MKT Final

The United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture

can be used as a relevant identifier for a particular target group.

Pioneer or breakthrough products

can change consumer preferences.

In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called

cash cows.

In a focus group, researchers usually videotape or audiotape the session in order to

catch any patterns of verbal or nonverbal responses.

Bill is a yacht broker in the southeastern United States. For years he has had difficulty selling large yachts locally because there were few places to dock these boats. Yachts and spaces to dock them are an example of

complementary products.

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and ________ targeting strategies.

concentrated

Traditional demand curve economic theory is used by marketers to understand ________ in the five Cs of pricing.

consumers

In general, prices should not be based on costs because

consumers make their purchase decisions based on perceived value.

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

integrated marketing communications.

Marketers are particularly interested in postpurchase behavior because it

involves actual rather than potential customers.

The strategic marketing planning process

is not always sequential.

When a product is successful in the introductory stage of the product life cycle,

it may start to see profits toward the end of this stage.

Which of the following is an example of secondary research?

journal articles

Computer game companies constantly monitor computer game-related blogs keeping track of the latest hot products, because they know that their customers crave the "latest and greatest" games. They use this information to create new products that primarily provide the benefit of

keeping up in a market where sales come mostly from new products.

By the time BMW got into the mini-SUV market, sales had leveled off and were even starting to decline. BMW had to target its marketing efforts toward the ________ diffusion of innovation group.

late majority

In questionnaire design, a question such as "Marketing is the best part of the business program, isn't it?"

leads respondents to a particular response.

Demographic segmentation is segmentation based on all of the following except

lifestyle

When Talbots, an upscale women's clothing store, tries to portray an image of "traditional, conservative, and with good taste," it is appealing to its target market's

lifestyle

To build relationships, firms focus on the ________ of the relationship, not how much money is made during each transaction.

lifetime profitability

Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified ________ that respond similarly to his marketing efforts.

market segments

Quincy had no idea how consumers would respond to a survey about attitudes toward a program opening up space travel to private citizens. He could use ________ to allow respondents to answer in their own words.

a survey with open-ended questions

A ________ can be used to create positive word of mouth, help customers form a community, and develop long-term relationships between customers and the company.

corporate blog

In the movie Field of Dreams, one of the memorable phrases is, "If you build it, he will come." The AIDA model would suggest that after marketers "build" a product or service and create awareness among consumers, they need to

create interest among consumers, persuading them to investigate further.

Insight Guides, a line of travel books, provides travelers with background information about people's beliefs, values, and customs in various parts of the world. Insight's books educate travelers about a country's

culture

Brenda wants to reduce mass media IMC and to increase the use of personalized marketing communication messages. To achieve this goal, Brenda will likely increase her use of

direct marketing.

Introducing newly developed products or services to a market segment the company is not currently serving is called

diversification.

By the time BMW and Mercedes-Benz entered the mini-SUV market, there were many competitors, sales had peaked, and profits were declining. These firms entered the market during the ________ stage of the product life cycle.

maturity

Cathy has used Olay beauty products for years, even though there are many competitors on the market. She plans to purchase a recently introduced micro-sculpting cream from Olay's Regenerist line. Olay is in the ________ stage of the product life cycle.

maturity

Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.

needs, wants, and ability to purchase

When comparing the various communication channels available to marketing professionals, it becomes apparent that

no single channel is better than another channel.

Julie is developing a budget for her firm's IMC program. First she sets objectives. Then she chooses media, and finally she determines the cost for each product to be promoted. Julie is using the ________ method of establishing an IMC budget.

objective-and-task

Value-oriented marketers constantly measure

perceived customer benefits against the costs of their offerings.

Every year before he puts his boat in the water, James has his mechanic put a new battery in the boat. James is most likely concerned with ________ risk.

performance

Kathy has naturally curly hair and has often been disappointed with the haircuts she has received. When she moved to a new town, she approached her new office mates and several strangers with curly hair and asked them where they had their hair cut. She chose to spend considerable effort finding a new hair stylist based on the ________ associated with her purchase decision.

performance risk

Sharon knew that her established customers liked her product much better than her competitor's. She was planning to expand into new markets, and she was considering pricing. She was leaning toward charging a higher price than competitors to help demonstrate that hers was a high-quality product. Sharon was considering

premium pricing.

Suppose your university made a sizable investment in its career services—additional counselors, increased efforts to bring in recruiters, and other services aimed at helping students find jobs. This investment would enhance the university's ________ in an attempt to create value for students and recent graduates.

product value

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ________ era of marketing.

production-oriented

Paula is about to open a new hardware store. She is making decisions regarding lighting, colors, and layout of merchandise. Paula knows these ________ factors will influence consumers' purchase decisions.

atmospheric

In the AIDA model, the think stage is the________ stage.

awareness

As it pertains to the marketing plan, understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm's goals

enables firms to make appropriate adjustments.

After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Benjamin an order. Benjamin was providing the important marketing function of

engaging customers and developing long-term relationships.

Successful first movers create a market or a product category. They often benefit from being readily recognizable to consumers and

establishing an early market share lead.

When Maya decided to buy a new computer, she thought about all the brands she could recall seeing advertised, but she would consider only those brands she could buy at her local Best Buy electronics store. This represents Maya's ________ set.

evoked

The consumer's level of involvement can lead to two types of buying decisions: ________ or ________

extended problem solving; limited problem solving.

Digital billboards embedded with ________ software can identify passersby and then display ads targeted to them, based on their age, gender, and attention level.

facial recognition

The Tapestry™ Segmentation system divides and sorts small geographic areas into categories using 60 or more demographic and lifestyle characteristics. This market research tool is an example of ________ segmentation.

geodemographic

During the ________ stage of the product life cycle, sales rise, profits rise rapidly, and there are a small but increasing number of competitors.

growth

During the ________ stage of the product life cycle, there are few but an increasing number of competitors.

growth

The manufacturer of Beats by Dr. Dre headphones decides to advertise in the "lifestyles" sections of big-city newspapers. However, this generates a limited response in sales. Which of the following represents a likely breakdown in the communication process here?

The message was not received by its intended audience.

Social networking sites that compete directly with Facebook have a difficult time surviving; however, LinkedIn has survived by focusing on the needs of business professionals, who seek to network with colleagues, share their expertise, post online résumés, and look for new jobs. What segmentation method is LinkedIn using?

benefit segmentation

With more than 200 million active customers and billions of pieces of shopping data, Amazon qualifies as a

big data user.

Which of the following is the most logical example of complementary products?

hot dogs and hot dog buns

The goal of customer relationship management is to

identify and build loyalty among a firm's most valued customers.

Nadia stood outside the mall and asked people which stores they visited and if they bought anything. If they said yes, she asked them what they bought and how they came to the decision to buy that item. What form of research was Nadia most likely conducting?

in-depth interviews

Steve wasn't sure what kind of salsa he wanted to get for his upcoming Super Bowl party. It seemed like there were dozens of varieties to choose from. He noticed that he could sample a few at a station in the store. He tried four, rejected two, and bought several jars of the two he really liked. He also ended up buying a different—and more expensive—kind of tortilla chip after tasting it. Marketers identify this as a success story of

in-store demonstrations.

A study found that, among addicted smokers, a 10 percent increase in the price of cigarettes resulted in a 2 percent decrease in quantity demanded. For these consumers, cigarettes have a(n) ________ price elasticity demand.

inelastic

When Diana went to college, tuition was $650 per semester. Now that same college charges $6,500 per semester. This number reflects a persistent increase in price known as

inflation.

Americans often equate "bigger" with "better," and prefer larger cars, TV screens, homes, even meals. Researchers suspect that in doing so, we are trying to reduce ________ risk in the consumer decision process.

psychological

With access to the Internet nearly universal in the United States, many potential market segments have become more

reachable

Geodemographic segmentation can be particularly useful for ________, because customers typically patronize stores close to their neighborhood.

retailers

Many years ago, Honda's Accord and Ford's Taurus were the two top-selling cars in the United States. As the year was coming to an end, Ford cut the price of the Taurus, hoping to outsell the Accord and allow Ford to claim that "Taurus is the best-selling car in America." Ford was using a ________ pricing strategy.

sales orientation

A marketing research project often begins with a review of the relevant ________ data.

secondary

Both major political parties have developed proprietary databases that contain vast information about voters, broken down by demographic and geographic information. This kind of information is

secondary data.

Quantitative research offers a means to confirm ideas through

surveys or experiments.

The automobile manufacturing industry closely watches annual consumer satisfaction surveys. For years, Japanese car companies consistently had the highest levels of customer satisfaction, creating a(n) ________ for these companies.

sustainable competitive advantage

There is a saying "Never go to the grocery store hungry." This saying suggests that a consumer's ________ state may adversely affect purchasing decisions.

temporal

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

the ability to buy them.

All of the following statements regarding marketing metrics are true except

they cannot be used to project the future.

The highest level of awareness occurs when customers mention a specific brand name when asked about a product or service. Marketers call this

top-of-mind awareness.

In the Circles for a Successful Value Proposition framework, the portion of the customer needs/wants circle that doesn't overlap with anything else represents

unmet customer needs/wants.

When Yolanda asked her firm's advertising agency to estimate how often consumers saw her firm's IMC message and what percentage of the target audience was exposed to the message, she was told the reach was 40, the frequency was 4, and the competitive parity was 10. The gross rating points for her firm's campaign were

160

Nearly what percentage of U.S. adults now recycle their soda bottles and newspapers?

50 percent

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.

C2C

________ segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach.

Demographic

________ means converting the sender's ideas into a message, which could be verbal, visual, or both.

Encoding

If the inflation rate in Mexico was twice the rate in the United States, but the Mexican monetary authorities kept the peso-dollar exchange rate almost constant, which of the following would be true?

Mexican products would be more expensive, while U.S.-made products would become comparatively less expensive.

________ refer(s) to the process by which consumers select, organize, and interpret information to form a meaningful picture of the world.

Perception

When CarMax promises a "no-haggle" pricing structure, it exhibits ________ because it provides additional value to potential used car buyers by making the process simple and easy.

a customer orientation

Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, Georgia will help her company become more value driven if she

advises the production and purchasing departments to produce or order smaller quantities of products.

Frank's Heating and Air Conditioning Company specializes in electric heat pumps. Frank keeps track of the price of natural gas, knowing that

an increase in the price of natural gas will increase demand for his electrical heating systems.

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on?

place

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

planning

A former advertising campaign for GEICO Insurance used the slogan "So easy, even a caveman could do it" to emphasize the ease of buying insurance on GEICO's website. This campaign was part of GEICO's

positioning strategy.

Though Asian Americans comprise only about 5.6 percent of the U.S. population, they represent

the fastest-growing minority population.

In the immediate marketing environment, the first factor that affects the consumer is

the firm itself.

According to a typical demand curve, the higher the price,

the lower the quantity consumers will buy.

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the ________ era.

value-based marketing

Beverly is assessing the results of a new product launch of a series of e-books for her bookstore. When evaluating the results, Beverly will likely consider all of the following except

why it took her so long to consider the new product line.

Suppose that you are the vice president of marketing for Target, the large retail store chain. You want to keep your website and in-store services current with technological advances. You might consider experimenting with what is most likely the next expected development in mobile technology, which is

wireless payments from mobile devices.

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. Related to this, the text notes the increasing popularity of

yoga