MIE 201 Chapter 11

When it comes to the marketing of products, what are the three things that consumers are really looking for? - Only to have the tangible product - A way to get a job done - A way to gain some enjoyment - A reason to create an exchange - A way to solve a problem

- A way to get a job done - A way to gain some enjoyment - A way to solve a problem

Promotions includes which of the following? - Distribution - Advertising - Sales promotion - Personal selling - Publicity

- Advertising - Sales promotion - Personal selling - Publicity

Which of the following are the two common approaches to segment markets? - Benefits approach - Diffusion approach - Concentration approach - Multisegment approach - Niche market approach

- Concentration approach - Multisegment approach

Which of the following are social factors that influence how, why, and when a consumer may buy a product or service? - Motivation - Culture - Reference group - Attitude - Social class

- Culture - Reference group - Social class

Which of the following are external influences in the marketing environment? - Economic - Geographic - Competitive - Demographic - Social - Legal

- Economic - Competitive - Social - Legal

Identify the supporting services that can be defined as a "product" - Installation of brakes - Guarantee for a new car - Product information on an iPad - Images for magazines - User reviews or equipment

- Installation of brakes - Guarantee for a new car - Product information on an iPad

Which of the following are typical secondary data sources for organizations? - Telephone surveys - Internal reports - Databases - Government agencies - Focus groups

- Internal reports - Databases - Government agencies

Select from the following the items that do NOT describe marketing accurately. - Marketing is manipulating consumers to get them to buy products they do not want. - Marketing seeks to foster exchanges - Marketing is a systematic approach to satisfying consumers - Marketing is essentially just selling and advertising

- Marketing is manipulating consumers to get them to buy products they do not want. - Marketing is essentially just selling and advertising

Which two of the following terms best describe the process of gathering market research about potential customers that will help guide marketing decisions? - Objective - Systematic - Random - Hypothetical - Subjective

- Objective - Systematic

Which of the following terms accurately describe primary data? - Compiled externally - Observed directly - Collected directly - Compiled by the Census bureau

- Observed directly - Collected directly

Select the sample variables that are part of psychographic segmentation - Personality - Convenience - Usage - Lifestyle - Motives

- Personality - Lifestyle - Motives

Marketing focuses on a complex set of activities that must be performed to accomplish objectives and generate exchanges. These activities include _______. - Risk taking - Research - Accounting - Selling

- Risk taking - Research - Selling

Select from the following the things a firm must take into consideration in order to successfully use a concentration or multisegment approach. - The firm must be able to reach the market with its chosen strategy - At least one segment must be profitable to maintain the chose strategy - Within a given segment, consumers' needs for the product must differ - The segments must be both identifiable and divisible

- The firm must be able to reach the market with its chosen strategy - At least one segment must be profitable to maintain the chose strategy - The segments must be both identifiable and divisible

Intermediaries most likely assist with which of the following activities? - Warehousing - Materials handling - Branding - Transporting - Promoting - Inventory control

- Warehousing - Materials handling - Transporting - Inventory control

By using data that has been collected, marketers use marketing ________ to measure, interpret, and evaluate their marketing decisions.

Analytics

This psychological factor is defined as knowledge and positive or negative feelings a person has about something.

Attitude

Motivation is an inner drive that directs a person's _______ toward goals.

Behavior

_______ segmentation involves some characteristic of the consumers' behavior toward the product.

Behavioristic

Customer _______ in a high-quality hotel may include plush towels, lush bathrobes, and a jacuzzi spa. The _______ is the customer's subjective assessment of the money spent for the experience received.

Benefits; Value

The goal of market orientation is to _______.

Build long-term customer relationships

The decision processes and actions of people who purchase and use products is referred to as _______ behavior.

Buying

Learning

Changed in a person's behavior based on information and experience

Competitive and economic forces

Competitive relationships such as those in the technology industry, unemployment, purchasing power, and general economic conditions

When segmenting a market, a(n) _______ approach is used when a company develops one marketing strategy for a single market segment.

Concentration

Customer _______ include anything a buyer must give up to obtain the benefits that a product offers.

Costs

_______ is the integrated, accepted pattern of human behavior - thought, speech, beliefs, actions, and artifacts. It, in part, determines what people wear and eat and where they live.

Culture

Segmenting facial products by sex, age, and race is an example of _______ segmentation.

Demographic

A marketing strategy has two major components: selecting a target market, and _______.

Developing an appropriate marketing mix

Advertising on websites and social media is referred to as _______ advertising.

Digital

If Flower's To Your Door does not feel good about its recent purchases of roses, daises, and carnations from a new wholesaler, the _______ will likely not continue if other options are available.

Exchange

In marketing terms, when you pay the cashier money for the items you purchase at a store, it is an example of a(n) _______.

Exchange

The tools and techniques for analyzing exactly why consumers purchase what they purchase have been perfected and are quite exact.

False

Westwood Furniture Store realizes that many of its customers buy several pieces of furniture at one time and may not have immediate cash to pay for the purchase. Therefore, Westwood offers credit services where customers can pay for their purchases over time. To entice customers to shop Westwood also offers "no money down" and "no interest" options. This relates to the ________ function of marketing.

Financing

Twitter, Facebook, and LinkedIn are often good substitutes for _______.

Focus groups

Dividing a market by cities, counties, states, or regions is an example of using _______ segmentation.

Geographic

When men's dress shirt are divided and separated by size as well as color and brand name, it can be said that they are being _______.

Graded

________ is the standardizing of products by dividing them into subgroups and displaying and labeling them.

Grading

A watch manufacturer makes high-end watches and markets them to high income professional businessmen. The price of its watches range from $2000 to $20000. Because of this, the company only advertises in niche market publications that carter to this audience. In this scenario, identify what the central focus should be for this company's marketing activities.

High-income professional businessmen

Marketers of _______ include political parties, churches, and schools.

Ideas

Firms that successfully implement the marketing concepts focus on _______.

Improving customer value

Motivation

Inner drive that directs a person's behavior toward goals

Concepts, philosophies, images, and issues are all ________.

Intangible ideas

Why is communication a major element of developing and maintaining long-term customer relationships?

It provides a way for businesses to personalize customer relationships

Attitude

Knowledge and positive or negative feels about something

Political, legal, and regulatory forces

Laws and regulators' interpretation of laws, law enforcement and regulatory activities, regulatory bodies, legislators and legislation, and political actions of interest groups

Rashmi always used to shop at a particular clothing store. However, the last two times she shopped there, the staff was rude and they didn't have much stock on hand. Consequently,. Rashmi is trying out new stores to shop at. Which psychological factor is at play in this scenario?

Learning

This psychological factor is defined as the act of bringing about changed in a person's behavior based on information and experience.

Learning

A ________ is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.

Market

A company has a product that is geared toward 18-21 year-old women, who are all college students. This group would be considered a(n) _______ segment.

Market

Which orientation is best described as first determining what customers want and then produce it, rather than making the products first and then trying to persuade customers that they need them.

Market orientation

Online surveys are becoming and important part of _______ research. Traditionally, the process of conducting surveys online involved sending questionnaires to respondents either through email or through a website.

Marketing

Other functional areas of the business - such as operations, finance, and all areas of management - must be coordinated with _______ decisions.

Marketing

The factors that go into a marketing program - product, price, distribution, and promotion - are called the _______ mix.

Marketing

The group of activities that includes creating, distributing, pricing, and promoting a good or service is referred to as ________.

Marketing

The idea that a business or organization should try to satisfy customers' needs through activities that also allow it to achieve its own goals is known as the ________ concept.

Marketing

Joe's Taco cart, which has always sold 100 percent pure beef tacos, develops three new taco varieties for the growing group of vegetarian students who come by daily. Joe still advertises his beef tacos but has also developed a mini-campaign to pitch the veggie tacos. Joe is using a(n) _______ market segmentation approach.

Multisegment

A(n) _______ is someone who visits a store "undercover" to document their observations of the store. They do so in order to provide valuable information to the company to help it improve its organization and refine its marketing strategy.

Mystery shopper

The segmentation method that develops or finds products for small, well-defined market segments is _______.

Niche marketing

This psychological factor is the process by which a person selects, organizes, and interprets information received from his or her sense, as when experiencing an advertisement or touching a product to better understand it.

Perception

Although research in inconclusive, some marketers feel that the type of clothing one wears or the type of car one drives is directly related to which psychological factor?

Personality

Distribution is sometimes referred to as _______ in the marketing mix.

Place

Because it related directly to the generation of revenue, _______ is considered a key element of the marketing mix.

Price

Which of the following is least likely to be part of promotion? - Personal selling - Publicity - Pricing - Advertising

Pricing

Data that is observed, recorded, or collected from respondents is called _______ data.

Primary

Any physical good, service, or idea that satisfies a want or need is a(n) _______.

Product

New technologies such as electricity and railroads allows the _______ orientation to flourish by allowing goods to be manufactured with increased efficiency.

Production

Dewayne's family, his National Society of Black Engineers of America professional group, and the Rotary organization to which he belongs are _______ groups that may influence his buying decisions.

Reference

Customer ________ management systems help marketers listen to customer feedback in order to respond to their needs and wants and work toward building a long-term relationship.

Relationship

Marketing _______ helps to identify what products or services that customers need or want.

Research

The fact that marketing decisions result in either success or failure is the essence of _______.

Risk taking

Today some people still inaccurately equate marketing with a _______ orientation.

Sales

Information form the U.S. Census Bureau or from databases created by marketing research firms are types of _______ data.

Secondary

The process of dividing the total market into groups whose members have similar characteristics is market _______.

Segmentation

Which of the following do marketers usually view as a persuasive marketing activity accomplished through promotion?

Selling

A(n) _______ is the application of human and mechanical efforts to people or objects to provide intangible benefits to customers.

Service

_______ _______ are determined by ranking people into higher people into higher or lower positions of respect; criteria very from one society to another.

Social classes

Which marketing functions takes on significant importance when dealing with seasonal fruits and vegetables that offer a short shelf life and selling opportunity?

Storing

Starbucks serves coffee drinks at a premium price but also provides consumers with convenience, quality, and an inviting environment. The coffee Starbucks sells is a(n) _______ while convenience, quality, and an inviting environment represent _______ benefits.

Tangible; Intangible

A more specific group of consumers on whose needs and wants a company focuses its marketing efforts is referred to as a(n) _______ market.

Target

What is the central focus of all marketing activities?

The buyer

Personality

The organization of an individual's distinguishing character traits, attitudes, or habits

Perception

The process by which a person selects, organizes, and interprets information received from his or her senses

Social forces

The public's opinions and attitudes toward issues such as living standards, ethics, the environment, lifestyles, and quality of life

In defining its target market, sellers of salt, sugar, and flour most likely use a _______.

Total-market approach

The process of moving strawberries, blackberries, and raspberries from Portland Fresh and Ready Farms to the farmer's market where customers will purchase them, is a marketing activity called _______.

Transporting

A marketer must understand the needs of the buyer in order to determine what products to make available.

True

Regardless of whether a firm uses a concentration or multisegment approach, its market segments must be identifiable, divisible, and profitable.

True

Customer benefits subtracted by customer cost = customer ________.

Value

________ combines sight, sound, and animation to facilitate testing of concepts as well as packaging and design features.

Virtual testing