Marketing-Midterm Review Fall2018

________ is the art and science of choosing target markets and building profitable relationships with them. Positioning Value engineering Marketing management Segmentation Differentiation

Marketing Management

Which of the following statements regarding marketing intelligence is true? -Marketing intelligence typically involves sensitive and confidential information kept out of the public domain. -The advantage of using competitive intelligence is negligible as it is based only on internal sources of data. -All marketing intelligence inputs are available at no cost to any potential users. -Marketing intelligence efforts are more focused on gaining insights into a firm's consumers rather than its competitors. -Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information.

Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information.

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Marketing research Exclusive distribution Integrated marketing Commercialization Test marketing

Marketing research

________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics. User status Demographic Behavioral Geographic Psychographic

Psychographic

Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________. nature of the buying unit the decision process types of decisions derived demand market structure

derived demand

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________. exploratory research experimental research causal research descriptive research archival research

descriptive research

If men and women respond dissimilarly to the marketing efforts for a root beer-flavored malt beverage, they are considered ________ market segments. measurable reachable differentiable accessible observable

differentiable

A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________. product development diversification vertical integration market penetration market development

diversification

Which of the following best describes market segmentation? -differentiating a market offering to create superior customer value -dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors -evaluating each market segment's attractiveness and selecting one or more segments to enter -identifying consumer needs and creating a product to meet those needs -arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as a(n) ________. early adopter lagging adopter early mainstream adopter innovator late mainstream adopter

early adopter

Which of the following is a personal factor that influences a consumer's buying behavior? family status motivation social networks life-cycle stage

life-cycle stage

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________. market development market penetration diversification product development market differentiation

market penetration

Dividing a market into several sections of customers is known as ________. undifferentiated marketing value engineering market positioning mass customization market segmentation

market segmentation

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________. equity satisfaction loyalty lifetime value engagement

satisfaction

Information collected from commercial online databases or through Internet search engines are examples of ________ data. experimental primary secondary ethnographic first-hand

secondary

Companies are likely to gain ________ through speedy, convenient, or careful delivery of products. services differentiation channel differentiation product differentiation price differentiation people differentiation

services differentiation

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need? love hunger security self-development status

status

Which of the following best describes a company's business portfolio? -the collection of businesses and products that make up the company -the list of all the marketing activities in which the company invests -the target segments of the company's various businesses -the company's products or services in a particular market -the company's strengths in terms of technology, people, and products

the collection of businesses and products that make up the company

Which of the following transforms marketing strategies into real values for consumers? the four Ps of marketing customer satisfaction surveys customer equity a firm's value proposition share of customer

the four Ps of marketing

Which of the following demonstrates the real value of a company's marketing research and information system? -the variety of contact methods it uses -the amount of data it generates -the quality of customer insights it provides -the tools it uses to gather information -the type of sampling plan it follows

the quality of customer insights it provides

In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance. threats strategies weaknesses opportunities strengths

threats

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system. value chain value delivery network business portfolio growth-share matrix shareholder network

value delivery network

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________. frugal marketing prestige-oriented marketing quality marketing value marketing diverse marketing

value marketing

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs. dividend yield perquisite dominant effect value proposition fringe benefit

value proposition

Which of the following is most likely true about people's beliefs and values? -Secondary beliefs and values cannot be changed. -Belief in marriage is a secondary belief for most Americans. -Marketers have a high chance of changing core beliefs and values. -Core beliefs and values have a high degree of persistence. -Secondary beliefs are passed on from parents to children.

Core beliefs and values have a high degree of persistence.

________ is the total combined customer lifetime values of all the company's current and potential customers. Customer-perceived value Market share Customer equity Value proposition Share of customer

Customer equity

________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter. Market positioning Market mixing Market targeting Market diversification Market divesting

Market targeting

________ is a discomfort caused by postpurchase conflict. Selective retention Restraint bias Selective attention Subliminal perception Cognitive dissonance

Cognitive dissonance

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. Political science Sociobiology Demography Behavioral ecology Environmental studies

Demography

Which of the following is true of a good marketing information system? -It develops a way of offering information about future plans of action that might not be very feasible or cost-effective. -It balances the information that a firm would like to have against what they really need. -It typically uses only external sources of data in marketing research. -It eliminates the time-consuming task of assessing the information needs of a firm. -It focuses solely on maximizing the amount of data generated irrespective of relevance.

It balances the information that a firm would like to have against what they really need.

Consumers' needs and wants are fulfilled through ________. ideas demand value desire market offerings

Market Offerings

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior. Market targeting Mass marketing Positioning Market segmentation Market segmentation

Market segmentation

________ are defined as states of felt deprivation. Needs Values Ideas Demands Exchanges

Needs

________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world. Perception Motivation Learning Selective perception Retention

Perception

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Differentiation Market targeting Market segmentation Mass marketing Positioning

Positioning

________ data consist of information collected for the specific purpose at hand. Primary Historical Archival Derived Secondary

Primary

________ are distribution channel firms that help a company find customers or make sales to them. Producers Resellers Suppliers Credit companies Logistics firms

Resellers

Which of the following statements is true in the context of the BCG growth-share matrix? -Stars often need heavy investment to finance their rapid growth in a market. -Dogs promise to be large sources of cash. -The positions of SBUs in the growth-share matrix rarely change over time. -Cash cows typically turn into stars. -The income from one SBU cannot be used to support other business units.

Stars often need heavy investment to finance their rapid growth in a market.

American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success. Wholesalers Retailers Suppliers Physical distribution firms Media firms

Suppliers

________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying and consolidating separate products and services from several suppliers. Straight rebuy New task buying Systems selling Modified rebuy Supplier development

Systems selling

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment? -They develop strategies to change the marketing environment. -They passively accept the marketing environment in its current state. -They design strategies according to environmental forces in the market. -They view the marketing environment as an uncontrollable element. -They believe that marketing strategies are bound by the current environment.

They develop strategies to change the marketing environment.

________ are the form human needs take as they are shaped by culture and individual personality. Necessities Services Benefits Wants

Wants

In a SWOT analysis, which of the following would most likely be considered a strength of a company? -an increase in consumer interest in the company's products -higher prices of the company's products resulting from inflation -a favorable economic climate that encourages consumption -the exit of a competitor from the market -an improvement in the company's production technology

an improvement in the company's production technology

Which of the following best describes product positioning? -identifying consumer needs and creating a product to meet those needs -dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors -differentiating a market offering to create superior customer value -arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers -evaluating each market segment's attractiveness and selecting one or more segments to enter

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________. Millennials baby boomers the Lost Generation Generation Zers Generation Xers

baby boomers

A practice called ________ allows marketers to use online data to target ads and offers to specific customers. social media tracking behavioral targeting online targeting online listening data analytics

behavioral targeting

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand? brand personality brand perception brand loyalty brand equity brand architecture

brand personality

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research. descriptive exploratory focus group causal ethnographic

causal

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children? cause-related marketing joint venture marketing niche marketing test marketing green marketing

cause-related marketing

Unlike other car rental agencies that are based in airports to serve travelers, Rental Wheelz has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Rental Wheelz caters to a small share of the large car rental market. From this description, it can be concluded that Rental Wheelz most likely practices ________. multi-segmented marketing concentrated marketing individual marketing local marketing undifferentiated marketing

concentrated marketing

According to the text, ________ are the most important actors in a company's microenvironment. stockholders suppliers resellers employees customers

customers

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses. descriptive corrective experimental exploratory causal

exploratory

Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population? occasion usage rate gender benefits sought income

income

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases. internal dialog external secondary historical

internal

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy? -positioning, market segmentation, mass marketing, and market targeting -market segmentation, differentiation, positioning, and market targeting -market recognition, market preference, market targeting, and market insistence -market segmentation, market targeting, differentiation, and positioning -market alignment, market segmentation, differentiation, and market positioning

market segmentation, market targeting, differentiation, and positioning

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. production selling product societal marketing marketing

marketing

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________. global marketing niche marketing segmented marketing undifferentiated marketing micromarketing

micromarketing

Which of the following is the first stage of the buyer decision process? evaluation of alternatives postpurchase behavior purchase decision information search need recognition

need recognition

Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through ________ segmentation. psychographic age and life-cycle occasion income demographic

occasion

In a straight rebuy, a buyer ________. -considers a product or service for the first time -wants to obtain the same product from a lower-priced supplier -reorders something without any modifications -needs a modified product to suit new requirements -finds new ways to add value to the same product

reorders something without any modifications