___________
Provide useful customer insights
MIS interacts with information users in several ways which include all of the following except ___________
Providing concise information
________ segmentation divides buyers into different segments based on lifestyle or personality characteristics.
Psychographic
When marketers target segments such as sports fans, do-it-yourselfers, commuters, and wine enthusiasts, which base of segmentation are they using?
Psychographic segmentation
Consumer motivation, perception, and learning are related to the _________ factors influencing consumer behavior.
Psychological
Competitive marketing intelligence uses _______ data sources
Publicly available
Which of the following would be good advice for someone that is conducting marketing research in a foreign country?
Reaching respondents in other parts of the world is more difficult than it is in the United States
To do e-procurement, companies can conduct __________, in which they put their purchasing requests online and invite suppliers to bid for the business.
Reverse auctions
What determines whether a buyer is satisfied or dissatisfied with a purchase?
Satisfaction is determined by the relationship between the consumer's expectations and the product's perceived performance
In the buyer decision process, after a consumer has recognized a need, he or she will next ___________.
Search for information
The step in designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market __________.
Segmentation
The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following except ___________.
Sharing information widely
Some of the cultural factors that influence buyer behavior include _________.
Subculture and social class
Which of the following statements regarding the U.S. government market is correct?
The U.S. government is the largest buyer of goods and services in the world
According to the model of buyer behavior, what are the two parts of the buyer's black box?
The buyer's characteristics and the buyer's decision process
The U.S. government normally awards contracts to _________.
The lowest bidder
Which of the following statements is not a difference between business markets and consumer markets?
The market is very small and limited
What is the overall purpose of customer insight teams?
To develop customer insights from which the company can create more value for customers
Any contact between a customer and a company is called a ___________.
Touch point
Using a(n) ________ marketing strategy, a firm might decide to ignore market segment differences.
Undifferentiated