MKT 3020

measurable; consistent

A marketing objective should be expressed in clear, simple terms; be _____________; specify a time frame for completion; and ensure the marketing objective is _____________ with both business-unit and corporate strategies.

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

A market opportunity results from

Big Data

MasterCard provides credit cards to individuals who use their cards for purchases of meals, gifts, travel services (e.g., transportation, hotel), fuel, and more. MasterCard makes extensive use of purchase information to aid in management and marketing decisions as well as in its marketing efforts to enhance the number of businesses that accept payment by the MasterCard. MasterCard leverages its information about consumers by analyzing the charging history of credit card members, website traffic, and information gleaned through the use of "cookies" and monitoring of social media, such as Twitter, Facebook, Instagram, and Pinterest. MasterCard believes data provides significant insights. What type of information does MasterCard utilize?

sales

Naomi owns a company that sells snowboards. During the winter, she sells so many snowboards that she constantly has to restock. However, Naomi always seems to have dozens of snowboards left in inventory once spring hits and demand falls rapidly. To try and sell these excess snowboards, Naomi offers steep discounts on her products, invests heavily in advertising to make consumers aware of the discounts, and instructs her in-store salespeople to use strong persuasion tactics to convince them to purchase the remaining snowboards. During this period of time, what type of orientation is Naomi embracing?

False

Only one variable can be used to segment a market.

Sociocultural

People for the Ethical Treatment of Animals (PETA) has demonstrated against the sale of coats made of animal furs. PETA's efforts to change shoppers' attitudes most directly represents a ____ force for fur retailers.

Political, economic, sociocultural, and technological

Richards Homes, a mobile home manufacturer since 1934, introduced its new iHome. The iHome is one of the first of its kind, designed as an updated, modern version of the modular home, offered as a base home plus add-ons known as "pods." The base home is a one-bedroom, one-bath, 734-square-foot version at a price of around $80,000. There is also a 1,000-square-foot version for around $100,000. All versions may add on the additional one-room pods, which are shipped to your location and constructed on site. The homes offer galvanized metal roofing, corrugated steel siding, Volatile Organic Compounds-free paints, and a "butterfly" roof that collects rainwater. The iHome uses 30% less energy than a similar square-foot home and offers "green" characteristics of solar panels, tankless water heaters, and low-flow faucets. In addition, it comes with bamboo flooring, a renewable resource. The modular, prefabricated design offers endless options for creating the customer's home, and its engineered building system cuts down on construction waste. Due to the "green effects" of the iHome, the state governments have given it a tax abatement for any sales taxes. Refer to Scenario 3.2. The iHome's reduction of energy use, renewable resources as materials, "pod" customization, reduction of construction waste, and tax abatement status is/are examples of reaction to which environmental forces?

reactive

To meet federal gas mileage regulations, Ford has developed aluminum vehicle bodies that are light enough to help conserve fuel. What kind of response is this to environmental forces?

analysis

When Snapple takes the information collected through research and attempts to assess and interpret what it means for its beverage marketing efforts, Snapple is engaged in environmental

True

When evaluating relevant market segments, cost estimates are important to determine if an organization entering a particular segment can operate at costs equal to or below those of competitors.

An MIS provides a continuous flow of information about such things as distribution costs, prices, sales, and advertising expenses.

Which one of the following best characterizes a marketing information system (MIS)?

reliability; validity

A few months ago, Costco adopted a new brand of organic cheese. However, sales have been lower than expected. Costco decides to survey some of its customers at its stores to try and understand this issue. It set up demonstrations in several stores and asked consumers to try samples of its organic cheese product. It then asked them how they liked the cheese. The majority of respondents indicated they were very satisfied with the cheese's flavor. This occurred in trial after trial. Costco is confused. Satisfaction with the cheese is positive, yet sales continued to remain low. They ask you, a marketing consultant, why you think this is. You reply that while the tests had strong ___________, they did not have strong ____________. You recommend that Costco survey customers on their purchase intentions rather than their satisfaction with the product's taste.

allows a firm to develop a special marketing mix for a single market segment

A business advantage of the concentrated targeting strategy for any company is that it

Segmentation Variables

Age, rate of product use, location, and gender are all examples of common

understanding your customer.

All of the following are steps in the marketing research process except

Customer Lifetime Value (CLV)

Amazon Prime has one of the highest customer loyalty ratings in the entertainment industry with a significant percentage of current video streaming subscribers continuing to renew their subscription with Amazon on a yearly or month-to-month basis. In addition, many customers have cancelled their cable or satellite subscriptions and rely almost exclusively on streaming services such as Amazon Prime and Netflix for their entertainment. Amazon Prime video streaming is available as part of Amazon's $99/year Amazon Prime suite of offerings that includes free 2-day shipping on many Amazon.com orders. Customers can also choose to pay by the month for $12.99/month. If a significant percentage of subscribers continue their service on an annual basis, Amazon is able to build a stable revenue stream based on repeat purchasers. A quick snapshot of one customer revealed that the customer had subscribed to Prime for five years and generated over $700 in revenue to Amazon. Which of the following marketing terms best captures the importance of customer loyalty and its impact on Amazon?

strengths and weaknesses

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

psychographic

Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is this segmentation method called?

Type of Organization

Benjamin Moore Company provides paint and supplies to businesses and individuals through its network of company-owned retail outlets. Benjamin Moore employs outside sales representatives who make personal calls with prospects and customers in order to gain insight about their needs and persuade them to utilize Benjamin Moore for their painting projects. Typically, a Benjamin Moore sales representative will focus his or her efforts on specific customers such as hospital facility managers, apartment complex managers, painting contractors, or education institution facility managers. Benjamin Moore is utilizing the ______ variable for segmenting business markets.

product differentiation

Bose promises "better sound through research." This is an example of ________.

market opportunity

Coca-Cola executives realized that more consumers are concerned with health. It has since expanded into the bottled water and bottled juice markets. This is an example of a firm identifying and capitalizing on a

brand

Dasani, SmartWater, Aquafina, Glaceau, Pure Life, and Fiji are examples of __________ competitors in the beverage industry.

market penetration

Herbal Organics used actor and former NFL player Sweet Dave Brown to act as its spokesperson as the "Herbal Organics Man." It filmed humorous videos of the actor that went viral online. Herbal Organics saw sales of its deodorants increase substantially from the previous year. What type of competitive growth strategy did Herbal Organics use?

Market Orientation

Honda conducts extensive consumer research and discovered that Latinos are reportedly 15% more likely to buy a Japanese auto brand, like Nissan, Honda, or Toyota, than any other group ethnic group. Honda is interested in the Latino market since it represents 20% to 30% of the brands' overall consumers. Due to its extensive use of research and customer insight, Honda has been the top-selling brand for Latinos for over 10 years thanks to effective marketing, like its partnership with the "La Reina de la Cancion" singing competition and an advertising campaign on Spanish-language TV. Based on this information, which orientation best applies to Honda?

experimental research

If Little Caesars wants to determine the impact of different coupon offers on pizza unit sales, it needs to conduct

identifying an appropriate targeting strategy.

The first step in the target market selection process is

False

The main difference between marketing research and a marketing information system is that the MIS is an information-gathering process for specific situations whereas marketing research provides continuous data input.

car buyers have heterogeneous needs.

The problem with using an undifferentiated strategy to market a "universal car" is that

monetary price

customer costs include anything the buyer must give up in order to obtain the benefits the product provides. the most obvious customer cost is