MKT Midterm
Which type of business buying situation offers marketers the greatest opportunity but also the greatest challenge? Answer: B
.A. A modified rebuy B. A new task situation C. A request for proposal D. A buying center purchase E. A straight rebuy
Which of the following represent market offerings? Answer: D
A Value, satisfaction, sales, and profits B. Products, services, needs, and exchanges C. Needs, wants, products, and advertisements D. Products, services, information, and experiences E. Products, services, needs, and wants
Services are characterized by four key aspects: ______________________. Answer: D
A services are intangible, perishable, consistent, and inseparable. B. services are intangible, inexpensive, easy to find, and automated. C. services are inexpensive, easy to find, intangible, and variable. D. services are intangible, inseparable, variable, and perishable. E. services are intangible, variable, perishable, and inexpensive
Which of the following is an important trend in the natural environment of which marketers should be aware? Answer: B
A. A decrease in consumer concern towards the environment B. Shortages of raw materials C. Decreased government intervention D. Decreasing costs of nonrenewable resources E. Decreased pollution
Which of the following is the correct definition of a product? Answer: D
A. A product is a tangible good or a service that can be offered to a market for attention, acquisition, use, or consumption that does not satisfy a want or need. B. A product is anything that can be offered to a market for consumption that does not satisfy a want or need. C. A product is a tangible good that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. D. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. .E. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need.
What are the two ways a firm can obtain new products? Answer; D
A. Acquisitions and external research and development B. New product development and external research and development C. Mergers and acquisitions D. Acquisitions and new product development E. New product development and existing product modification
What is the first step in the new product development process? Answer: E
A. Building a prototype B. Setting the budget C. Screening new product ideas D. Consulting with R&D on the feasibility of the new product E. Generating new product ideas
What is the single most important demographic trend in the U.S. today? Answer: C
A. Changes in the American family B. A better educated population C. The changing age structure of the population D. Geographic population shifts E. Increasing diversity
What are the two broad classifications of products? Answer: B
A. Consumer products and business products B. Consumer products and industrial products C. Necessity products and luxury products D. Consumer products and household products E. Grocery products and luxury products
Which of the following is included in a broad definition of marketing? Answer: E
A. Creating customer value, building customer relationships, and having a strong selling orientation B. Satisfying customers, beating competitors, and maximizing profits C. Advertising, selling, and developing quality products D. Selling, advertising, and promoting E. Creating customer value, building customer relationships, and engaging customers
What are the four general characteristics that influence consumer purchases? Answer; D
A. Cultural characteristics, social characteristics, demographic characteristics, and brand loyalty B. Economic characteristics, technological characteristics, demographic characteristics, and political characteristics C. Cultural characteristics, technological characteristics, social characteristics, and personal characteristics D. Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics E. Technological characteristics, social characteristics, personal characteristics, and the buyer decision process
What are the four steps of the marketing research process in their correct sequence? Answer: C
A. Develop the research plan, define the problem and research objectives, implement the research plan, interpret and report the findings B. Collect the data, analyze the data, develop the research plan, interpret and report the findings C. Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings D. Develop the research plan, set the research budget, collect the data, interpret and report the findings E. Set the research budget, collect the data, analyze the data, determine how to use the findings
What is market segmentation? Answer: A
A. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes B. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers C. Marketing to a mass market of homogenous buyers D. Differentiating the firm's market offering to create superior customer value E. Evaluating each market segment's attractiveness and selecting one or more market segments to enter
In which step of the buying decision process is the final order with the chosen supplier developed? Answer; B
A. General need description B. Order-routine specification C. Supplier selection D. Product specification E. Proposal solicitation
What advice would you give a firm about how to respond to the changing marketing environment? Answer: E
A. If the current strategy is working, there is no need to respond to environmental changes. B. Accept the fact that things change and not much can be done about it. C. Do not do anything until competitors respond. D. Watch environmental changes but react only when absolutely necessary. E. Whenever possible, take a proactive approach to the environment.
Which of the following correctly defines the consumer market? Answer: A
A. Individuals and households that buy goods and services for personal consumption B. Individuals who spend more than $1,000 a year on purchases C. Any business that sells goods and services to other businesses D. Retailers who sell goods and services to consumers E. Manufacturers, retailers, and consumers
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management? Answer; D
A. Introduction B. Decline C. Product development D. Maturity E. Growth
What are the four choices a company has for developing brands? Answer; D
A. Line extensions, line supplements, new lines, and new brands B. Line extensions, licensing, brand extensions, and new brands C. Single brands, multibrands, line extensions, and licensing D. Line extensions, brand extensions, multibrands, and new brands .E. Line extensions, brand extensions, new brands, and brand phase out
What do marketers use to analyze big data? Answer; D
A. Marketing metrics B. Marketing software C. Marketing research D. Marketing analytics E. Customer relationship management
Which of the following statements regarding the marketing of international products and services is correct? Answer: C
A. Markets and consumers all over the world are alike, so a company should always standardize international products. B. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries. C. Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets. D. Advertising is one service industry that has not needed to globalize its operations. E. The trend toward growth of global service companies will not continue and will actually decline.
Which of the following are additional variables marketers use to segment business markets but not consumer markets? Answer: E
A. Operating characteristics, purchasing approaches, situational factors, and usage rate B. Operating characteristics, purchasing approaches, situational factors, and benefits sought C. Operating characteristics, purchasing approaches, situational factors, and region D. Operating characteristics, purchasing approaches, situational factors, and loyalty status E. Operating characteristics, purchasing approaches, situational factors, and personal characteristics
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Answer: B
A. Positioning B. Market segmentation C. Marketing strategy D. Differentiation E. Market targeting
Which structural factor would make a market segment attractive to enter? Answer: E
A. Powerful buyers B. Powerful suppliers C. New entrants can easily come into the segment D. Many strong and aggressive competitors E. Very few actual or potential substitute products
What are the eight steps in the business buying decision process in the correct sequence? Answer: D
A. Problem recognition, general need description, product specification, supplier search, supplier selection, proposal solicitation, order-routine specification, and performance review B. Performance review, problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, and order-routine specification C. General need description, problem recognition, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review D. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review E. Problem recognition, general need description, product specification, supplier selection, supplier search, proposal solicitation, order-routine specification, and performance review
Which of the following statements regarding the changing marketing landscape is correct? Answer: A
A. The Great Recession caused consumers to rethink their buying priorities. .B. Companies can safely ignore the environmental movement. C. Today's post-recession era consumers buy more, use fewer coupons, use their credit cards more, and save less. D. Digital technology has had little impact on the way we live. E. Global competition affects only large companies.
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? Answer: B
A. The attractiveness of the SBU's market or industry and the number of products the company produces B. The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry C. The type of market or industry in which the company competes and the strength of the SBU's position in that market or industry D. The number of SBUs the company identifies and the number of products it produces E. The number of products a company produces and the number of foreign countries in which the company competes
Which of the following statements regarding the business market is correct? Answer: C
A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. The business market has more businesses than the consumer market. C. Many sets of business purchases are made for one set of consumer purchases. D. Demand in the business market is more elastic than demand in the consumer market. E. Business buying decisions are less complex than consumer buying decisions.
What determines whether the buyer is satisfied or dissatisfied with a purchase? Answer: C
A. The relationship between the consumer's expectations and how others evaluate the product B. The relationship between the price of the product and the product's perceived performance C. The relationship between the consumer's expectations and the product's perceived performance D. The relationship between the price of the product and the level of customer service provided E. The relationship between the consumer's expectations and where the product was purchased
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? Answer: C
A. The selling concept B. The production concept C. The marketing concept D. The product concept E. The societal marketing concept
Why do companies use customer relationship management? Answer: E
A. To avoid using big data B. To get to know their customers personally C. To find new customers D. To maximize sales and revenue E. To capture and use customer data
Which of the following is a reason for business legislation? Answer: C
A. To remove legal regulations from the free market economy B. To provide legal guidelines for businesses and marketers without actually enforcing them C. To protect consumers from unfair business practices D. To ensure that competition is unregulated E. To ensure that companies make profits
In which targeting strategy does a firm go after a large share of one or a few smaller segments? Answer: B
A. Undifferentiated marketing B. Concentrated marketing C. Micromarketing D. Mass marketing E. Differentiated marketing
To design a winning marketing strategy, what are the two important questions a marketing manager must answer? Answer: A
A. What customers will we serve? How can we serve these customers best? B. Who are our competitors? How can we beat our competitors? C. What customers will we serve? How can we maximize profits? D. How can we serve our customers best? How can we maximize profits? E. What markets should we enter? How do we maximize sales in those markets?
Which of the following statements regarding socially responsible product decisions is correct? Answer; E
A. When companies drop products, they do not have any legal obligations to suppliers, dealers, and customers. B. Manufacturers are not required to comply with laws regarding product quality and safety. C. Consumers who have been injured by a product with a defective design cannot sue manufacturers or dealers. D. Manufacturers are generally not concerned with product liability. E. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
What is a product's position? Answer: D
A. Where a product is located on store shelves B. The market share of a product C. How much consumers are willing to pay for a product D. The way a product is defined by consumers on important attributes E. How the company advertises a product
To deliver real value to marketers, marketing information must _________. Answer: E
A. be collected inexpensively B. have a positive impact on profits C. come from big data sources D. include information on competitors E. provide useful customer insights
Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves ___________. Answer: C
A. building and testing a prototype B. conducting concept testing C. conducting a business analysis D. conducting test marketing E. introducing the new product to the market
The first step of the marketing process is to ___________________. Answer; B
A. design a customer-driven marketing strategy B. understand the marketplace, which includes customer needs and wants. C. construct an integrated marketing program that delivers superior value D. capture value from customers to create profits and customer equity E. build profitable relationships
Evaluating each market segment's attractiveness and selecting one or more market segments to enter is called _____. Answer: B
A. differentiation B. market targeting C. mass marketing D. market segmentation E. positioning
The major product line decision involves the line's ______, or the number of items in the product line. Answer: A
A. length B. portfolio C. depth D. scope E. mix
The buyer decision process starts with __________. Answer: C
A. making a purchase B. getting information about a purchase C. recognizing a need D. evaluating purchase alternatives E. satisfaction with past purchases
The people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights comprise a ________. Answer; B
A. marketing analytic system B. marketing information system C. marketing consulting team D. marketing research department E. marketing technology system
A _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments. Answer: B
A. mission statement B. value proposition C. unique proposition D. positioning map E. value statement
According to the text, two major public policy and ethical issues in marketing research are ________. Answer: B
A. misuse of research findings and improper sampling procedures B. intrusions on consumer privacy and the misuse of research findings This is the correct answer.C. deceptive advertising and illegal pricing D. paying research respondents and intrusions on consumer privacy E. intrusions on consumer privacy and inaccurate data analysis
Digital marketing tools used in digital and social media marketing include ________. Answer: E
A. mobile apps, online video, and personal selling B. e-mail, telemarketing, and blogs C. social media, online video, and newspaper coupons D. social media, mobile apps, and television advertising E. social media, mobile apps, and blogs
During the introductory stage of the product lifecycle, ______________. Answer; B
A. sales fall and profits decline B. sales are slow and profits nonexistent .C. sales rise quickly and profits are high D. sales rise quickly, but profits are nonexistent E. profits rise quickly and there is rapid market acceptance of the product
A company rarely gets 100% of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ________. Answer: D
A. share of market B. customer defections C. customer lifetime value D. share of customer E. customer equity
For strategic planning purposes, marketing provides a guiding philosophy that suggests the company's strategy should revolve around creating customer value and building profitable relationships with important consumer groups. This philosophy is called _______. Answer: C
A. the value concept B. partner relationship management C. the marketing concept D. customer relationship management E. value chain management
To create successful new products, a company must _______. Answer: A
A. understand its consumers, markets, and competitors, and develop products that deliver superior value B. wait and see what new products its competitors offer C. avoid innovation and only improve existing, successful products D. cut costs to keep the price of new products low E. spend more on R&D than its competitors
What are the five marketing management functions used to manage the marketing process? Answer: A
A. Analysis, planning, implementation, organization, and control B. Segmenting, targeting, positioning, differentiation, and control C. Product development, pricing, customer service, promotion, and cost control D. Planning, segmenting, targeting, positioning, and implementing E. Writing an executive summary, conducting a situation analysis, planning, setting budgets, and outlining controls
What are the five stages of the consumer adoption process in the correct sequence? Answer: D
A. Awareness, interest, trial, evaluation, and adoption B. Awareness, trial, evaluation, interest, and adoption C. Awareness, trial, interest, evaluation, and adoption D. Awareness, interest, evaluation, trial, and adoption .E. Awareness, evaluation, interest, trial, and adoption
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services? Answer: D
A. Branding, pricing, advertising, distribution, and product support services B. Product attributes, pricing, advertising, distribution, and promotion C. Quality level, pricing, advertising, distribution, and promotion D. Product attributes, branding, packaging, labeling, and product support services E. Product attributes, branding, quality level, pricing, and distribution
Which of the following statements is true regarding the marketing of services? Answer: D
A. Customer-facing employees are not important in the marketing of services. B. Buyer-seller interaction during the service encounter has little impact on service quality. C. Service providers do not need to differentiate their offerings. D. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image. E. Service providers do need to use segmentation and target marketing.
What are the four major variables used to segment consumer markets? Answer: B
A. Ethnicity, region, gender, and income B. Geographic, demographic, psychographic, and behavioral C. Geographic, demographic, psychographic, and psychological D. Income, age, geography, and lifestyle E. Income, gender, age, and ethnicity
Which of the following correctly identifies the five core customer and marketplace concepts? Answer: E
A. Needs, wants, and demands; products; value; customers; and competitors B. Needs, wants, demands, market offerings, and markets C. Needs, wants, and demands; market offerings; value; satisfaction; and markets D. Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits E. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
What are the five characteristics that are especially important in influencing an innovation's rate of adoption? Answer: C
A. Product, price, place, promotion, and relative advantage B. Relative advantage, complexity, compatibility, availability, and promotion C. Relative advantage, complexity, compatibility, divisibility, and communicability D. Price, features, complexity, relative advantage, and promotion E. Product, price, place, promotion, and packaging
Products and technologies eventually become outdated, but basic market needs can last forever. For this reason, company mission statements should be ______. Answer; E
A. business-oriented B. sales-oriented C. product-oriented D. profit-oriented E. market-oriented
The four major brand strategy decisions involve brand ________. Answer: E
A. equity, value, name selection, and positioning B. equity, identity, name selection, and logo selection C. equity, name selection, sponsorship, and development D. name selection, logo selection, sponsorship, and identity E. positioning, name selection, sponsorship, and development
Which of the following is true regarding international marketing research? Answer: B
Most countries have ample sources of secondary data available for marketing researchers. B. Translating questionnaires from one language to another is not an easy task. C. The use of international marketing research has decreased in recent years. D. Primary data cannot be collected when conducting international marketing research. E. Consumers in different countries are very alike in their attitudes toward marketing research.
What are the two keys to building lasting customer relationships?
Value and Satisfaction